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Œū ¨ő ůŤŭ ŞũŹũۗŤŭ ŢůŞŦŬŢŜŞŭ ŧŞŦ ūŦ ŧŞũŷũŢŭ ńůŞŦŬŦŧśŭ ¨ŦŞŧŰşŚŬũŤŮŤŭ

76

ŮŤ —Ţ ůūŰŭ ŧŞũŷũŢŭ ŢůŞŦŬŦŧśŭ šŦŞŧŰşŚŬũŤŮŤŭ ›ūŰ šŦŚ›ūŰũ ůŦŭ ŢůŞŦŬŢŜŢŭ ūŦ ŧŦũŤůŚŭ

ŞŪŜŢŭ ůŴũ ū›ūŜŴũ Ş›ūůŢŨūŸũ ŞũůŦŧŢŜ—Ţũū šŦŞ›ŬŞŠ—řůŢŰŮŤŭ ŮŢ ŬŰť—Ŧţŷ—ŢũŤ ŞŠū-

Ŭř ŧŞŦ ŞűŢůŚŬūŰ, ūŦ ŧŞũŷũŢŭ ŞŰůūŜ ũŞ Ş›ūůŢŨūŸũ ťŢůŦŧŷ ŧŞŦ ŷŲŦ ś›Ŧū šŜŧŞŦū

331

.

2. ŎŦ ŦšŦŞŦůŢŬŷůŤůŢŭ ůŴũ ůŬŞ›ŢţŹũ ŮŢ ŮŲŚŮŤ —Ţ ůŦŭ ŨūŦ›Śŭ

ŧŞůŤŠūŬŜŢŭ ŢůŞŦŬŢŦŹũ

2.1 ŏŧ ţššţŪţŝŮ ŨŝŪŢűŪŬŧ

ņ ޛŦŨūŠś ůŤŭ šŦŞűūŬū›ūŦŤ—ŚũŤŭ ›ŬūŮŚŠŠŦŮŤŭ ŮŢ ŷ,ůŦ ŞűūŬř ůŤ ŬŰť—ŦŮůŦŧś ›Ş-

ŬŚ—şŞŮŤ ŠŦŞ ůŦŭ ůŬř›ŢţŢŭ ūűŢŜŨŢůŞŦ ŮůŦŭ ŦšŦŞŦůŢŬŷůŤůŢŭ ůŴũ ůŬŞ›ŢţŹũ, ūŦ ū›ūŜŢŭ

Ű›ŞŠūŬŢŸūŰũ ůŤ šŦŞűūŬŢůŦŧś ŬŰť—ŦŮůŦŧś ŧŞŦ ޛū›ůŦŧś ŞũůŦ—ŢůŹ›ŦŮś ůūŰŭ

332

. Œū

ŢŬŹůŤ—Ş, ŴŮůŷŮū ›ūŰ ůŜťŢůŞŦ ŮůŤ ŮŰũŚŲŢŦŞ ŢŜũŞŦ ŠŦŞ ›ūŦūũ ŨŷŠū Ť Ś—űŞŮŤ ŮůŤũ

ŰŦūťŚůŤŮŤ ŧŞũŷũŴũ ŢůŞŦŬŦŧśŭ šŦŞŧŰşŚŬũŤŮŤŭ ŢŦšŦŧř ŠŦŞ ůŦŭ ůŬř›ŢţŢŭ šŷťŤŧŢ ŢŪ

ŞűūŬ—śŭ ůŤŭ ŲŬŤ—Şůū›ŦŮůŴůŦŧśŭ ŧŬŜŮŤŭ. ŃŦŞ ůŤũ Ş›řũůŤŮŤ Ůůū ŢŬŹůŤ—Ş ŞŰůŷ,

ťŞ ›ŬŚ›ŢŦ ũŞ ŢŪŢůŞŮůŢŜ Şũ ūŦ ŦšŦŞŦůŢŬŷůŤůŢŭ ůŤŭ ŨŢŦůūŰŬŠŜŞŭ ůŴũ ůŬŞ›ŢţŹũ śůŞũ

ŞũŚŧŞťŢũ ŞŧŬŦşŹŭ ūŦ ŜšŦŢŭ ś ŢŪŢŨŜŲťŤŧŞũ —Ţ ůū ›ŚŬŞŮ—Ş ůŴũ ŲŬŷũŴũ ŧŞŦ Ţũ ŠŚũŢŦ

›ūŦūŦ ›ŞŬřŠūũůŢŭ ŧŞůŚŮůŤŮŞũ ŞũŞŠŧŞŜŞ ůŤ šŦŞűūŬŢůŦŧś ťŢŹŬŤŮŤ ůŤŭ ›ŬūşŨŤ—Ş-

ůŦŧśŭ ůŤŭ ŢůŞŦŬŦŧśŭ šŦŞŧŰşŚŬũŤŮŤŭ Ŵŭ ›Ŭūŭ ůŦŭ ůŬř›ŢţŢŭ.

ŏūŨŸ ŮŸũůū—Ş, ūŦ ůŬř›ŢţŢŭ ŚŲūŰũ –ŮŢ ŢŰŬŴ›Şŵŧŷ ޛŜ›Ţšū ůūŰŨřŲŦŮůūũ- ůū «—ū-

ũū›ŹŨŦū» Ş›ūšūŲśŭ ŧŞůŞťŚŮŢŴũ

333

, ›ŞŬŚŲūŰũ ŲŬŤ—ŞůūšŷůŤŮŤ ŮŢ Ţ›ŦŲŢŦŬśŮŢŦŭ,

ŦšŦŹůŢŭ ŧŞŦ Ůůū ¨Ť—ŷŮŦū, ŧŞťŹŭ ޛŜŮŤŭ ŧŞŦ řŨŨŢŭ şŞŮŦŧŚŭ ŲŬŤ—Şůū›ŦŮůŴůŦŧŚŭ

ۛŤŬŢŮŜŢŭ Ůůū ŧūŦũŷ ŧŞŦ, ůŚŨūŭ, ŧŞťŦŮůūŸũ ›ŬūŮşřŮŦ—Ş ŮŢ ŷŨūŰŭ ůūŰŭ ŞũŴůŚŬŴ

ůŞ ŮŰŮůś—ŞůŞ ŧŞŦ ůŦŭ ۛŤŬŢŮŜŢŭ ›ŨŤŬŴ—Źũ

334

.

ŏŞŬřŨŨŤŨŞ, ůū ŠŢŠūũŷŭ ŷůŦ šŞũŢŜţūũůŞŦ şŬŞŲۛŬŷťŢŮ—Ş (—ŚŮŴ ůŴũ ŧŞůŞťŚŮŢ-

Ŵũ) ŧŞŦ šŞũŢŜţūŰũ —ŞŧŬū›ŬŷťŢŮ—Ş (—ŚŮŴ ůŴũ ŲūŬŤŠśŮŢŴũ) ŚŲŢŦ Ŵŭ Ş›ūůŚŨŢٗŞ

ŷůŦ ūŦ ůŬř›ŢţŢŭ ›ŬūşŞŜũūŰũ ŮŢ šŦřűūŬūŰŭ —ŢůŞŮŲŤ—ŞůŦٗūŸŭ, ŷ›Ŵŭ ŢŜũŞŦ:

• ū —ŢůŞŮŲŤ—ŞůŦٗŷŭ ůŤŭ ŨŤŧůŷůŤůŞŭ ůŴũ Ş›ŞŦůśŮŢŴũ, ŧŞŦ ůūŸůū šŦŷůŦ —ŢůŞ-

ůŬŚ›ūŰũ şŬŞŲŰŲŬŷũŦŢŭ ۛūŲŬŢŹŮŢŦŭ (ŧŞůŞťŚŮŢŦŭ) ŮŢ —ŞŧŬūŲŬŷũŦŢŭ Ş›ŞŦ-

ůśŮŢŦŭ (šřũŢŦŞ), ŧŞŦ

• ū —ŢůŞŮŲŤ—ŞůŦٗŷŭ ůūŰ ŸųūŰŭ ůŤŭ ŞŪŜŞŭ ůŴũ Ş›ŞŦůśŮŢŴũ ۛŷ ůŤũ ŚũũūŦŞ

ŷůŦ —ŢůŞůŬŚ›ūŰũ ۛūŲŬŢŹŮŢŦŭ —ŦŧŬśŭ ŞŪŜŞŭ (—ŦŧŬūŸ ŸųūŰŭ ŧŞůŞťŚŮŢŦŭ) ŮŢ

Ş›ŞŦůśŮŢŦŭ —ŢŠřŨŤŭ ŞŪŜŞŭ (—ŢŠřŨūŰ ŸųūŰŭ šřũŢŦŞ)

335

.

331. ŃŦŞ ůŤ ũū—Ŧŧś űŸŮŤ ůŴũ ŧŞũŷũŴũ ŢůŞŦŬŦŧśŭ šŦŞŧŰşŚŬũŤŮŤŭ, şŨ. ŞũŞŨŰůŦŧř ŧŞůŴůŚŬŴ, ۛŷ

ŧŢűřŨŞŦū ›Ś—›ůū, Ł.2.

332. łŨ.

ńŨŸŭŰůŬ

(2011), ŮŢŨ. 49,

Mülbert, Citlau

(2011), ŮŢŨ. 10-13,

Triantafyllakis

(2010),

ŮŢŨ. 2949,

Kirchner

(2010), ŮŢŨ. 2103,

Van der Elst

(2015), ŮŢŨ. 7. łŨ. ޛŜŮŤŭ

FSA

(2011),

ŮŢŨ. 8-9, ŷ›ūŰ ŷ›Ŵŭ ŲŞŬŞŧůŤŬŦŮůŦŧř ŞũŞűŚŬŢůŞŦ Ş›ŷ ůūũ ›ŬŷŢšŬŷ ůŤŭ: “Key to that debate

should be a recognition that ‘banks are different’, and that society has a strong interest in

bankers taking a different attitude to the balance between risk and return to that which

applies in the rest of the economy”.

333. łŨ.

őŸŨş, ńŨŸŭŰůŬ

(2012), ŮŢŨ. 5.

334. łŨ.

BCBS

(1999), ›ŞŬ. 8.

335. łŨ. ŞũŞŨŰůŦŧř

ńŨŸŭŰůŬ

(2011), ŮŢŨ. 21, ū ū›ūŜūŭ ŞũŞűŚŬŢůŞŦ ŧŞŦ ŮŢ ŚũŞũ řŨŨū —ŢůŞŮŲŤ-

—ŞůŦٗŷ Ůůūũ ū›ūŜū ޛŜŮŤŭ ›ŬūşŞŜũūŰũ ūŦ ůŬř›ŢţŢŭ ŧŞŦ ŞűūŬř ůŤũ ŧŞůŞũū—ś ůūŰ ŧŦũšŸũūŰ