FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: If a credit assessment from the system or source selected by the counterparty exists but is below the credit quality threshold, the debtor or guarantor is ineligible. If no credit assessment is available to establish the credit standards, the debtor or guarantor is considered ineligible. Guarantees: A guarantee must meet the following requirements: A guarantee is deemed acceptable if the guarantor has unconditionally and irrevocably guaranteed the obligations of the debtor in relation to the payment of principal, interest and any other amounts due under the credit claim to the holder thereof until they are discharged in full.
Spanish: El deudor o avalista es asignado a una de las tres categorías de conformidad con la DRC [76], como se explica en el recuadro 5.
English: In this regard, a guarantee deemed acceptable does not need to be specific to the credit claim but might apply to the debtor only, provided that it also covers the credit claim in question. The guarantee has to be payable on first demand (independently from the underlying credit claim).
Spanish: Se realiza una evaluación implícita de la calidad crediticia de deudores o avalistas pertenecientes a las categorías 1 y 2 a partir de la evaluación efectuada por una ECAI de la calidad crediticia de la Administración Central del país en el que está establecido el deudor o avalista.
English: 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. The obligations of the guarantor under the guarantee need to rank at least equally and rateably (pari passu) with all other unsecured obligations of the guarantor. 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. The legal confirmation should also state that the guarantee is not a personal one, only enforceable by the creditor of the credit claim. If the guarantor is established in a jurisdiction other than the one of the law governing the guarantee, the legal confirmation must also confirm that the guarantee is valid and enforceable under the law governing the establishment of the guarantor.
Spanish: Esta evaluación implícita ha de cumplir con el umbral de calidad crediticia del Eurosistema.
English: The legal confirmation should be submitted for review to the national central bank in the jurisdiction of the law governing the credit claim. The need for a legal confirmation does not apply to guarantees given by public entities entitled to levy taxes. The requirement of enforceability is subject to any insolvency or bankruptcy laws, general principles of equity and other similar laws and principles applicable to the guarantor and generally affecting creditors’ rights against the guarantor. Non-marketable retail mortgage-backed debt instruments The high credit standards for non-marketable RMBDs must meet the Eurosystem’s credit quality threshold. A jurisdiction-specific credit assessment framework for these debt instruments will be specified in the applicable national documentation by the national central banks. 6.3.4. Acceptance criteria for credit assessment systems The ECAF builds on credit assessment information from four sources. Under each source, there might be a set of credit assessment systems.
Spanish: Si existe una evaluación de la calidad crediticia aplicando el sistema o fuente seleccionado por la contrapartida (o por una ECAI, en el supuesto (ii), en el caso de deudores o avalistas del sector público), pero el resultado es inferior al umbral de calidad crediticia, el deudor o avalista no es admitido.
English: The ICAS source currently consists of the four credit assessment systems operated by the Deutsche Bundesbank, the Banco de España, the Banque de France and the Oesterreichische Nationalbank. National central banks deciding to develop their own ICAS would be subject to a validation procedure by the Eurosystem.
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.
Hungarian: Hitelminősítéseik felhasználása attól függ, hogy az eurorendszernek vannak-e információi ezekről a minősítésekről, illetve olyan információi, amelyek segítségével összehasonlíthatják a minősítéseket az ECAF hitelminőségi fokozataival és a hitelminőségi küszöbbel, megfeleltethetik őket egymással, illetve végrehajthatják a teljesítményértékelést (lásd a 6.3.5 fejezetet).
English: Any branch or subsidiary of a counterparty may rely on the IRB system of its parent if the Eurosystem has accepted the use of the IRB system for ECAF purposes. Counterparties using an IRB system as described above are also subject to the Eurosystem performance monitoring process (see Section 6.3.5).
French: L’Eurosystème se réserve le droit de décider s’il accepte une ECAI dans le cadre de ses opérations de crédit en faisant usage, entre autres, de sa procédure de suivi des performances.
Spanish: El Eurosistema se reserva el derecho a decidir si acepta una ECAI para sus operaciones de crédito utilizando, entre otras cosas, su procedimiento de seguimiento del funcionamiento.
Slovenian: Eurosistem si pridržuje pravico, da odloči, ali bo pri svojih operacijah posojanja sprejel zunanjo bonitetno institucijo, pri čemer bo med drugim upošteval tudi spremljanje uspešnosti.
Lithuanian: Eurosistema pasilieka teisę spręsti, ar ji pripažįsta IKVI tinkama savo skolinimo operacijoms, pasinaudodama, be kitų veiksnių, jos veiklos rezultatų stebėjimo procesu.
English: Therefore, RT providers prepare a report on the RT’s static pool performance. They have to undertake to keep internal records of static pools and default details for five years.
Spanish: Información acerca de su método para asignar probabilidades de impago a los deudores, así como datos sobre las calificaciones crediticias y las probabilidades de impago a un año utilizados para determinar las calificaciones crediticias admisibles.
Italian: Informazioni sull’approccio seguito per l’assegnazione delle probabilità di inadempienza ai debitori e sulle classi di rating e le associate probabilità di inadempienza a un anno utilizzate ai fini della determinazione delle classi di rating idonee.
Portuguese: Assim, os fornecedores de ferramentas de notação de crédito elaboram um relatório sobre o desempenho da «static pool» destas ferramentas, comprometendo-se a manter registos internos da «static pool» e detalhes de incumprimento por um período de cinco anos.
Slovak: Poskytovatelia RT preto zostavujú správu o výsledkoch statického súboru RT. Musia sa zaviazať, že budú viesť interné záznamy o statických súboroch a prípadoch nedodržania záväzkov po dobu piatich rokov.
English: It aims to ensure that the results from credit assessments are comparable across systems and sources. The monitoring process takes place one year after the date on which the static pool was defined.
Spanish: La solicitud debe ir firmada por el consejero delegado, el director general financiero u otro directivo de rango similar de la contrapartida, o, en nombre de alguno de ellos, por una persona autorizada a tal efecto.
Italian: La richiesta deve essere firmata dal direttore generale della controparte, dal suo direttore finanziario o da un dirigente di pari grado, ovvero da un rappresentante autorizzato a nome di uno di questi.
English: The first element of the process is the annual compilation by the credit assessment system provider of a static pool of eligible debtors, i.e. a pool consisting of all corporate and public debtors, receiving a credit assessment from the system satisfying the following condition: PD(i, t) ≤ 0.10 % (benchmark PD(t))
Spanish: Las disposiciones anteriores son aplicables a todas las entidades de contrapartida, con independencia de su régimen jurídico –matriz, filial o sucursal– y de si la aprobación del sistema IRB ha sido concedida por el supervisor en el mismo país (en el caso de una matriz y, posiblemente, filiales) o por un supervisor en el país de origen de la matriz (en el caso de sucursales y, posiblemente, filiales).
Italian: Le disposizioni di cui sopra si applicano a tutte le controparti, indipendentemente dalla loro natura giuridica (capogruppo, controllata o filiale) e indipendentemente dal fatto che l’autorizzazione all’uso del sistema IRB sia stata rilasciata dall’autorità di vigilanza del paese in cui hanno sede legale (per le capogruppo e, eventualmente, per le controllate), ovvero dall’autorità di vigilanza del paese in cui ha sede la capogruppo (per le filiali e, eventualmente, per le controllate).
English: In addition, in the event of an infringement of the rules governing the ECAF, the credit assessment system will be excluded from the ECAF. 6.4. Risk control measures
Spanish: Esta comunicación anual debe ir firmada por el consejero delegado, el director general financiero u otro directivo de rango similar de la contrapartida, o, en nombre de alguno de ellos, por una persona autorizada a tal efecto.
English: Risk control measures The Eurosystem currently applies the following risk control measures:
Spanish: El proveedor de RT que participe en el sistema ECAF debe someterse por contrato al proceso de seguimiento del funcionamiento del Eurosistema [83] (véase sección 6.3.5).
Italian: Il fornitore di RT partecipante all’ECAF deve acconsentire a sottoporsi al processo di verifica dei risultati svolto dall’Eurosistema [83] (cfr. sezione 6.3.5).
English: Valuation haircuts The Eurosystem applies ‘valuation haircuts’ in the valuation of underlying assets.
Spanish: El proveedor de RT está obligado a establecer y mantener la infraestructura necesaria para realizar un seguimiento del denominado grupo o pool estático.
Italian: Egli ha l’obbligo di predisporre e mantenere l’infrastruttura necessaria a un controllo costante del cosiddetto «insieme statico» (static pool).
