FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: Until then, BcL will apply a minimum threshold of EUR 1000000. [63] ‘Single A’ means a minimum long-term rating of ‘A-’ by Fitch or Standard & Poor’s, or ‘A3’ by Moody’s.
Spanish: La Banque centrale du Luxembourg aplicará el importe mínimo común a la utilización de forma transfronteriza a partir del 1 de enero de 2008, a más tardar.
Slovak: Banque centrale du Luxembourg (BcL) začne uplatňovať jednotný minimálny limit pre cezhraničné využitie najneskôr 1. januára 2008.
Lithuanian: Banque centrale du Luxembourg (BeL) taikys bendrą minimalią ribą tarpvalstybinio naudojimo atveju vėliausiai nuo 2008 m. sausio 1 d. Iki tol BeL taikys 1000000 eurų bendrą minimalią ribą.
English: The ECB decides to absorb liquidity from the market by executing a foreign exchange swap on the EUR/USD rate by means of a variable rate tender procedure. (Note: The euro is traded at a premium in this example.)
Spanish: El BCE decide absorber liquidez del mercado a través de un swap de divisas sobre el tipo de cambio euro/dólar mediante un procedimiento de subasta a tipo de interés variable (Nota: en este ejemplo, el euro se negocia a premio).
Italian: La BCE decide di assorbire liquidità dal mercato attraverso un’operazione di swap in valuta sul tasso di cambio euro/dollaro statunitense mediante una procedura d’asta a tasso variabile (in questo esempio, l’euro è negoziato a premio).
English: The ECB decides to provide liquidity to the market by executing a foreign exchange swap on the EUR/USD rate by means of a variable rate tender procedure. (Note: The euro is traded at a premium in this example.)
Spanish: El BCE decide proporcionar liquidez al mercado realizando un swap de divisas sobre el tipo de cambio euro/dólar mediante un procedimiento de subasta a tipo de interés variable (Nota: en este ejemplo, el euro se negocia a premio).
Italian: La BCE decide di immettere liquidità nel mercato attraverso un’operazione di swap in valuta sul tasso di cambio euro/dollaro statunitense tramite una procedura d’asta a tasso variabile (in questo esempio, l’euro è negoziato a premio).
English: Thus, a credit institution is: (i) an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credit for its own account, or (ii) an undertaking or any other legal person, other than those under (i), which issues means of payment in the form of electronic money. Cross-border settlement: a settlement which takes place in a country other than the country or countries in which one or both of the parties to the trade are located.
Spanish: Así, una entidad de crédito es: (i) una empresa cuya actividad consiste en recibir del público depósitos u otros fondos reembolsables y en conceder créditos por cuenta propia o (ii) una entidad, o cualquier otra persona jurídica, que no esté recogida en (i) y que emita medios de pago en forma de dinero electrónico.
Finnish: Läheinen sidos (close links): Tilanne, jossa vastapuolella on seuraavanlainen sidos velkainstrumenttien liikkeeseenlaskijaan/velalliseen/takaajaan siitä syystä, että 1) vastapuoli omistaa vähintään 20 % liikkeeseenlaskijan/velallisen/takaajan pääomasta, taikka yksi tai useampi yritys, jonka pääomasta vastapuoli omistaa enemmistön, omistaa vähintään 20 % liikkeeseenlaskijan/velallisen/takaajan pääomasta, taikka vastapuoli ja yksi tai useampi yritys, jonka pääomasta vastapuoli omistaa enemmistön, omistavat yhteensä vähintään 20 % liikkeeseenlaskijan/velallisen/takaajan pääomasta, tai 2) liikkeeseenlaskija/velallinen/takaaja omistaa vähintään 20 % vastapuolen pääomasta, taikka yksi tai useampi yritys, jonka pääomasta liikkeeseenlaskija/velallinen/takaaja omistaa enemmistön, omistaa vähintään 20 % vastapuolen pääomasta, taikka liikkeeseenlaskija/velallinen/takaaja ja yksi tai useampi yritys, jonka pääomasta liikkeeseenlaskija/velallinen/takaaja omistaa enemmistön, omistavat yhteensä vähintään 20 % vastapuolen pääomasta, tai 3) kolmas osapuoli omistaa enemmistön sekä vastapuolen että liikkeeseenlaskijan/velallisen/takaajan pääomasta joko suoraan tai välillisesti sellaisen yhden tai useamman yrityksen kautta, jonka pääomasta kyseinen kolmas osapuoli omistaa enemmistön.
Lithuanian: Ji gali būti: i) įkaitu užtikrintas sąskaitos pereikvojimo padengimas arba ii) skolinimo operacija įkeičiant turtą arba parduodant jį atpirkimo sandoriu.
English: The Eurosystem considers a probability of default (PD) of 0,10 % over a one-year horizon to be equivalent to a ‘single A’ credit assessment. External credit assessment institution (ECAI): a credit quality assessment source provided for in the Eurosystem credit assessment framework (ECAF) that comprises those institutions whose credit assessments may be used by credit institutions for the determination of risk weight exposures according to the Capital Requirements Directive. These institutions are subject to a formal recognition and validation process by the national supervisors.
French: L’Eurosystème considère une probabilité de défaut (PD) de 0,10 % sur un an comme équivalant à une notation «simple A».
Spanish: El Eurosistema considera que una probabilidad de impago (PD) del 0,10 % en un horizonte temporal de un año es equivalente a una evaluación del crédito de «A».
English: Final transfer: an irrevocable and unconditional transfer which effects a discharge of the obligation to make the transfer. Fine-tuning operation: a non-regular open market operation executed by the Eurosystem mainly in order to deal with unexpected liquidity fluctuations in the market. Fixed rate instrument: a financial instrument for which the coupon is fixed throughout the life of the instrument.
Spanish: Sistema de fondo común: sistema de gestión de garantías de los bancos centrales en virtud del cual cada entidad de contrapartida puede abrir una cuenta en la que depositan los activos que utilizan como garantía en sus operaciones con el banco central.
English: Fixed rate tender: a tender procedure where the interest rate is specified in advance by the central bank and participating counterparties bid the amount of money they want to transact at the fixed interest rate. Floating rate instrument: a financial instrument for which the coupon is periodically reset relative to a reference index to reflect changes in short or medium-term market interest rates.
Spanish: A diferencia del sistema de identificación individual, en el sistema de fondo común los activos de garantía no se identifican individualmente para cada transacción.
Estonian: Kohustuste mittetäitmine: eurosüsteemi krediidihindamise raamistikus (ECAF) viidatud sündmus, mis vastab Euroopa Parlamendi ja nõukogu 14. juuni 2006. aasta direktiivis 2006/48/EÜ krediidiasutuste asutamise ja tegevuse kohta (uuestisõnastamine) ning Euroopa Parlamendi ja nõukogu direktiivis 2006/49/EÜ investeerimisühingute ja krediidiasutuste kapitali adekvaatsuse kohta (uuestisõnastamine) sätestatud määratlusele.
English: Floating rate instruments have either pre-fixed coupons or post-fixed coupons. Foreign exchange swap: the simultaneous spot purchase/sale and forward sale/purchase of one currency against another. The Eurosystem executes open market monetary policy operations in the form of foreign exchange swaps where the national central banks (or the ECB) buy (or sell) euro spot against a foreign currency and at the same time sell (or buy) it back in a forward transaction. Gross settlement system: a transfer system in which the settlement of funds or the transfer of securities occurs on an instruction-by-instruction basis. Haircut: see valuation haircut. In-house credit assessment system (ICAS): a credit quality assessment source provided for in the Eurosystem credit assessment framework (ECAF) that currently comprises the four credit assessment systems operated by the Deutsche Bundesbank, the Banco de España, the Banque de France and the Oesterreichische Nationalbank.
Spanish: Sistema de identificación individual: sistema de gestión de garantías que utilizan los bancos centrales en virtud del cual se otorga liquidez contra la entrega de activos identificados individualmente para cada transacción.
