FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: When credit claims are used as collateral in a cross-border context, a CCBM variant is applied to credit claims, which is based on a transfer of ownership to, an assignment to, a pledge in favour of the home NCB, or a charge in favour of the correspondent central bank acting as the agent for the home NCB. A further ad-hoc variant based on the charge in favour of the correspondent central bank acting as the agent for the home NCB has been implemented to allow the cross-border use of RMBDs.
French: Quand les créances remises en garantie font l’objet d’une utilisation transfrontière, une variante du MBCC s’applique aux créances privées, sous la forme d’un transfert de propriété, d’une cession, d’un nantissement en faveur de la BCN du pays d’origine, ou d’une sûreté en faveur de la banque centrale correspondante agissant en qualité d’agent de la BCN du pays d’origine.
Italian: Per la movimentazione transfrontaliera dei crediti utilizzati in garanzia, viene applicata una variante del CCBM, basata sul trasferimento del titolo di proprietà, su una cessione in garanzia o su un pegno a favore della BCN del paese d’origine, ovvero su una charge a favore della banca centrale corrispondente che agisce per conto della BCN del paese d’origine.
English: Counterparties must be financially sound. They should be subject to at least one form of harmonised Union/EEA supervision by national authorities [7].
Portuguese: As contrapartes têm de ser financeiramente sólidas, e estar sujeitas pelo menos a uma forma de supervisão harmonizada estabelecida pela UE/EEE, levada a cabo por autoridades nacionais [7].
Hungarian: Az ügyfeleknek rendezett pénzügyi helyzettel kell rendelkezniük, és legalább egy, a nemzeti hatóságok által gyakorolt, harmonizált uniós vagy EGT-s felügyeleti szerv hatálya alá kell tartozniuk [7].
English: 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.
Italian: Le attività non negoziabili possono essere utilizzate come attività sottostanti per le operazioni di mercato aperto temporanee e le operazioni di rifinanziamento marginale, ma non per le operazioni di mercato aperto definitive dell’Eurosistema.
Hungarian: A nem forgalomképes eszközöket nyílt piaci penziós műveletek és aktív oldali rendelkezésre állás elfogadható fedezeteként lehet felhasználni, az eurorendszer outright tranzakcióiban azonban nem használatosak.
English: Governing law for credit claim agreement and mobilisation: law of a Member State The total number of different laws applicable to
Hungarian: Irányadó jog a hitelkövetelésre és a mobilizációs megállapodásra: valamely tagállam joga az
English: Counterparties may be allowed to use more than one system or source upon submission of a reasoned request. The main credit assessment source chosen is expected to cover the largest number of submitted debtors by the counterparty.
Italian: Se giustificato da opportune esigenze operative e su presentazione di un’istanza motivata, alle controparti può essere consentito di ricorrere a più sistemi o fonti.
Hungarian: Az ügyfelek – részletesen megindokolt kérelem alapján – egynél több rendszert vagy forrást is használhatnak, de elvárják tőlük, hogy az adósok legnagyobb részét a fő hitelminősítő forrás alapján értékeltessék.
English: The ECAF performance monitoring process consists of an annual ex post comparison of the observed default rate for the set of all eligible debtors (the static pool) and the credit quality threshold of the Eurosystem given by the benchmark PD. It aims to ensure that the results from credit assessments are comparable across systems and sources.
Polish: Proces przeglądu trafności wyników w ramach ECAF obejmuje coroczne porównanie odsetka przypadków niewykonania zobowiązania odnotowanych w grupie wszystkich kwalifikowanych dłużników (puli statycznej) z minimalnym wymogiem jakości kredytowej wg wartości referencyjnej prawdopodobieństwa niewykonania zobowiązania.
