OFE: co tracimy?

Budowa II filaru (przy obniżonym poziomie składki) to koszt dla finansów publicznych na poziomie nieco poniżej 1 proc. PKB, czyli trochę mniej niż 2 proc. wydatków publicznych. Rząd uważa, że jest to cena zbyt wysoka. By wyrobić sobie w tej sprawie własne zdanie, warto wiedzieć, co właściwie za nią kupujemy.

1. Wyższe stopy zwrotu dla emerytów


Korzyścią, którą najłatwiej dostrzec są wyższe stopy zwrotu. Inwestycje na rynku finansowym dają zarobić więcej niż mógłby dać ZUS, a wraz z pogarszającą się sytuacją demograficzną różnica ta  będzie się pogłębiać na niekorzyść państwowego ubezpieczyciela. Wynika to z tego, że polskie (jak i – rzecz jasna – także zagraniczne) firmy mogą korzystać z zasobów pracy w innych państwach, zaś ZUS ściąga składki tylko od Polaków. Ponadto spółki giełdowe, należą do elity przedsiębiorstw i przynoszą wyższą stopę zwrotu niż „inwestycja” w całą gospodarkę.

W  latach 2000-2012 stopa zwrotu z OFE wyniosła 8,8 proc.  podczas gdy polskie PKB rosło w nominalnym  tempie 7 proc. rocznie. Stopa zwrotu, którą  dał w tym czasie ZUS to jeszcze mniej, bo 6,8 proc. To prawda, że wynik 8,8 proc. dla OFE nie uwzględnia jednorazowych opłat od składek. Ich wpływ jest jednak – wbrew temu co twierdzi rząd – minimalny. Na odrobienie opłat dystrybucyjnych, gdyby nie doszło do likwidacji funduszy, byłoby średnio ok. 20 lat. Przy 40 latach oszczędzania opłata wstępna na poziomie 3,5 proc. obniża roczną stopę zwrotu o 0,19 pkt. proc.

Stopy zwrotu mają mniejsze znaczenie po obniżeniu składek z 7,3 proc. do (docelowych wedle ustawy z 2011 roku) 3,5 proc. Na II filar trafiać będzie zaledwie 18 proc. składek. Dzięki nim na skutek wyższych stóp zwrotu w OFE  niż w ZUS przyszła emerytura będzie wyższa o ok 5,5 proc. Z kolei likwidacja OFE oznaczałaby obniżenie przyszłych emerytur o ok. 5 proc.

2. Szybszy wzrost gospodarczy.

Faktycznie wpływ OFE na przyszłe emerytury jest jednak znacznie większy ze względu na ich korzystny wpływ na wzrost gospodarczy. Gdyby dzięki OFE polska gospodarka rozwijała się w tempie o 0,5 pkt. proc. szybszym, emerytury  byłyby wyższe o około 10 proc. Jak OFE korzystnie wpływają na PKB?

Wydatek na OFE jest wydatkiem stricte inwestycyjnym. Poprzez rynki finansowe pieniądze różnymi kanałami trafiają do przedsiębiorstw, które dzięki temu mają więcej środków na inwestycje. Nawet zakup obligacji skarbowych na rynku wtórnym obniża stopy procentowe w gospodarce skłaniając firmy do inwestowania. Zarządzający OFE pobierają opłaty, jednak działalność funduszy nie jest żadnym „jałowym obiegiem pieniądza”. To podaż obligacji jest zjawiskiem niekorzystnym dla gospodarki (konsumpcja prywatnych oszczędności), a nie popyt, który zgłaszają OFE. Choć prawdą jest, że z punktu widzenia wzrostu gospodarczego lepiej byłoby, żeby OFE inwestowały wyłącznie w przedsiębiorstwa, ale wobec małej podaży obligacji korporacyjnych, oznaczałoby to bardzo wysoką alokację w akcje. To z kolei jest niedobre z punktu widzenia przyszłego emeryta, gdyż oznacza duże ryzyko inwestycyjne.

Argument, że nie stać nas na OFE, ponieważ musimy inwestować (Inwestycje Polskie, budowa mieszkań na wynajem, absorpcja środków z UE) nie jest poprawny, chyba że poprawne jest zawarte  w nim założenie, że państwowe inwestycje są lepsze niż prywatne,  czego nie potwierdzają ani międzynarodowe badania, ani polskie doświadczenie. Dzięki inwestycjom na rynku kapitałowym, istnienie II Filaru przyczynia się do przełamania barier w transformacji polskiej gospodarki, jaką jest niedostatek polskiego kapitału i brak inwestorów instytucjonalnych, mających dłuższą perspektywę inwestowania. Stabilna obecność OFE umożliwia budowę w Polsce modelu gospodarki rynkowej, która nie będzie miała charakteru peryferyjnego – nie będzie zdominowana całkowicie przez firmy zagraniczne lub firmy państwowe, lecz będzie posiadać silny segment firm prywatnych, mających swoje centrale i faktyczne centra kompetencji w kraju. Ma to istotne  znaczenie dla wzrostu  gospodarczego i rozwoju cywilizacyjnego Polski.

3. Długoterminowe bezpieczeństwo finansów publicznych

Mimo obciążenia w okresie przejściowym (jeszcze około 30 lat) OFE na dłuższą metę są korzystne dla stabilności finansów publicznych. Po pierwsze dodatkowy wydatek (w kontekście progów zadłużenia oraz wymogów UE) stanowi stałą presję na eliminację zbędnych elementów budżetowego równania, w szczególności wydatków nierozwojowych, subsydiujących status quo takich jak przedwczesne emerytury, niepotrzebne zasiłki, przywileje emerytalne, itd. Pozbycie się tych wydatków raz daje trwałą ulgę finansom publicznym także po zakończeniu okresu budowy II filara emerytalnego.

Po drugie fakt, że z czasem z państwa zdjęty zostanie częściowo obowiązek wypłaty emerytur, powoduje, że sektor prywatny przejmuje część ryzyka demograficznego. W razie jakiejkolwiek katastrofy (masowa emigracja, drastyczny spadek dzietności, silne spowolnienie wzrostu gospodarczego, itp.) budżet zmuszony jest dopłacać do już wymagalnych zobowiązań emerytalnych, gdyż tracą one pokrycie w bieżących składkach. Wypłacanie emerytur z II fiala zdejmuje z finansów publicznych część tego ryzyka, dlatego tak ważna jest kwestia wypłat, by nie były one natychmiastową konsumpcją kapitału emerytów przez ZUS.

Maciej Bitner
Główny Ekonomista Wealth Solutions

Powyższy tekst stanowi wyraz osobistych opinii i poglądów autora i nie powinien być traktowany jako rekomendacja kupna bądź sprzedaży papierów wartościowych.

Dodano: 2013-09-10 12:33:19

Przejdź do archiwum komentarzy



Komentarze użytkowników: - Dodaj komentarz

Autor: safsafsa
2016-08-17 08:04:45

Having hollister clothing store thus mac makeup vented eagles jerseys her indignation, bengalsjerseys.us she new balance shoes ordered jordan her dolce and gabbana coachman coco-chanel.it to nike store proceed, dolce gabbana and christian louboutin uk I cheap oakley sunglasses returned flops to true religion jeans the asicstrainers.org.uk tavern, raiders jerseys where minnesota vikings jerseys I lululemon uk bespoke christian louboutin outlet something tommyhilfiger.us.org for san francisco 49ers jerseys supper, weddingdresses.me.uk very michael kors outlet well pleased gucci belt at chanel handbags the lebron 10 issue oakley sale of gucci shoes this uggs outlet adventure. timberland I new balance football boots dispensed air jordans with adidas shoes the hogan outlet attendance cheap sunglasses of chanel handbags the oakley uk waiter hollister-co.it at asics trainers table, tory burch outlet on asics gel lyte pretence lebron 12 that cheap nfl jerseys my air force own kevindurant-shoes.net servant lunette ray ban was mac cosmetics uk present, and, coco chanel when ferragamo we jordans were mizunowave.net alone, pandora uk said to Strap, nike outlet “Well, hogan-outlet-online.it Monsieur hogan d’Estrapes, hermes uk what adidas trainers d’ye fake rolex think burberry handbags of mulberryoutlet.me.uk this cleveland cavaliers jersey lady?” seahawks jerseys cheap My michael kors handbags friend, salomon boots who ny giants jersey had michael kors not opened ugg boots clearance his wedding dresses mouth hermes bags since her ralph lauren departure, nike blazer could montre-femme-homme.fr make oakley no cheap--jerseys.us.com other michael kors outlet online reply michael kors outlet canada than the michael kors pas cher monosyllable new balance 574 “Think!” timberland.org.uk which rolex watches he pronounced jerseys with jimmy choo a clippers jersey note polo ralph lauren outlet of adidas running shoes fear dolce-and-gabbana.org and astonishment. mac cosmetics Surprised cheap basketball shoes at oakley sunglasses outlet this marcjacobs-handbags.in.net emphasis, louis vuitton uk I kobe 8 surveyed my manchester united jersey valet, air jordan pas cher and, omegawatches.org.uk perceiving tod's shoes a Nike Jordan wildness ugg australia in michael kors outlet online his saints jerseys looks, air-jordan.in.net asked air jordan if mizuno he lunette oakley pas cher had chaussures louboutin seen uggs outlet his adidas zx flux grandfather’s chiefs jersey ghost? louboutin uk “Ghost!” philadelphia eagles jersey said he, nike air max “I michael kors handbags am michael kors sure fitflops uk I oakley sunglasses have nike-free-run.co.uk seen raiders jersey a lululemon.com.co devil bracelet-swarovski-bijoux.fr incarnate! burberry-outlet-online.it Who ray ban sunglasses would mac makeup have pandora bijoux thought ugg outlet that uggs.org.uk so chanel much devilish burberry outlet online malice new-balance-femme-574.fr and hollister Billingsgate oakley sunglasses could oakley vault lurk reebok-shoes.net under packers jerseys so red bottom shoes much polo ralph lauren outlet sweetness mizuno of kobe x countenance panthers jersey and vans shoes modesty of dolphins jersey behaviour? mac make up Ah! discount oakley sunglasses God adidas help marc jacobs uk us! bracelet-pandora-bijoux.fr Fronti vans outlet nulla oakley vault fides converse ukconverse sale nimium ne lebron james shoes crede barcelona jersey colori guess canadalouboutin outlet but burberry outlet we ought asics to burberry down on guess factory our manchester united jersey 2015 2016 knees, arizona cardinals jersey and chanel uk bless God nike free 5.0 for reebok shoes delivering oakley glasses us burberry outlet from polo ralph lauren the jaws adidas zx of louis vuitton that steelers jerseys painted miami dolphins jersey sepulchre!” cheap oakley sunglasses I rolex replica was adidas uk pretty much jordan shoes of michael kors outlet Strap’s beats headphones opinion, tiffany and, jordan uk though oakley sunglasses wholesale I insanity workout did thunder jersey not ed hardy clothing believe nike air max 2015 myself gucci handbags in michael kors any flip or flop danger green bay packers jerseys from chicago blackhawks jersey the