natgillin/translations-raw huggingface dataset:
ECB offentliggør normalt kalenderen i en pressemeddelelse, der findes på ECBs websted (www.ecb.int). Desuden offentliggøres kalenderen i Den Europæiske Unions Tidende og på eurosystemets websteder (se bilag 5).
If an institution has no head office in a Member State in which it is established, it has to designate a principal branch which would then be responsible for fulfilling the aggregate minimum reserve requirements of all the establishments of the institution in the relevant Member State.
EFT L 264 af 12.10.99, side 21.. [110] Disse kriterier blev offentliggjort i »Meddelelse fra Den Europæiske Centralbank om pålæggelse af sanktioner i tilfælde af misligholdelse af pligten til at holde mindstereserver«, EFT C 39 af 11.02.00, side 3..
Such criteria were published in a notice entitled ‘Notice of the European Central Bank on the imposition of sanctions for breaches of the obligation to hold minimum reserves’, OJ C 39 of 11 February 2000, page 3.
En langfristet markedsoperation, der starter den 29. juli 2004 og slutter den 21. oktober 2004, hvor modparten tildeles 45 mio. euro til en rente på 4,56 pct.
a longer-term refinancing operation starting on 29 July 2004 and ending on 21 October 2004 where the counterparty is allotted EUR 45 million at an interest rate of 4,56 %; and
Modparten skal levere aktiv A til en værdi, der efter fradrag af et haircut på 3,5 pct. overstiger det tildelte beløb på 50 mio. euro.
The counterparty is required to provide an amount of Asset A, which – after deduction of the 3,5 % valuation haircut – exceeds the allotted amount of EUR 50 million.
Modparten leverer derfor aktiv A til en nominel værdi af 50,6 mio. euro, hvilket den dag har en justeret kursværdi på 50113203 euro.
The counterparty therefore delivers Asset A for a nominal amount of EUR 50,6 million, the adjusted market value of which is EUR 50113203 on that day.
Som følge heraf falder den justerede kursværdi af aktiv A i den første transaktion 914218 euro under transaktionens dækningsværdi (dvs. den tilførte likviditet plus vedhængende renter), men også under den nedre tærskelværdi på 49761719 euro.
As a result, the adjusted market value of Asset A in the first transaction falls below the transaction’s amount to be covered (i.e. the liquidity provided plus the accrued interest) by EUR 914218, but also below the lower trigger level of EUR 49761719.
Modparten leverer aktiv A til en nominel værdi af 950000 euro, hvilket efter fradrag af et haircut på 3,5 pct. i markedsværdien baseret på en kurs på 100,55 bevirker, at der igen er tilstrækkelig sikkerhedsstillelse.
The counterparty delivers EUR 950000 of Asset A in nominal value terms, which – after deducting a 3,5 % haircut from the market value based on a price of 100,55 % – restores sufficient collateral coverage.
Den 4. august 2004 tilbagebetaler modparten den likviditet, der blev tilført under den primære markedsoperation, som startede den 28. juli 2004, inkl. vedhængende renter på 41222 euro.
On 4 August 2004, the counterparty repays the liquidity provided under the main refinancing operation initiated on 28 July 2004, including the accrued interest of EUR 41222.
Den nationale centralbank tilbageleverer aktiv A til en nominel værdi af 51550000 euro.
The national central bank returns EUR 51550000 of Asset A in nominal value.
Samme dag indgår modparten en ny genkøbsforretning med den nationale centralbank, der køber aktiv C til en nominel værdi af 75 mio. euro.
On the same day, the counterparty enters into a new repurchase transaction with the national central bank, which purchases EUR 75 million of Asset C in nominal value terms.
Da aktiv C er en nulkuponobligation med en restløbetid på over 10 år, hvorved der kræves et haircut på 15 pct., er kursværdien efter fradrag af haircut den dag 35068875 euro.
Since Asset C is a zero coupon corporate bond with a residual maturity of more than ten years that requires a valuation haircut of 15 %, the corresponding haircut-adjusted market value on that day is of EUR 35068875.
I et system med pooling er den øvre tærskelværdi ikke relevant, da modparten konstant vil tilstræbe en overskydende sikkerhedsstillelse for at minimere de operationelle transaktioner.