Hungarian: Az ECAF teljesítményértékelő rendszere évente egyszer utólagosan összeveti az elfogadható adósok összességének (statikus portfólió) megfigyelt fizetésképtelenségi rátáját az eurorendszernek az irányadó PD-n (nemteljesítés valószínűségén) alapuló hitelminőségi küszöbével, hogy összehasonlíthatóvá tegye a különféle rendszerekből és forrásokból származó hitelminősítéseket.
English: Individual asset-backed securities, covered bank bonds (jumbo covered bank bonds, traditional covered bank bonds and other covered bank bonds) and unsecured credit institution debt instruments that are theoretically valued in accordance with Section 6.5 are subject to an additional valuation haircut. This haircut is directly applied at the level of theoretical valuation of the individual debt instrument in the form of a valuation markdown of 5 %.
Hungarian: Az egyedi eszközfedezetű értékpapírokra, a fedezett banki kötvényekre (jumbóval fedezett banki kötvényekre, hagyományos fedezett banki kötvényekre és egyéb banki kötvényekre) és a fedezetlen hitelintézeti adósságinstrumentumokra, amelyek elvi értékelése a 6.5. szakaszban kifejtettek szerint történik, további haircut vonatkozik, amelyet közvetlenül az adott adósságinstrumentum elméleti értékelésének szintjén, 5 %-os diszkontálás formájában hajtanak végre.
English: Debt securities issued Debt securities with an original maturity of up to and including 2 years
Hungarian: Hitelviszonyt megtestesítő értékpapír legfeljebb kétéves eredeti futamidővel
English: With regard to the issuance of ECB debt certificates, the ECB may decide that bids are to be expressed in the form of a price rather than an interest rate. In such cases, prices must be quoted as a percentage of the nominal amount.
Hungarian: EKB-kötvény kibocsátásakor az EKB határozhat úgy, hogy az ajánlatokat inkább árra, mint kamatlábra vonatkozóan kell megtenni.
English: If, for the maturity of the swap, the foreign currency interest rate is higher than the corresponding interest rate for the euro, the swap point quotation is positive (i.e. the euro is quoted at a premium to the foreign currency). Conversely, if the foreign currency interest rate is lower than the corresponding interest rate for the euro, the swap point quotation is negative (i.e. the euro is quoted at a discount to the foreign currency).
Hungarian: Ha a swap lejártakor a deviza kamatlába magasabb, mint az ennek megfelelő euro kamatlába, a swappontjegyzés pozitívnak számít (azaz az eurót a devizához képest felárral jegyzik. Fordított esetben, ha az adott devizára érvényes kamatláb alacsonyabb, mint a megfelelő eurokamatláb, a swappontra vonatkozó jegyzés negatív előjelű (vagyis az euro jegyzése a devizával szemben engedménnyel történik).
English: Individual asset-backed securities, covered bank bonds (jumbo covered bank bonds, traditional covered bank bonds and other covered bank bonds) and uncovered bank bonds that are theoretically valued in accordance with Section 6.5 are subject to an additional valuation haircut. This haircut is directly applied at the level of the theoretical valuation of the individual debt instrument in the form of a valuation markdown of 5 %.
Hungarian: Az egyedi eszközalapú értékpapírokra, fedezett banki kötvényekre (jumbóval fedezett banki kötvényekre, hagyományos fedezett banki kötvényekre és egyéb banki kötvényekre) és a fedezetlen banki kötvényekre, amelyek elvi értékelése a 6.5. szakaszban kifejtettek szerint történik, további haircut vonatkozik, amelyet közvetlenül az adott adósságinstrumentum elméleti értékelésének szintjén, 5 %-os diszkontálás formájában hajtanak végre.
English: A link between two SSSs consists of a set of procedures and arrangements for the cross-border transfer of securities through a book-entry process. A link takes the form of an omnibus account opened by an SSS (the investor SSS) in another SSS (the issuer SSS).
Hungarian: Két SSS közötti kapcsolat határokon átnyúló, könyvelési tételen keresztül történő értékpapír-átruházásra vonatkozó eljárások és megállapodások együtteséből áll. A kapcsolat egy olyan gyűjtőszámla formáját ölti, amelyet az egyik SSS (a befektető SSS) egy másik SSS-ben (a kibocsátó SSS-ben) nyitott.
English: The procedures and rules establishing and controlling the Eurosystem’s requirement of ‘high credit standards’ for all eligible collateral are outlined in Section 6.3. The risk control measures and valuation principles for underlying assets are set out in Sections 6.4 and 6.5.
Italian: Le procedure e le regole per la definizione e la verifica del requisito di «elevati stantard di credito» stabilito dall’Eurosistema per tutte le garanzie idonee sono descritte nella sezione 6.3, mentre le sezioni 6.4 e 6.5 delineano le misure per il controllo dei rischi e i principi di valutazione delle attività sottostanti.
English: For asset-backed securities the acquisition of the underlying assets must be governed by the law of an EU Member State. The law governing underlying credit claims must be the law of an EEA country
Italian: Per i titoli garantiti da attività la loro acquisizione deve essere disciplinata dalla legislazione di uno Stato membro dell’UE; La legislazione applicabile ai crediti sottostanti deve essere quella di un Paese del SEE.
Maltese: Għal titoli sostnuti minn assi l-akkwist tal-assi sottostanti għandu jkun irregolat bil-liġi ta’ Stat Membru tal-UE; Il-liġi li tirregola dawk il-klejms ta’ kreditu sottostanti għandha tkun il-liġi ta’ pajjiż taż-ŻEE
English: 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. This implicit credit assessment has to meet the Eurosystem credit quality threshold.
Italian: una valutazione implicita del merito di credito degli emittenti o garanti appartenenti alle classi 1 e 2 è desunta dal rating attribuito dalle ECAI alle amministrazioni centrali del paese in cui essi hanno sede; tale valutazione deve soddisfare la soglia di qualità creditizia definita dall’Eurosistema.
English: In order to establish the requirement for high credit standards for the debtors or guarantors of credit claims, counterparties have to select one main credit assessment source from among those that are available and accepted by the Eurosystem. A counterparty will select one system from an available credit assessment source, except in the case of ECAIs, where all accepted ECAI systems may be used.
Italian: Per definire il requisito relativo agli elevati standard creditizi da applicare ai debitori o ai garanti di crediti, le controparti selezionano una fonte principale per la valutazione del merito di credito fra quelle disponibili e accettate dall’Eurosistema; esse scelgono inoltre un unico sistema nell’ambito della fonte disponibile, eccetto che per le ECAI accettate, di cui tutti i sistemi possono essere utilizzati.
English: 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.
Italian: una valutazione implicita del merito di credito dei debitori o dei garanti appartenenti alle classi 1 e 2 è desunta dal rating attribuito dalle ECAI alle amministrazioni centrali del paese in cui essi hanno sede; tale valutazione deve soddisfare la soglia di qualità creditizia definita dall’Eurosistema.
English: The Eurosystem may exclude certain assets from use in its monetary policy operations. Such exclusion may also be applied to specific counterparties, in particular if the credit quality of the counterparty appears to exhibit a high correlation with the credit quality of the collateral submitted by the counterparty.
Italian: L’Eurosistema può escludere determinate attività dall’utilizzo nelle proprie operazioni di politica monetaria.Tale esclusione può essere applicata anche a determinate controparti, in particolare se la qualità creditizia della controparte sembra mostrare un’elevata correlazione con la qualità creditizia delle garanzie da essa presentate.
English: Before these links can be used to transfer collateral for Eurosystem credit operations, they have to be assessed and approved against the standards for the use of Union SSSs [115], [116]. From a Eurosystem perspective, the CCBM and the links between Union SSSs fulfil the same role of allowing counterparties to use collateral on a cross-border basis, i.e. both enable counterparties to use collateral to obtain credit from their home NCB, even if this collateral was issued in an SSS of another country.
Italian: Prima di poter utilizzare questi collegamenti per trasferire titoli a garanzia di operazioni di finanziamento, essi devono essere esaminati e approvati alla luce degli standard per l’utilizzo di SSS dell’Unione [115] [116].Dal punto di vista dell’Eurosistema, il CCBM e i collegamenti tra SSSs dell’Unione svolgono lo stesso ruolo di consentire alle controparti di utilizzare attività a garanzia su base transfrontaliera; entrambi consentono alle controparti di utilizzare attività per ottenere finanziamenti dalla BCN del paese d’origine anche se tali attività sono emesse presso l’SSS di un altro paese.
Slovak: Tieto prepojenia sa môžu využiť na prevod zábezpeky v úverových operáciách Eurosystému až po posúdení a schválení na základe štandardov na využívanie systémov vyrovnania obchodov s cennými papiermi Únie [115], [116].Z hľadiska Eurosystému plnia CCBM a cezhraničné prepojenia medzi systémami vyrovnania obchodov s cennými papiermi Únie tú istú funkciu, a to umožniť zmluvným stranám využívať zábezpeku na cezhraničnom princípe, t. j. umožniť zmluvným stranám využiť zábezpeku na získanie úveru od ich domácej národnej centrálnej banky aj vtedy, keď bola táto zábezpeka emitovaná v systéme vyrovnania obchodov s cennými papiermi inej krajiny.
Slovenian: Preden se lahko te povezave uporabijo za prenos zavarovanja pri kreditnih poslih Eurosistema, jih je treba oceniti in odobriti v skladu s standardi za uporabo SPVP v Uniji [115], [116].S stališča Eurosistema CCBM in povezave med SPVP v Uniji enako omogočajo nasprotnim strankam, da uporabijo finančno premoženje za čezmejno zavarovanje terjatev, tj. oboje omogoča nasprotnim strankam, da uporabijo finančno premoženje za pridobitev posojila od njihove domače NCB, tudi če je bilo to finančno premoženje izdano v SPVP druge države.
Latvian: Pirms šīs saiknes var izmantot nodrošinājuma pārvedumam Eurosistēmas kredītoperācijām, tās jānovērtē un jāapstiprina saskaņā ar ES SSS izmantošanas standartiem [115] [116].No Eurosistēmas viedokļa CCBM un Savienības SSS savstarpējām saiknēm ir vienāda loma – ļaut darījuma partneriem izmantot nodrošinājumu pārrobežu darījumos, t. i., tās ļauj darījuma partneriem izmantot nodrošinājumu, lai saņemtu kredītu no to vietējās NCB pat tad, ja šis nodrošinājums emitēts citas valsts SSS.
English: The relevant NCB may specify an earlier date as a time limit for the notification of minimum reserves. It may also specify additional time limits for the institution to notify any revisions to the reserve base, and any revisions to the notified minimum reserves.
Italian: La BCN pertinente può anticipare il termine per la notifica dell’obbligo di riserve minime; può inoltre indicare ulteriori termini per la notifica di eventuali variazioni dell’aggregato soggetto a riserva o della riserva obbligatoria.
English: International debt securities in global bearer form issued on or after 1 January 2007, through the ICSDs Euroclear Bank (Belgium) and Clearstream Banking Luxembourg must, in order to be eligible, be issued in the form of new global notes and must be deposited with a common safekeeper which is an ICSD or, if applicable, a CSD that fulfils the minimum standards established by the ECB. International debt securities in global bearer form that were issued in the form of classical global notes prior to 1 January 2007 and fungible securities issued under the same ISIN code on or after that date remain eligible until maturity.
Italian: Per essere idonei, i titoli di debito internazionali nella forma «global bearer» emessi il 1o gennaio 2007, o dopo tale data, attraverso i SDAI Euroclear Bank (Belgio) e Clearstream Banking Luxembourg, devono essere emessi nella forma di «new global notes» ed essere depositati presso un servizio di custodia comune ( common safekeeper), che sia uno SDAI o, se del caso, uno SDA che soddisfi i requisiti minimi stabiliti dalla BCE.
English: Abbreviations CCBM correspondent central banking model
Lithuanian: Tinkamos kredito reikalavimų apsaugos sukūrimas
English: 3 months Monthly
Lithuanian: Trys mėnesiai
English: On days when the SSSs are not operational, access to the marginal lending facilities is granted on the basis of underlying assets which have already been pre-deposited with the NCBs. At the end of each business day, counterparties’ debit positions on their settlement account with the NCBs are automatically considered to be a request for recourse to the marginal lending facility.
Slovak: V dňoch, keď príslušné systémy vyrovnania obchodov s cennými papiermi nie sú v prevádzke, sa prístup k jednodňovým reﬁnančným operáciám poskytuje na základe podkladových aktív, ktoré už boli uložené v národných centrálnych bankách.Na konci každého pracovného dňa sa debetné zostatky zmluvných strán na ich zúčtovacích účtoch v národných centrálnych bankách automaticky považujú za žiadosť o prístup k jednodňovým reﬁnančným operáciám.
Lithuanian: Tomis dienomis, kai vertybinių popierių atsiskaitymo sistemos neveikia, ribinio skolinimosi galimybe galima naudotis, jei nacionaliniai centriniai bankai yra iš anksto pervedę prievolę užtikrinantį turtą.Kiekvienos darbo dienos pabaigoje kitų sandorių šalių debeto pozicijos jų atsiskaitomosiose sąskaitose nacionaliniuose centriniuose bankuose automatiškai laikomos prašymu pasinaudoti ribinio skolinimosi galimybe.
English: they must not consist, in whole or in part, actually or potentially, of tranches of other asset-backed securities [49]. In addition, they must not consist, in whole or in part, actually or potentially, of credit-linked notes, swaps or other derivatives instruments [50], [51], or synthetic securities;
Latvian: tie nedrīkst kopumā vai daļēji, faktiski vai potenciāli ietvert citu ar aktīviem nodrošinātu vērtspapīru laidienus [49]; turklāt tie nedrīkst kopumā vai daļēji, faktiski vai potenciāli ietvert ar kredītiem saistītas parādzīmes, mijmaiņas darījumus vai citus atvasinātos instrumentus [50] [51], vai sintētiskos vērtspapīrus; un
Lithuanian: jis negali būti sudarytas – visiškai ar iš dalies, faktiškai ar potencialiai – iš kitų turtu užtikrintų vertybinių popierių emisijų dalių [49]; Be to, jis negali būti sudarytas – visiškai ar iš dalies, faktiškai ar potencialiai – iš su kredito įvykiais susietų obligacijų, apsikeitimo sandorių arba kitų išvestinių priemonių [50], [51], arba sintetinių vertybinių popierių;
English: Since 19 May 2008, the decentralised technical infrastructure of TARGET has been replaced by TARGET2. TARGET2 consists of the single shared platform (through which all payment orders are submitted and processed and through which payments are received in the same technical manner) and, while applicable, the proprietary home accounting systems of NCBs.
Slovak: Prístup k jednodňovej refinančnej operácii majú navyše len zmluvné strany, ktoré majú prístup k účtu vedenému v národnej centrálnej banke, kde môže byť transakcia vyrovnaná, napríklad v jednotnej zdieľanej platforme systému TARGET2.
Lithuanian: Be to, ribinio skolinimosi galimybe leidžiama naudotis tik kitoms sandorių šalims, turinčioms prieigą prie sąskaitos NCB, kur galima atsiskaityti už sandorį, pavyzdžiui, TARGET2 bendroje techninėje platformoje.
English: Interest terms ECB debt certificates are issued at a discount, i.e. they are issued at below the nominal amount and are redeemed at maturity at the nominal amount. The difference between the discounted issue amount and the redemption amount equals the interest accrued on the discounted issue amount, at the agreed interest rate, over the maturity of the certificate. The interest rate applied is a simple interest rate based on the day-count convention ‘actual/360’.
Latvian: Procentu nosacījumi
English: The debt instrument must be admitted to trading on a regulated market as defined in the Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC [57], or traded on certain non-regulated markets as specified by the ECB [58]. The assessment of non-regulated markets by the Eurosystem is based on three principles – safety, transparency and accessibility [59].6.2.1.6.
Latvian: Parāda instruments jāpieņem tirdzniecībai regulētā tirgū, kā noteikts Eiropas Parlamenta un Padomes 2004. gada 21. aprīļa Direktīvā 2004/39/EK, kas attiecas uz finanšu instrumentu tirgiem un ar ko groza Padomes Direktīvas 85/611/EEK un 93/6/EEK un Eiropas Parlamenta un Padomes Direktīvu 2000/12/EK un atceļ Padomes Direktīvu 93/22/EEK [57], vai jāveic tirdzniecība konkrētos neregulētos tirgos, kā noteikusi ECB [58], Novērtējot neregulētus tirgus, Eurosistēma balstās uz trim principiem – drošību, caurredzamību un pieejamību [59].6.2.1.6.
English: For asset-backed securities issued between 1 March 2009 and 28 February 2010, the first credit assessment must comply with the ‘AAA’/‘Aaa’ level at issuance and the ‘single A’ level over the life of the security, while the second credit assessment must comply with the ‘single A’ level both at issuance [80] and over the life of the security. Fungible tap issuances of asset-backed securities are considered to be new issuances of asset-backed securities.
Latvian: Ar aktīviem nodrošinātiem vērtspapīriem, kas emitēti laikā no 2009. gada 1. marta līdz 2010. gada 28. februārim, pirmajam kredītnovērtējumam jāatbilst “AAA”/“Aaa” līmenim emisijas brīdī un “A” līmenim vērtspapīra pastāvēšanas laikā, bet otram kredītnovērtējumam jāatbilst “A” līmenim gan emisijas brīdī [80], gan vērtspapīra pastāvēšanas laikā.Ar aktīviem nodrošinātu vērtspapīru aizstājamas papildu emisijas tiek uzskatītas par jaunām ar aktīviem nodrošinātu vērtspapīru emisijām.
English: Furthermore, counterparties are responsible for ensuring that they use the most recent credit assessment updates available from their selected credit assessment system or source for the debtors [85] or guarantors of submitted assets. Credit assessments of debtors/guarantors: The high credit standards of the debtors or guarantors of credit claims are established according to rules differentiating between public sector and non-financial corporate debtors/guarantors:
Latvian: Turklāt darījuma partneri ir atbildīgi par to, lai tiktu izmantoti visjaunākie kredītnovērtējuma dati, kas pieejami no to izvēlētās kredītnovērtējuma sistēmas vai avota attiecībā uz iesniegto aktīvu debitoriem [85] vai garantijas devējiem.Debitoru vai garantijas devēju kredītnovērtējumi: kredītprasību debitoru vai garantijas devēju augstie kredītstandarti tiek noteikti saskaņā ar noteikumiem, kas nodala valsts sektora un nefinanšu sabiedrību debitorus vai garantijas devējus.
English: The monitoring process takes place 1 year after the date on which the static pool was defined. The first element of the process is the annual compilation by the credit assessment system provider of the static pools of eligible debtors, i.e. pools consisting of all corporate and public debtors, receiving a credit assessment from the system satisfying one of the following conditions:
Latvian: Procesa pirmais elements ir atbilstošo debitoru statiskā pūla (t. i., pūla, kas sastāv no visiem uzņēmumu un valsts sektora debitoriem) apkopojums, ko katru gadu veic kredītnovērtējuma sistēmas nodrošinātājs, saņemot no sistēmas kredītnovērtējumu, kas atbilst vienam no šiem nosacījumam: