FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: Variable rate tender: a tender procedure whereby the counterparties bid both the amount of money they want to transact with the central bank and the interest rate at which they want to enter into the transaction. Variation margin (marking to market): a certain level of the market value of the underlying assets used in the Eurosystem’s liquidity-providing reverse transactions that the Eurosystem requires to be maintained over time.
French: Par conséquent, si la valeur des actifs remis en garantie mesurée à intervalles réguliers devient inférieure à un certain niveau, la banque centrale nationale demande à la contrepartie de fournir des actifs ou des espèces supplémentaires (appel de marge).
Spanish: Vínculos estrechos: Se entiende que existe una situación de vínculos estrechos entre una entidad de contrapartida y un emisor, deudor o avalista de instrumentos de renta fija, cuando: i) el 20 % o más del capital del emisor, deudor o avalista es propiedad bien de la entidad de contrapartida, bien de una o más empresas en las que la entidad tiene una participación mayoritaria de capital, bien, de manera conjunta, de la entidad de contrapartida y de una o más empresas en las que la entidad tiene una participación mayoritaria de capital, o ii) el 20 % o más del capital de la entidad de contrapartida es propiedad bien del emisor, deudor o avalista, bien de o una o más empresas en las que el emisor tiene una participación mayoritaria de capital, bien, de manera conjunta, del emisor, deudor o avalista y de una o más empresas en las que el emisor tiene una participación mayoritaria de capital, o iii) un tercero posee una participación mayoritaria de capital en la entidad de contrapartida y en el emisor, deudor o avalista, ya sea directa o indirectamente a través de una o más empresas en las que el tercero tenga una participación mayoritaria de capital.
Finnish: Lisäksi laitokset tekevät könttäsummavähennyksenvarantovelvoitteestaan.
Lithuanian: Prie šios kategorijos priskiriamos ir kai kurios antrinės rinkos neturinčios skolos priemonės, pavyzdžiui, antrinės rinkos neturintys (mažmeniniai) indėlių sertifikatai.
English: Similarly, if the value of the underlying assets, following their revaluation, exceeds a certain level, the counterparty may retrieve the excess assets or cash. See also Section 6.4.
Spanish: El Eurosistema puede optar por adjudicar un volumen mínimo a cada entidad de contrapartida en sus operaciones de subasta.
Latvian: Vērtspapīru norēķinu sistēmu savstarpējā saikne (link between securities settlement systems): saikne sastāv no visām procedūrām un pasākumiem starp divām vērtspapīru norēķinu sistēmām (VNS) vērtspapīru pārskaitīšanai starp šīm divām VNS dematerializētā veidā.
English: The pool of potential foreign exchange intervention counterparties is sufficiently large and diverse to guarantee the necessary flexibility when implementing intervention operations. It enables the Eurosystem to choose from among different intervention channels.
Spanish: El conjunto de entidades de contrapartida que pueden participar en las operaciones de intervención en divisas es lo suficientemente amplio y diverso como para garantizar la flexibilidad necesaria a la hora de instrumentar dichas operaciones, de forma que el Eurosistema pueda elegir entre diferentes formas de intervención.
Finnish: Mahdollisten valuuttainterventioihin osallistuvien vastapuolten joukko on tarpeeksi laaja ja monipuolinen, jotta voidaan taata interventioiden toteuttamisessa tarvittava joustavuus ja jotta eurojärjestelmä voi valita erilaisten interventiokanavien välillä.
English: Second, the reporting obligations set out in Regulation ECB/2001/13 must observe the principles of transparency and legal certainty. The reason for this is that said Regulation is binding in its entirety and directly applicable throughout the euro area.
Spanish: En segundo lugar, las obligaciones de información establecidas en el Reglamento BCE/2001/13 deberán cumplir los principios de transparencia y seguridad jurídica, dado que el citado Reglamento es vinculante en su totalidad, y directamente aplicable en toda la zona del euro.