English: Initial margin: a risk control measure that may be applied by the Eurosystem in reverse transactions, implying that the collateral required for a transaction is equal to the credit extended to the counterparty plus the value of the initial margin. Interlinking mechanism: within the TARGET system, the Interlinking mechanism provides common procedures and an infrastructure which allow payment orders to move from one domestic RTGS system to another. Internal rating-based (IRB) system: a credit quality assessment source provided for in the Eurosystem credit assessment framework (ECAF) that comprises the internal systems of those counterparties whose credit assessments may be used by credit institutions for the determination of risk weight exposures according to the Capital Requirements Directive. These systems are subject to a formal recognition and validation process by the national supervisors. International Securities Identification Number (ISIN): an international identification code assigned to securities issued in financial markets. Intraday credit: credit extended for a period of less than one business day.
Spanish: Sistema interno de evaluación del crédito (ICAS): una de las fuentes de evaluación de la calidad crediticia contempladas en el sistema de evaluación del crédito del Eurosistema (ECAF), que está integrada actualmente por los cuatro sistemas de evaluación gestionados por el Deutsche Bundesbank, el Banco de España, la Banque de France y el Oesterreichische Nationalbank.
English: It may be extended by central banks to even out mismatches in payment settlements and can take the form of: (i) a collateralised overdraft, or (ii) a lending operation against a pledge or in a repurchase agreement. Inverse floating rate instrument: a structured note where the rate of interest paid to the holder of the note varies inversely with changes in a certain reference interest rate. Issuer: the entity which is obligated on a security or other financial instrument. Link between securities settlement systems: a link consists of all the procedures and arrangements which exist between two securities settlement systems (SSSs) for the transfer of securities between the two SSSs concerned through a book-entry process. Longer-term refinancing operation: a regular open market operation executed by the Eurosystem in the form of a reverse transaction.
Spanish: Sistema de liquidación bruta: sistema de transferencia en el que las órdenes de liquidación de fondos o la transferencia de valores se procesan una por una.
English: Longer-term refinancing operations are executed through monthly standard tenders and normally have a maturity of three months. Lump-sumallowance: a fixed amount which an institution deducts in the calculation of its reserve requirement within the minimum reserve framework of the Eurosystem. Main refinancing operation: a regular open market operation executed by the Eurosystem in the form of a reverse transaction. Main refinancing operations are conducted through weekly standard tenders and normally have a maturity of one week. Maintenance period: the period over which compliance with reserve requirements is calculated.
Spanish: Sistema de liquidación bruta en tiempo real (SLBTR): sistema de liquidación en el que las órdenes de pago se procesan y liquidan una por una (sin compensación) en tiempo real (de forma continua).
English: The ECB publishes a calendar of the reserve maintenance periods at least three months before the start of each year. Maintenance periods begin on the settlement day of the first main refinancing operation following the meeting of the Governing Council at which the monthly assessment of the monetary policy stance is pre-scheduled. They normally end on the day preceding the similar settlement day in the following month.
Spanish: Véase también TARGET.
English: Under special circumstances, the published calendar may be amended, depending, among other things, on changes in the schedule of Governing Council meetings. Margin call: a procedure related to the application of variation margins, implying that if the value, as regularly measured, of the underlying assets falls below a certain level, the central bank requires counterparties to supply additional assets (or cash). Similarly, if the value of the underlying assets, following their revaluation, were to exceed the amount owed by the counterparties plus the variation margin, the counterparty may ask the central bank to return the excess assets (or cash) to the counterparty. Marginal interest rate: the interest rate at which the total tender allotment is exhausted.
Spanish: Sistema de liquidación de valores (SLV): sistema que permite la tenencia y la transferencia de valores o de otros activos financieros, tanto libre de pago como contra pago (sistema de entrega contra pago).
English: Marginal lending facility: a standing facility of the Eurosystem which counterparties may use to receive overnight credit from a national central bank at a pre-specified interest rate against eligible assets. Marginal swap point quotation: the swap point quotation at which the total tender allotment is exhausted. Marking to market: see variation margin. Maturity bucket: a class of assets, the residual maturity of which is within a certain range of values, e.g. the three-to-five-year maturity bucket. Maturity date: the date on which a monetary policy operation expires. In the case of a repurchase agreement or swap, the maturity date corresponds to the repurchase date. Maximum bid limit: the limit on the largest acceptable bid from an individual counterparty in a tender operation. The Eurosystem may impose maximum bid limits in order to avoid disproportionately large bids from individual counterparties. Maximum bid rate: the upper limit to the interest rate at which counterparties may submit bids in variable rate tenders. Bids at a rate above the maximum bid rate announced by the ECB are discarded. Member State: as used in this document, an EU Member State which has adopted the single currency in accordance with the Treaty. Minimum allotment amount: the lower limit of the amount to be allotted to individual counterparties in a tender operation. The Eurosystem may decide to allot a minimum amount to each counterparty in its tender operations. Minimum allotment ratio: the lower limit, expressed in percentage terms, of the ratio of bids at the marginal interest rate to be allotted in a tender operation. The Eurosystem may decide to apply a minimum allotment ratio in its tender operations. Minimum bid rate: the lower limit to the interest rates at which counterparties may submit bids in variable rate tenders.