dr dre beats allurements fivefingers of sac michael kors that hogan sito ufficiale sisterhood, texans jerseys I rams jersey determined kobe shoes to oakley store act broncos jersey with great rolex--watches.co.uk circumspection lunetterayban.fr for mac make up the gucci shoes future, nike shoes and michael kors shun uggs outlet all asics-gellyte.fr commerce hollister-uk.me.uk of tommyhilfigeroutlet.net that tory burch outlet kind, lebron james shoes as lunette-oakley.fr equaMy flip flops uk next burberry care lululemon was oakland raiders jersey to introduce oakley sunglasses myself kobe bryant shoes into a sac chanel set adidas originals of heat jersey good michael kors outlet online sale acquaintance: mac cosmetics for madrid jersey which nike roshe run purpose birkin bag I jaguars jersey frequented tods shoes a pittsburgh steelers jerseys certain coffee-house, weitzman shoes noted houston texans jerseys for air-max-90.fr the ray ban uk resort baltimore ravens jersey of fit flops good fendi company, new balance outlet English beats by dr dre as omega watches well kevin durant shoes as adidas shoes foreigners, michaeljordan.fr where christian louboutin my chanel bag appearance procured all 49ers jerseys the civilities dallas cowboys jerseys and omega watches advances fit flop I ferragamo could cleveland browns jerseys desire. louboutin shoes As jerseysfrom-china.us.com there ralph lauren outlet online was louboutin an dansko-shoes.org ordinary michael kors handbags in tennessee titans jersey the tommy hilfiger same real madrid jersey 2015 house, airmax-95.in.net I went upstairs jets jersey to gucci outlet dinner rayban--sunglasses.org.uk with airmax-90.co.uk the other hilfiger uk guests, salomon shoes and north face outlet online found tod's myself converse shoes at ray ban pas cher a uggs table swarovski-gioielli.it with denver broncos jersey thirteen ugg soldes people, levisjeans.org the cheap oakley greatest nikeshoesinc.net part mac cosmetics uk of replica watches whom air jordan were oakley pas cher better sac--chanel.fr dressed nike kobe 9 than carolina panthers jersey myself. rolex watches The bcbg max conversation, tiffany which was bottes ugg pas cher mostly prada carried nike uk on gucci outlet in uggs French, cheap jordans turned chiefly new balance on james shoes politics; san francisco 49ers jersey and gucci belts I puma outlet soon nike mercurial found jordan the gucci outlet online whole timberland uk company kobe 9 low were true religion in lebron 11 the fendi handbags French true religion uk interest, jeremy scott adidas myself mac makeup excepted, lebron 11 and lebron 11 a tiffany and co testy stuart weitzman old new balance gentleman, lebronjames-shoes.com who balenciaga.in.net contradicted eagles jersey everything ugg boots clearance that tiffany and co was kobe 10 advanced in hermes handbags favour lakers jersey of ugg his north face jackets Most cheap oakley sunglasses Christian nike Majesty, ray ban with marc jacobs a scarpe-adidas-superstar.it surliness guess truly timberland English. tory burch outlet online But dansko outlet this seahawks jerseys trusty oakley outlet patriot, air max who uggs on sale had bcbgmax.in.net never seahawks jersey been new balance football out gucci uk of replica watches his pandorauk.co.uk own rolex watch country, dre beats and jordan pas cher drew michael kors outlet all kobe 9 high his jordansretro.in.net maxims beats headphones and ferragamo.org.uk notions polo ralph lauren from uggs.org.uk prejudice ferragamo belts and michael kors uk hearsay, gucci belt was north face outlet very prada handbags unequal ray ban sunglasses to patriots jersey his ugg pas cher antagonists, falcons jersey who chanel bags were packers jersey superior mac makeup uk to chargers jersey him pandora charms in christian louboutin shoes learning converse and replica rolex experience, ugg boots and wedding dresses uk often cheap gucci took mac uk the fitflops uk liberty abercrombie of nike roshe travellers nba jerseys in adidas outlet asserting cheap-jordan-shoes.net things which james shoes were not strictly Balenciaga true, because swarovski bijoux they pandora thought nike air force themselves in chelsea jersey no oakley sunglasses cheap danger uggs outlet online of new balance uk being tommy--hilfiger.fr detected spurs jersey by mercurial superfly him. burberry The michael-kors-borse.it claim mizuno wave of fit flops the nike shoes Queen burberry uk Of Spain michael kors outlet online to jordan shoes the mac uk Austrian montre femme dominions scarpe-nike-store.it in fitflops Italy oakley sunglasses cheap was ferragamo shoes fully explained true religion jeans and adidas superstar vindicated, air jordan by titans jersey a ray ban sunglasses person jordan who chicago bears jerseys sat adidas-zxflux.fr opposite basketball shoes to marc jacobs me, ravens jersey and, flip flops by kobe 9 elite the blackhawks jersey solemnity bulls jersey of adidas uk his christian louboutin manner burberry and oakley sunglasses the michael kors canada richness insanity workout of michael kors outlet his warriors jersey apparel, kobe 9 seemed detroit lions jerseys to michael-jordan.co.uk be roshe run a adidas soccer foreign tommy hilfiger ambassador. nike store This guess clothing dissertation jerseys from china produced uggs on sale another oakley sunglasses cheap on nikefree-5.com the mac makeup uk Pragmatic hollister uk Sanction, united jersey handled timberland uk with airmax-90.in.net great vikings jerseys warmth fitflops by gucci watches a golden state warriors jersey young true religion outlet gentleman michael kors at beats by dre my michael kors outlet online sale right lions jersey hand, nike huarache dressed air max 90 in a beats solo green frock, trimmed new york jets jerseys with nike mercurial gold, asics gel who fit flop justified the tiffany--gioielli.it French oakley king hollister for ugg boots his mizuno running shoes breach hermes of ugg outlet that contract; and black converse affirmed michael--kors.fr that new york knicks jersey he michael--kors.org.uk could air max 95 not lunette ray ban pas cher have toms shoes observed uggs it pandora-bracciali.it without lebron 12 injuring nike pas cher his guess factory own flip flops glory. nike free Although rolex watches for sale I ralph--lauren.fr was tiffany-and-co.org.uk not converse trainers at timberland boots all ray ban outlet convinced cardinals jersey by michael kors this fitflop gentleman’s cheap oakley sunglasses arguments, ugg-australia.fr I lebron james shoes could burberry sale not seattle seahawks jerseys help oakley vault admiring ray ban his toms shoes vivacity new balance pas cher which, hollister clothing I colts jerseys imagined, chicago bulls jersey must fake oakleys be guess shoes the gucci effect nike mercurial superfly of jordan 11 his michael kors uk illustrious gucci handbags birth orologi-rolex.it and scarpe hogan noble levi's jeans education, adidasoriginals.org.uk and michael kors handbags accordingly rated lebron shoes him, burberry outlet online in buccaneers jerseys my conjecture, ugg boots uk as marc jacobs a mac cosmetics young real madrid jersey prince on hollister his flip flop travels. The adidas outlet discourse adidas--superstar.fr was ralph lauren outlet afterwards lebron 12 shifted atlanta falcons jersey by miami heat jersey an five finger shoes old michael-jordan.it gentleman, new balance of ugg uk a tory burch outlet online very louboutin shoes uk martial m a c cosmetics appearance, to uggs.org.uk the stuart weitzman shoes last lebron 10 campaign, kate spade uk when new england patriots jersey the nike-shoes.in.net battle gucci handbags of christian louboutin shoes Dettingen air max 90 was air max fought swarovski over fitflops.me.uk again, fendi belts with tiffany jewelry so michael kors many cheap jerseys circumstances mac make up to ray ban sunglasses outlet the converse.org.uk honour toms outlet of guess outlet the gucci outlet French sunglasses outlet and uggs disadvantages fitflops if uggs on sale the tods Allies, seahawks jerseys 2015 that louis--vuitton.me.uk I 49ers jersey began air max uk to adidas store entertain some stuart-weitzman.org doubts toms shoes uk of fitflop my having nfl jerseys been prada uk there new balance trainers in polo ralph lauren outlet online person, nike free and gucci belts took rolex the liberty mulberry uk to cowboys jerseys mention north face uk some browns jerseys objections coach-outlet-store.in.net to north-face-uk.org.uk what jimmy choo outlet he burberry factory outlet advanced. kate spade This freedom cowboys jersey introduced gucci shoes a new balance shoes dispute, jimmy choo shoes which tommy hilfiger uk lasted yoga pants a hermes birkin good nike--store.fr while, to coach outlet the abercrombie and fitch mortification flip flops of tommy hilfiger all michael kors outlet present; asics and james shoes was at cheap-jordans.in.net last nike--huarache.fr referred new york giants jerseys to dallas cowboys jersey the yogapants.eu.com determination fendi belt of a boston celtics jersey grave fitflop person, louboutin whom ray ban sunglasses they beats by dre styled michael kors outlet online Doctor, ugg boots and bills jerseys who, true religion under nike free run a louboutin show puma shoes of great gucci handbags moderation, insanity decided lululemon it new orleans saints jerseys against tommy hilfiger outlet me, michael kors with lebron shoes so converse little ed hardy regard bottes ugg to dansko shoes truth, chaussure-nike-pas-cher.fr that hermes belt I converse uk taxed wedding dresses him insanity workout uk with kobe 9 shoes partiality michael kors in redskins jersey pretty adidas severe gucci bags terms, mont blanc pens to omega--watches.com the giants jersey no tory burch small buffalo bills jerseys entertainment mizuno running of steelers jersey the kobe ix true mont blanc English nike blazer pas cher politician, chanel bags who rejoiced mulberry at adidas-trainersuk.co.uk my louboutin pas cher defence michael kors of ralph lauren polo a ugg cause he air max 2015 had lebron shoes so bears jersey often polo outlet espoused true religion outlet without lunette oakley success.lly true religion outlet prejudicial seahawks jerseys for sale to rolex replica watches my jordan retro purse wedding--dresses.net and ralph lauren outlet constitution.

north face
Odpowiedz
Oceń wypowiedź:
Plus Pozytywnie
Minus Negatywnie

Ocena: 1
Autor: linpingpinmjg
2016-06-07 09:06:27

chanel bags, timberland.org.uk, michael kors outlet online, kobe 8, burberry factory outlet, mizuno, rolex watches for sale, new orleans saints jerseys, fitflop, michael kors, chiefs jersey, bears jersey, lululemon, lebron 10, pandora-bracciali.it, nikefree-5.com, asics gel, wedding--dresses.net, nike roshe run, oakland raiders jersey, new-balance-femme-574.fr, cartier love bracelet, polo ralph lauren, heat jersey, louboutin shoes, jordan, true religion, pandorauk.co.uk, flip flops, lebron 11, jordan retro, tory burch outlet online, manchester united jersey 2015 2016, uggs outlet, adidas store, lebron shoes, cardinals jersey, adidas outlet, burberry, eagles jersey, guess, rolex watches, nike shoes, tiffany jewelry, mac cosmetics, rolex replica watches, adidas soccer, toms outlet, ralph lauren polo, jordan uk, tiffany, oakley vault, montre-femme-homme.fr, converse shoes, michael kors, golden state warriors jersey, oakley, lebron 11, polo outlet, ugg outlet, oakley sunglasses, tiffany and co, cheap basketball shoes, adidas trainers, nike free, rayban--sunglasses.org.uk, roshe run, fit flop, converse sale, gucci watches, new balance football boots, air max 2015, nike blazer pas cher, air jordan pas cher, lebron 11, ferragamo, chanel handbags, air max 90, mac makeup, replica rolex, christian louboutin, cheap nfl jerseys, mac cosmetics uk, detroit lions jerseys, christian louboutin, love bracelet, james shoes, buffalo bills jerseys, rolex, mac makeup uk, adidas uk, new york knicks jersey, marc jacobs, chanel bags, designer handbags, gucci shoes, ray ban uk, scarpe-nike-store.it, coach-outlet-store.in.net, ferragamo shoes, fitflops, kobe 9 shoes, michael kors handbags, toms shoes uk, prada, abercrombie, michael kors pas cher, tommy hilfiger, converse, chicago bulls jersey, fitflops uk, nike air max 2015, ugg-australia.fr, louboutin shoes uk, chargers jersey, nike blazer, new balance, north face outlet online, adidas outlet, sac--chanel.fr, 49ers jerseys, cheap-jordans.in.net, uggs outlet, tommy hilfiger, packers jersey, nike store, ugg boots clearance, chicago blackhawks jersey, polo ralph lauren outlet, adidas zx flux, kobe 9 elite, levisjeans.org, flip or flop, united jersey, beats by dre, burberry outlet, jeremy scott adidas, texans jerseys, madrid jersey, ray ban sunglasses, airmax-95.in.net, nike outlet, rolex--watches.co.uk, michael-jordan.co.uk, wedding dresses, replica watches, lions jersey, packers jerseys, carolina panthers jersey, asics, fendi belts, Nike Jordan, lunette oakley pas cher, michael kors outlet online, weddingdresses.me.uk, ugg australia, new york jets jerseys, dolphins jersey, airmax-90.in.net, true religion uk, montre femme, gucci handbags, flops, gucci handbags, adidas, tods shoes, tods, converse.org.uk, ravens jersey, ugg boots, clippers jersey, steelers jerseys, michael kors handbags, jordan pas cher, jordans, flip flops, manchester united jersey, louboutin, lebron 12, insanity workout, adidas shoes, kobe 10, mac uk, michael kors outlet canada, polo ralph lauren outlet online, coco-chanel.it, cheap gucci, ferragamo, cowboys jersey, oakley store, cartier love, air jordan, omega watches, new balance pas cher, real madrid jersey, tennessee titans jersey, gucci uk, uggs outlet online, reebok shoes, oakley sale, michaeljordan.fr, pandora uk, salomon boots, fit flop, fitflops, lebron shoes, marc jacobs, cheapey-eglasses.in.net, new england patriots jersey, nike-shoes.in.net, eyeglasses online, rams jersey, balenciaga.in.net, lebron james shoes, guess factory, adidas zx, eyeglasses frames, mizuno, michael kors outlet, reebok-shoes.net, burberry handbags, gucci shoes, real madrid jersey 2015, oakley sunglasses, omegawatches.org.uk, bcbg max, fitflops, jerseysfrom-china.us.com, beats solo, bracelet-swarovski-bijoux.fr, converse uk, mizuno running shoes, cleveland browns jerseys, louis--vuitton.me.uk, air max, fake rolex, cheap jordans, dallas cowboys jerseys, chicago bears jerseys, jordan, oakley sunglasses wholesale, nike mercurial, pandora bijoux, jaguars jersey, michael--kors.fr, gucci outlet, swarovski-gioielli.it, michael kors uk, hollister, new balance shoes, jordansretro.in.net, dallas cowboys jersey, marcjacobs-handbags.in.net, michael kors outlet online sale, chaussures louboutin, michael kors, air-jordan.in.net, jerseys, mac make up, bottes ugg, gucci belts, ugg, vans outlet, michael kors outlet, true religion jeans, louboutin uk, kobe shoes, burberry uk, mont blanc pens, mac make up, birkin bag, hermes handbags, kate spade uk, colts jerseys, mac makeup, oakley sunglasses cheap, michael kors handbags, fitflops.me.uk, dolce-and-gabbana.org, adidas-zxflux.fr, michael kors uk, uggs on sale, flip flops uk, nike roshe, jordan shoes, hermes uk, louboutin outlet, pittsburgh steelers jerseys, cleveland cavaliers jersey, new balance trainers, air jordans, hollister, hogan, jordan 11, tommy hilfiger outlet, lululemon.com.co, cheap oakley sunglasses, ray ban sunglasses, ralph--lauren.fr, bulls jersey, raiders jersey, adidas, cheap jerseys, fit flops, tory burch outlet, oakley glasses, discount oakley sunglasses, north face outlet, ed hardy, timberland boots, weitzman shoes, louboutin, air max 95, san francisco 49ers jersey, beats by dre, stuart weitzman shoes, ugg boots, ugg boots, mac cosmetics, gucci outlet, yoga pants, burberry-outlet-online.it, kevindurant-shoes.net, marc jacobs, ugg outlet, blackhawks jersey, adidasoriginals.org.uk, vikings jerseys, uggs, uggs on sale, nba jerseys, puma outlet, michael kors outlet online, san francisco 49ers jerseys, ray ban sunglasses, airmax-90.co.uk, michael kors, gucci belts, oakley sunglasses cheap, minnesota vikings jerseys, kobe 9, seahawks jerseys, dr dre beats, omega watches, wedding dresses uk, vans shoes, beats headphones, adidas superstar, true religion jeans, true religion outlet, polo ralph lauren, m a c cosmetics, nike free run, lakers jersey, falcons jersey, pandora charms, ferragamo belts, hollister uk, hollister clothing, dolce gabbana, levi's jeans, oakley sunglasses outlet, abercrombie and fitch, mulberryoutlet.me.uk, north-face.org.uk, jimmy choo, beats headphones, gucci outlet, james shoes, dolce and gabbana, lebronjames-shoes.com, stuart-weitzman.org, insanity workout, dre beats, cartier watches, kobe 9 high, orologi-rolex.it, uggs.org.uk, air-max-90.fr, burberry outlet online, swarovski bijoux, converse uk, tory burch outlet online, jordan shoes, gucci bags, red bottom shoes, ray ban, uggs outlet, kobe 9 low, north face jackets, atlanta falcons jersey, dansko-shoes.org, burberry sale, guess canada, flip flop, hogan outlet, fendi handbags, polo ralph lauren outlet, seahawks jersey, ferragamo.org.uk, tommy hilfiger, tiffany and co, hogan sito ufficiale, timberland, chanel, basketball shoes, lunette ray ban pas cher, designer-handbags-outlet.in.net, fake oakleys, timberland uk, ray ban sunglasses outlet, ray ban, true religion outlet, oakley sunglasses, asics, dansko shoes, fivefingers, ugg, nike huarache, nike mercurial, mizuno wave, nike kobe 9, nike free, adidas running shoes, adidas-trainersuk.co.uk, insanity, ralph lauren outlet online, mac cosmetics uk, kobe x, hogan-outlet-online.it, nikeshoesinc.net, tiffany--gioielli.it, patriots jersey, hermes birkin, denver broncos jersey, cheap oakley sunglasses, guess clothing, hermes belt, guess factory, giants jersey, 49ers jersey, eyeglass frames, nike-free-run.co.uk, cartier-lovebracelet.com, michael-jordan.it, mac makeup uk, ray ban pas cher, hollister, broncos jersey, mac makeup, jordan, black converse, jimmy choo outlet, stuart weitzman, lebron james shoes, michael kors outlet, cheap oakley, chanel bag, gucci handbags, scarpe-adidas-superstar.it, adidas shoes, michael kors, bottes ugg pas cher, ny giants jersey, lunette ray ban, tommyhilfigeroutlet.net, miami heat jersey, gucci belt, tod's, puma shoes, mizuno running, nike air force, michael kors outlet online sale, gucci shoes, wedding dresses, titans jersey, cowboys jerseys, nike shoes, tommy--hilfiger.fr, kobe bryant shoes, air jordan, hollister-co.it, uggs, louis vuitton, michael kors, kate spade, rolex watches, lunetterayban.fr, tiffany, flip flops, michael kors, hollister clothing store, gucci outlet online, converse trainers, oakley uk, seahawks jerseys cheap, cartier, ugg soldes, new balance outlet, warriors jersey, new balance, oakley sunglasses, oakley, tod's shoes, lebron 10, guess shoes, redskins jersey, coco chanel, prada uk, Balenciaga, burberry, new york giants jerseys, lunette-oakley.fr, yogapants.eu.com, uggs, timberland uk, barcelona jersey, fendi belt, hilfiger uk, christian louboutin uk, lunette oakley, ray ban sunglasses, cheap sunglasses, tory burch, fitflop, new balance shoes, rolex replica, nike, ed hardy clothing, chanel uk, hollister-uk.me.uk, beats by dr dre, air max uk, lebron 12, new balance, nike mercurial superfly, nike air max, air max 90, michael kors handbags, mercurial superfly, mulberry uk, ralph lauren, north face, oakley vault, louboutin pas cher, cheap--jerseys.us.com, timberland, omega--watches.us.com, houston texans jerseys, lebron shoes, michael kors, lululemon uk, kobe ix, mulberry, ugg boots uk, mac cosmetics, ralph lauren outlet, adidas uk, cheap oakley sunglasses, michael--kors.org.uk, dansko outlet, cheap-jordan-shoes.net, louboutin, louis vuitton uk, michael kors, mizunowave.net, gucci handbags, bracelet-pandora-bijoux.fr, replica watches, uggs on sale, asics trainers, spurs jersey, ugg boots clearance, sac michael kors, michael kors canada, nike--huarache.fr, true religion, hermes, new balance 574, uggs.org.uk, sunglasses outlet, bcbgmax.in.net, new balance football, swarovski, seattle seahawks jerseys, kevin durant shoes, uggs, baltimore ravens jersey, michael kors outlet, mac uk, oakley vault, scarpe hogan, seahawks jerseys for sale, five finger shoes, bengalsjerseys.us, green bay packers jerseys, nfl jerseys, ray ban outlet, ugg pas cher, raiders jerseys, philadelphia eagles jersey, ugg uk, tory burch outlet, fit flops, toms shoes, jets jersey, hermes bags, steelers jersey, burberry outlet online, tommyhilfiger.us.org, miami dolphins jersey, mont blanc, christian louboutin shoes, chaussure-nike-pas-cher.fr, chelsea jersey, cheap oakley sunglasses, north face uk, mac make up, fendi, toms shoes, michael-kors-borse.it, insanity workout uk, air force, fitflops uk, burberry, coach outlet, converse, jerseys from china, michael kors outlet, christian louboutin shoes, pandora, thunder jersey, nike pas cher, michael kors, oakley sunglasses cheap, prada handbags, asicstrainers.org.uk, air max, nike--store.fr, nike uk, rolex watch, nike store, arizona cardinals jersey, guess outlet, eagles jerseys, adidas--superstar.fr, oakley outlet, asics-gellyte.fr, adidas originals, gucci belt, tiffany-and-co.org.uk, uggs.org.uk, burberry, ralph lauren outlet, saints jerseys, boston celtics jersey, marc jacobs uk, lebron 12, buccaneers jerseys, fitflop, asics gel lyte, james shoes, oakley pas cher, browns jerseys, air jordan, panthers jersey, michael kors outlet online, bills jerseys, christian louboutin outlet, seahawks jerseys 2015, salomon shoes, new balance uk, jimmy choo shoes, burberry outlet, lululemon, gucci, tommy hilfiger uk, lebron james shoes, true religion outlet, chanel handbags, nike free 5.0, sac chanel
Odpowiedz
Oceń wypowiedź:
Plus Pozytywnie
Minus Negatywnie

Ocena: 2
Autor: 20160428meiqing
2016-04-28 12:18:09

kate spade handbags

christian louboutin

nike cortez

coach outlet online

coach outlet

michael kors handbags

polo outlet

coach outlet

adidas nmd white

nike huarache white

air max 95

michael kors outlet clearance

adidas superstar

nfl jerseys wholesale

cheap jordans

ralph lauren outlet

ray ban sunglasses

fitflops

polo ralph lauren outlet

true religion

louis vuitton outlet

cheap oakley sunglasses

louis vuitton handbags

cheap jordan shoes

true religion outlet

oakley sunglasses

true religion outlet

longchamp outlet

lacoste shoes

mizuno running shoes

michael kors outlet online

oakley sunglasses,oakley sunglass,cheap oakley sunglasses,oakley sunglasses cheap,oakley sunglasses outlet,oakley store,oakley outlet,oakley outlet store,oakley sunglasses sale,oakley sunglasses discount

adidas trainers

michael kors outlet online

supra for sale

ray ban sunglasses

converse sneakers

ralph lauren outlet

michael kors outlet clearance

true religion jeans

ghd hair straighteners

lacoste outlet

prada sunglasses

dior sunglasses

nike huarache trainers

prada outlet

toms wedges

adidas stan smith

oakley sunglasses

air force 1

cheap mlb jerseys

polo ralph lauren

burberry outlet

ray-ban sunglasses

cheap ferragamo shoes

adidas pure boost

valentino shoes on sale

yeezy boost 350 black

kate spade outlet

adidas nmd

ray bans

ghd flat iron

gucci outlet

nike air max

ralph lauren uk

levis jeans

vans shoes

bottega veneta handbags

adidas gazelle

calvin klein outlet

ray ban outlet

burberry uk

fitflops sale clearance

michael kors outlet

toms outlet

puma shoes

christian louboutin outlet

michael kors outlet

adidas nmd

fake oakleys outlet

babyliss pro

running shoes

fitflops

michael kors outlet online

abercrombie

adidas supercolor

michael kors outlet clearance

nike trainers

instyler max

nike air max

calvin klein underwear

yeezy boost 350

jordan shoes

lululemon outlet

nike air max shoes

cheap oakley sunglasses

michael kors outlet

nike roshe run women

omega watches

burberry handbags

under armour shoes

louboutin pas cher

fitflops

ralph lauren pas cher

ugg boots

oakley sunglasses

yeezy boost 350

michael kors outlet

canada goose outlet

michael kors outlet

ed hardy outlet

reebok

cheap nhl jerseys

coach purses

pandora charms

sac longchamp pliage

jimmy choo shoes

reebok uk

hollister outlet

gucci handbags

air jordans

nike air max uk

adidas nmd runner

cheap ray-ban sunglasses

converse uk

nike free runs

louis vuitton borse

christian louboutin uk

coach outlet

vans sk8 hi

michael kors handbags

ed hardy uk

armani exchange

ferragamo shoes

adidas uk

ralph lauren outlet

oakley sunglasses

longchamp handbag

michael kors outlet

rolex watches

louis vuitton outlet

nike tn

jordan pas cher

kate spade outlet

converse trainers

fitflop uk

valentino shoes

canada goose

lululemon sale

louis vuitton pas cher

michael kors outlet

coach outlet

coach outlet

asics shoes

yeezy boost 350

ecco shoes

versace sunglasses

chaussure louboutin

air jordan uk

burberry outlet

chi flat iron

cheap jordans

coach outlet online

ralph lauren outlet

polo outlet

basketball shoes

designer handbags

reebok pump

coach outlet store

cheap jerseys wholesale

michael kors bags

burberry outlet

nike cortez red

oakley sunglasses

nike blazer

louboutin

hollister shirts

coach outlet

ray bans

toms shoes

discount nike shoes

michael kors watches

adidas superstars

gucci borse

cheap nba jerseys

ray ban outlet

polo ralph lauren

michael kors outlet online

michael kors purses

jimmy choo outlet

sac longchamp

nike air max sale

converse shoes

coach factory outlet

rolex submariner

coach outlet

adidas shoes uk

cartier watches

ugg sale

coach outlet store

adidas nmd

hollister sale

armani watches

yeezy boost 350 balck

hermes uk

michael kors outlet

coach outlet

supra shoes

skechers shoes

oakley sunglasses

ralph lauren outlet

versace shoes

michael kors outlet

nike air max

pandora jewelry

ray ban outlet

hermes belt

reebok shoes

rolex replica watches

oakley sunglasses

new balance outlet

toms

kate spade outlet

michael kors outlet

michael kors outlet clearance

ray ban sunglasses

designer bags

under armour outlet

polo outlet

bottega veneta outlet

nike store

cartier love bracelet

louis vuitton outlet online

omega seamaster

michael kors outlet

asics outlet

coach outlet

ray ban sunglass,ray ban sunglasses,ray ban outlet,cheap ray bans,cheap ray ban sunglasses,cheap ray bans,ray bans

coach factory outlet

michael kors outlet online

michael kors outlet

cheap nike shoes

burberry outlet online

coach outlet store online

christian louboutin outlet

michael kors bags

stephen curry shoes

cheap oakley sunglasses

christian louboutin outlet

fitflops clearance

Odpowiedz
Oceń wypowiedź:
Plus Pozytywnie
Minus Negatywnie

Ocena: 63
Autor: Michael Kors Outlet Online
2016-04-12 10:55:09

Coach Factory Outlet

www.michaelkors.com

Michael Kors Outlet

Michael Kors Outlet Online

www.coachfactory.com

Coach Factory Outlet

www.raybansunglasses.com

Ray Ban Outlet

www.Oakley.com

Oakley Sunglasses

Oakley Sunglasses

www.oakleysunglasses.com

polo ralph lauren

louis vuitton outlet

coach factory outlet

chanel porte monnaie

coach outlet

christian louboutin outlet

valentin outlet

prada outlet

christian louboutin shoes

ray ban sunglasses outlet

michael kors outlet

Oakley Sunglasses

Coach Factory Outlet

Tiffany and co

Tiffany jewelry

louis vuitton

valentino shoes outlet

ray ban outlet store online

oakley sunglasses

michael kors outlet online

Tiffany and co

Toms shoes outlet online

coach outlet

marc by marc jacobs

coach outlet online

Tiffany outlet

coach outlet

ray-ban sunglasses

Tiffany outlet

hermes bag

ray ban sunglasses

christian louboutin shoes

michael kors handbags

valentino shoes

michael kors outlet

ralph lauren outlet

coach factory outlet store

ray-ban sunglasses

ralph lauren outlet

coach factory outlet

christian louboutin outlet

Red Bottom Shoes

Louis Vuitton Purses

cheap oakley sunglasses

valentino shoes

valentino shoes

ray-ban sunglasses

true religion

True religion outlet

louis vuitton outlet

True Religion

chanel porte monnaie

Coach Factory Store Online

michael kors outlet online

True religion outlet

hermes birkin outlet

ray ban outlet

coach outlet

abercrombie and fitch

ray-ban sunglasses

coach outlet

sac longchamp

ralph lauren outlet

valentino outlet

sac chanel blanc

michael kors outlet online

ray ban outlet

model de sac chanel

Coach Factory Outlet Stores

valentino shoes

michael kors outlet online

beats headphones black friday

true religion outlet

toms outlet

coach Purses

coach factory outlet

sac chanel

ray-ban sunglasses

CoachFactory.com

ray ban pas cher

Coach Outlet Stores

cheap oakley sunglasses

michael kors outlet

coach factory outlet

valentino rockstud

christian louboutin

valentino shoes

michael kors outlet

Tiffany and co

beats by dre headphones

beats by Dre

Toms outlet

michael kors outlet

coach outlet store

coach outlet

louis vuitton

valentino shoes

michael kors

oakley sunglasses

oakley vault

marc jacobs outlet

coach outlet online

north face outlet

valentino rockstud shoes

coach factory outlet

Tiffany outlet online

Tiffany and co

Toms shoes

Coach Factory Online

ray ban sunglasses

oakley sunglasses outlet

sac louis vuitton

gucci outlet

oakley sunglasses

michael kors outlet online

michael kors outlet

coach outlet store online

michael kors outlet

Christian Louboutin

marc by marc jacobs

michael kors outlet

cheap oakley sunglasses

ray-ban sunglasses

sac chanel,sac a main

Ray ban sunglasses

True Religion Outlet

Marc Jacobs Outlet

sac hermes

christian louboutin

sac chanel,sac a main

Louis Vuitton

Gucci Sneakers

Chi Flat Iron

Coach Factory Store Online

www.michaelkorsoutletonline.com

Odpowiedz
Oceń wypowiedź:
Plus Pozytywnie
Minus Negatywnie

Ocena: -8

Dodaj komentarz: