FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: For foreign exchange swaps conducted for monetary policy purposes, active players in the foreign exchange market are used. The set of counterparties for these operations is limited to those institutions selected for Eurosystem foreign exchange intervention operations which are located in the euro area.
Spanish: En el caso de los swaps de divisas, efectuados con fines de política monetaria, se recurre a los agentes más activos en los mercados de divisas, que forman el conjunto constituido por las entidades seleccionadas para las operaciones de intervención en divisas del Eurosistema radicadas en la zona del euro.
English: no restrictions are placed a priori on the range of counterparties to outright transactions;
Spanish: no se impone ninguna restricción a priori con respecto a las entidades de contrapartida,
Portuguese: nenhuma restrição é colocada a priori ao conjunto de contrapartes para a realização de transacções definitivas;
Hungarian: a végeleges adásvételi ügyletek esetében az ügyfelek körére nem vonatkoznak előre meghatározott korlátozások;
Estonian: otsetehingute puhul ei kehtestata osapoolte valikule eelnevaid piiranguid;
Latvian: darījuma partneru lokam a priori nav noteikti nekādi ierobežojumi;
English: Access to the facility is granted only in accordance with the objectives and general monetary policy considerations of the ECB. The ECB may adapt the conditions of the facility or suspend it at any time.
Spanish: El acceso a esta facilidad se concede sólo de conformidad con los objetivos y las consideraciones generales de la política monetaria del BCE, que puede, en cualquier momento, suspender esta facilidad o modificar sus condiciones.
Finnish: TARGET-järjestelmän sulkemisaika on yleensä klo 18.00 EKP:n aikaa (Keski-Euroopan aikaa).
English: Counterparties can use the deposit facility to make overnight deposits with national central banks. The deposits are remunerated at a pre-specified interest rate.
Spanish: Las entidades de contrapartida pueden utilizar la facilidad de depósito para efectuar depósitos a un día en los bancos centrales nacionales, que se remuneran a un tipo de interés establecido con anterioridad.
English: In the request, the amount to be deposited under the facility is to be stated. There is no limit to the amount a counterparty may deposit under the facility.
French: La demande doit comporter l’indication du montant devant être déposé dans le cadre de cette facilité.Il n’y a pas de limite au montant qu’une contrepartie peut déposer dans le cadre de cette facilité.
Spanish: En la solicitud debe concretarse el importe del depósito, sin que exista limitación en cuanto a su volumen.
English: General considerations Eurosystem open market operations are normally executed in the form of tenders.
Spanish: Consideraciones generales
Italian: Considerazioni di carattere generale
English: In a variable rate tender, counterparties bid the amounts of money and the interest rates at which they want to enter into transactions with the national central banks [25]. BOX 3
Spanish: En el segundo caso, las entidades de contrapartida pujan por el volumen de liquidez y los tipos de interés a los que desean realizar la operación con los bancos centrales nacionales [25].RECUADRO 3
Italian: In un’asta a tasso variabile, le controparti specificano l’importo e il tasso di interesse al quale vogliono operare con le banche centrali nazionali [25].RIQUADRO 3
English: The main and the longer-term refinancing operations are executed according to an indicative calendar published by the Eurosystem [26]. The calendar is published at least three months before the start of the year for which it is valid.
Spanish: Las operaciones principales de financiación y las operaciones de financiación a plazo más largo se realizan de conformidad con un calendario indicativo que publica el Eurosistema [26], al menos tres meses antes del comienzo del año al que se refiere.
Polish: Przetargi szybkie są wykorzystywane wyłącznie do realizacji operacji dostrajających.
Latvian: Taču parasti tās tiek veiktas un par tām norēķinās tikai tajās dienās, kas visās dalībvalstīs ir NCB darbadienas [26].Precizējošās operācijas
English: In fixed rate tenders, counterparties must state in their bids the amount of money that they are willing to transact with the national central banks [29]. In variable rate tenders, counterparties may submit bids for up to ten different interest rate/price/swap point levels.
French: Dans le cadre des appels d’offres à taux fixe, les contreparties doivent faire figurer dans leurs offres le montant qu’elles souhaitent obtenir des banques centrales nationales [29].Pour les appels d’offres à taux variable, les contreparties sont autorisées à soumettre jusqu'à dix offres différentes en termes de niveaux de taux d’intérêt/prix/taux de report/déport.