Portuguese: Segundo, as obrigações de prestação de informação definidas no Regulamento BCE/2001/13devem observar os princípios de transparência e certeza jurídica, uma vez que este Regulamento é obrigatório em todos os seus elementos e directamente aplicável em toda a área do euro.
Finnish: Toiseksi rahalaitossektorin konsolidoidusta taseesta 22. marraskuuta 2001 annetussa Euroopan keskuspankin asetuksessa (EY) N:o 2423/2001 (EKP/2001/13) määriteltyjen raportointivaatimusten täytyy olla avoimuuden ja oikeusvarmuuden periaatteiden mukaisia, sillä tämä EKP:n asetus on kaikilta osiltaan velvoittava ja sitä sovelletaan sellaisenaan koko euroalueella.
Latvian: Otrkārt, pildot Regulā ECB/2001/13 noteiktās pārskatu sniegšanas saistības, jāievēro caurredzamības un juridiskās noteiktības princips, jo minētā Regula ir saistoša kopumā un tieši piemērojama visā euro zonā.
English: Indeed, for statistical purposes, the reporting agents have to report data to their respective NCBs in accordance with the framework of Table 1 below, which is included in Annex I to Regulation ECB/2001/13. In Table 1, the boxes marked with an ‘*’ are used by the reporting institutions to calculate their reserve base (see Box 9 in Chapter 7 of this publication).
Spanish: A efectos estadísticos, los agentes informadores deberán remitir los datos a sus bancos centrales nacionales respectivos, con arreglo al modelo que se reproduce a continuación, en el cuadro I. En dicho cuadro, incluido en el anexo I del Reglamento BCE/2001/13, las casillas marcadas con «*» se utilizan para el cálculo de la base de reservas (véase el recuadro 9 del capítulo 7).
English: Non-MFIs General government
Spanish: Instituciones distintas de las IFM AA PP
Italian: Istituzioni diverse dalle IFM
English: Outstanding issues, column (t) in Table 1 (Liabilities) NEGOTIABLE INSTRUMENTS
Spanish: Emisiones vivas, columna (t) del cuadro 1 (Pasivo)
Dutch: Uitstaande emissies, kolom (t) in Tabel 1 (passiva)
Hungarian: Az 1. táblázat (t) oszlopában feltüntetett fennálló állományok (Kötelezettségek)
English: 11 DEBT SECURITIES ISSUED 11 e + 11 x with agreed maturity up to two years
Spanish: (euros y monedas extranjeras)
Dutch: (euro en andere valuta's tezamen)
English: Verification and compulsory collection The ECB itself and the NCBs normally exercise the competence to verify and compulsorily collect statistical information whenever minimum standards for transmission, accuracy, conceptual compliance and revisions are not fulfilled.
Spanish: Verificación y recogida forzosa
English: This obligation has been made explicit in Article 4 and Recital No 17 of Council Regulation (EC) No 2533/98. For reasons of transparency, this special obligation is recalled in the recitals of Regulation ECB/2001/13.
Spanish: Dicha obligación figura explícitamente en el artículo 4 y en el considerando no 17 del Reglamento (CE) no 2533/98 del Consejo, y se reproduce, por razones de transparencia, en los considerandos del Reglamento BCE/2001/13.
English: if the amount of non-delivered collateral or cash is between 40 % and 80 % of the total collateral or cash to be delivered on the occasion of the third infringement, a suspension of two months shall be applied;
Spanish: si el déficit de los activos de garantía o del efectivo aportados está comprendido entre el 40 % y el 80 % de la cuantía de activos de garantía o efectivo a aportar, se aplicará una suspensión de dos meses,
Portuguese: se o montante não entregue de activos ou de fundos tiver um valor superior a 40 % e até 80 % do total dos activos ou dos fundos a entregar, será aplicada uma suspensão de dois meses;
Polish: jeżeli kwota niedostarczonego zabezpieczenia lub środków pieniężnych wynosi między 40 % a 80 % całkowitej wielkości zabezpieczenia lub środków pieniężnych, które należało przekazać w momencie trzeciego naruszenia, stosuje się zawieszenie na dwa miesiące;
Hungarian: amennyiben a harmadik alkalommal történő mulasztáskor a rendelkezésre nem bocsátott biztosíték, illetve készpénz összege a rendelkezésre bocsátandó teljes biztosíték, illetve készpénz összegének 40–80 %-a közé esik, kéthónapos felfüggesztést kell alkalmazni;
Slovenian: če znesek neizročenega zavarovanja ali denarnih sredstev znaša med 40 % in 80 % skupnega zavarovanja ali denarnih sredstev, ki naj bi se izročila ob tretji kršitvi, se izreče dvomesečna prepoved dostopa;
Latvian: ja, pieļaujot trešo pārkāpumu, trūkstošā nodrošinājuma vai naudas līdzekļu daudzums ir 40–80 % no kopējās nepieciešamā nodrošinājuma vai naudas līdzekļu summas, sadarbība tiek pārtraukta uz diviem mēnešiem;
English: Ex post notification of the debtor requires that the debtor be notified by the counterparty or the NCB (as specified by the national documentation) about the credit claim being mobilised as collateral by the counterparty to the benefit of the NCB immediately following a credit event. ‘Credit event’ means default or similar events as further defined by the applicable national documentation.
Spanish: La notificación ex post implica que la entidad de contrapartida o el BCN (según lo dispuesto en la documentación nacional aplicable) informen al deudor de la movilización del crédito como activo de garantía a favor del BCN inmediatamente después de que se produzca un «evento de crédito», entendiéndose como tal un impago o hecho similar, con arreglo a la definición de la documentación nacional aplicable.
English: Non-compliance with minimum reserve obligations ANNEXES
Estonian: Kohustusliku reservi nõude rikkumine
English: Examples of monetary policy operations and procedures 2. Glossary
Estonian: LISAD
English: Procedures and sanctions to be applied in the event of non-compliance with counterparty obligations 7. Creation of valid security over credit claims LIST OF BOXES, CHARTS AND TABLES Boxes 1. Issuance of ECB debt certificates 2. Foreign exchange swaps 3. Operational steps for tender procedures
Estonian: Välisvaluuta sekkumisoperatsioonide ja rahapoliitiliste välisvaluuta vahetustehingute osapoolte valimine
English: ESA 95 European System of Accounts 1995 ESCB European System of Central Banks EU European Union ICAS in-house credit assessment system ICSD international central securities depository IDC intraday credit IRB internal ratings-based system ISIN International Securities Identification Number MFI monetary financial institution MMF money market fund NCB national central bank PD probability of default PSE public sector entity RMBD retail mortgage-backed debt instrument RoW rest of the world RT rating tool RTGS real-time gross settlement SSS securities settlement system
Estonian: peatükis määratletakse rahapoliitiliste operatsioonide alusvara kõlblikkuskriteeriumid.
English: This document presents the operational framework chosen by the Eurosystem [1] for the single monetary policy in the euro area. The document, which forms part of the Eurosystem’s legal framework for monetary policy instruments and procedures, is intended to serve as the ‘General Documentation’ on the monetary policy instruments and procedures of the Eurosystem, and is aimed, in particular, at providing counterparties with the information they need in relation to the Eurosystem’s monetary policy framework.
Estonian: Lisades on esitatud näited rahapoliitiliste operatsioonide kohta, sõnastik, eurosüsteemi valuutaturul teostatavate sekkumisoperatsioonide (interventsioonide) osapoolte valiku kriteeriumid, Euroopa Keskpanga raha- ja pangandusstatistika aruandlusraamistiku tutvustus, eurosüsteemi veebilehtede loetelu, osapoolte kohustuste rikkumisel rakendatavate menetluste ja sanktsioonide kirjeldus ning täiendavad õiguslikud nõuded katte tagamiseks krediidinõuetele, mida kasutatakse eurosüsteemis tagatisena.
English: The General Documentation in itself neither confers rights nor imposes obligations on counterparties. The legal relationship between the Eurosystem and its counterparties is established in appropriate contractual or regulatory arrangements. This document is divided into seven chapters. Chapter 1 gives an overview of the operational framework for the monetary policy of the Eurosystem.
Estonian: PEATÜKK
English: In Chapter 2, eligibility criteria for counterparties taking part in Eurosystem monetary policy operations are specified. Chapter 3 describes open market operations, while Chapter 4 presents the standing facilities available to counterparties. Chapter 5 specifies procedures applied in the execution of monetary policy operations. In Chapter 6, the eligibility criteria for underlying assets in monetary policy operations are defined. Chapter 7 presents the Eurosystem’s minimum reserve system. The annexes contain examples of monetary policy operations, a glossary, criteria for the selection of counterparties for Eurosystem foreign exchange intervention operations, a presentation of the reporting framework for the money and banking statistics of the European Central Bank, a list of the Eurosystem websites, a description of the procedures and sanctions to be applied in the event of non-compliance with counterparty obligations and additional legal requirements for the creation of valid security over credit claims when these are used as collateral with the Eurosystem. CHAPTER 1 OVERVIEW OF THE MONETARY POLICY FRAMEWORK
Estonian: RAHAPOLIITILISE RAAMISTIKU ÜLEVAADE
English: access the Eurosystem’s standing facilities; and
French: accéder aux facilités permanentes de l’Eurosystème;
Italian: accedere alle operazioni attivabili su iniziativa delle controparti dell’Eurosistema;
Swedish: använda Eurosystemets stående faciliteter,
Slovak: zúčastňovať na automatických operáciách Eurosystému,
Polish: korzystać z operacji banku centralnego na koniec dnia w ramach Eurosystemu,
Hungarian: igénybe venni az eurorendszer jegybanki rendelkezésre állását;
Estonian: omada ligipääsu eurosüsteemi püsivõimalustele ning
English: they are executed regularly each month [12] The main and the longer-term refinancing operations are executed in accordance with the Eurosystem’s pre-announced tender operations calendar (see also Section 5.1.2), which can be found on the ECB’s website (www.ecb.int), as well as on the Eurosystem websites (see Annex 5). ;
Dutch: zij worden maandelijks uitgevoerd; [12] De basis- en de langerlopende herfinancieringstransacties worden uitgevoerd conform de vooraf bekendgemaakte tenderkalender van het Eurosysteem, die te vinden is op de website van de ECB (www.ecb.int, zie ook paragraaf 5.1.2) en op de websites van het Eurosysteem (zie Bijlage 5).
Estonian: neid teostatakse regulaarselt iga kuu; [12] Põhilisi ja pikemaajalisi refinantseerimistoiminguid teostatakse vastavalt eurosüsteemi eelnevalt avaldatud pakkumistoimingute kalendrile (vt ka punkt 5.1.2), mis on olemas EKP veebilehel (www.ecb.int) ja samuti eurosüsteemi veebilehtedel (vt lisa 5).
English: they normally have a maturity of three months [13] The maturity of the main and the longer-term refinancing operations may occasionally vary depending on, inter alia, bank holidays in Member States. ;
Dutch: zij hebben doorgaans een looptijd van drie maanden; [13] In incidentele gevallen kan de looptijd van de basis- en de langerlopende herfinancieringstransacties wisselen, afhankelijk van onder meer officiële feestdagen in de lidstaten.
Finnish: Ne toteutetaan säännöllisesti kuukausittain [14]. Niissä sovellettava maturiteetti on yleensä kolme kuukautta [15].
Estonian: tavaliselt on nende tähtaeg kolm kuud; [13] Põhiliste ja pikemaajaliste refinantseerimisoperatsioonide tähtaeg võib aeg-ajalt varieeruda olenevalt muu hulgas liikmesriikide pangapühadest.
English: CHAPTER 4 STANDING FACILITIES
Estonian: PÜSIVÕIMALUSED
English: The transfer of underlying assets is executed via the counterparties’ securities settlement accounts with SSSs fulfilling the ECB’s minimum standards [35]. Counterparties without a safe custody account with a national central bank or a securities settlement account with an SSS fulfilling the ECB’s minimum standards may settle the transactions of underlying assets through the securities settlement account or the safe custody account of a correspondent credit institution. Further provisions related to the settlement procedures are defined in the contractual arrangements applied by the national central banks (or the ECB) for the specific monetary policy instruments. The settlement procedures may differ slightly between national central banks owing to differences in national law and operational practices.
Estonian: Tabel 3
Latvian: 3. tabula
English: Settlement date for operations based on quick tenders or bilateral procedures Reverse transactions T + 1 [37] T Outright transactions —
Estonian: Alusvara puhul kehtiva turutava kohaselt
English: According to market convention for the underlying assets Issuance of debt certificates
Estonian: Võlasertifikaatide väljalaskmine
English: With the aims of protecting the Eurosystem from incurring losses in its monetary policy operations and of ensuring the equal treatment of counterparties, as well as of enhancing operational efficiency and transparency, underlying assets have to fulfil certain criteria in order to be eligible for Eurosystem monetary policy operations. The Eurosystem has developed a single framework for eligible assets common to all Eurosystem credit operations.
Italian: Al fine di tutelare l’Eurosistema dal rischio di perdite nelle sue operazioni di politica monetaria, di garantire parità di trattamento delle controparti, nonché di accrescere l’efficienza operativa e la trasparenza, le attività sottostanti devono soddisfare particolari criteri per poter essere utilizzate nelle operazioni di politica monetaria dell’Eurosistema.
Estonian: Neid ei eristata kvaliteedi ega kõlblikkuse järgi eurosüsteemi mitmesugusteks rahapoliitilisteks operatsioonideks, välja arvatud see, et turustatavaid varasid eurosüsteem otsetehinguteks ei kasuta. Eurosüsteemi rahapoliitilisteks operatsioonideks kõlblikke varasid võib kasutada päevasiseste laenude alusvarana.
English: No distinction is made between the two asset classes with regard to the quality of the assets and their eligibility for the various types of Eurosystem monetary policy operations, except that non-marketable assets are not used by the Eurosystem for outright transactions. The assets eligible for Eurosystem monetary policy operations can also be used as underlying assets for intraday credit. The eligibility criteria for the two asset classes are uniform across the euro area [41] and are set out in Section 6.2. To ensure that the two asset classes comply with the same credit standards, a Eurosystem credit assessment framework (ECAF) has been set up, which relies on different credit assessment sources.
Estonian: Et mõlemad varaliigid vastaksid samadele krediidistandarditele, on loodud eurosüsteemi krediidihindamisraamistik (ECAF), mis tugineb mitmesugustele hindamisallikatele.
Latvian: Lai nodrošinātu abu aktīvu grupu atbilstību vienādiem kreditēšanas nosacījumiem, izstrādāta Eurosistēmas kredītnovērtējuma sistēma (EKNS), kas pamatojas uz dažādiem kredītspējas vērtēšanas avotiem.
English: Settlement procedures The debt instrument must be transferable in book-entry form. It must be held and settled in the euro area through an account with the Eurosystem or with an SSS that fulfils the standards established by the ECB, so that perfection and realisation are subject to the law of a euro area country. 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
Estonian: Vastuvõetavad turud
English: The debt instrument may be issued or guaranteed by central banks, public sector entities, private sector entities, or international or supranational institutions. Debt instruments other than covered bank bonds that are issued by credit institutions are only eligible if they are admitted to trading on a regulated market as defined above.
Estonian: Võlainstrumendid, v.a kaetud pangavõlakirjad, mille on välja lasknud krediidiasutused, on rahapoliitilisteks operatsioonideks kõlblikud ainult siis, kui need on lubatud kauplemisele reguleeritud turul (vt eespool).
English: Currency of denomination: The RMBD must be denominated in euro [55] See footnote 13 in this chapter. .
Slovak: Nástroje RMBD musia mať (a) pevnú výšku istiny neviazanú na nijakú podmienku a (b) úrokovú mieru, výsledkom ktorej nemôže byť negatívny tok hotovosti.
Slovenian: Netržni hipotekarni dolžniški instrumenti morajo zadovoljiti visoke bonitetne standarde, ki so ocenjeni s pomočjo tistega dela bonitetnega okvira Eurosistema (ECAF), ki velja za netržne hipotekarne dolžniške instrumente, kakor je opisano v poglavju 6.3.3.
Estonian: Nimiväärtuse vääring: Hüpoteegitagatisega turustamatud võlainstrumendid peavad olema nomineeritud eurodes. [55] Vt käesoleva peatüki joonealune märkus 3.
Lithuanian: MHUSP turi atitikti griežtus kredito standartus, kurie vertinami pagal EKVS taisyklių dalį, skirtą MHUSP, kaip išdėstyta 6.3.3 skirsnyje.
English: They are not used in Eurosystem outright transactions. All marketable and non-marketable assets can also be used as underlying assets for intraday credit.
Estonian: Olenemata sellest, kas turustatav vara vastab või ei vasta kõikidele kõlblikkuskriteeriumidele, ei tohi osapool tagatiseks esitada vara, mille väljalaskja või garant on ta ise või mõni muu isik, kellega tal on lähedane side.
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.
Slovak: dlžníci a veritelia, ktorými sú nefinančné podniky: ak zdroj, ktorý si zmluvná strana zvolila, poskytne hodnotenie úverovej bonity, ktoré spĺňa alebo prekračuje minimálny limit úverovej bonity, dlžník, resp. ručiteľ je akceptovateľný [77] [78],
Estonian: Kui krediidihinnangut, mille põhjal määrata võlgniku või garandi vastavust krediidistandarditele, ei ole, siis võlgnikku või garanti rahapoliitilisteks operatsioonideks kõlblikuks ei loeta.
English: External credit assessment institution source The ECAI source encompasses those institutions whose credit assessments may be used by credit institutions for determining the risk weight of exposures according to the CRD [78].
Slovak: Národné centrálne banky v príslušnej národnej dokumentácii určia konkrétny rámec hodnotenia úverovej bonity týchto nástrojov pre danú jurisdikciu.
Estonian: Reitinguagentuurid on asutused, kelle krediidihinnanguid võivad krediidiasutused kasutada riskikaalude ja -positsioonide määramiseks vastavalt kapitalinõuete direktiivile.
English: The Eurosystem reserves the right to decide whether it accepts an ECAI for its lending operations, making use, among other factors, of its performance monitoring process. NCB in-house credit assessment system source
Hungarian: Az ECAI-knak különféle működési kritériumoknak kell megfelelniük, hogy biztosítsák az ECAF hatékony megvalósítását.
Estonian: Eurosüsteem jätab endale õiguse otsustada, kas ta aktsepteerib või ei aktsepteeri reitinguagentuuri oma laenuoperatsioonide puhul, kasutades selleks muu hulgas reitinguagentuuri hindamissüsteemi toimivuse jälgimist.
English: Let k = 0.5 % denote the trigger. In an earmarking system (I=1), a margin call is effected when:
Dutch: Bij een margestortingspunt k = 0,5 % zal in een stelsel waarin voor elke transactie afzonderlijke activa worden aangewezen (I = 1) een margestorting plaatsvinden als:
Estonian: Seda läve tähistagu k = 0,5% Märgistatud tagatiste haldussüsteemis (I = 1) esitatakse lisatagatise nõue, kui: