natgillin/translations-raw huggingface dataset:
Gældsinstrumentet skal være optaget til omsætning på et reguleret marked, som defineret i Europa-Parlamentets og Rådets direktiv 2004/39/EF af 21. april 2004 om markeder for finansielle instrumenter [47], eller handles på visse ikke-regulerede markeder, som angivet af ECB [48].
The assessment of non-regulated markets by the Eurosystem is based on three principles – safety, transparency and accessibility [48].Type of issuer/guarantor 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. Place of establishment of the issuer/guarantor
Eurosystemets vurdering af ikke-regulerede markeder er baseret på tre principper – sikkerhed, gennemsigtighed og tilgængelighed [49].Udsteder/garant
The issuer must be established in the EEA or in one of the non-EEA G10 countries [49]. In the latter case, the debt instruments can only be considered eligible if the Eurosystem ascertains that its rights would be protected in an appropriate manner, as determined by the Eurosystem, under the laws of the respective non-EEA G10 country.
Gældsinstrumentet kan udstedes eller garanteres af centralbanker, offentlige enheder, enheder i den private sektor, internationale eller overnationale institutioner.
For this purpose, a legal assessment in a form and with substance acceptable to the Eurosystem will have to be submitted before the assets can be considered eligible. In the case of an asset-backed security, the issuer must be established in the EEA. The guarantor must be established in the EEA.
Gældsinstrumenter udstedt af kreditinstitutter – dog ikke særligt dækkede obligationer – er kun belånbare, hvis de omsættes på et af de ovennævnte regulerede markeder.
International or supranational institutions are eligible issuers/guarantors irrespective of their place of establishment. In case a marketable debt instrument is issued by a non-financial corporation that is not rated by an ECAI, the issuer/guarantor must be established in the euro area.
Denomineringsvaluta: Gældsfordringen skal være denomineret i euro [56].
Currency of denomination: The credit claim must be denominated in euro [55]. Non-marketable retail mortgage-backed debt instruments
Aktivtype: Det skal være et gældsinstrument (en egenveksel eller en veksel), der er sikret af pant i beboelsesejendomme, og som ikke er fuldstændigt securitiseret.
Substitution of assets in the underlying pool must be possible and a mechanism needs to be in place to ensure that the Eurosystem enjoys priority over creditors other than those exempted for public policy reasons [56]. The RMBD must have (a) a fixed, unconditional principal amount and (b) an interest rate that cannot result in a negative cash flow.
Det skal være muligt at substituere aktiver i den underliggende pulje, og en ordning skal være på plads, som sikrer, at eurosystemet er foranstillet andre kreditorer (dog ikke kreditorer, der er undtaget af hensyn til almenhedens interesser) [57].
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.
Detailgældsinstrumenter med pant i fast ejendom skal være med: a) en fast ubetinget hovedstol og b) en rente, der ikke kan give en negativ betalingsstrøm.
Place of establishment of the issuer: The issuer must be located in the euro area. Handling procedures: The RMBD must be handled according to the Eurosystem procedures as defined in the respective national documentation.
Denomineringsvaluta: Detailgældsinstrumenter med pant i fast ejendom skal være denomineret i euro [56] Se fodnote 13 i dette kapitel.
Additional requirements for the use of eligible assets Additional legal requirements for credit claims
Selv om et omsætteligt eller ikke-omsætteligt aktiv opfylder alle belånbarhedskriterier, må en modpart ikke stille et aktiv som sikkerhed, hvis den selv eller en anden enhed, som den har snævre forbindelser med, har udstedt eller garanteret dette aktiv [58]. »Snævre forbindelser« forekommer i en situation, hvor modparten er forbundet med en udsteder/debitor/garant af belånbare aktiver på en af nedenstående måder:
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
Modparten ejer mindst 20 pct. af udstederens/debitorens/garantens kapital, eller et eller flere foretagender, hvor modparten ejer størstedelen af kapitalen, ejer mindst 20 pct. af udstederens/debitorens/garantens kapital, el-ler modparten og et eller flere foretagender, hvor modparten ejer størstedelen af kapitalen, ejer tilsammen mindst 20 pct. af udstederens/debitorens/garantens kapital.
(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 (iii) 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.
Desuden kan de nationale centralbanker beslutte ikke at acceptere følgende omsættelige eller ikke-omsættelige aktiver som sikkerhed, selv om de er belånbare aktiver: Gældsinstrumenter med indfrielsesdato inden udløbet af den pengepolitiske operation, hvori de anvendes som underliggende aktiver [59].
and debt instruments with an income flow (e.g. a coupon payment) occurring in the period up to the maturity date of the monetary policy operation for which they are being used as underlying assets.
Aktiver, der kan benyttes i eurosystemets pengepolitiske operationer Belånbarhedskriterier
Eligibility criteria Marketable assets [59]
Fra 1. januar 2007 til 31. december 2011:
Between 1 January 2007 and 31 December 2011: for domestic use: choice of the NCB;
til indenlandsk brug: fastsættes af NCBen
for cross-border use: common threshold of EUR 500000 [62].
til grænseoverskridende brug: et fælles mindstebeløb på 500000 euro [63]Fra og med 1. januar 2012: et fælles mindstebeløb på500000 euro i hele euroområdet.
As from 1 January 2012: common minimum threshold of EUR 500000 throughout the euro area.
Kan benyttes på tværs af grænserne
Cross-border use Yes
Eurosystemets rammer for kreditvurdering
Scope and elements The Eurosystem credit assessment framework (ECAF) defines the procedures, rules and techniques which ensure that the Eurosystem requirement of high credit standards for all eligible assets is met.
Anvendelsesområde og elementer
Within the general framework, in the establishment of high credit standards, the Eurosystem differentiates between marketable and non-marketable assets (see Sections 6.3.2 and 6.3.3) in order to take account of the different legal nature of these assets and for operational efficiency reasons. In the assessment of the credit standard of eligible assets, the Eurosystem takes into account credit assessment information from credit assessment systems belonging to one of four sources, namely external credit assessment institutions (ECAIs), NCBs’ in-house credit assessment systems (ICASs), counterparties’ internal ratings-based (IRB) systems or third-party providers’ rating tools (RTs).
Kreditvurdering foretaget af et eksternt kreditvurderingsbureau: Mindst en kreditvurdering fra et godkendt eksternt kreditvurderingsbureau (se afsnit 6.3.4) gældende for udstedelsen (eller, såfremt denne ikke findes, for udsteder) skal ligge inden for eurosystemets grænseværdi for kreditkvalitet [66] [67], ECB offentliggør grænseværdien for kreditkvalitet for alle godkendte eksterne kreditvurderingsbureauer, jf. afsnit 6.3.1 [68].
ECAI credit assessment: At least one credit assessment from an accepted ECAI (as set out in Section 6.3.4) for the issue (or, in its absence, for the issuer) must comply with the Eurosystem’s credit quality threshold [65] [66]. The ECB publishes the credit quality threshold for any accepted ECAI, as established under Section 6.3.1 [67].
Garantier: Såfremt der ikke foreligger en (acceptabel) kreditvurdering af udsteder foretaget af et godkendt eksternt kreditvurderingsbureau, kan en høj kreditstandard fastslås på grundlag af garantier tilvejebragt af økonomisk velfunderede garanter.
Guarantees: In the absence of an (acceptable) ECAI credit assessment of the issuer, high credit standards can be established on the basis of guarantees provided by financially sound guarantors. The financial soundness of the guarantor is assessed on the basis of ECAI credit assessments meeting the Eurosystem’s credit quality threshold.
Garantens finansielle soliditet vurderes ud fra kreditvurderinger fra eksterne kreditvurderingsbureauer, der ligger inden for eurosystemets grænseværdi for kreditkvalitet.
The guarantee must meet the following requirements: A guarantee is deemed acceptable if the guarantor has unconditionally and irrevocably guaranteed the obligations of the issuer in relation to the payment of principal, interest and any other amounts due under the debt instruments to the holders thereof until they are discharged in full.
En garanti anses for acceptabel, hvis garanten ubetinget og uigenkaldeligt har garanteret udsteders forpligtelser med hensyn til betaling af hovedstol, rente og andre skyldige beløb i forbindelse med gældsinstrumenterne til gældsinstrumenternes indehavere, indtil disse forpligtelser er helt opfyldt.
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.
Inden det garanterede aktiv kan anses for belånbart, skal der indsendes en juridisk bekræftelse af garantiens juridiske gyldighed, bindende virkning og retsgyldighed.
The need for a legal confirmation does not apply to guarantees given in respect of debt instruments with an individual asset rating or to guarantees given by public entities entitled to levy taxes.
Hvis garanten er etableret i et andet retssystem end det, som garantien hører under, skal det også fremgå af den juridiske bekræftelse, at garantien er gældende og retsgyldig i henhold til den lovgivning, der gælder for garantens etablering.
In the absence of an ECAI credit assessment for the issue, issuer or guarantor, the high credit standards are established as follows: Euro area public sector issuers or guarantors: If a marketable asset is issued or guaranteed by a regional government, local authority or public sector entity (PSE) located in the euro area as defined in the CRD, the following procedure applies:
Udsteder eller garant placeres i en af tre klasser i overensstemmelse med kapitalkravsdirektivet [70] som angivet i tabel 5.
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. The non-rated marketable debt instruments issued by non-financial corporations are not included in the public list of eligible marketable assets. Table 5 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
En implicit kreditvurdering for udstedere og garanter under klasse 1 og 2 udledes af et eksternt kreditvurderingsbureaus kreditvurdering af staten i det land, hvor udsteder eller garant har hjemsted.
Class 1 Regional governments, local authorities and PSEs that, according to competent supervisory authorities, can be treated equally to the central government for capital requirements purposes
Den implicitte kreditvurdering skal ligge inden for eurosystemets mindsteværdi for kreditkvalitet.
Allocated the ECAI credit assessment of the central government of the country in which it is established Class 2
Tildeles en kreditvurdering, der er et kreditkvalitetstrin [72] under et eksternt kreditvurderingsbureaus kreditvurdering af staten i det land, hvor det har hjemsted.
Class 3 Other PSEs Treated like private sector issuers or debtors
Modparten vælger ét system hos en tilgængelig kreditvurderingskilde, undtagen i tilfælde af eksterne vurderingsbureauer, hvor alle accepterede eksterne kreditvurderingsbureauers systemer kan bruges.
Counterparties wishing to change credit assessment sources after the minimum period of one year have to submit a reasoned request to the relevant NCB. Counterparties may be allowed to use more than one system or source upon submission of a reasoned request.
Modparterne skal holde sig til den valgte kilde i mindst et år, så det undgås, at modparten »hopper« mellem kreditvurderinger (hvor modparten fx for hver enkelt debitor søger efter den bedste kreditvurdering, som garanterer belånbarhed, blandt alle tilgængelige kilder eller systemer).
The main credit assessment source chosen is expected to cover the largest number of submitted debtors by the counterparty. The use of more than one credit assessment source or system should be supported by the existence of an adequate business case.
Modparterne skal straks underrette den nationale centralbank om alle kreditbegivenheder, herunder angivne debitorers forsinkede betalinger, som modparten er vidende om, og – om nødvendigt – trække aktiverne tilbage eller erstatte dem.
Public sector debtors or guarantors: The following rules are applied in a sequential order: (i) A credit assessment from the system or source selected by the counterparty exists and is used to establish whether the public sector debtor or guarantor meets the credit quality threshold.
Kravet om retsgyldighed er underlagt de konkursretlige og billighedsretlige regler samt lignende regler og retsprincipper, der måtte gælde for garanten og berøre kreditorernes rettigheder over for garanten generelt.
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
De høje kreditstandarder for ikke-omsættelige detailgældsinstrumenter med pant i fast ejendom må ikke være under eurosystemets mindsteværdi for kreditkvalitet.
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
De specifikke kreditvurderingsrammer for hver enkelt jurisdiktion for disse gældsinstrumenter vil blive angivet i det gældende nationale dokumentationsgrundlag udarbejdet af de nationale centralbanker.
The ECAF builds on credit assessment information from four sources. Under each source, there might be a set of credit assessment systems.
På ECBs websted (www.ecb.int) findes en liste over godkendte eksterne kreditvurderingsbureauer, de nationale centralbankers interne kreditvurderingssystemer og ratingværktøjer ud-budt af tredjemand [78].
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]. For the purposes of the ECAF, the general acceptance criteria for ECAIs are the following: ECAIs must be formally recognised by the relevant EU supervisory authority for the euro area countries in which they will be used, in line with the CRD. ECAIs must fulfil operational criteria so as to ensure the efficient implementation of the ECAF. In particular, the use of their credit assessments is subject to the availability to the Eurosystem of information on these assessments, as well as information for the comparison and the assignment (mapping) of the assessments with the ECAF credit quality steps and the credit quality threshold and for the implementation of performance monitoring (see Section 6.3.5). 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 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. ICASs are subject to the Eurosystem performance monitoring process (see Section 6.3.5).
Eksterne kreditvurderingsbureauer som kilde
Furthermore, the counterparty must inform the ICAS NCB promptly about any credit event that is known only to the counterparty, including a delay of payments by the submitted debtors. Moreover, in countries in which RMBDs are mobilised, the respective national central bank implements a credit assessment framework for this type of asset in accordance with the ECAF. Such frameworks are subject to a yearly performance monitoring process. Internal ratings-based system source A counterparty intending to use an IRB system to assess the credit quality of the debtors, issuers or guarantors of eligible debt instruments has to obtain the permission of its home national central bank.
Eksterne kreditvurderingsbureauer, hvis kreditvurderinger kan anvendes af kreditinstitutter til at fastsætte risikovægtede engagementer i henhold til kapitalkravsdirektivet, kan anvendes som kilde [79].
For that purpose, it must file a request, together with the following documents [79]: A copy of the decision of the relevant banking supervisory authority within the EU authorising the counterparty to use its IRB system for capital requirements purposes on a consolidated or unconsolidated basis, together with any specific conditions for such use.
De eksterne kreditvurderingsbureauer skal opfylde operationelle kriterier for at sikre en effektiv gennemførelse af eurosystemets rammer for kreditvurdering.
A copy of the Pillar 3 (market discipline) information that the counterparty is required to publish on a regular basis in accordance with the requirements on market discipline under Pillar 3 of the Basel II framework and the CRD. The name and the address of both the competent banking supervisor and the external auditor.
Navnlig er anvendelsen af deres kreditvurderinger betinget af, at eurosystemet råder over information om disse vurderinger samt information til sammenligning og tildeling (»mapping«) af vurderingerne i forhold til eurosystemets kreditvurderingsrammers kreditkvalitetstrin og mindsteværdien for kreditkvalitet samt til gennemførelsen af performanceovervågningen (se af-snit 6.3.5).
The request has to be signed by the counterparty’s chief executive officer (CEO), chief financial officer (CFO) or a manager of similar seniority, or by an authorised signatory on behalf of one of them. The above provisions apply to all counterparties regardless of their status – parent, subsidiary or branch – and regardless of whether the endorsement of the IRB system comes from the supervisor in the same country (for a parent company and possibly for subsidiaries) or from a supervisor in the home country of the parent (for branches and possibly for subsidiaries).
Afgørelsen træffes ved hjælp af bl.a. performanceovervågningen.
Counterparties using an IRB system as described above are also subject to the Eurosystem performance monitoring process (see Section 6.3.5).
Interne kreditvurderingssystemer i de nationale centralbanker anvendt som kilde Denne kilde består på nuværende tidspunkt af de fire kreditvurderingssystemer, der drives af Deutsche Bundesbank, Banco de España, Banque de France og Oesterreichische Nationalbank.
In addition to the information requirements for this process, the counterparty is under an obligation to communicate the following information on an annual basis (or as and when required by the relevant national central bank) unless such information is transmitted directly by the relevant supervisory authority to the relevant national central bank:
Interne kreditvurderingssystemer er omfattet af eurosystemets performanceovervågning (se afsnit 6.3.5).
any changes to the counterparty’s IRB system recommended or required by the supervisor, together with the deadline by which such changes must be implemented;
Desuden skal modparten øjeblikkeligt underrette den nationale centralbank med det interne kreditvurderingssystem om alle kreditbegivenheder, som kun modparten er vidende om, herunder forsinkelse i de angivne debitorers betalinger.
the annual update of the Pillar 3 (market discipline) information that the counterparty is required to publish on a regular basis in accordance with the requirements of the Basel II framework and the CRD. information on the competent banking supervisor and the external auditor.
Endvidere opstiller den relevante nationale centralbank i lande, hvor detailgældsinstrumenter med pant i fast ejendom mobiliseres, rammer for kreditvurdering af denne type aktiver i overensstemmelse med eurosystemets rammer for kreditvurdering.
This yearly communication has to be signed by the counterparty’s CEO, CFO or a manager of similar seniority, or by an authorised signatory on behalf of one of them. The relevant supervisor and, where applicable, the external auditor of the counterparty receive a copy of this letter from the Eurosystem.
Disse rammer indgår i den årlige performanceovervågning.
Third-party rating tool source
Hvis en modpart ønsker at anvende et internt ratingbaseret system til at vurdere kreditkvaliteten hos belånbare gældsinstrumenters debitorer, udstedere eller garanter, skal modparten indhente tilladelse fra sin egen nationale centralbank.
The tools have to be operated by the RT providers. Counterparties wishing to use a specific RT for ECAF purposes have to submit a request to their respective national central bank, using the appropriate template provided by the Eurosystem, complemented by additional documentation of the RT as specified in the application form.
Eurosystemet kan benytte sig af de risikostyringsinstrumenter, som er beskrevet i boks 7.
The risk control measures at the disposal of the Eurosystem are described in Box 7. The Eurosystem applies specific risk control measures according to the types of underlying assets offered by the counterparty.