In a pooling system, the notion of upper trigger amount is not relevant, since the counterparty will constantly target an excess amount of collateral provided in order to minimise operational transactions. -------------------------------------------------- ANNEX 2 GLOSSARY Actual/360: the day-count convention applied for the calculation of interest on a credit, implying that the interest is calculated over the actual number of calendar days over which the credit is extended, on the basis of a 360-day year.
BILAG 2
Averaging provision: a provision allowing counterparties to fulfil their reserve requirements on the basis of their average reserve holdings over the maintenance period. The averaging provision contributes to the stabilisation of money market interest rates by giving institutions an incentive to smooth the effects of temporary liquidity fluctuations. The Eurosystem’s minimum reserve system provides for averaging. Bilateral procedure: a procedure whereby the central bank deals directly with only one or a few counterparties, without making use of tender procedures.
ORDLISTE
Bilateral procedures include operations executed through stock exchanges or market agents. Book-entry system: an accounting system that permits the transfer of securities and other financial assets without the physical movement of paper documents or certificates (e.g. the electronic transfer of securities). See also dematerialisation.
Afviklingsagent (settlement agent): En institution, der administrerer afviklingsprocessen (dvs. fastlæggelse af betalingspositioner, overvågning af udvekslingen af betalinger osv.) for betalingssystemer, værdipapirafviklingssystemer eller andre arrangementer, der kræver afvikling.
Central securities depository (CSD): an entity which holds and administers securities or other financial assets, holds the issuance accounts, and enables transactions to be processed by book entry. Assets may exist either physically (but immobilised within the CSD) or in a dematerialised form (i.e. only as electronic records).
Afviklingsdag (settlement date): Den dag, hvor en transaktion afvikles.
Close links: a situation in which the counterparty is linked to an issuer/debtor/guarantor of debt instruments by reason of the fact that: (i) the counterparty owns 20 % or more of the capital of the issuer/debtor/guarantor, or one or more undertakings in which the counterparty owns the majority of the capital own 20 % or more of the capital of the issuer/debtor/guarantor, or the counterparty and one or more undertakings in which the counterparty owns the majority of the capital together own 20 % or more of the capital of the issuer/debtor/guarantor; or (ii) the issuer/debtor/guarantor owns 20 % or more of the capital of the counterparty, or one or more undertakings in which the issuer/debtor/guarantor owns the majority of the capital own 20 % or more of the capital of the counterparty, or the issuer/debtor/guarantor and one or more undertakings in which the issuer/debtor/guarantor owns the majority of the capital together own 20 % or more of the capital of the counterparty; or (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. Collateral pooling system: a central bank system for managing collateral, in which counterparties open a pool account to deposit assets collateralising their transactions with the central bank.
Afvikling kan ske på handelsdagen (afvikling samme dag) eller en eller flere dage efter handelsdagen (afviklingsdagen angives som handelsdag (H) + afviklingsforskydning).
In a pooling system, by contrast with an earmarking system, the underlying assets are not earmarked for individual transactions. Collection of fixed-term deposits: a monetary policy instrument that may be used by the Eurosystem for fine-tuning purposes, where the Eurosystem offers remuneration on counterparties’ fixed-term deposits on accounts with the national central banks in order to absorb liquidity from the market.
Afviklingskonto (settlement account): En konto, som en direkte deltager i et nationalt RTGSsystem har hos centralbanken med henblik på afvikling af betalinger.
Correspondent banking: an arrangement under which one credit institution provides payment and other services to another credit institution. Payments through correspondents are often executed through reciprocal accounts (nostro and loro accounts) to which standing credit lines may be attached.
Auktion (tender procedure): En procedure, hvor centralbanken tilfører markedet likviditet eller opsuger likviditet fra markedet på grundlag af konkurrerende bud afgivet af modparter.
A loro account is the term used by a correspondent to describe an account held on behalf of a foreign credit institution; the foreign credit institution would in turn regard this account as its nostro account. Correspondent central banking model (CCBM): a mechanism established by the European System of Central Banks with the aim of enabling counterparties to use underlying assets in a cross-border context.
De for eurosystemet mest fordelagtige bud accepteres først og så fremdeles, indtil hele det beløb, der skal tilføres eller opsuges, er nået.
In the CCBM, national central banks act as custodians for one another. This means that each national central bank has a securities account in its securities administration for each of the other national central banks (and for the ECB).
Auktion med en enkelt rentesats (hollandsk auktion) (single rate auction (Dutch auction)): En auktion, hvor tildelingsrenten (eller tildelingskursen eller antal swappoint ved tildelingen), der anvendes på alle accepterede bud, er lig med den marginale rente (eller den marginale kurs eller det marginale antal swappoint).
Counterparty: the opposite party in a financial transaction (e.g. any transaction with the central bank). Credit institution: an institution covered by the definition contained in Article 4 (1) of Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast).
Auktion til fast rente (fixed rate tender): En auktion, hvor renten er fastsat af centralbanken på forhånd, og de deltagende modparter afgiver bud på det ønskede beløb til den faste rente.
Cross-border settlement: a settlement which takes place in a country other than the country or countries in which one or both of the parties to the trade are located. Custodian: an entity which undertakes the safekeeping and administration of securities and other financial assets on behalf of others.
Auktion til variabel rente (variable rate tender): En auktionsprocedure, hvor modparterne afgiver bud både på det beløb, de ønsker at handle med centralbanken, og den rentesats, til hvilken de ønsker at indgå transaktionen.
Day-count convention: the convention regulating the number of days included in the calculation of interest on credits. The Eurosystem applies the day-count convention actual/360 in its monetary policy operations.
Ekstraordinær auktion (quick tender): Den auktionsprocedure, som eurosystemet benytter i forbindelse med finjusterende operationer, når der ønskes en hurtig påvirkning af likviditetsforholdene i markedet.
Dutch auction: see single rate auction. Earmarking system: a system for central banks’ collateral management where liquidity is provided against assets earmarked for each individual transaction.
Eurosystemet anser en tabssandsynlighed (probability of default) på 0,10 pct. over et år for at svare til en »single A«-kreditvurdering.
The Eurosystem considers a probability of default (PD) of 0,10 % over a one-year horizon to be equivalent to a ‘single A’ credit assessment.
EØS-lande (Det Europæiske Økonomiske Samarbejdsområde) (EEA (European Economic Area)): EU-medlemsstaterne og Island, Liechtenstein og Norge. Faktisk/360 (actual/360): Den rentekonvention, der anvendes ved beregning af rente på et lån.
External credit assessment institution (ECAI): a credit quality assessment source provided for in the Eurosystem credit assessment framework (ECAF) that comprises those institutions whose credit assessments may be used by credit institutions for the determination of risk weight exposures according to the Capital Requirements Directive.
Renten beregnes ud fra det faktiske antal kalenderdage, som lånet løber over, i forhold til et år på 360 dage.
These institutions are subject to a formal recognition and validation process by the national supervisors.
Denne rentekonvention anvendes i eurosystemets pengepolitiske operationer. Fast forrentet instrument (fixed rate instrument): Et finansielt instrument, hvor kuponrenten er fast i hele instrumentets løbetid.
Final transfer: an irrevocable and unconditional transfer which effects a discharge of the obligation to make the transfer.
Finjusterende operation (fine tuning operation): En markedsoperation, der udføres på ad hocbasis af eurosystemet med det primære formål at imødegå uventede likviditetsudsving i markedet.
Fine-tuning operation: a non-regular open market operation executed by the Eurosystem mainly in order to deal with unexpected liquidity fluctuations in the market.
Fradrag i reservekravsgrundlaget (standardised deduction): Den faste procentdel af udestående gældsinstrumenter med en aftalt løbetid på op til 2 år (inkl. pengemarkedspapirer), som udstedere, der ikke kan dokumentere størrelsen af deres passiver af denne type over for andre institutter underlagt eurosystemets reservekravssystem, over for ECB eller over for en national centralbank, kan udelade af deres reservekravsgrundlag.
Fixed rate instrument: a financial instrument for which the coupon is fixed throughout the life of the instrument. Fixed rate tender: a tender procedure where the interest rate is specified in advance by the central bank and participating counterparties bid the amount of money they want to transact at the fixed interest rate.
Genkøbsforretning (repurchase agreement): En forretning, hvor et aktiv sælges, og sælger samtidig berettiges og forpligtes til at købe det tilbage til en bestemt pris på et givet tidspunkt i fremtiden eller på anfordring.
Floating rate instrument: a financial instrument for which the coupon is periodically reset relative to a reference index to reflect changes in short or medium-term market interest rates.
En sådan forretning svarer til lån mod sikkerhed med den forskel, at sælger ikke beholder ejendomsretten til værdipapirerne.
Floating rate instruments have either pre-fixed coupons or post-fixed coupons.
Eurosystemet anvender genkøbsforretninger med fast løbetid i sine tilbageførselsforretninger.
Foreign exchange swap: the simultaneous spot purchase/sale and forward sale/purchase of one currency against another.
Genkøbspris (repurchase price): Den pris, til hvilken køber er forpligtet til at sælge aktiverne tilbage til sælger i en genkøbsforretning. Genkøbsprisen svarer til summen af salgsprisen og renten på den tilførte likviditet i operationens løbetid.
The Eurosystem executes open market monetary policy operations in the form of foreign exchange swaps where the national central banks (or the ECB) buy (or sell) euro spot against a foreign currency and at the same time sell (or buy) it back in a forward transaction.
Gennemsnitsfacilitet (averaging provision): En facilitet, der giver modparterne mulighed for at opfylde deres reservekrav på grundlag af deres gennemsnitlige reservekravsindeståender i løbet af reservekravsperioden.
Gross settlement system: a transfer system in which the settlement of funds or the transfer of securities occurs on an instruction-by-instruction basis. Haircut: see valuation haircut.
Gennemsnitsfaciliteten bidrager til at stabilisere pengemarkedsrenten ved at give institutterne et incitament til at udjævne virkningerne af midlertidige likviditetsudsving. Eurosystemets reservekravssystem indeholder en gennemsnitsfacilitet.
In-house credit assessment system (ICAS): a credit quality assessment source provided for in the Eurosystem credit assessment framework (ECAF) that currently comprises the four credit assessment systems operated by the Deutsche Bundesbank, the Banco de España, the Banque de France and the Oesterreichische Nationalbank.
Grænseoverskridende afvikling (cross-border settlement): Afvikling i et andet land end det eller de lande, hvor en af eller begge handlens parter befinder sig. Haircut (valuation haircut): Et risikostyringsinstrument, der anvendes i forbindelse med underliggende aktiver i tilbageførselsforretninger.
Initial margin: a risk control measure that may be applied by the Eurosystem in reverse transactions, implying that the collateral required for a transaction is equal to the credit extended to the counterparty plus the value of the initial margin.
Det indebærer, at centralbanken beregner værdien af de underliggende aktiver som aktivets kursværdi minus en vis procentdel (haircut). Eurosystemet anvender haircuts, der afspejler karakteristika ved de pågældende aktiver, fx restløbetid.
Interlinking mechanism: within the TARGET system, the Interlinking mechanism provides common procedures and an infrastructure which allow payment orders to move from one domestic RTGS system to another.
Handelsdag (H) (trade date (T)): Den dag, hvor en handel (dvs. en aftale om en finansiel transaktion mellem to modparter) indgås. Handelsdagen kan falde sammen med transaktionens afviklingsdag (afvikling samme dag) eller gå forud for afviklingsdagen med et bestemt antal bankdage (afviklingsdagen angives som H + afviklingsforskydning).
Internal rating-based (IRB) system: a credit quality assessment source provided for in the Eurosystem credit assessment framework (ECAF) that comprises the internal systems of those counterparties whose credit assessments may be used by credit institutions for the determination of risk weight exposures according to the Capital Requirements Directive.
Hollandsk auktion (Dutch auction): Se auktion med en enkelt rentesats. Højeste budbeløb (maximum bid limit): Den øvre grænse for de bud, der accepteres fra modparterne i en auktion.
These systems are subject to a formal recognition and validation process by the national supervisors.
Eurosystemet kan fastsætte et højeste budbeløb for at hindre uforholdsmæssigt høje bud fra modparterne. Højeste budrente (maximum bid rate): Den øvre grænse for den rente, til hvilken modparterne kan afgive bud i auktioner til variabel rente.
International Securities Identification Number (ISIN): an international identification code assigned to securities issued in financial markets.
Bud til en rente, der ligger over den højeste budrente fastsat af ECB, afvises.
Intraday credit: credit extended for a period of less than one business day.
Indlån med opsigelsesvarsel (deposits redeemable at notice): Denne kategori omfatter opsparingsindskud med et fast opsigelsesvarsel, der skal overholdes, før midlerne kan hæves. Det er i visse tilfælde muligt at hæve et fast beløb i en given periode eller hæve midlerne tidligere mod et strafgebyr.
It may be extended by central banks to even out mismatches in payment settlements and can take the form of: (i) a collateralised overdraft, or (ii) a lending operation against a pledge or in a repurchase agreement.
Indlånsfaciliteten (deposit facility): En stående facilitet i eurosystemet, som modparterne kan anvende til at foretage indlån på anfordring i en national centralbank, og som forrentes til en på forhånd fastsat rentesats.
Inverse floating rate instrument: a structured note where the rate of interest paid to the holder of the note varies inversely with changes in a certain reference interest rate.
Initialmargin (initial margin): Et risikostyringsinstrument, som eurosystemet kan anvende i tilbageførselsforretninger.
Issuer: the entity which is obligated on a security or other financial instrument.
Værdien af de aktiver, der stilles som sikkerhed i forbindelse med en transaktion skal svare til den kredit, der ydes modparten, plus initialmarginen. Instrument med invers variabel rente (inverse floating rate instrument): En struktureret fordring, hvor den rente, der udbetales til indehaveren, varierer i omvendt forhold til ændringerne i en bestemt referencerente.
Link between securities settlement systems: a link consists of all the procedures and arrangements which exist between two securities settlement systems (SSSs) for the transfer of securities between the two SSSs concerned through a book-entry process.
Instrument med variabel rente (floating rate instrument): Et finansielt instrument, hvor kuponrenten jævnligt tilpasses efter et referenceindeks, så den afspejler ændringer i de korte eller mellem-
Longer-term refinancing operation: a regular open market operation executed by the Eurosystem in the form of a reverse transaction.
lange markedsrenter. Instrumenter med variabel rente har enten kuponrente, der fastsættes på forhånd eller kuponrente, der fastsættes ved forfald.
Longer-term refinancing operations are executed through monthly standard tenders and normally have a maturity of three months.
Interlinking-mekanisme (Interlinking mechanism): Interlinking-mekanismen er en del af Target, som omfatter de fælles procedurer og den infrastruktur, der giver mulighed for at udføre betalingsordrer på tværs af de indenlandske RTGS-systemer.
Lump-sumallowance: a fixed amount which an institution deducts in the calculation of its reserve requirement within the minimum reserve framework of the Eurosystem. Main refinancing operation: a regular open market operation executed by the Eurosystem in the form of a reverse transaction.
Internt kreditvurderingssystem (In-house credit assessment system): En kreditvurderingskilde, der anvendes inden for eurosystemets rammer for kreditvurdering, og som på nuværende tidspunkt består af de fire kreditvurderingssystemer, der drives af Deutsche Bundesbank, Banco de España, Banque de France og Oesterreichische Nationalbank.
Main refinancing operations are conducted through weekly standard tenders and normally have a maturity of one week. Maintenance period: the period over which compliance with reserve requirements is calculated.
Internt ratingbaseret system (Internal rating-based (IRB) system): Kilde til vurdering af kreditkvalitet, der anvendes inden for eurosystemets rammer for kreditvurdering, og som omfatter de modparters interne systemer, hvis kreditvurderinger kan anvendes af kreditinstitutter til at fastsætte risikovægtede engagementer i henhold til kapitalkravsdirektivet.
The ECB publishes a calendar of the reserve maintenance periods at least three months before the start of each year.
Disse systemer skal formelt anerkendes og valideres af de nationale tilsynsmyndigheder.
Maintenance periods begin on the settlement day of the first main refinancing operation following the meeting of the Governing Council at which the monthly assessment of the monetary policy stance is pre-scheduled.
Intradag kredit (intraday credit): Kredit, der ydes i et tidsrum på under en bankdag.
They normally end on the day preceding the similar settlement day in the following month.
Centralbankerne kan yde intradag kredit for at udligne forskelle i afregningsbeløb, og kreditten ydes i form af i) overtræk mod sikkerhed eller ii) lån mod pant eller via en genkøbsforretning.
Under special circumstances, the published calendar may be amended, depending, among other things, on changes in the schedule of Governing Council meetings.
ISIN (International Securities Identification Number): En international identifikationskode, der tildeles værdipapirer udstedt i de finansielle markeder. Korrespondentbankvirksomhed (correspondent banking): En ordning, hvor et kreditinstitut udfører betalinger og andre ydelser for et andet kreditinstitut.
Margin call: a procedure related to the application of variation margins, implying that if the value, as regularly measured, of the underlying assets falls below a certain level, the central bank requires counterparties to supply additional assets (or cash).