be.passive Poland

Page 1

Poland


'XULQJ WKH ODVW WZR GHFDGHV VLQFH WKH FRO ODSVH RI &RPPXQLVP 3RODQG KDV EHHQ GHYHORSLQJ IDVW LQ DOO DUHDV RI OLIH 7KHUH KDV DOVR EHHQ FRQVLGHUDEOH SURJUHVV LQ EXLOGLQJ DFWLYLW\ EXW QRW \HW VLJQL¿FDQWO\ LQ WKH ¿HOG RI ORZ HQHUJ\ EXLOGLQJ GHVLJQ 7KH WHUPV µ3DVVLYH¶ µORZ HQHUJ\¶ RU µVXVWDLQDEOH¶ DUH WHUPV WKDW RIWHQ DSSHDU LQ WKH 3ROLVK SUHVV LQ UHODWLRQ WR DUFKLWHFWXUH DQG EXLOGLQJ GHVLJQ DQG PDQ\ DUWLFOHV KDYH EHHQ ZULWWHQ DERXW WKLV VXEMHFW DUHD 7KHUH LV DOVR WKH SR WHQWLDO IRU FRQVWUXFWLRQ SURIHVVLRQDOV WR OHDUQ DERXW QHZ VXVWDLQDEOH WHFKQRORJLHV IURP FRQIHUHQFHV VHPLQDUV DQG SUHVHQWDWLRQV JLYHQ E\ PDQXIDFWXUHUV KRZHYHU WKH UHDOLVDWLRQ LQ WHUPV RI EXLOW SURMHFWV LV VWLOO WR PDWHULDOLVH :K\ LV WKLV" 3RODQG EHORQJV WR WKH ULFKHVW IRUPHU µ(DVWHUQ %ORFN¶ FRXQWULHV KRZHYHU *URVV 1DWLRQDO ,QFRPH *1, SHU FD SLWD VWLOO UHPDLQV VLJQL¿FDQWO\ EHKLQG WKDW RI RWKHU (XUR SHDQ VWDWHV 8QOLNH LQ *HUPDQ\ RU $XVWULD LW FRVWV DURXQG PRUH WR FRQVWUXFW D 3DVVLYKDXV EXLOGLQJ LQ 3RODQG WKDQ D FRQYHQWLRQDO RQH ZLWK FRQYHQWLRQDO FRQVWUXFWLRQ WHFKQRORJLHV EHLQJ WLPHV FKHDSHU WKDQ LQ :HVWHUQ (XURSH 6SHFLDOLVHG µ3DVVLYH¶ WHFKQRORJLHV RU DFWLYH VRODU HOHPHQWV KDYH WKH HTXLYDOHQW SULFH WR WKDW LQ :HVW (XURSHDQ FRXQWULHV 7KLV PHDQV WKDW WKH RYHUDOO DGGL WLRQDO EXLOG FRVWV DUH KLJK DQG WKH HI¿FLHQFLHV DFKLHYHG WKURXJK UXQQLQJ WKH EXLOGLQJ DUH QRW VR HDVLO\ UHDOLVHG LQ

WHUPV RI FRVW WKLV PHDQV WKDW WKH\ GR QRW DFW DV VXFK D JUHDW VWLPXOXV ZKHQ GHFLGLQJ WR EXLOG D 3DVVLYKDXV SUR MHFW 3RODQG DOVR ODFNV GLUHFW ¿QDQFLDO LQFHQWLYHV RU VXE VLGLHV IRU WKH VXSSRUW ORZ HQHUJ\ RU 3DVVLYKDXV SURMHFWV 'HVSLWH WKH DERYH 3ROLVK DUFKLWHFWV DQG FRQWUDFWRUV DUH YHU\ RSHQ WR QHZ VXVWDLQDEOH WHFKQRORJLHV DQG VRPH LQWHUHVWLQJ H[DPSOHV RI ORZ HQHUJ\ DQG µ3DVVLYH¶ DUFKL WHFWXUH GR H[LVW LQ 3RODQG 7KHUH DUH RQO\ D IHZ DFFUHGLWHG 3DVVLYKDXV EXLOGLQJV LQ 3RODQG 7KH ¿UVW ZDV EXLOW 6PROHF E\ :URFODZ DUFK /LSLQVF\ 7KLV µVROLG¶ GRZQ WR HDUWK KRXVH FRXOG QRW EH FRQVLGHUHG H[FHSWLRQDO LQ WHUPV RI LWV DUFKLWHFWXUH ,W ORRNV OLNH D W\SLFDO KRXVH WKDW RQH FRXOG ¿QG DQ\ZKHUH LQ (XURSH EXW ZLWK WHFKQRORJLFDO DGYDQWDJHV 6RPH 3ROLVK DUFKLWHFWV DUH VHDUFKLQJ IRU D QHZ DU FKLWHFWXUDO ODQJXDJH WR VXSSRUW WKH QHZ ORZ HQHUJ\ FKDO OHQJH $ IHZ H[DPSOHV RI WKLV W\SH RI DUFKLWHFWXUH H[LVW LQ 3V]F]\Q LQ 8SSHU 6LOHVLD D ORFDWLRQ WKDW LV VORZO\ WXUQLQJ LQWR D µ0HFFD¶ IRU 3ROLVK VXVWDLQDEOH DUFKLWHFWXUH 7KH &2 6$9(5 KRXVH DUFK 3 .XF]LD DW /DNH 3V]F]\QD LV WKH PRVW IDPRXV µJUHHQ¶ KRXVH LQ 3RODQG 7KH EXLOW IRUP RI WKLV GZHOOLQJ LV GHVLJQHG WR RSWLPLVH WKH DEVRUEDQFH RI VRODU HQHUJ\ 7KH GDUN µEODFN ER[¶ IDFDGH RI WKH WKUHH VWRUH\ EXLOGLQJ LV FODG ZLWK FKDUFRDO FRORXUHG ¿EUH FH PHQW SDQHOV ZKLFK DEVRUE KHDW IURP WKH VXQ UHGXFLQJ KHDW ORVV WR WKH H[WHUQDO HQYLURQPHQW 7KH SDVVLYH DQG VRODU HQHUJ\ FRQFHSWV DQG KLJK VWDQGDUG RI WKHUPDO LQ VXODWLRQ DUH HQKDQFHG WKURXJK WKH XVH RI 0HFKDQLFDO 9HQWLODWLRQ ZLWK +HDW 5HFRYHU\ 09+5 7KH KRXVH GLG QRW FRVW PRUH WKDQ D FRQYHQWLRQDO 3ROLVK KRXVH ZLWK FRVW

,W¶V PRYLQJ LQ 3RODQG

LQ VHDUFK RI SDVVLYH LQ 3RODQG WH[W

3HWHU 3LRWU .XF]LD

&RQWDFW $UFK 3HWHU 3LRWU .XF]LD 7 ) LQIR#NXF]LD FRP ZZZ VXVWDLQDEOH KRXVH LQIR

EH SDVVLYH

,W¶V PRYLQJ LQ 3RODQG


VDYLQJV EHLQJ PDGH WKURXJK WKH DSSOLFDWLRQ RI WUDGLWLRQDO EXLOGLQJ WHFKQLTXHV DQG WKH XVH RI ORFDO PDWHULDOV DQG UHF\FOHG EXLOGLQJ HOHPHQWV 7KH SURMHFW UHFHLYHG VXSSRUW IURP WKH *HUPDQ )HGHUDO (QYLURQPHQWDO )RXQGDWLRQ '%8 $QRWKHU DIIRUGDEOH SDVVLYH KRXVH GHVLJQHG E\ WKH DXWKRU RI WKLV DUWLFOH LV DOVR EHLQJ EXLOW LQ WKLV UHJLRQ 7KH µ6WDQGDUG K2XVH¶ LQ 3V]F]\QD GHVLJQHG E\ WKH UHQRZQHG 3ROLVK DUFKLWHFW 5REHUW .RQLHF]Q\ IURP .:. 3URPHV LV D IXUWKHU H[DPSOH RI WKH H[SORUDWLRQ RI WKH µSDVVLYH¶ EXLOGLQJ 7KH URXQG IRUP RI WKH KRXVH PHDQV WKDW LW LV VXLWDEOH IRU DQ\ VKDSHG VLWH DQG IUHHGRP WR FKRRVH WKH URRI W\SH PDNHV LW XQLYHUVDO LQ WHUPV RI ¿WWLQJ LQ ZLWK ORFDO ODQGVFDSHV ZKLOVW ÀH[LELOLW\ RI LQWHULRU SODQ PHDQV WKDW LW FDQ PHDQW WKH QHHGV RI WKH LQGLYLGXDO ID PLO\ %HFDXVH RI LWV URXQG VKDSH WKH KRXVH LV DOVR YHU\ HQHUJ\ HI¿FLHQW EXW WKLV LV DOVR GXH WR LWV OHYHO RI LQVXOD WLRQ XVLQJ PLQHUDO ZRRO 0HFKDQLFDO 9HQWLODWLRQ ZLWK +HDW 5HFRYHU\ LV XVHG WRJHWKHU ZLWK D KHDW SXPS DQG VRODU SDQHOV .RQLHVF]Q\¶V KRXVH GHVLJQ DOVR KDV EHHQ H[SRU WHG WR DQG EXLOW LQ *HUPDQ\ $QRWKHU 3ROLVK H[SRUW SURMHFW LV WKH µ1$785$/Q\ '20¶ KRXVH GHVLJQHG E\ $QGU]HM *ODE 7KLV KRXVH KDV EHHQ EXLOW LQ VHYHUDO 3ROLVK FLWLHV DQG KDV DOVR EHHQ H[ SRUWHG WR 1RUZD\ 7KH KRXVH XVHV VRODU HQHUJ\ ZKHQH YHU SRVVLEOH ZLWK KHDWLQJ DQG KRW ZDWHU SURYLGHG WKURXJK D ELRPDVV ERLOHU ZLWK DGGLWLRQDO HOHFWULF WRS XS VXSSO\ 7KH WRWDO DQQXDO KHDWLQJ DQG KRW ZDWHU FRVWV DUH ORZHU WKDQ LQ VRPH SDVVLYH KRXVH GHVLJQV DQG DUH HVWLPDWHG DV EHLQJ ¼

SKRWR $ *ODE

,PDJH E\ $OHN 3OXWD

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µ&2162/,'$7(' +286(¶ 7KLV KRXVH LV GHVLJQHG WR KDUQHVV HQHUJ\ IURP JURXQG VRXUFH WKHUPDO HQHUJ\ WHFKQLTXHV ,WV FRPSDFW VKDSH KDV URXQGHG FRUQHUV ZKLFK KHOS WR UHGXFH JHR PHWULF WKHUPDO EULGJHV DQG LW XVHV D VN\OLJKW WR DOORZ IRU VXQOLJKW SHQHWUDWLRQ ,W LV SUHGLFWHG WKDW VQRZ LQ :LQWHU VKRXOG DFW DV DQ DGGLWLRQDO WKHUPDO OD\HU RYHU WKH ÀDW JUHHQ URRI RI WKH VLQJOH VWRUH\ KRXVH /RZ HQHUJ\ DUFKLWHFWXUH LV QRW RQO\ OLPLWHG WR GZHO OLQJV LQ 3RODQG 7KHUH DUH VRPH H[DPSOHV RI RWKHU EXLO GLQJ W\SHV VXFK DV D SDVVLYH FKXUFK LQ 1RZ\ 7DUJ RU D VSRUWV KDOO LQ 6ORPQLNL ERWK RI WKHVH SURMHFWV KDYH EHHQ UHDOLVHG E\ DUFKLWHFWV 3\V]F]HN L 6WHOPDFK 4XRWDWLRQ ± µ$ IHZ H[DPSOHV RI WKLV W\SH RI DUFKLWHF WXUH H[LVW LQ 3V]F]\Q LQ 8SSHU 6LOHVLD D ORFDWLRQ WKDW LV VORZO\ WXUQLQJ LQWR D µ0HFFD¶ IRU 3ROLVK VXVWDLQDEOH DUFKL WHFWXUH¶ Ŷ

SKRWR 5 .RQLHF]Q\

,PDJH E\ $OHN 3OXWD

$ IHZ H[DPSOHV RI WKLV W\SH RI DUFKLWHFWXUH H[LVW LQ 3V]F]\Q LQ 8SSHU 6LOHVLD D ORFDWLRQ WKDW LV VORZO\ WXU QLQJ LQWR D µ0HFFD¶ IRU 3ROLVK VXVWDLQDEOH DUFKLWHFWXUH ,W¶V PRYLQJ LQ 3RODQG

EH SDVVLYH


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.