FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: This means that each national central bank has a securities account in its securities administration for each of the other national central banks (and for the ECB). Counterparty: the opposite party in a financial transaction (e.g. any transaction with the central bank).
French: Agent de règlement (Settlement agent): établissement qui gère le processus de règlement (par exemple, la détermination des positions en matière de règlement, le suivi des échanges de paiements, etc.) pour des systèmes d’échange ou d’autres dispositifs nécessitant des règlements.
Portuguese: De igual modo, se o valor dos activos de garantia, após a respectiva reavaliação, exceder um determinado nível, a contraparte pode reaver os activos ou o numerário em excesso.
English: Credit institution: an institution covered by the definition contained in Article 4 (1) of Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast). 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.
French: Appel de marge (Margin call): procédure relative à l’application de marges de variation en vertu de laquelle, lorsque la valeur, mesurée à intervalles réguliers, des actifs remis en garantie tombe au-dessous d’un certain niveau, la banque centrale exige des contreparties la fourniture d’actifs (ou d’espèces) supplémentaires.
Portuguese: Ver também a Secção 6.4.
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. 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.
French: En conséquence, un établissement de crédit est: (1) une entreprise dont l’activité consiste à recevoir du public des dépôts ou d’autres fonds remboursables et à octroyer des crédits pour son propre compte; ou (2) une entreprise ou toute autre personne morale, autre qu’un établissement de crédit au sens du (1), qui émet des moyens de paiement sous la forme de monnaie électronique.
Slovak: Ide o ratingové programy tretích strán, ktoré popri využívaní iných informácií hodnotia úverovú bonitu dlžníkov aj podľa ich overenej ročnej účtovnej závierky.
English: Multiple rate auction (American auction): an auction at which the allotment interest rate (or price/swap point) equals the interest rate offered in each individual bid. National central bank (NCB): as used in this document, a central bank of an EU Member State which has adopted the single currency in accordance with the Treaty. NCB business day: any day on which the national central bank of a specific Member State is open for the purpose of conducting Eurosystem monetary policy operations.
French: Eurosystème (Eurosystem): ensemble comprenant la Banque centrale européenne (BCE) et les banques centrales nationales des États membres de la zone euro.
Slovak: Reverzný obchod [Reverse transaction]: operácia, prostredníctvom ktorej národná centrálna banka nakupuje alebo predáva aktíva formou dohody o spätnom odkúpení alebo uskutočňuje úverové operácie oproti kolaterálu.
English: In some Member States, branches of the national central bank may be closed on NCB business days owing to local or regional bank holidays. 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.
French: Les organes de décision de l’Eurosystème sont le Conseil des gouverneurs et le Directoire de la BCE.
Slovak: Riziko platobnej schopnosti [Solvency risk]: riziko straty v dôsledku úpadku (bankrotu) emitenta finančného aktíva alebo platobnej neschopnosti zmluvnej strany.
English: Quick tenders are executed within a time frame of 90 minutes and are restricted to a limited set of counterparties. Rating tools (RTs): a credit quality assessment source provided for in the Eurosystem credit assessment framework (ECAF) that comprises third-party applications that assess the credit quality of debtors by using, among other information, audited accounts. These applications need to be individually accepted by the Eurosystem before becoming part of the ECAF.
French: Ainsi, un événement de défaut se produit lorsque «(a) l’établissement de crédit estime que, sauf recours à des mesures telles que la réalisation de la garantie (s’il y en a une), le débiteur ne s’acquittera probablement pas intégralement de ses obligations de crédit envers lui, son entreprise mère ou l’une de ses filiales,» et/ou «(b) l’arriéré du débiteur sur une obligation de crédit significative envers l’établissement de crédit, son entreprise mère ou l’une de ses filiales est supérieur à 90 jours».
English: Repo operation: a liquidity-providing reverse transaction based on a repurchase agreement. 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.
French: Facilité de dépôt (Deposit facility): facilité permanente de l’Eurosystème permettant aux contreparties d’effectuer, auprès d’une banque centrale nationale, des dépôts à vue rémunérés à un taux d’intérêt prédéterminé.
English: 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.
French: Facilité permanente (Standing facility): facilité de la banque centrale accessible aux contreparties à leur propre initiative.
Portuguese: Operação reversível (reverse transaction): operação através da qual o banco central nacional compra ou vende activos ao abrigo de um acordo de reporteou realiza operações de crédito garantidas.
Slovenian: Poziv h kritju: postopek, povezan z uporabo gibljivega kritja, ki določa, da centralne banke od nasprotnih strank lahko zahtevajo, da zagotovijo dodatno finančno premoženje (ali denarna sredstva), če vrednost finančnega premoženja za zavarovanje terjatev, kot se normalno meri, pade pod določeno raven.
English: 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.
French: Facilité de prêt marginal (Marginal lending facility): facilité permanente de l’Eurosystème permettant aux contreparties d’obtenir, auprès d’une banque centrale nationale, des crédits à 24 heures à un taux d’intérêt prédéterminé contre des actifs éligibles.
Lithuanian: Prie jų priskiriami centriniai bankai, rezidentės kredito įstaigos, kaip apibrėžta Bendrijos teisėje, ir visos kitos rezidentės finansinės institucijos, kurios verčiasi priimdamos indėlius ir (arba) indėliams artimus pakaitus iš subjektų, kurie nėra PFI, bei savo sąskaita (bent jau ekonomine prasme) teikdamos kreditus ir (arba) investuodamos į vertybinius popierius.
English: 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.
French: Institutions financières monétaires (IFM) [Monetary financial institutions (MFI)]: catégorie d’institutions financières qui, ensemble, forment le secteur émetteur de monnaie de la zone euro.
English: 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.
French: Il inclut les banques centrales, les établissements de crédit résidents tels que définis par la législation communautaire, ainsi que toutes les autres institutions financières résidentes dont l’activité consiste à recevoir des dépôts et/ou de proches substituts des dépôts d’entités autres que les IFM et à consentir pour leur propre compte (du moins en termes économiques) des crédits et/ou effectuer des placements en valeurs mobilières.
Polish: Powiązanie między systemami rozrachunku papierów wartościowych: wszystkie procedury i ustalenia między dwoma systemami rozrachunku papierów wartościowych (SSS) dotyczące transferu papierów wartościowych między dwoma systemami SSS w drodze zapisów księgowych.
English: 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.
French: Instrument à taux fixe (Fixed rate instrument): instrument financier dont le coupon reste fixe durant toute la durée de vie dudit instrument.
Portuguese: Preço de recompra (repurchase price): preço ao qual o comprador é obrigado a revender activos respeitantes a uma operação efectuada através de um acordo de reporte.
Polish: Powiernik: podmiot, który przechowuje papiery wartościowe i inne aktywa finansowe oraz administruje nimi na rzecz innych podmiotów.
English: Settlement account: an account held by a direct participant in a national RTGS system with the central bank for the purpose of processing payments. Settlement agent: an institution which manages the settlement process (e.g. the determination of settlement positions, the monitoring of payment exchanges, etc.) for transfer systems or other arrangements requiring settlement. Settlement date: the date on which a transaction is settled.
French: Les instruments à taux variable ont soit des coupons prédéterminés soit des coupons postdéterminés.
Latvian: Standartizēts atvilkums (standardised deduction): fiksētā procentuālā daļa no apgrozībā esošo parāda vērtspapīru ar noteikto termiņu līdz 2 gadiem (t.sk. naudas tirgus instrumentu) apjoma, ko emitenti var atskaitīt no rezervju bāzes, ja nevar sniegt pierādījumu, ka šāds apgrozībā esošais apjoms atrodas citu iestāžu turējumā, kurām saistoša Eurosistēmas obligāto rezervju sistēma, ECB vai kādas nacionālās centrālās bankas turējumā.
English: The settlement might take place on the same day as the trade (same-day settlement) or one or several days after the trade (the settlement date is specified as the trade date (T) + the settlement lag). 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.
French: Jour ouvrable BCN (NCB business day): n’importe quel jour durant lequel la banque centrale nationale d’un État membre donné est ouverte aux fins de mener des opérations de politique monétaire de l’Eurosystème.
Italian: Sistema di consegna contro pagamento (DVP) [delivery-versus-payment system, delivery-against-payment system]: in un sistema di regolamento con scambio di attività contro corrispettivo è il meccanismo volto ad assicurare che il trasferimento definitivo di attività (titoli o altri strumenti finanziari) sia eseguito soltanto a condizione che abbia luogo il contestuale trasferimento definitivo di una o più altre attività in contropartita.
Slovak: Štandardizovaný odpočet [Standardised deduction]: pevne stanovené percento z objemu nesplatených dlhových cenných papierov s dohodnutou splatnosťou do dvoch rokov (vrátane cenných papierov peňažného trhu), ktoré si môžu od základne na výpočet povinných minimálnych rezerv odpočítať emitenti, ktorí nie sú schopní preukázať, že tento nesplatený objem vedú iné inštitúcie podliehajúce systému povinných minimálnych rezerv Eurosystému, ECB alebo národná centrálna banka.
English: 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.
French: Dans ce cas, il appartient à la banque centrale nationale concernée d’informer à l’avance les contreparties des dispositions à prendre pour les transactions concernant ces succursales.
Slovak: Štandardné tendre sa uskutočňujú v časovom rámci 24 hodín.
Latvian: Standartizsoles veic 24 stundu laikā.
English: 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.
French: Jour ouvrable Eurosystème (Eurosystem business day): n’importe quel jour durant lequel la BCE et au moins une banque centrale nationale sont ouvertes aux fins de mener des opérations de politique monétaire de l’Eurosystème.
Slovak: Všetky zmluvné strany, ktoré spĺňajú všeobecné kritériá akceptovateľnosti, sú oprávnené predkladať ponuky do štandardných tendrov.
English: 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.
French: Lien entre systèmes de règlement-livraison de titres (Link between securities settlement systems): par lien, on entend l’ensemble des procédures et dispositifs entre deux systèmes de règlement-livraison de titres permettant le transfert de titres par jeu d’écriture entre les deux systèmes concernés.
Lithuanian: Tai reiškia, kad, reguliariai matuojamai užtikrinamojo turto vertei nukritus žemiau tam tikros ribos, nacionalinis centrinis bankas pareikalaus, kad kita sandorio šalis pateiktų papildomo turto arba pinigų (įvykdytų įkaito vertės išlaikymo prievolę).
English: TARGET (Trans-European Automated Real-time Gross settlement Express Transfer system): the real-time gross settlement system for the euro. It is a decentralised system consisting of 15 national RTGS systems, the ECB payment mechanism and the Interlinking mechanism.
French: Limite d’offre maximale (Maximum bid limit): limite fixée à l’offre acceptable la plus élevée émanant d’une contrepartie dans une opération d’appel d’offres.
Slovenian: Tesne povezave: stanje, ko je nasprotna stranka povezana z izdajateljem/dolžnikom/garantom dolžniških instrumentov zaradi naslednjega dejstva: (i) nasprotna stranka ima v lasti 20 % ali več izdajateljevega/dolžnikovega/garantovega kapitala ali eno ali več podjetij, v katerem(-ih) ima nasprotna stranka v lasti večino kapitala, ima(-jo) v lasti 20 % ali več izdajateljevega/dolžnikovega/garantovega kapitala ali nasprotna stranka in eno ali več podjetij, v katerem(-ih) ima nasprotna stranka v lasti večino kapitala, skupaj ima(-jo) v lasti 20 % ali več izdajateljevega/dolžnikovega/garantovega kapitala; ali(ii) izdajatelj/dolžnik/garant ima v lasti 20 % ali več kapitala nasprotne stranke ali eno ali več podjetij, v katerem(-ih) ima izdajatelj/dolžnik/garant v lasti večino kapitala, ima(-jo) v lasti 20 % ali več kapitala nasprotne stranke ali izdajatelj in eno ali več podjetij, v katerem(-ih) ima izdajatelj/dolžnik/garant v lasti večino kapitala, skupaj ima(-jo) v lasti 20 % ali več kapitala nasprotne stranke; ali (iii) tretja oseba ima v lasti večino kapitala nasprotne stranke in večino izdajateljevega/dolžnikovega/garantovega kapitala, in sicer bodisi neposredno ali posredno prek enega ali več podjetij, v katerem(-ih) ima ta tretja oseba v lasti večino kapitala.
English: Tender procedure: a procedure in which the central bank provides liquidity to, or withdraws liquidity from, the market on the basis of bids submitted by counterparties in competition with each other. The most competitive bids are satisfied first until the total amount of liquidity to be provided or withdrawn by the central bank is exhausted.
French: L’Eurosystème peut imposer des limites d’offres maximales afin d’éviter que les contreparties ne soumettent des offres d’un montant disproportionné.
Portuguese: Sistema de entrega contra pagamento (delivery-versus-payment or delivery-against-payment system): mecanismo utilizado num sistema de troca contra valor que assegura que a transferência definitiva de activos (títulos ou outros instrumentos financeiros) só é efectuada após a transferência definitiva de outro activo (ou outros activos).
Lithuanian: Suskaidytoji obligacija (atskirai prekiaujama palūkanomis ir pagrindine suma) (Strip (separate trading of interest and principal)): nulinės atkarpos obligacija, sukurta siekiant atskirai prekiauti pretenzijomis į tam tikrus vertybinio popieriaus pinigų srautus ir jo pagrindine suma.
