natgillin/translations-raw huggingface dataset:
Risikostyringsinstrumenterne er stort set harmoniserede i hele euroområdet [83] og bør sikre ensartede betingelser for alle typer belånbare aktiver i hele euroområdet.
BOX 7 Risk control measures The Eurosystem currently applies the following risk control measures: Valuation haircuts The Eurosystem applies ‘valuation haircuts’ in the valuation of underlying assets. This implies that the value of the underlying asset is calculated as the market value of the asset less a certain percentage (haircut). Variation margins (marking to market) The Eurosystem requires the haircut-adjusted market value of the underlying assets used in its liquidity-providing reverse transactions to be maintained over time. This implies that if the value, measured on a regular basis, of the underlying assets falls below a certain level, the national central bank will require the counterparty to supply additional assets or cash (i.e. it will make a margin call). Similarly, if the value of the underlying assets, following their revaluation, exceeds a certain level, the counterparty may retrieve the excess assets or cash.
Eurosystemet kræver, at kursværdien af de underliggende aktiver i likviditetstilførende tilbageførselsforretninger efter fradrag af haircut holdes på et bestemt niveau.
Limits in relation to issuers/debtors or guarantors The Eurosystem may apply limits to the exposure vis-à-vis issuers/debtors or guarantors.
Det indebærer, at den nationale centralbank pålægger modparten at levere yderligere aktiver eller kontanter (dvs. den foretager et margin call), hvis de underliggende aktivers værdi, målt regelmæssigt, falder under et bestemt niveau.
Additional guarantees The Eurosystem may require additional guarantees from financially sound entities in order to accept certain assets.
Tilsvarende returneres overskydende aktiver eller kontanter til modparten, hvis de underliggende aktivers værdi efter en genberegning ligger over et bestemt niveau.
Exclusion The Eurosystem may exclude certain assets from use in its monetary policy operations.
Risikostyring for omsættelige aktiver Rammerne for risikostyring i forbindelse med belånbare omsættelige aktiver omfatter følgende: Belånbare omsættelige aktiver henføres til en af fire likviditetskategorier baseret på udstederklassifikation og aktivtype.
The allocation is described in Table 6.
Dette er beskrevet i tabel 6.
Table 6
Traditionelle særligt dækkede obligationer
Traditional covered bank bonds Asset-backed securities
Der anvendes forskellige haircuts alt efter gældsinstrumenternes restløbetid og kuponstruktur som beskrevet i tabel 7 for belånbare omsættelige gældsinstrumenter med fast kuponrente og nulkuponrente [88].
The haircuts differ according to the residual maturity and coupon structure of the debt instruments as described in Table 7 for eligible marketable fixed coupon and zero coupon debt instruments [87]. The valuation haircuts applied to all marketable inverse floating rate debt instruments are the same for all liquidity classes and are described in Table 8.
(I pct.)
(percentages)
Hvis de underliggende aktiver efter værdiansættelsen ikke opfylder kravene for den pågældende dag, udføres symmetriske margin calls.
If, after valuation, the underlying assets do not match the requirements as calculated on that day, symmetric margin calls are performed. In order to reduce the frequency of margin calls, national central banks may apply a trigger point.
Hvis τ er tiden mellem genberegningerne, er margin callgrundlaget på tidspunktet t + τ lig med:
Let τ be the time period between revaluations. The margin call base at time t + τ equals:
>k· Σi=1
>k·Σi=1
+k· Σi=1
+k·Σi=1
I mangel af en repræsentativ kurs for et bestemt aktiv på den sidste bankdag inden værdiansættelsesdagen, anvendes den seneste handelskurs.
In the absence of a representative price for a particular asset on the business day preceding the valuation date, the last trading price is used. If the reference price obtained is older than five days, or has not moved for at least five days, the Eurosystem defines a theoretical price.
På grund af forskelle i de nationale retssystemer og den operationelle praksis kan behandlingen af betalingsstrømmene i forbindelse med aktiver (fx rentebetalinger), der modtages i en tilbageførselsforretnings løbetid, variere mellem de nationale centralbanker.
If the income flow is transferred to the counterparty, national central banks ensure that the relevant operations will still be fully covered by a sufficient amount of underlying assets before the transfer of the income takes place. The national central banks aim to ensure that the economic effect of the treatment of income flows is equivalent to a situation in which the income is transferred to the counterparty on the payment day [90].
Hvis betalingsstrømmen overføres til modparten, sikrer de nationale centralbanker, at de relevante operationer stadig er helt dækket af tilstrækkelige underliggende aktiver, indtil overførslen finder sted.
Non-marketable assets Non-marketable assets are assigned a value corresponding either to the theoretical price or to the outstanding amount.
Hvis den nationale centralbank vælger at værdiansætte til det udestående beløb, vil det ikkeomsættelige aktiv muligvis blive underlagt højere haircuts (se afsnit 6.4.3).
Cross-border use of eligible assets Eurosystem counterparties may use eligible assets on a cross-border basis, i.e. they may obtain funds from the national central bank of the Member State in which they are established by making use of assets located in another Member State. Underlying assets must be usable on a cross-border basis throughout the euro area for the handling of all types of operations in which the Eurosystem provides liquidity against eligible assets. A mechanism has been developed by the national central banks (and by the ECB) to ensure that all eligible assets issued/deposited in the euro area may be used on a cross-border basis. This is the correspondent central banking model (CCBM), under which national central banks act as custodians (‘correspondents’) for each other (and for the ECB) in respect of assets accepted in their local depository or settlement system.
VPS
SSS
Der er udarbejdet særlige procedurer for grænseoverskridende anvendelse af ikke-omsættelige aktiver, dvs. gældsfordringer og detailgældsinstrumenter med pant i fast ejendom [94] Se fodnote 46 i dette kapitel.
Specific procedures for cross-border use have been developed for non-marketable assets, i.e. credit claims and RMBDs [93] See footnote 46 in this chapter. .
CCBM er åben for modparter (både med hensyn til omsættelige og ikke-omsættelige aktiver) fra kl. 9.00 til kl. 16.00 ECB-tid (CET) på alle eurosystemets bankdage.
Furthermore, the counterparty must ensure that the collateral for securing monetary policy operations is delivered to the account of the correspondent central bank by 4.45 p.m.
En modpart, der ønsker at benytte CCBM, skal underrette den nationale centralbank, hvorfra den ønsker at modtage kredit – dvs. modpartens hjemmecentralbank – herom inden kl. 16.00 ECB-tid (CET).
ECB time (CET) at the latest.
Anvendelse af belånbare aktiver, som er udstedt af værdipapirafviklingssystemet (VPS) i land B og befinder sig hos en modpart i land A, gennem et link mellem værdipapirafviklingssystemerne i land A og B med henblik på at opnå kredit fra den nationale centralbank i land A.
Use of eligible assets issued in the SSS of country B held by a counterparty established in country A through a link between the SSSs in countries A and B in order to obtain credit from the national central bank of country A. Country A
LAND B
NCB A
Kredit
SSS A
VPS A har aktiver
holds assets on an omnibus
på en samlekonto
account in SSS B
hos VPS B
SSS A SSS B
Begge systemer sætter med andre ord modparterne i stand til at stille sikkerhed i form af aktiver for at opnå kredit fra deres hjemmecentralbank, også selv om disse aktiver er udstedt i et værdipapirafviklingssystem i et andet land.
The CCBM and the links between SSSs perform this function in different ways. In the CCBM, the cross-border relationship is between the national central banks.
Instituttet driver ikke aktiv bankvirksomhed i konkurrence med andre kreditinstitutter.
the institution is not exercising active banking functions in competition with other credit institutions; and/or
Balancedata rapporteres til de nationale centralbanker inden for de overordnede rammer af ECBs penge- og bankstatistik (se afsnit 7.5) [103].
The balance sheet data are reported to the national central banks within the general framework of the ECB’s money and banking statistics (see Section 7.5) [102]. For institutions subject to full reporting requirements, the balance sheet data referring to the end of a given calendar month are used to determine the reserve base for the maintenance period starting in the calendar month two months later.
For institutter, der er fuldt rapporteringspligtige, anvendes balancedata for slutningen af en given kalendermåned til opgørelse af reservekravsgrundlaget for den reservekravsperiode, der starter to kalendermåneder senere.
For example, the reserve base calculated from the balance sheet of the end of February would be used to calculate the reserve requirements to be fulfilled by counterparties in the maintenance period beginning in April. The reporting framework for the ECB’s money and banking statistics includes the possibility of relieving small institutions of some of the reporting burden.
Institutter, for hvilke denne bestemmelse gælder, behøver kun at rapportere et begrænset sæt balancedata én gang hvert kvartal (ultimo kvartalsdata) og med en længere rapporteringsfrist end for større institutter.
For example, the balance sheet of the end of the first quarter – March – would be valid for the calculation of the reserve base for the maintenance periods beginning in June, July and August. According to Council Regulation (EC) No 2531/98, the ECB is entitled to include liabilities resulting from the acceptance of funds together with liabilities resulting from off-balance-sheet items in the reserve base of institutions.
For disse institutter anvendes de rapporterede balancedata for et specifikt kvartal til, med to måneders forskydning, at fastsætte reservekravsgrundlaget for de efterfølgende tre reservekravsperioder.
In the Eurosystem’s minimum reserve system, only the liability categories ‘deposits’ and ‘debt securities issued’ are actually included in the reserve base (see Box 9). Liabilities vis-à-vis other institutions included in the list of institutions subject to the Eurosystem’s minimum reserve system and liabilities vis-à-vis the ECB and the national central banks are not included in the reserve base.
Balancen for ultimo 1. kvartal – marts – benyttes fx til opgørelse af reservekravsgrundlaget i de reservekravsperioder, der starter i juni, juli og august.
In this respect, for the liability category ‘debt securities issued’, the issuer needs to be able to prove the actual amount of these instruments held by other institutions subject to the Eurosystem’s minimum reserve system in order to be entitled to deduct them from the reserve base. If such proof cannot be presented, issuers may apply a standardised deduction of a fixed percentage [103] to this balance sheet item.
Ifølge Rådets forordning (EF) nr. 2531/98 kan ECB medtage passiver som følge af accept af midler samt passiver, der hidrører fra ikke-balan-ceførte poster, i institutternes reservekravsgrundlag.
The reserve ratios are determined by the ECB subject to the maximum limit specified in Council Regulation (EC) No 2531/98. The ECB applies a uniform non-zero reserve ratio to most of the items included in the reserve base.
I eurosystemets reservekravssystem er dog kun passivkategorierne »indlån« og »udstedte gældsinstrumenter« medtaget i reservekravsgrundlaget (se boks 9).
This reserve ratio is specified in Regulation ECB/2003/9. The ECB sets a zero reserve ratio on the following liability categories: ‘deposits with an agreed maturity of over two years’, ‘deposits redeemable at notice of over two years’, ‘repos’ and ‘debt securities with an agreed maturity of over two years’ (see Box 9).
Passiver over for andre institutter, der er opført på listen over institutter, som er underlagt eurosystemets reservekrav, og passiver over for ECB og de nationale centralbanker medtages ikke i reservekravsgrundlaget.
The ECB may change the reserve ratios at any time. Changes in reserve ratios are announced by the ECB in advance of the first maintenance period for which the change is effective. Calculation of reserve requirements
I den forbindelse skal udstederne af passivkategorien »udstedte gældsinstrumenter« kunne dokumentere den faktiske størrelse af passiver holdt af andre institutter, der er underlagt eurosystemets reservekrav, for at de kan udelades af reservekravsgrundlaget.
The reserve requirement of each individual institution is calculated by applying, to the amount of eligible liabilities, the reserve ratios for the corresponding categories of liabilities. Each institution deducts an allowance of E100000 from its reserve requirement in each Member State in which it has an establishment.
Hvis der ikke kan føres en sådan dokumentation, kan der foretages et fradrag i reservekravsgrundlaget på en fastsat procentsats [104] for denne balancepost. Reservekravskoefficienterne fastsættes af ECB inden for den maksimumsgrænse, der er angivet i Rådets forordning (EF) nr. 2591/98.
The granting of such an allowance is without prejudice to the legal obligations of institutions subject to the Eurosystem’s minimum reserve system [104].
Denne reservekravskoefficient er angivet i forordning ECB/2003/9.
BOX 9 Reserve base and reserve ratios
Tidsindskud med løbetid på over 2 år
Repos Debt securities issued
Passiver over for ECB og de nationale centralbanker
Maintenance of reserve holdings Maintenance period
Reservekravsperioden
The maintenance period begins 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. Under special circumstances, the published calendar may be amended, depending, among other things, on changes in the schedule of Governing Council meetings.Reserve holdings Each institution must hold its minimum reserves on one or more reserve accounts with the national central bank in the Member State in which it is established.
Hvis et institut har enheder i mere end en medlemsstat, skal det holde mindstereserver på konti hos den nationale centralbank i hver medlemsstat, hvor det har en enhed, i forhold til sit reservekravsgrundlag i den pågældende medlemsstat.
Institutions’ settlement accounts with the national central banks may be used as reserve accounts. Reserve holdings on settlement accounts may be used for intraday settlement purposes.
Proceduren for meddelelse og anerkendelse af et instituts mindstereserver er som følger: Den pågældende nationale centralbank eller instituttet tager initiativ til at beregne instituttets mindstereserver for den pågældende reservekravsperiode.
The procedure for the notification and acknowledgement of an institution’s minimum reserves is as follows. Either the relevant national central bank or the institution takes the initiative to calculate that institution’s minimum reserves for the relevant maintenance period.
Liste 2-aktiver, der ikke opfylder de belånbarhedskriterier, der gælder for den fælles ramme for belånbare aktiver til sikkerhedsstillelse, er fortsat belånbare indtil 31. maj 2007, og de dertil hørende haircuts for omsættelige liste 2-papirer (som de fremgår af Dokumentationsgrundlaget fra februar 2005) er fortsat i kraft indtil da. Styrelsesrådet har ligeledes besluttet, at enheder på liste 1, der er udstedt af franske fonds communs de créances, fortsat kan belånes indtil 31. december 2008.
Tier two assets that do not qualify under the eligibility criteria for the single framework for eligible collateral will remain eligible until 31 May 2007, and the associated haircuts for marketable tier two assets (as set out in the General Documentation published in February 2005) continue to apply until that date. The Governing Council has also decided that units of French fonds communs de créances (FCCs) incorporated in the tier one list will remain eligible for a transitional period until 31 December 2008.
En liste over godkendte ikke-regulerede markeder er offentliggjort på ECBs websted (www.ecb.int).
‘Safety’, ‘transparency’ and ‘accessibility’ are defined by the Eurosystem exclusively in terms of the performance of the Eurosystem’s collateral management function. The selection process is not aimed at assessing the intrinsic quality of the various markets. The principles are to be understood as follows. Safety is taken to mean certainty with regard to transactions, in particular certainty on the validity and enforceability of transactions.
Listen opdateres mindst en gang om året.
Transparency is taken to mean unimpeded access to information on the market’s rules of procedure and operation, the financial features of the assets, the price formation mechanism, and the relevant prices and quantities (quotes, interest rates, trading volumes, outstanding amounts, etc.). Accessibility refers to the Eurosystem’s ability to take part in and have access to the market; a market is accessible for collateral management purposes if its rules of procedure and operation allow the Eurosystem to obtain information and conduct transactions when needed for these purposes.
Fra 1. januar 2012 gælder en enhedsordning.
Credit claims are also referred to as bank loans. Schuldscheindarlehen and Dutch registered private claims on the government or other eligible debtors that are covered by a government guarantee (e.g. housing associations) are deemed to be equivalent to credit claims.
Indtil da har BcL fastsat et mindstebeløb på 1000000 euro.
Until then, BcL will apply a minimum threshold of EUR 1000000. [55] See footnote 13 in this chapter.
Irske egenveksler med pant i fast ejendom er på nuværende tidspunkt de eneste instrumenter i denne aktivklasse.
In the event of a counterparty using assets that, owing to an identity with the issuer/debtor/guarantor or the existence of close links, it may not or no longer use to secure an outstanding credit, it is obliged to immediately notify the relevant national central bank thereof. The assets are valued at zero on the next valuation date and a margin call may be triggered (see also Annex 6). In addition, the counterparty has to remove the asset on the earliest possible date.
Se nærmere i afsnit 6.2.2.
The credit standard of non-rated marketable debt instruments issued or guaranteed by non-financial corporations is determined on the basis of the credit assessment source chosen by the respective counterparty in accordance with the ECAF rules applicable to credit claims, as set out in Section 6.3.3. In the case of these marketable debt instruments, the following eligibility criteria for marketable assets have been amended: place of establishment of the issuer/guarantor: euro area; place of issue: euro area.
Disse oplysninger offentliggøres på ECBs websted (www.ecb.int).
The national central bank reporting a certain asset is normally the national central bank of the country in which the asset will be admitted to trading/traded on an acceptable market. In the event that an asset is admitted to trading/traded on multiple markets, any queries should be addressed to the ECB’s Eligible Assets Hotline (Eligible-Assets.hotline@ecb.int).
Modparten skal øjeblikkeligt underrette udbyderen af ratingværktøjet om alle kreditbegivenheder, som kan tyde på forringelse af kreditkvaliteten.
Owing to operational differences across Member States, some differences in terms of risk control measures may prevail. For instance, in respect of the procedures for counterparties’ delivery of underlying assets to the national central banks (in the form of a pool of collateral pledged with the national central bank or as repurchase agreements based on individual assets specified for each transaction), minor differences may occur with regard to the timing of the valuation and other operational features of the risk control framework. Furthermore, in the case of non-marketable assets, the precision of valuation techniques may differ, which is reflected in the overall level of haircuts (see Section 6.4.3).
Kun instrumenter med en udstedelsesværdi på mindst 1 mia. euro, for hvilke mindst tre market makers løbende stiller købs- og salgspriser, hører til aktivklassen særligt dækkede obligationer af Jumbo-typen.
Only marketable assets issued by issuers that have been classified as agencies by the ECB are included in liquidity category II. Marketable assets issued by other agencies are included in liquidity category III.
De haircuts, der anvendes i forbindelse med værdipapirer med fast kuponrente, anvendes også i forbindelse med gældsinstrumenter, hvis kuponrente er knyttet til en ændring i udstederens rating eller til indeksobligationer.
A coupon payment is considered a variable rate payment if the coupon is linked to a reference interest rate and if the resetting period corresponding to this coupon is no longer than one year. Coupon payments for which the resetting period is longer than one year are treated as fixed rate payments, with the relevant maturity for the haircut being the residual maturity of the debt instrument.
Siden 1999 har De Nederlandsche Bank været godkendt til at anvende sin konto i Euroclear Belgium til at afvikle transaktioner med sikkerhed i de eurobonds, der er udstedt i denne internationale værdipapircentral.
Since August 2000, the Central Bank and Financial Services Authority of Ireland has been authorised to open such an account with Euroclear. This account can be used for all eligible assets held in Euroclear, i.e. including eligible assets transferred to Euroclear through eligible links.
CCBM-procedurer vedrører kun de tilfælde, hvor debitor befinder sig i det land, hvis lovgivning gælder for gældsfordringen.
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). A direct link implies that no intermediary exists between the two SSSs. Relayed links between SSSs may also be used for the cross-border transfer of securities to the Eurosystem. A relayed link is a contractual and technical arrangement that allows two SSSs not directly connected to each other to exchange securities transactions or transfers through a third SSS acting as the intermediary.
Rapporteringsgrundlaget for ECBs penge- og bankstatistik er beskrevet i bilag 4.
See Regulation ECB/2003/9. Further information relating to the standardised deduction ratio can be found on the ECB’s website (www.ecb.int), as well as on the Eurosystem websites (see Annex 5).
Se forordning ECB/2003/9. Yderligere oplysninger om fradrag i reservekravsgrundlaget findes på ECBs websted (www.ecb.int) samt på eurosystemets websteder (se bilag 5).
For institutions allowed to report statistical data as a group on a consolidated basis according to the provisions of the reporting framework for the ECB’s money and banking statistics (see Annex 4), only one such allowance will be granted to the group as a whole, unless the institutions provide data on the reserve base and reserve holdings in a sufficiently detailed manner to enable the Eurosystem to verify their accuracy and quality and to determine the respective reserve requirement of each individual institution included in the group.
Ændringen var nødvendig, fordi Rådets Direktiv 86/635/EØF af 8. december 1986 om bankers og andre penge- og finansieringsinstitutters årsregnskaber og konsoliderede regnskaber (EFT L 372 af 31.12.86, side 1) var blevet ændret, således at visse finansielle instrumenter kunne prisansættes til dagsværdi.
The calendar is normally announced in an ECB press release, to be found on the ECB’s website (www.ecb.int). In addition, such a calendar is published in the Official Journal of the European Union and on the Eurosystem websites (see Annex 5).