Spanish: Subasta americana: véase subasta a tipo de interés múltiple.
English: Monetary financial institution (MFI): one of a class of financial institutions which together form the money-issuing sector of the euro area. These include central banks, resident credit institutions, as defined in Community law, and all other resident financial institutions whose business is to receive deposits and/or close substitutes for deposits from entities other than MFIs and, for their own account (at least in economic terms), to grant credit and/or invest in securities.
Spanish: Subasta estándar: procedimiento de subasta utilizado por el Eurosistema en las operaciones de mercado abierto regulares.
Finnish: Sähköinen raha (electronic money): Rahallinen arvo, joka ilmenee liikkeeseenlaskijaan kohdistuvana saamisena, joka on a) talletettu sähköiseen välineeseen, b) laskettu liikkeeseen varoja vastaan, joiden arvo on vähintään yhtä suuri kuin liikkeeseen laskettu rahallinen arvo, ja c) jonka hyväksyvät maksuvälineenä muutkin yritykset kuin liikkeeseenlaskija.
Hungarian: Mennyiségi tender (Volume tender): lásd rögzített kamatú tender.
English: In such cases, the relevant national central bank is responsible for informing the counterparties in advance of the arrangements to be made for transactions involving those branches. Open market operation: an operation executed on the initiative of the central bank in the financial market. With regard to their aims, regularity and procedures, Eurosystem open market operations can be divided into four categories: main refinancing operations, longer-term refinancing operations, fine-tuning operations and structural operations. As for the instruments used, reverse transactions are the main open market instrument of the Eurosystem and can be employed in all four categories of operations. In addition, the issuance of debt certificates and outright transactions are available for structural operations, while outright transactions, foreign exchange swaps and the collection of fixed-term deposits are available for the conduct of fine-tuning operations. Outright transaction: a transaction whereby assets are bought or sold up to their maturity (spot or forward). Pooling system: see collateral pooling system.
Spanish: Subasta holandesa: véase subasta a tipo de interés único.
English: Post-fixed coupon: a coupon on floating rate instruments which is determined on the basis of the values taken by the reference index on a certain date (or dates) during the coupon accrual period. Pre-fixed coupon: a coupon on floating rate instruments which is determined on the basis of the values taken by the reference index on a certain date (or dates) before the start of the coupon accrual period. Purchase date: the date on which the sale of purchased assets by the seller to the buyer becomes effective. Purchase price: the price at which purchased assets are sold or are to be sold to the buyer by the seller. Quick tender: the tender procedure used by the Eurosystem for fine-tuning operations when it is deemed desirable to have a rapid impact on the liquidity situation in the market.
French: Événement de défaut (Default event): situation à laquelle fait référence le dispositif d’évaluation du crédit de l’Eurosystème (ECAF) et répondant aux définitions de la directive 2006/48/CE du Parlement européen et du Conseil du 14 juin 2006 concernant l’accès à l’activité des établissements de crédit et son exercice (refonte) et de la directive 2006/49/CE du Parlement européen et du Conseil du 14 juin 2006 sur l’adéquation des fonds propres des entreprises d’investissement et des établissements de crédit (désignées globalement sous le nom de «directive concernant les exigences de fonds propres»).
Spanish: Subasta rápida: procedimiento de subasta utilizado por el Eurosistema en las operaciones de ajuste cuando se considera conveniente ajustar rápidamente la liquidez del mercado.
Slovak: Rýchly tender [Quick tender]: tender, ktorý používa Eurosystém v dolaďovacích obchodoch, ak je potrebné okamžite ovplyvniť likviditu.
English: Repurchase agreement: an arrangement whereby an asset is sold while the seller simultaneously obtains the right and obligation to repurchase it at a specific price on a future date or on demand. Such an agreement is similar to collateralised borrowing, with the difference that ownership of the securities is not retained by the seller. The Eurosystem uses repurchase agreements with a fixed maturity in its reverse transactions. Repurchase date: the date on which the buyer is obliged to sell back assets to the seller in relation to a transaction under a repurchase agreement.
Spanish: Subasta a tipo de interés fijo:procedimiento de subasta en la que el banco central establece con antelación el tipo de interés y las entidades de contrapartida participantes solicitan el volumen de liquidez que desean obtener al tipo de interés fijado.
English: Repurchase price: the price at which the buyer is obliged to sell back assets to the seller in relation to a transaction under a repurchase agreement. The repurchase price equals the sum of the purchase price and the price differential corresponding to the interest on the extended liquidity over the maturity of the operation. Reserve account: an account with the national central bank on which a counterparty’s reserve holdings are maintained. The counterparties’ settlement accounts with the national central banks may be used as reserve accounts. Reserve base: the sum of the balance sheet items which constitute the basis for calculating the reserve requirement of a credit institution. Reserve holdings: counterparties’ holdings on their reserve accounts which serve to fulfil reserve requirements. Reserve ratio: the ratio defined by the central bank for each category of balance sheet items included in the reserve base. The ratios are used to calculate reserve requirements. Reserve requirement: the requirement for institutions to hold minimum reserves with the central bank. Within the minimum reserve framework of the Eurosystem, the reserve requirement of a credit institution is calculated by multiplying the reserve ratio for each category of items in the reserve base with the amount of those items on the institution’s balance sheet. In addition, institutions deduct a lump-sum allowance from their reserve requirement. Residual maturity: the time remaining until the maturity date of a debt instrument.
Spanish: Subasta a tipo de interés múltiple (subasta americana): subasta en la que el tipo de interés de adjudicación (o precio/o puntos swap) de las pujas aceptadas es el tipo de interés ofertado en cada una de las pujas.
English: Single rate auction (Dutch auction): an auction in which the allotment interest rate (or price/swap point) applied for all satisfied bids is equal to the marginal interest rate. Solvency risk: the risk of loss owing to the failure (bankruptcy) of an issuer of a financial asset or to the insolvency of the counterparty. Standard tender: a tender procedure used by the Eurosystem in its regular open market operations. Standard tenders are carried out within a time frame of 24 hours. All counterparties fulfilling the general eligibility criteria are entitled to submit bids in standard tenders. Standardised deduction: the fixed percentage of the amount outstanding of debt securities with an agreed maturity of up to two years (including money market paper) which can be deducted from the reserve base by the issuers which cannot present evidence that such outstanding amount is held by other institutions subject to the minimum reserve system of the Eurosystem, by the ECB or by a national central bank. Standing facility: a central bank facility available to counterparties at their own initiative. The Eurosystem offers two overnight standing facilities: the marginal lending facility and the deposit facility. Start date: the date on which the first leg of a monetary policy operation is settled. The start date corresponds to the purchase date for operations based on repurchase agreements and foreign exchange swaps.
Spanish: El Eurosistema realiza operaciones de mercado abierto con fines de política monetaria mediante swaps de divisas en los que los bancos centrales nacionales (o el BCE) compran (o venden) euros al contado a cambio de una divisa, al mismo tiempo que los venden (o compran) a plazo.
English: Strip (separate trading of interest and principal): a zero coupon bond created in order to trade separately the claims on particular cash flows of a security and the principal of the same instrument. Structural operation: an open market operation executed by the Eurosystem mainly in order to adjust the structural liquidity position of the financial sector vis-à-vis the Eurosystem. Swap point: the difference between the exchange rate of the forward transaction and the exchange rate of the spot transaction in a foreign exchange swap. TARGET (Trans-European Automated Real-time Gross settlement Express Transfer system): the real-time gross settlement system for the euro.
Spanish: TARGET (Sistema automatizado transeuropeo de transferencia urgente para la liquidación bruta en tiempo real): sistema de liquidación bruta en tiempo real del euro.