This brief commission speaking turn links the industry’s stated expectation of paying no dividend the following year to a dispute over accumulation (Kumulation). Vogelstein asks whether Lederer therefore wants to abandon accumulation. Lederer answers by distinguishing its rejection from its limitation:
Keine unbeschränkte Kumulation! Man kann die Kumulation z. B. innerhalb von 5 Jahren machen.
English translation: No unlimited accumulation! Accumulation can, for example, take place within five years.
The intervention proposes a temporal boundary rather than outright abolition. Five years is illustrative, not a fully specified rule; the recorded exchange supplies neither the mechanism of accumulation nor a developed justification for that interval.
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