English: (The calculations relevant for the execution of margin calls are presented in Box 8.) The following risk control measures are currently not applied by the Eurosystem:
Spanish: La primera fase del proceso es la compilación anual por parte del proveedor del sistema de evaluación del crédito de un grupo estático de deudores admitidos, esto es, un grupo integrado por todos los deudores públicos y privados, cuya calidad crediticia, evaluada por el sistema, cumpla la siguiente condición:
Italian: Il primo elemento del processo è la compilazione annuale, a cura del fornitore del sistema di valutazione, di un insieme statico di debitori idonei, formato da tutti i debitori dei settori societario e pubblico cui il sistema ha attribuito una valutazione del merito di credito che soddisfa la seguente condizione:
Hungarian: A kockázatkezelési intézkedések jórészt harmonizáltak az egész euroövezetben [83]; az intézkedésekkel egyenlő feltételeket kellene biztosítani bármely elfogadható fedezeti eszköztípusra az euroövezet bármely pontján.
English: This would imply that counterparties would need to provide underlying assets with a value at least equal to the liquidity provided by the Eurosystem plus the value of the initial margin. Limits in relation to issuers/debtors or guarantors
Spanish: En caso de producirse una desviación considerable entre la tasa de impago observada del grupo estático y el umbral de calidad crediticia durante un período de uno o varios años, el Eurosistema solicitará al proveedor del sistema de evaluación que analice los motivos de dicha desviación.
Italian: In caso di un significativo scostamento, su un periodo di un anno e/o di più anni, fra il tasso di inadempienza osservato per l’insieme statico e la soglia di qualità creditizia, l’Eurosistema consulta il fornitore del sistema di rating per analizzare le ragioni di tale scostamento.
English: The Eurosystem may apply limits to the exposure vis-à-vis issuers/debtors or guarantors. Additional guarantees
Spanish: Este proceso puede dar lugar a una corrección del umbral de calidad crediticia aplicable al sistema en cuestión.
Italian: Questa procedura può dare luogo alla correzione della soglia di qualità creditizia applicabile al sistema in questione.
English: The Eurosystem may require additional guarantees from financially sound entities in order to accept certain assets. Exclusion
Spanish: El Eurosistema puede optar por excluir temporal o indefinidamente el sistema de evaluación del crédito en los casos en que durante varios años no se observe una mejora del funcionamiento.
Italian: L’Eurosistema può decidere di sospendere o escludere il sistema di valutazione del credito se, per diversi anni, non si registra un miglioramento dei risultati.
English: The Eurosystem may exclude certain assets from use in its monetary policy operations. 6.4.2. Risk control measures for marketable assets
Spanish: Por otra parte, en caso de incumplimiento de las normas que rigen el ECAF, el sistema de evaluación del crédito quedará excluido de éste.
English: Eligible marketable assets are allocated to one of four liquidity categories, based on issuer classification and asset type. The allocation is described in Table 6. Table 6
Spanish: Las medidas de control de riesgos se aplican a los activos que garantizan las operaciones de crédito del Eurosistema, para protegerlo del riesgo de incurrir en pérdida en caso de que haya que liquidar los activos de garantía por impago de una entidad de contrapartida.
English: Liquidity categories for marketable assets [83] Category I Category II Category III Category IV
Spanish: Las medidas de control de riesgos que puede aplicar el Eurosistema se describen en el recuadro 7.
English: Central government debt instruments Local and regional government debt instruments
Spanish: El Eurosistema aplica medidas específicas de control de riesgos, dependiendo del tipo de activos de garantía que aporte la entidad de contrapartida.
English: Cross-border use of eligible assets Eurosystem counterparties may use eligible assets on a cross-border basis, i.e. they may obtain funds from the national central bank of the Member State in which they are established by making use of assets located in another Member State.
Spanish: El valor de mercado o el valor teórico de un instrumento de renta fija se calcula incluyendo los intereses devengados.
Italian: Il valore di mercato o teorico di uno strumento di debito viene calcolato includendo l’interesse maturato.
Slovak: Trhová alebo teoretická cena dlhového nástroja sa určí so započítaním pripísaného úroku.
English: Underlying assets must be usable on a cross-border basis throughout the euro area for the handling of all types of operations in which the Eurosystem provides liquidity against eligible assets. A mechanism has been developed by the national central banks (and by the ECB) to ensure that all eligible assets issued/deposited in the euro area may be used on a cross-border basis.
Spanish: En función de las diferencias en los sistemas jurídicos y en los procedimientos operativos de los distintos países, el tratamiento de los flujos de renta (por ejemplo, los pagos de cupones) de activos de garantía en operaciones temporales puede variar de unos bancos centrales nacionales a otros.
Italian: In relazione ai differenti ordinamenti nazionali e ai diversi sistemi operativi, nelle operazioni temporanee le banche centrali nazionali possono utilizzare sistemi diversi per il trattamento dei flussi di reddito relativi a una attività (ad esempio il pagamento di cedole), corrisposti nel corso della durata dell’operazione.
Slovak: V závislosti od rozdielov v národných právnych systémoch a prevádzkových postupoch sa zaobchádzanie s príjmovými tokmi (napr. výplatami kupónov) prijatého aktíva počas doby platnosti reverzného obchodu môže medzi národnými centrálnymi bankami líšiť.
English: This is the correspondent central banking model (CCBM), under which national central banks act as custodians (‘correspondents’) for each other (and for the ECB) in respect of assets accepted in their local depository or settlement system. Specific solutions can be used for non-marketable assets, i.e. credit claims and RMBDs, which cannot be transferred through an SSS [91]. The CCBM may be used to collateralise all kinds of Eurosystem credit operations.
Spanish: Si los flujos de renta se transfieren a la entidad de contrapartida, los bancos centrales nacionales han de asegurarse, antes de efectuar las transferencias, de que las operaciones correspondientes seguirán estando totalmente garantizadas tras su realización.
Italian: Prima del trasferimento del reddito alla controparte, le banche centrali nazionali verificano che le operazioni di riferimento siano ancora adeguatamente garantite da un sufficiente ammontare di attività sottostanti.
Slovak: Ak sa tok príjmu prevádza na zmluvnú stranu, národné centrálne banky zabezpečia, aby príslušné obchody boli až do prevodu príjmu plne kryté dostatočným objemom podkladových aktív.
English: In addition to the CCBM, eligible links between SSSs can be used for the cross-border transfer of marketable assets [92]. 6.6.1. Correspondent central banking model
Spanish: Como principio general, los bancos centrales nacionales tratarán de que el efecto económico resultante del tratamiento dado a los flujos de renta sea equivalente al que se alcanzaría si se transfiriesen a la entidad de contrapartida en la fecha de pago [92].
English: Use of eligible assets deposited in country B by a counterparty established in country A in order to obtain credit from the national central bank of country A. Country A
French: Utilisation d’actifs éligibles déposés dans le pays B par une contrepartie implantée dans le pays A pour obtenir un crédit de la banque centrale nationale du pays A.
Spanish: Si el banco central nacional opta por la valoración correspondiente al saldo vivo, los activos no negociables pueden estar sujetos a recortes de valoración más elevados (véase sección 6.4.3).
Italian: Se la banca centrale nazionale sceglie la valutazione corrispondente al capitale nominale in essere, è possibile che le attività non negoziabili siano soggette a margini di garanzia più elevati (cfr. sezione 6.4.3).
English: Country B Information on collateral
Spanish: Utilización transfronteriza de los activos de garantía
Italian: Utilizzo di attività idonee tra paesi dell’ue
English: Credit SSS
Spanish: Modelo de corresponsalía entre bancos centrales
Slovak: Model korešpondenčných centrálnych bánk
Hungarian: Fedezet
English: SSS B Transfer instruction
Spanish: Orden de transferencia
Italian: Istruzioni di trasferimento
Portuguese: Instruções de transferência
Swedish: Uppdrag om överföring
English: Links between securities settlement systems In addition to the CCBM, eligible links between EU SSSs can be used for the cross-border transfer of marketable assets.
Spanish: Enlaces entre sistemas de liquidación de valores
Italian: Collegamenti tra sistemi di regolamento dei titoli
Slovak: Prepojenia medzi systémami zúčtovania cenných papierov
English: Creation or enlargement of a structural liquidity shortage: The Eurosystem’s minimum reserve system contributes to creating or enlarging a structural liquidity shortage. This may be helpful in improving the ability of the Eurosystem to operate efficiently as a supplier of liquidity.
Spanish: Creación o ampliación de un déficit estructural de liquidez: El sistema de reservas mínimas del Eurosistema contribuye a crear o a ampliar un déficit estructural de liquidez, lo que puede resultar de utilidad para aumentar la capacidad del Eurosistema de operar eficientemente como proveedor de liquidez.
Portuguese: Criação ou aumento de escassez estrutural de liquidez O regime de reservas mínimas do Eurosistema contribui para a criação ou para o aumento da escassez estrutural de liquidez, permitindo uma maior eficiência do Eurosistema enquanto cedente de liquidez.
English: According to Council Regulation (EC) No 2531/98, the ECB is entitled to include liabilities resulting from the acceptance of funds together with liabilities resulting from off-balance-sheet items in the reserve base of institutions. In the Eurosystem’s minimum reserve system, only the liability categories ‘deposits’ and ‘debt securities issued’ are actually included in the reserve base (see Box 9). Liabilities vis-à-vis other institutions included in the list of institutions subject to the Eurosystem’s minimum reserve system and liabilities vis-à-vis the ECB and the national central banks are not included in the reserve base. In this respect, for the liability category ‘debt securities issued’, the issuer needs to be able to prove the actual amount of these instruments held by other institutions subject to the Eurosystem’s minimum reserve system in order to be entitled to deduct them from the reserve base.
Spanish: De conformidad con el Reglamento (CE) no 2531/98 del Consejo, el BCE puede incluir los pasivos derivados de la aceptación de fondos, junto con los pasivos resultantes de las partidas fuera de balance, en la base de reservas de las entidades.
English: The ECB sets a zero reserve ratio on the following liability categories: ‘deposits with an agreed maturity of over two years’, ‘deposits redeemable at notice of over two years’, ‘repos’ and ‘debt securities with an agreed maturity of over two years’ (see Box 9). The ECB may change the reserve ratios at any time. Changes in reserve ratios are announced by the ECB in advance of the first maintenance period for which the change is effective. Calculation of reserve requirements The reserve requirement of each individual institution is calculated by applying, to the amount of eligible liabilities, the reserve ratios for the corresponding categories of liabilities. Each institution deducts an allowance of E100000 from its reserve requirement in each Member State in which it has an establishment.
Spanish: El BCE aplica un coeficiente de reservas uniforme y distinto de cero a la mayoría de las partidas incluidas en la base de reservas, coeficiente que figura en el Reglamento del BCE/2003/9.
English: Deposits redeemable at notice of over two years Repos
French: La BCE peut modifier à tout moment les taux de réserves.
Spanish: Disponibles con preaviso a más de dos años
Finnish: Talletukset, joiden irtisanomisaika on yli 2 vuotta
English: R t remuneration to be paid on holdings of required reserves for the maintenance period t.
French: Rémunération à verser au titre des réserves obligatoires pour la période de constitution t
Spanish: remuneración que ha de pagarse por las tenencias de reservas mínimas en el período de mantenimiento t
Italian: remunerazione da corrispondere sulla riserva obbligatoria detenuta nel periodo di mantenimento t
Polish: R t
English: Decisions on interest rate changes are taken by the Governing Council. These decisions are normally made when it assesses the monetary policy stance (at its first meeting of the month) and become effective only from the beginning of the new reserve maintenance period.
Spanish: Las decisiones relativas a las modificaciones de los tipos de interés las adopta habitualmente el Consejo de Gobierno en su primera reunión del mes, tras evaluar el tono de la política monetaria, y entran en vigor al iniciarse el siguiente período de mantenimiento de reservas.
Italian: Le decisioni sui tassi di interesse sono assunte dal Consiglio direttivo, solitamente nel corso della valutazione dell’orientamento di politica monetaria nella prima riunione mensile, e hanno effetto soltanto dall’inizio del nuovo periodo di mantenimento delle riserve.
Portuguese: As decisões sobre alterações das taxas de juro são tomadas pelo Conselho do BCE, normalmente quando o Conselho avalia a orientação da política monetária (na primeira reunião do mês), e entram em vigor apenas a partir do início do novo período de manutenção de reservas.
Finnish: Päivät, joina TARGET-järjestelmä pidetään kiinni, ilmoitetaan EKP:n www-sivustossa (www.ecb.int) ja myös eurojärjestelmän www-sivustoissa (ks. liite 5).