English: Trade date (T): the date on which a trade (i.e. an agreement on a financial transaction between two counterparties) is struck. The trade date might coincide with the settlement date for the transaction (same-day settlement) or precede the settlement date by a specified number of business days (the settlement date is specified as T + the settlement lag). Treaty: the Treaty establishing the European Community. It is often referred to as the ‘Treaty of Rome’, as amended. Trigger point: a pre-specified level of the value of the liquidity provided at which a margin call is executed. Valuation date: the date on which the assets underlying credit operations are valued.
French: Marge initiale (Initial margin): mesure de contrôle des risques susceptible d’être appliquée par l’Eurosystème dans le cadre d’opérations de cession temporaire, impliquant que la garantie exigée à l’appui de la transaction soit égale au montant du crédit octroyé à la contrepartie majoré du montant de la marge initiale.
English: This implies that if the value, measured on a regular basis, of the underlying assets falls below a certain level, the national central bank will require the counterparty to supply additional assets or cash (i.e. a margin call). Similarly, if the value of the underlying assets, following their revaluation, exceeds a certain level, the counterparty may retrieve the excess assets or cash.
French: À l’inverse, si la valeur des actifs pris en garantie, après revalorisation, s’avère supérieure à un certain niveau, la contrepartie peut récupérer les actifs ou espèces en excédent.
Slovak: Udržiavanie povinných minimálnych rezerv [Reserve holdings]: objem finančných prostriedkov, ktorý udržiavajú zmluvné strany na svojom účte povinných minimálnych rezerv na účely ich plnenia.
Lithuanian: TARGET (Transeuropinė automatizuota realaus laiko atskirųjų atsiskaitymų skubių pervedimų) sistema (TARGET (Trans-European Automated Real-Time Gross settlement Express Transfer) system): realaus laiko atskirųjų atsiskaitymų eurais sistema.
English: European Central www.ecb.int
French: European Central Bank/Banque centrale européenne
Dutch: Europese Centrale Bank Nationale Bank van België/
English: www.oenb.at
French: www.oenb.co.at
Slovenian: www.oenb. at
English: OJ L 310, 11.12.2000, p. 1. Guideline as last amended by Guideline ECB/2005/17 (OJ L 30, 2.2.2006, p. 26).
Hungarian: HL L 310., 2000.12.11., 1. o. A legutóbb az EKB/2005/17 iránymutatással (HL L 30., 2006.2.2, 26. o.) módosított iránymutatás.
Latvian: OV L 310, 11.12.2000., 1. lpp. Pamatnostādne, kurā jaunākie grozījumi veikti ar Pamatnostādni ECB/2005/17 (OV L 30, 2.2.2006., 26. lpp.).
English: CSD central securities depository EC European Community
Swedish: ECAF Eurosystemets ramverk för kreditbedömning (Eurosystem credit assessment framework)
Hungarian: ECAF az eurorendszer hitelminősítő rendszere (Eurosystem credit assessment framework)
Slovenian: ECAF bonitetni okvir Eurosistema
English: MMF money market fund
Swedish: NCB nationell centralbank
Slovak: NCB národná centrálna banka
Hungarian: MPI monetáris pénzügyi intézmény (monetary financial institution)
Slovenian: NCB nacionalna centralna banka
Latvian: NCB nacionālā centrālā banka
Lithuanian: PFI pinigų finansinė institucija
English: RTGS real-time gross settlement
Slovak: SEČ stredoeurópsky čas
Hungarian: RT minősítő eszköz (rating tool)
Latvian: RT reitinga instruments
English: The ESCB is governed by the decision-making bodies of the ECB. In this respect, the Governing Council of the ECB is responsible for the formulation of monetary policy, while the Executive Board is empowered to implement monetary policy according to the decisions made and guidelines laid down by the Governing Council.
Hungarian: A KBER irányítását az EKB döntéshozó testületei végzik: nevezetesen az EKB Kormányzótanácsa felelős a monetáris politika kialakításáért, míg az Igazgatóság hatáskörébe tartozik a monetáris politika végrehajtása a Kormányzótanács döntéseivel és iránymutatásaival összhangban.
English: Institutions which are exempt from their obligations under the Eurosystem’s minimum reserve system (see Section 7.2) are not eligible to be counterparties to Eurosystem standing facilities and open market operations. Counterparties must be financially sound.
Hungarian: Az eurorendszer kötelezőtartalék-rendszerével kapcsolatos kötelezettségek alól felmentett intézmények (lásd a 7.2 fejezetet) az eurorendszer jegybanki rendelkezésre állása és a nyílt piaci műveletek szempontjából nem minősülnek ügyfélnek.