Spanish: En las subastas a tipo de interés fijo, las entidades de contrapartida deberán indicar en sus pujas el volumen de fondos con el que desean participar en la operación con los bancos centrales nacionales [29].En las subastas a tipo de interés variable, las entidades de contrapartida pueden presentar pujas de hasta diez niveles distintos de tipos de interés, precios o puntos swap.
Italian: Nelle aste a tasso fisso, le controparti devono dichiarare nella propria offerta l’importo che intendono negoziare con le banche centrali nazionali [29].Nelle aste a tasso variabile, le controparti potranno presentare fino a 10 offerte con tasso di interesse/prezzo/punti a termine differente.
Portuguese: Nos leilões de taxa fixa as contrapartes têm de mencionar, nas respectivas propostas, o montante que pretendem transaccionar com os bancos centrais nacionais [29].Nos leilões de taxa variável as contrapartes podem apresentar até dez propostas diferentes de taxa de juro/preço/ponto de swap.
English: Respect of the deadline is judged by the national central banks. The national central banks discard all the bids of a counterparty if the aggregate amount bid exceeds any maximum bid limit established by the ECB.
Spanish: Los bancos centrales nacionales determinan si se ha cumplido este requisito y descartan todas las pujas de una entidad si su volumen total excede el límite máximo establecido por el BCE.
English: =all%×ai
French: =ad%×mj
Spanish: =adj%×ai
Finnish: =all%×aj
Slovenian: =dod%×ai
Estonian: =kogu%×ai
Lithuanian: = all% ×ai ,
English: all i
French: ad j
Spanish: adj i
Slovenian: dod i
Estonian: kogu i
English: all%rm
French: ad%rmar
Spanish: adj%rm
Slovenian: dod%rm
Estonian: kogu%rm
English: allrm
French: adrmar
Spanish: adjrm
Slovenian: dodrm
Estonian: kogurm
English: =all%rm
French: =ad%rmar
Spanish: =adj%rm
Slovenian: =dod%rm
Estonian: =kogu%rm
English: alli
French: adj
Spanish: adji
Dutch: aΔs
Slovenian: dodi
Estonian: kogui
English: +allrm
French: +adrmar
Spanish: +adjrm
Slovenian: +dodrm
Estonian: +kogurm
English: all%(r m)
French: ad%(r mar)
Spanish: adj%(r m)
Slovenian: dod%(r m)
Estonian: kogu%(r m)
English: all(r s)i
French: ad(r i)j
Spanish: adj(r s)i
Slovenian: dod(r s)i
Estonian: kogu(r s)i
English: all%Δm
French: ad%Δmar
Spanish: adj%Δm
Slovak: aΔs
Slovenian: dod%Δm
Estonian: kogu%Δm
English: allΔm
French: adΔmar
Spanish: adjΔm
Slovenian: dodΔm
Estonian: koguΔm
English: =all%Δm
French: =ad%Δmar
Spanish: =adj%Δm
Slovenian: =dod%Δm
Estonian: =kogu%Δm
English: +allΔm
French: +adΔmar
Spanish: +adjΔm
Slovenian: +dodΔm
Estonian: +koguΔm
English: all%(Δ m)
French: ad%(Δ mar)
Spanish: adj%(Δ m)
Slovenian: dod%(Δ m)
Estonian: kogu%(Δ m)
English: all(Δ s)i
French: ad(Δ i)j
Spanish: adj(Δ s)i
Slovenian: dod(Δ s)i
Estonian: kogu(Δ s)i
English: In case a marketable debt instrument is issued by a non-financial corporation [45] that is not rated by an accepted external credit assessment institution (ECAI), the place of issue must be the euro area. Settlement procedures
Spanish: En caso de que un instrumento de renta fija negociable sea emitido por una sociedad no financiera [45], que no haya sido calificada por una agencia externa de evaluación del crédito (ECAI), el lugar de emisión debe ser la zona del euro.
Italian: Se lo strumento di debito negoziabile è emesso da una società non finanziaria [45], priva del rating di un’ECAI, il luogo di emissione deve situarsi all’interno dell’area dell’euro.
Dutch: Indien een verhandelbaar schuldbewijs wordt uitgegeven door een niet-financiële vennootschap [45] zonder rating van een geaccepteerde externe kredietbeoordelingsinstelling (EKBI), moet de emissie in het eurogebied plaatsvinden.
English: If the CSD where the asset is issued and the SSS where it is held are not identical, then the two institutions have to be connected by a link approved by the ECB [35] The description of the standards for the use of eligible SSSs in the euro area and an updated list of the eligible links between these systems can be found on the ECB’s website (www.ecb.int). . Acceptable markets
Spanish: Debe ser mantenido y liquidado en la zona del euro a través de una cuenta abierta en el Eurosistema o en un sistema de liquidación de valores (SLV) que cumpla los requisitos establecidos por el BCE, de modo que la perfección y la liquidación estén sujetas a la legislación de un país de la zona del euro.
Italian: Deve essere detenuto e regolato nell’area dell’euro su un conto acceso presso l’Eurosistema o un SSS che soddisfi gli standard minimi stabiliti dalla BCE, in modo che il perfezionamento e il realizzo siano soggetti alle leggi di un paese dell’area dell’euro.
Dutch: Voorts dient het te worden aangehouden (en verevend) in het eurogebied door middel van een rekening bij het Eurosysteem of bij een effectenafwikkelsysteem dat voldoet aan de ECB-normen, zodat de volledige vestiging en tegeldemaking ervan onderworpen zijn aan het recht van een lidstaat van het eurogebied.
English: Furthermore, the total number of different governing laws that are applicable to (i) the counterparty, (ii) the creditor, (iii) the debtor, (iv) the guarantor (if relevant), (v) the credit claim agreement and (vi) the mobilisation agreement may not exceed two. Currency of denomination: The credit claim must be denominated in euro [55]. Non-marketable retail mortgage-backed debt instruments The following eligibility criteria are applied to RMBDs (see also Table 4): Type of asset: It must be a debt instrument (a promissory note or a bill of exchange) that is secured by a pool of residential mortgages and that falls short of full securitisation.
Spanish: Además, las legislaciones nacionales aplicables a (i) la entidad de contrapartida, (ii) el acreedor, (iii) el deudor, (iv) el avalista (en su caso), (v) el contrato de crédito, y (vi) el contrato de movilización no podrán ser más de dos.
Slovak: Okrem toho celkový počet rôznych právnych poriadkov, ktoré možno uplatniť vo vzťahu k (i) zmluvnej strane, (ii) veriteľovi, (iii) dlžníkovi, (iv) ručiteľovi (ak existuje), (v) úverovej zmluve a (iv) mobilizačnej dohode nesmie byť vyšší ako dva.
English: Credit standards: The RMBD must meet high credit standards, which are assessed through the part of the ECAF that addresses RMBDs, as set out in Section 6.3.3. Type of issuer: Eligible issuers are credit institutions that are eligible counterparties. Place of establishment of the issuer: The issuer must be located in the euro area.
French: Qualité de signature: Les titres de créance non négociables adossés à des créances hypothécaires sur des particuliers doivent présenter un degré élevé de qualité de signature, évaluée par le volet de l’ECAF qui concerne ce type d’actifs, comme précisé dans la section 6.3.3.
Spanish: Los siguientes criterios de selección son aplicables a los RMBD (véase también cuadro 4):
English: Handling procedures: The RMBD must be handled according to the Eurosystem procedures as defined in the respective national documentation. Currency of denomination: The RMBD must be denominated in euro [55] See footnote 13 in this chapter. . 6.2.3. Additional requirements for the use of eligible assets
French: Type d’émetteur: Les émetteurs éligibles sont les établissements de crédit qui sont des contreparties éligibles.
Spanish: Tipo de activo: Debe ser un instrumento de renta fija (un pagaré o una letra de cambio) garantizado por un conjunto de hipotecas residenciales que casi constituye una titulización completa.
Italian: I seguenti criteri di idoneità si applicano ai DGMR.
English: Additional legal requirements for credit claims In order to ensure that a valid security is created over credit claims and that the credit claim can be swiftly realised in the event of a counterparty default, additional legal requirements have to be met. These legal requirements relate to: the verification of the existence of credit claims; the notification of the debtor about the mobilisation of the credit claim or the registration of such mobilisation; the absence of restrictions related to banking secrecy and confidentiality; the absence of restrictions on the mobilisation of the credit claim; the absence of restrictions on the realisation of the credit claim. The content of these legal requirements is set out in Annex 7. Further details of the specific features of the national jurisdictions are provided in the respective national documentation. Rules for the use of eligible assets
French: Lieu d’établissement de l’émetteur: L’émetteur doit être établi dans la zone euro.
Spanish: Debe ser posible la sustitución de los activos subyacentes y existir un mecanismo para que el Eurosistema tenga prioridad con respecto a acreedores distintos de los exonerados por motivos de política pública [57].
English: Marketable assets can be used for all monetary policy operations which are based on underlying assets, i.e. reverse and outright open market transactions and the marginal lending facility. Non-marketable assets can be used as underlying assets for reverse open market transactions and the marginal lending facility. They are not used in Eurosystem outright transactions. All marketable and non-marketable assets can also be used as underlying assets for intraday credit.
French: Procédures régissant, aux fins de garantie, l’utilisation destitres de créance non négociables adossés à des créances hypothécaires sur des particuliers: Elles doivent être conformes aux procédures de l’Eurosystème telles que définies dans les documentations nationales respectives.
Spanish: El RMBD debe tener: (a) un principal fijo no sometido a condiciones; y (b) un tipo de interés que no pueda dar lugar a un flujo financiero negativo.
English: ‘Close links’ means a situation in which the counterparty is linked to an issuer/debtor/guarantor of eligible assets by reason of the fact that: (i) the counterparty owns 20 % or more of the capital of the issuer/debtor/guarantor, or one or more undertakings in which the counterparty owns the majority of the capital own 20 % or more of the capital of the issuer/debtor/guarantor, or the counterparty and one or more undertakings in which the counterparty owns the majority of the capital together own 20 % or more of the capital of the issuer/debtor/guarantor; or (ii the issuer/debtor/guarantor owns 20 % or more of the capital of the counterparty, or one or more undertakings in which the issuer/debtor/guarantor owns the majority of the capital own 20 % or more of the capital of the counterparty, or the issuer/debtor/guarantor and one or more undertakings in which the issuer/debtor/guarantor owns the majority of the capital together own 20 % or more of the capital of the counterparty; or
Spanish: Tipo de emisor: Los emisores admisibles son entidades de crédito aceptadas como contrapartida.
English: a third party owns both the majority of the capital of the counterparty and the majority of the capital of the issuer/debtor/guarantor, either directly or indirectly, through one or more undertakings in which that third party owns the majority of the capital. The above provision on close links does not apply to: (a) close links between the counterparty and the public authorities of EEA countries (including the case where the public authority is a guarantor of the issuer/debtor/guarantor); (b) covered bank bonds issued in accordance with the criteria set out in Article 22(4) of the UCITS Directive; or (c) cases in which debt instruments are protected by specific legal safeguards comparable to those for the instruments given under (b).
Spanish: Ubicación del emisor: El emisor ha de estar radicado en la zona del euro.
English: Eligible assets for Eurosystem monetary policy operations Eligibility criteria
French: En outre, bien qu’ils soient éligibles, les banques centrales nationales peuvent décider de ne pas accepter en garantie les actifs négociables et non négociables suivants:
Spanish: Todos los activos negociables y no negociables pueden utilizarse también como garantía del crédito intradía.
Italian: Tutte le attività negoziabili e non negoziabili possono essere utilizzate anche come attività sottostanti alle operazioni di credito infragiornaliero.
English: The guarantee has to be payable on first demand (independently from the underlying debt obligation). Guarantees given by public entities entitled to levy taxes should either be payable on first demand or otherwise provide for prompt and punctual payment following default.
Spanish: La solvencia financiera de un avalista se determina a partir de las evaluaciones del crédito efectuadas por ECAI que cumplan el umbral de calidad crediticia.
English: The guarantee must be governed by the law of an EU Member State and be legally valid, binding and enforceable against the guarantor. A legal confirmation concerning the legal validity, binding effect and enforceability of the guarantee will have to be submitted in a form and with substance acceptable to the Eurosystem before the asset supported by the guarantee can be considered eligible.
Spanish: Una garantía se considerará aceptable si el avalista ha garantizado de forma incondicional e irrevocable las obligaciones del emisor en relación con el pago del principal, los intereses y de cualesquiera otras cantidades debidas a los tenedores de instrumentos de renta fija hasta el cumplimiento íntegro de las citadas obligaciones.
English: The issuer or guarantor is allocated to one of three classes in accordance with the CRD [69] as explained in Table 5. An implicit credit assessment for issuers or guarantors belonging to classes 1 and 2 is derived from the ECAI credit assessment of the central government of the country where the issuer or guarantor is established.
Spanish: Si el avalista está establecido en una jurisdicción que no está sometida a la legislación por la que se rige la garantía, la certificación deberá confirmar, asimismo, que la garantía es válida y exigible de conformidad con la ley por la que se rige el establecimiento del avalista.
Italian: Perché un’attività garantita sia considerata idonea, sarà necessario presentare una dichiarazione che attesti la validità giuridica, il carattere vincolante e l’efficacia esecutiva della garanzia, che rispetti la forma e il contenuto previsti dall’Eurosistema.
Portuguese: O emitente ou garante é classificado em uma de três classes, de acordo com a Directiva relativa aos requisitos de capital [69], como se explica no Quadro 5.É feita uma avaliação de crédito implícita para os emitentes ou garantes pertencentes às classes 1 e 2 a partir da avaliação de crédito por parte da IEAC à administração central do país onde o emitente ou garante se encontra estabelecido.
English: This implicit credit assessment has to meet the Eurosystem credit quality threshold. No implicit credit assessment is derived for issuers/guarantors belonging to class 3. Euro area non-financial corporate issuers or guarantors: If the high credit standards for marketable assets which are issued/guaranteed by non-financial corporations [70] located in the euro area cannot be established on the basis of an ECAI credit assessment for the issue, issuer or guarantor, the ECAF rules for credit claims will be applicable and counterparties are allowed to make use of their own IRB system, NCBs’ in-house credit assessment systems or third-party rating tools.
Spanish: La certificación será examinada por el banco central nacional que desea incluir un determinado activo avalado por una garantía en la lista de activos de garantía [70].
English: The non-rated marketable debt instruments issued by non-financial corporations are not included in the public list of eligible marketable assets. Table 5
Spanish: No será necesario presentar una certificación para garantías relativas a instrumentos de renta fija con una calificación individual o para garantías proporcionadas por entidades públicas autorizadas a recaudar impuestos.
English: Implicit credit assessments for euro area regional government, local authority and public sector entity issuers, debtors or guarantors without an ECAI credit assessment Allocation of issuers, debtors or guarantors following the CRD ECAF derivation of the implicit credit assessment of the issuer, debtor or guarantor belonging to the corresponding class Class 1
Spanish: El requisito relativo a la ejecución está sujeto a las leyes sobre insolvencia o quiebra, a los principios generales de equidad y a otras leyes y principios similares aplicables al avalista y que, en general, afectan a los derechos de los acreedores frente al avalista.
English: Regional governments, local authorities and PSEs that, according to competent supervisory authorities, can be treated equally to the central government for capital requirements purposes Allocated the ECAI credit assessment of the central government of the country in which it is established
Spanish: En caso de que no se disponga de una evaluación de la calidad crediticia de la emisión, del emisor o del avalista efectuada por una ECAI, se establecen los siguientes requisitos de elevada calidad del crédito:
English: Class 2 Regional governments, local authorities and PSEs that, according to competent supervisory authorities, can be treated equally to [credit] institutions for capital requirements purposes
Spanish: Emisores o avalistas del sector público de la zona del euro: Si un activo negociable es emitido o garantizado por una Administración pública regional o local o por una entidad pública radicada en la zona del euro, según se define en la DRC, se aplica el siguiente procedimiento:
English: Other PSEs Treated like private sector issuers or debtors
Spanish: Para los emisores o avalistas incluidos en la categoría 3 no se efectúa una evaluación implícita de la calidad crediticia.
English: Establishment of high credit standards for non-marketable assets Credit claims
Spanish: Emisores o avalistas del sector de sociedades no financieras de la zona del euro: Si no se puede determinar la elevada calidad crediticia de los activos negociables emitidos o garantizados por sociedades no financieras [72] ubicadas en la zona del euro a partir de una evaluación de la emisión, del emisor o del avalista efectuada por una ECAI, se aplicarán las normas del ECAF relativas a los créditos, y se permitirá que las entidades de contrapartida utilicen su propio sistema IRB, los sistemas internos de evaluación del crédito de los bancos centrales nacionales o las herramientas externas de calificación desarrolladas por terceros.
Portuguese: Estabelecimento de elevados padrões de crédito para os activos não transaccionáveis
Slovak: Kategória 1
English: If no credit assessment is available under either (i) or (ii), the same procedure as for marketable assets applies: The debtor or guarantor is allocated to one of three classes in accordance with the CRD [74] as explained in Table 5. An implicit credit assessment for debtors or guarantors belonging to classes 1 and 2 is derived from the ECAI credit assessment of the central government of the country where the debtor or guarantor is established. This implicit assessment has to meet the Eurosystem credit quality threshold. If a credit assessment from the system or source selected by the counterparty (or from an ECAI in case (ii) for public sector debtors or guarantors) exists but is below the credit quality threshold, the debtor or guarantor is ineligible.
Spanish: En caso de no existir una evaluación crediticia tal como se describe en el apartado (i), se utiliza una evaluación de la calidad crediticia del deudor o avalista efectuada por una ECAI [75].