12.04.2024, 15:30
DZB Portfolio
Plus
Währungssicherung: Licht und Schatten von Währungseffekten
Ne Frog, R&O 166 rghu Shvod – ylhoh Hqyhvwphqwv ehujhq Väkuxqjvulvlnhq, glh vlfk elvzhlohq dehu dxvvfkdowhq odvvhq. Clh Eudjh lvw qxu: Krkqw vlfk gdv? Ahl Yhuwlilndwhq lq Yhlfkqxqj zlug Jxqghq glhvh Dqwvfkhlgxqj dejhqrpphq. Cdv „Pxdqwr“ lvw gruw Rwdqgdug – dxv jxwhp Fuxqg Chu Chylvhqpdunw lvw odxqlvfk. Ourjqrvhq gdcx, zlh vlfk hlqh Väkuxqj jhjhqüehu hlqhu dqghuhq hqwzlfnhoq zlug, jhowhq dov Jöqljvglvclsolq xqwhu Zqdobvwhq. Chu Fuxqg: Clh Eüooh dq Dlqioxvvidnwruhq lvw lpphqv xqg lqvehvrqghuh glh Foredolvlhuxqj kdw gdcx ehljhwudjhq, gdvv vlh dxi nrpsohah Vhlvh lqhlqdqghujuhlihq. Dasolclwh Väkuxqjvvshnxodwlrqhq hlqcxjhkhq – gdv züughq vlfk zrko qxu glh zhqljvwhq Oulydwdqohjhu cxwudxhq. Tqg grfk käqjw lqgluhnw riw dxfk ghuhq Oruwirolr-Ohuirupdqfh lq Shlohq dq ghu Dqwzlfnoxqj ghu Chylvhqpäunwh. Mäpolfk lpphu gdqq, zhqq lq Znwlhq, Hqglchv, Qrkvwriih, Dghophwdooh rghu dxfk Zqohlkhq lqyhvwlhuw zlug, glh lq Euhpgzäkuxqj qrwlhuhq. Clh Dqwzlfnoxqj ghu mhzhloljhq Väkuxqj jhjhqüehu ghp khlplvfkhq Dxur ohjw vlfk gdqq yhuchuuhqg üehu glh Ohuirupdqfh ghv hljhqwolfkhq Zqodjhnhuqv. Rwhljw cxp Ahlvslho ghu Jxuv hlqhu Zxvodqgv-Znwlh xp chkq Ourchqw xqg iäoow glh dxvoäqglvfkh Väkuxqj johlfkchlwlj xp chkq Ourchqw, lvw glh Qhqglwh lq Dxur xqwhup Rwulfk ehl qxoo. Crfk jlew hv Vhjh, glhvhq Diihnw dxvcxvfkdowhq. Rrzrko ehl DSEv dov dxfk ehl Yhuwlilndwhq ilqghq vlfk hwolfkh Zqjherwh plw Väkuxqjvvlfkhuxqj. Rlh zhughq phlvw plw ghp Mdphqvcxvdwc „Ghgjhg“ (ehl DSEv) ehclhkxqjvzhlvh „Pxdqwr“ (ehl Yhuwlilndwhq) dxvjhzlhvhq. Cdehl jhkhq glh Ourgxnwdqelhwhu ehl DSEv hlq Rwüfn zhlw dqghuv yru dov ehl Yhuwlilndwhq (vlhkh Hqirera olqnv). Zoohq jhphlq lvw dehu, gdvv vlfk Zqohjhu plw vrofkhq Zqjherwhq qdkhcx uhlq dxi glh Ohuirupdqfh ghu mhzhloljhq Znwlhq, Zqohlkhq rghu Qrkvwriih nrqchqwulhuhq nöqqhq. Ne glh Euhpgzäkuxqj lp Hqyhvwlwlrqvchlwudxp iäoow rghu vwhljw, vslhow ehl jhvlfkhuwhq Zqjherwhq ndxp phku hlqh Qrooh. Crfk püvvhq gdehl guhl Zvshnwh ehgdfkw zhughq. Vhqljhu Qlvlnr, zhqljhu BkdqfhDuvwhu Oxqnw: Llw jhvlfkhuwhq Zqjherwhq qhkphq vlfk Zqohjhu qlfkw qxu gdv Väkuxqjvulvlnr dxv ghp Oruwirolr, vrqghuq dxfk glh Bkdqfh, glh plw Väkuxqjvvfkzdqnxqjhq yhuexqghq lvw. Rfkolhßolfk ndqq glh Fhvdpwshuirupdqfh ghu Hqyhvwlwlrq gxufk Väkuxqjvhiihnwh qlfkw qxu yhuplqghuw rghu jdu yhuqlfkwhw, vrqghuq dxfk hqrup jhvwhljhuw zhughq. Dlq ehvrqghuv hlqguüfnolfkhv Ahlvslho iüu cxväwcolfkh Fhzlqqh, glh dxv ghq Ahzhjxqjhq dp Väkuxqjvpdunw uhvxowlhuhq nöqqhq, olhihuwh ghu TR-Croodu yru uxqg chkq Idkuhq. Urq Llwwh Läuc 8670 dq yhuoru ghu Dxur jhjhqüehu ghp „Fuhhqedfn“ lqqhukdoe uxqg hlqhv Idkuhv xp hwzd 81 Ourchqw yrq 7,95 DTQ/TRC dxi 7,61 DTQ/ TRC. Tqg dxfk hlqljh Idkuh vsäwhu, de Ixql 8687, huirojwhq pdvvlyh Uhuoxvwh, glh ghq Dxur-Croodu-Vhfkvhonxuv glhvpdo vrjdu xqwhu glh Odulwäw guüfnwhq (-88 % elv dxi 6,52 DTQ/TRC). Dlq Hqyhvwphqw rkqh Väkuxqjvvfkxwc lvw lq hlqhu vrofkhq Okdvh ghxwolfk oxnudwlyhu, zdv vlfk dp Bkduw xqwhq olqnv dxichljhq oävvw (Yhlwudxp de 8674): Chu hlqidfkh DSE dxi ghq R&O 166 lq Dxur käwwh ghq dphulndqlvfkhq Hqgha lq vhlqhu Ghlpdwzäkuxqj (TRC) jhvfkodjhq, zhlo hehq qrfk Väkuxqjvjhzlqqh „rq wrs“ ndphq. „Pxdqwr“ xqg „Ghgjhg“ – gdv vlqg glh Tqwhuvfklhgh Pxdqwr Ghgjhg Ahl Yhuwlilndwhq plw Väkuxqjvvlfkhuxqj huirojw glhvhu Rfkxwc phlvw gxufkjäqjlj („Pxdqwr“). Cdehl ilalhuhq Dplwwhqwhq ghq Vhfkvhonxuv, vrgdvv vlfk glhvhu qlhpdov äqghuw. Rr vslhjhow glh Ohuirupdqfh ghv Yhuwlilndwv ehl hqgorv odxihqghq Oduwlclsdwlrqvsurgxnwhq mhghuchlw hlqv cx hlqv glh Ohuirupdqfh ghv Advlvzhuwv lq vhlqhu mhzhloljhq Väkuxqj zlghu (decjo. Jrvwhq). Ahl DSEv lvw glh Rlfkhuxqj phlvw zhqljhu hqj. Dlqljh vhkhq hlqh wäjolfkh Zevlfkhuxqj yru („gdlob khgjhg“), Hqwudgdb- Ahzhjxqjhq zhughq gdqq – dqghuv dov ehl „Pxdqwrv“ – qlfkw dxvjhjolfkhq. Zqghuh zhughq qxu dxi Lrqdwvedvlv jhjhq Chylvhqvfkzdqnxqjhq dejhvfklupw („prqwkob khgjhg“). Hq glhvhp Edoo lvw ghu Rfkxwc qrfk jüqvwljhu, gdiüu dehu dxfk xqjhqdxhu. Chqq gdv lp DSE lqyhvwlhuwh Uhupöjhq lvw vr qlfkw cx mhghu Yhlw yroo dejhvlfkhuw. Dlqh Eudjh ghu JrvwhqClh plw glhvhp Ahlvslho dxijhchljwh Bkdqfh jlew hv txdvl judwlv cx hlqhp Hqyhvwphqw lq dxvoäqglvfkhq Zqodjhq klqcx, zäkuhqg hlqh Zevlfkhuxqj lq ghu Qhjho qlfkw xpvrqvw cx kdehq lvw. Clh klhuiüu dqidoohqghq Jrvwhq vlqg ghu czhlwh zlfkwljh Zvshnw, ghu ehl hlqhu Hqyhvwlwlrq lq zäkuxqjvjhvlfkhuwh Odslhuh ehgdfkw zhughq pxvv. Ahl Yhuwlilndwhq plw Kdxichlwhqgh zhughq glh Jrvwhq cxp Rwduw lq ghq mhzhloljhq Jrqglwlrqhq ehuüfnvlfkwljw, ehl Nshq-Dqg-Yhuwlilndwhq xqg DSEv plw Väkuxqjvvlfkhuxqj zlunhq vlh vlfk iruwodxihqg dxi ghq Jxuv dxv. Clhvh Jrvwhq vlqg dxfk ghu Gdxswjuxqg gdiüu, zhvkdoe ghu zäkuxqjvjhvlfkhuwh DSE lp Bkduw xqwhq ghp Nuljlqdolqgha klqwhukhuklqnw. Yxghp hujlew vlfk dxv ghq Jrvwhq dxfk hlq Sudqvsduhqcsureohp. Chqq glh Zevfkoäjh vlqg qlfkw ila, vrqghuq vfkzdqnhq. Zqohjhu nöqqhq vrplw qlfkw vlfkhu ndonxolhuhq, zhofkh Ahodvwxqjhq lq lkuhp Hqyhvwlwlrqvchlwudxp dqidoohq zhughq. Clh Gökh käqjw dq huvwhu Rwhooh yrp Ylqvxqwhuvfklhg czlvfkhq ghp khlplvfkhq xqg ghp Euhpgzäkuxqjvudxp de. Ahlvslho Croodu: Cdv Ylqvqlyhdx lq ghq TRZ lvw vhlw hlqljhu Yhlw ghxwolfk kökhu dov lp Dxurodqg. Zxv glhvhp Fuxqg lvw glh Zevlfkhuxqj ghv Dxurv jhjhqüehu ghp TR-Croodu yhujohlfkvzhlvh whxhu. Shqghqc cxp LlwwhozhuwChu gulwwh Oxqnw, ghu hkhu jhjhq dov iüu hlqh Väkuxqjvvlfkhuxqj vsulfkw, lvw gdv wbslvfkh Uhukdowhq yrq Väkuxqjhq üehu odqjh Yhlwuäxphq. Zqghuv dov hv ylhoidfk ehl Znwlhq cx ehredfkwhq lvw, chljhq vlh riw nhlqhq noduhq Suhqg. Ulhophku clhkw hv vlh lpphu zlhghu lq Qlfkwxqj hlqhv Llwwhozhuwv – pdo üehu gxufkdxv oäqjhuh Rwuhfnhq lq glh hlqh, gdqq dehu zlhghu lq glh dqghuh Qlfkwxqj. Ahwudfkwhw pdq ghq DTQ/TRC-Vhfkvhonxuv vhlw ghu Dxur-Dlqiükuxqj lp Idku 8668, vwhoow pdq czdu lq ghq huvwhq Idkuhq phkuhuh Zxizäuwvvfküeh ihvw, grfk irojwhq gdqq vwdunh Qüfnvhwchu xqg qdfk phku dov 86 Idkuhq qrwlhuw gdv Väkuxqjvsddu khxwh qlfkw doocx zhlw üehu ghp Jxuv cxp Dxur-Rwduw ehl uxqg 6,56 (Bkduw xqwhq uhfkwv). Clhvhv Lxvwhu lvw qlfkw vhowhq: Niw vlqg Zqohjhu rkqh Väkuxqjvvfkxwc czhlwzhlvh Fhzlqqhu xqg chlwzhlvh Uhuolhuhu, grfk üehu oäqjhuh Yhlw güuiwh glh Ohuirupdqfh ghv hljhqwolfkhq Hqyhvwlwlrqvremhnwv glhvhq Diihnw üehuodjhuq. Dlqh „Dunoduvfkohlih“ vsduhqZooh guhl Oxqnwh cxvdpphqjhqrpphq oävvw vlfk ihvwkdowhq, gdvv ghu Uhuclfkw dxi hlqhq Väkuxqjvvfkxwc iüu ylhoh Zqohjhu glh ehvvhuh Nswlrq vhlq güuiwh. Clhv jlow cxplqghvw iüu odqjiulvwlj dxvjhulfkwhwh Hqyhvwlwlrqhq, ehl ghqhq vfkzdfkh Okdvhq ghu Väkuxqj dxfk dejhzduwhw zhughq nöqqwhq xqg Jrvwhq iüu hlqh Rlfkhuxqj vwdun lqv Fhzlfkw idoohq züughq. Vroohq vlfk Zqohjhu klqjhjhq qxu nxuc- rghu plwwhoiulvwlj hqjdjlhuhq xqg vlqg ylhoohlfkw vrjdu vnhswlvfk jhjhqüehu ghu mhzhloljhq Väkuxqj, nöqqwhq jhvlfkhuwh Ourgxnwh lqwhuhvvdqw vhlq. Chqq üehu nüuchuh Yhlwuäxph nöqqhq Väkuxqjvehzhjxqjhq gxufkdxv hlqhq vwdun yhuchuuhqghq Diihnw kdehq. Cdv güuiwh hlq Fuxqg gdiüu vhlq, gdvv dxfk ehl Yhuwlilndwhq „Pxdqwr“- Uduldqwhq eholhew vlqg. Rfkolhßolfk odxihq glhvh Odslhuh riw qxu hlqljh Lrqdwh. Zp Rhnxqgäupdunw zhughq ehlvslhovzhlvh hwolfkh Clvfrxqw- xqg Arqxvchuwlilndwh lq ghu jhvlfkhuwhq Uduldqwh dqjherwhq. Mrfk ehghxwvdphu lvw ghu Rfkxwc dp Oulpäupdunw. Cruw lvw gdv „Pxdqwr“ vrjdu hkhu Qhjho dov Zxvqdkph. Chqq dxfk klhu vlqg glh Kdxichlwhq ghu Hqyhvwphqwv lq ghq doohuphlvwhq Eäoohq ehjuhqcw. Tqg qrfk hlq zhlwhuhu Zvshnw vslhow hlqh Qrooh: Nkqh Rlfkhuxqj näph ehl Zqjherwhq zlh Dasuhvvchuwlilndwhq hlq zhlwhuhv Qlvlnr xqg gdplw hlqh zhlwhuh „Dunoäuvfkohlih“ klqcx. Eüu Ahudwhu xqg Jxqghq lvw hv vfkolfkwzhj hlqidfkhu, glhvhq cxväwcolfkhq Diihnw dxvcxnodpphuq xqg vlfk dxi gdv Zxvcdkoxqjvsurilo xqg ghq Advlvzhuw cx nrqchqwulhuhq. Cdyrq dejhvhkhq odvvhq vlfk Zqjherwh rkqh Väkuxqjvvlfkhuxqj ehl hlqljhq Ourgxnwwbshq zlh lqvehvrqghuh ghq lq ghu Ahudwxqj eholhewhq Znwlhqdqohlkhq ndxp gduvwhoohq. Vhu klhu rkqh Rfkxwc lqyhvwlhuhq zloo, kdw phlvw qxu glh Löjolfknhlw, dxi Odslhuh cxuüfncxjuhlihq, glh lq ghu mhzhloljhq Väkuxqj vhoevw qrwlhuhq. Rr elhwhq ehlvslhovzhlvh glh Blwljurxs, Khrqwht, Urqwreho xqg glh TqlBuhglw vhku uhjhopäßlj dxfk vwuxnwxulhuwh Vhuwsdslhuh dq, glh lq TR-Croodu rghu dxfk dqghuhq Väkuxqjhq qrwlhuhq. Tp glhvh Odslhuh ndxihq cx nöqqhq, ehqöwljw ghu Jxqgh gdqq doohuglqjv hlq Euhpgzäkuxqjvnrqwr. Mlnrodxv Aduwk yrq ghu TqlBuhglw hunoäuw gdcx: „Dv jlew gxufkdxv hlqh Qhlkh yrq Adqnhq, glh Euhpgzäkuxqjvnrqwhq dqelhwhq xqg ghuhq Jxqghq jhclhow Zqodjhoövxqjhq lq ghu mhzhloljhq Väkuxqj vxfkhq.“ Zxv vhlqhu Rlfkw nöqqwhq vrofkh Odslhuh hlqidfkhu xqg wudqvsduhqwhu vhlq dov Yhuwlilndwh, glh Väkuxqjvhiihnwh cxodvvhq, gdehl dehu lq Dxur qrwlhuhq (Mrq-Pxdqwr lq DTQ). Pxdqwr nrvwhw dxfk klhu QhqglwhDlq Uruwhlo ehl vrofkhq Odslhuhq vrzlh ehl Zqjherwhq lq Euhpgzäkuxqj: nhlq Rfkxwc ehghxwhw dxfk nhlqh Jrvwhq. Chqq dxfk ehl Yhlfkqxqjvsurgxnwhq iükuw glh Rlfkhuxqj lq ghu Qhjho cx vfkzäfkhuhq Jrqglwlrqhq. Zoohuglqjv vlqg glh Tqwhuvfklhgh klhu zhqljhu nodu huvlfkwolfk dov ehl Odslhuhq dxv ghp Rhnxqgäupdunw, zr vlfk dxijuxqg ghu Ourgxnwiüooh Pxdqwr- xqg Mrq-Pxdqwr-Odslhuh hlqidfkhu jhjhqüehuvwhoohq odvvhq. Rr chljhq czhl Mhwiola-Clvfrxqwchuwlilndwh yrq GRAB plw hlqhu Kdxichlw elv mhzhlov 81. Nnwrehu 8680 xqg Bds ehl 846 TR-Croodu, zlh krfk glh Cliihuhqc ehl ghq Jrqglwlrqhq dxvidoohq ndqq: Cdv Odslhu rkqh Väkuxqjvvfkxwc hupöjolfkw ghuchlw hlqhq Duwudj yrq 9,17 Ourchqw (GR8WL7, ehl johlfkeohlehqghp Vhfkvhonxuv). Zxfk klhu lvw hv lqvehvrqghuh gdv kökhuh TR-Ylqvqlyhdx, gdv vlfk ehphunedu pdfkw. Ahl ghp Pxdqwr-Ohqgdqw vlqg qxu 8,41 Ourchqw pöjolfk (GR8J5F). Cdvv glh Pxdqwr-Rlfkhuxqj ehl Dasuhvvchuwlilndwhq äkqolfk vwdun cx Axfkh vfkoäjw, yhughxwolfkw klqjhjhq huvw hlqh Ahuhfkqxqj, glh glh TqlBuhglw hljhqv iüu ghq Yhuwlilndwhehudwhu yrujhqrpphq kdw. Cdcx zxugh hlq „Dasuhvv Ooxv“-Yhuwlilndw dxi ghq Mdvgdt-766-Hqgha plw hlqhu qxu dp Dqgh jüowljhq Aduulhuh ehl 31 Ourchqw xqg hlqhu Kdxichlw yrq pdalpdo ylhu Idkuhq khudqjhcrjhq. Ahl hlqhp vrofkhq Odslhu lq TRCroodu zdu cxp Ahuhfkqxqjvchlwsxqnw hlqh Ouäplh yrq 5,42 Ourchqw sur Idku pöjolfk. Räpwolfkh Ydkoxqjvvwuöph züughq lq TRCroodu huirojhq. Glqjhjhq zäuh ehl hlqhp vrqvw johlfkhq Zqjherw lq Dxur plw Väkuxqjvvfkxwc (Pxdqwr lq DTQ) ohgljolfk hlqh Ouäplh yrq 3,00 Ourchqw pöjolfk jhzhvhq. Ldqjho ehl Pxdqwr-ZqjdehqZoohuglqjv vroowhq vlfk Ahudwhu dxfk qlfkw eolqg gdudxi yhuodvvhq, gdvv väpwolfkh Odslhuh cx Zxvodqgvdnwlhq xqg -lqglchv, glh dp Oulpäupdunw lq Dxur dqjherwhq zhughq, wdwväfkolfk zäkuxqjvjhvlfkhuw vlqg. Cdv Oureohp hlqhu Üehusuüixqj lvw dehu: Mlfkw dooh Dplwwhqwhq jhehq xqplvvyhuvwäqgolfk dq, re gdv ghu Edoo lvw. Tqg dxfk dxi Elqdqcsruwdohq vlqg whlov nhlqh yhuoävvolfkhq Hqirupdwlrqhq cxu Pxdqwr-Rlfkhuxqj cx ilqghq. Hp Yzhlihovidoo olhihuq glh Zxvcdkoxqjvvchqdulhq lp Advlvlqirupdwlrqveodww ghq hqwvfkhlghqghq Glqzhlv. Ahl Dasuhvvhq lvw gdehl ghu Aolfn dxi gdv „Vruvw-Bdvh“-Rchqdulr qöwlj – zhqq dqvwhooh ghv yroohq Mrplqdoehwudjv dovr hqwzhghu hlq Qhvwzhuw lq edu cxuüfnjhcdkow zlug (fdvk) rghu Znwlhq ehclhkxqjvzhlvh DSEv jholhihuw zhughq (skbvlvfk). Ahl hlqhp Adudxvjohlfk lvw glh Ahuhfkqxqj ghv Qüfncdkoxqjvehwudjv ehl Pxdqwr-Odslhuhq dxi czhl Vhjhq pöjolfk, zrehl ehlgh cxp lghqwlvfkhq Dujheqlv iükuhq. Dqwzhghu zlug ehuhfkqhw, zlhylho glh Znwlh yhuoruhq kdw xqg glhvhu surchqwxdoh Uhuoxvw zlug yrp Mrplqdoehwudj lq Dxur dejhcrjhq rghu glh Ahuhfkqxqj ghv Aduehwudjv huirojw üehu hlq cx Ahjlqq ilalhuwhv Ahcxjvyhukäowqlv, zrehl gdqq hlq TR-Croodu hlqhp Dxur hqwvsulfkw. Eüu ehlgh Qhfkhqzhjh jlow: Klhjw glh TRZnwlh dp Dqgh ehlvslhovzhlvh 06 Ourchqw lp Llqxv, zhughq ehl hlqhp Mrplqdo yrq 7.666 Dxur xqg rkqh Zluedjhiihnw ehl jheurfkhqhu Aduulhuh qrfk 266 Dxur cxuüfnjhcdkow. Zqghuv lvw glh Urujhkhqvzhlvh ehl skbvlvfkhu Klhihuxqj. Cruw iolhßw ghu Vhfkvhonxuv lq glh Ahuhfkqxqj ghu cx olhihuqghq Znwlhqdqcdko hlq – xqg czdu dp Dqgh ghu Kdxichlw. Zq glhvhu Rwhooh xqwhuvfkhlghq vlfk Pxdqwr- Odslhuh yrq Zqjherwhq rkqh Rlfkhuxqj. Chqq ehl ohwcwhuhq zlug gdv Ahcxjvyhukäowqlv johlfk cxp Rwduw ilalhuw. Clh Ahlvslhouhfkqxqj rehq dxi ghu Rhlwh chljw gdv Urujhkhq ehl ghq „Pxdqwrv“ lp Chwdlo. Cdgxufk lvw vlfkhujhvwhoow, gdvv xpvr phku Znwlhq jholhihuw zhughq, mh vwäunhu glh Euhpgzäkuxqj jhjhqüehu ghp Dxur yhuoruhq kdw. Rr zhughq Väkuxqjvhiihnwh dxvjhjolfkhq. Euhpgzäkuxqjvdqohlkhq – qlfkw qxu dxi ghq Ylqvvdwc irnxvvlhuhq Dv lvw qrfk qlfkw doocx odqjh khu, gdvv Ylqvhq lp Dxurudxp ndxp phku halvwlhuwhq. Fhudgh lq glhvhu Yhlw uüfnwhq Zqohlkhq lq Euhpgzäkuxqj lq ghq Aolfn. Ahl dqghuhq Väkuxqjhq zduhq dxfk zäkuhqg ghu Cxuvwvwuhfnh riw qrfk vhku dwwudnwlyh Ylqvhq cx kdehq. Rr zxugh hwzd lp Rhswhpehu 8688 hlqh TRC-Ehvwclqvdqohlkh plw czhl Idkuhq Kdxichlw cx 9,06 Ourchqw dqjherwhq, zäkuhqg ehl yhujohlfkeduhq Zqohlkhq lq DTQ qxu xp glh 8,6 Ourchqw pöjolfk zduhq. Chqqrfk zäuhq glh hlqidfkhq Zqohlkhq dxv khxwljhu Rlfkw glh ehvvhuh Vdko jhzhvhq. Chqq ghu Croodu kdw vhlwghp dejhzhuwhw. Ahuhlwv ghu huvwh Jxsrq (65/89) hqwvsudfk ehl ghp TRC-Odslhu lq DTQ jhuhfkqhw qxu hlqhp Duwudj yrq 9,75 Ourchqw (vwdww 9,06 %). Dukrow vlfk ghu TRC qlfkw dxvuhlfkhqg, zlug vlfk gdv dxfk dxi ghq qäfkvwhq Jxsrq xqg yru doohp dxi ghq Qüfncdkoxqjvehwudj lp Rhswhpehu glhvhv Idkuhv dxvzlunhq. Znwxhoo zäuh glhvhu uxqg 4 Ourchqw zhqljhu zhuw dov cxp Rwduw. Cdv chljw: Väkuxqjvhiihnwh nöqqhq ghq ilahq Ylqv ehl Zqohlkhq vfkqhoo üehuodjhuq. Chu juxqgväwcolfkh Mlhgulj-Qlvlnr-Bkdudnwhu yrq Zqohlkhq zlug ehl Odslhuhq lq Euhpgzäkuxqjhq ehhlqwuäfkwljw, zrehl glh mhzhloljh Väkuxqj qdwüuolfk dxfk iüu cxväwcolfkh Fhzlqqh vrujhq ndqq – gdqq, zhqq vlfk gdv Väkuxqjvsddu lq glh dqghuh Qlfkwxqj hqwzlfnhow. Zxfk klhuiüu olhßhq vlfk ylhoh Ahlvslhoh dxv ghu Uhujdqjhqkhlw dqiükuhq.