natgillin/translations-raw huggingface dataset:
For at sikre, at der etableres gyldig sikkerhed på grundlag af gældsfordringer, og at gældsfordringerne hurtigt kan realiseres i tilfælde af, at en modpart misligholder sine forpligtelser, skal følgende juridiske krav opfyldes: Verifikation af gældsfordringernes eksistens: De nationale centralbanker skal som minimum anvende følgende foranstaltninger til at verificere eksistensen af gældsfordringer, der forelægges eurosystemet som sikkerhed: i) modpartens selvcertificering og tilsagn over for den nationale centralbank, mindst hvert kvartal, med hensyn til eksistensen af de gældsfordringer, der er forelagt som sikkerhed.
In order to ensure that a valid security is created over credit claims and that the credit claims can be swiftly realised in the event of a counterparty default, the following additional legal requirements have to be met:
Denne foranstaltning kan erstattes af krydstjek af informationer i centrale kreditregistre, hvor disse findes, ii) engangsverifikation foretaget af de nationale centralbanker, tilsynsmyndigheder eller eksterne revisorer af de procedurer, som modparten har anvendt til at forelægge eurosystemet oplysningerne om eksistensen af gældsfordringer, og iii) stikprøvekontrol udført af de nationale centralbanker, relevante kreditregistre, tilsynsmyndigheder eller eksterne revisorer af selvcertificeringens kvalitet og nøjagtighed. Kvartalsvis selvcertificering og tilsagn i henhold til punkt i) omfatter følgende krav til eurosystemets modparter:
Verification of the existence of credit claims: As a minimum, NCBs shall use the following measures to verify the existence of credit claims submitted to the Eurosystem as collateral: (i) self-certification and undertaking by the counterparty to the NCB, at least every quarter, with respect to the existence of the credit claims submitted as collateral, which could be replaced with cross-checks of information held in central credit registers, where these exist; (ii) one-off verification by NCBs, supervisors or external auditors of the procedures used by the counterparty to submit the information on the existence of credit claims to the Eurosystem; and (iii) random checks by the NCBs, relevant credit registers, supervisors or external auditors of the quality and accuracy of the self-certification.
De skal forelægge en skriftlig bekræftelse af og garanti for, at gældsfordringer, som er forelagt en national centralbank, opfylder de af eurosystemet anvendte belånbarhedskriterier.
The quarterly self-certification and undertaking under (i) above includes the requirement on Eurosystem counterparties to do the following in writing:
For at kontrollen angivet i punkt ii) og iii) (engangsverificering og stikprøvekontrol) kan udføres, skal tilsynsmyndighederne eller, navnlig, de nationale centralbanker eller de eksterne revisorer være godkendt til at foretage denne undersøgelse, om fornødent via aftaler eller i overensstemmelse med gældende nationale krav.
In order for such checks to take place as set out under (ii) and (iii) above (one-off verification and random checks), supervisors or, especially, NCBs or external auditors must be authorised to carry out this investigation, if necessary contractually or in accordance with the applicable national requirements.
Underretning af debitor om mobiliseringen af gældsfordringen eller registrering af en sådan mobilisering: Med hensyn til underretning af debitor om mobiliseringen af gældsfordringen som sikkerhed stilles følgende krav, idet der tages højde for forskellige relevante jurisdiktioners særlige karakteristika:
Notification of the debtor about the mobilisation of the credit claim or registration of such mobilisation: Regarding notification of the debtor about the mobilisation of the credit claim as collateral, taking into consideration the specific features of different jurisdictions involved, the following is required:
I visse medlemsstater, hvor underretning af debitor om mobilisering af gældsfordringen som sikkerhed er en betingelse for, at mobiliseringen er gyldig i henhold til nationale lovbestemmelser, som angivet i det gældende nationale dokumentationsgrundlag, skal forudgående underretning af debitor være et juridisk krav, som skal være opfyldt, for at gældsfordringen er belånbar.
In certain Member States where the notification of the debtor about the mobilisation of the credit claim as collateral is a precondition of valid mobilisation under national law, as specified by the applicable national documentation, ex ante notification of the debtor shall be a legal requirement for the eligibility of the credit claim.
En sådan forudgående underretning af debitor forudsætter, at debitor underrettes af modparten eller den nationale centralbank (som angivet i det gældende nationale dokumentationsgrundlag) om modpartens mobilisering af gældsfordringen som sikkerhed til fordel for den nationale centralbank, før eller samtidig med at den faktiske mobilisering som sikkerhed finder sted.
Ex ante notification of the debtor for eligibility purposes requires that the debtor be notified by the counterparty or the NCB (as specified by the applicable national documentation) about the credit claim being mobilised as collateral by the counterparty to the benefit of the NCB in advance or at the time of its actual mobilisation as collateral.
I visse andre medlemsstater, hvor offentlig registrering af mobiliseringen af en gældsfordring som sikkerhed er en betingelse for, at mobiliseringen er gyldig, eller, i visse tilfælde, en betingelse for gældsfordringens prioritet i henhold til national lovgivning, som angivet i det gældende nationale dokumentationsgrundlag, skal der være krav om, at registreringen sker før eller samtidig med, at den faktiske mobilisering som sikkerhed finder sted.
In certain other Member States where registration with public effect of the mobilisation of the credit claim as collateral is a precondition for valid mobilisation or, in certain cases, a precondition for the priority of the credit claim under national law, as specified by the applicable national documentation, such registration shall be required in advance or at the time of its actual mobilisation as collateral.
Endelig kræves det, at der i medlemsstater hvor der ikke er krav om forudgående underretning af debitor eller offentlig registrering af mobiliseringen af en gældsfordring som sikkerhed i henhold til punkt a) og b), som angivet i det gældende nationale dokumentationsgrundlag, at debitor underrettes efterfølgende.
Finally, in Member States where ex ante notification of the debtor or registration with public effect of the mobilisation of the credit claim as collateral is not required in accordance with a) and b) above, as specified by applicable national documentation, ex post notification of the debtor is required.
Efterfølgende underretning af debitor indebærer, at debitor skal underrettes af modparten eller den nationale centralbank (som angivet i det nationale dokumentationsgrundlag) om, at gældsfordringen af modparten mobiliseres som sikkerhed til fordel for den nationale centralbank umiddelbart efter en kreditbegivenhed.
Ex post notification of the debtor requires that the debtor be notified by the counterparty or the NCB (as specified by the national documentation) about the credit claim being mobilised as collateral by the counterparty to the benefit of the NCB immediately following a credit event.
Ved »kreditbegivenhed« forstås misligholdelse eller lignende begivenheder, som nærmere defineret i det gældende nationale dokumentationsgrundlag.
‘Credit event’ means default or similar events as further defined by the applicable national documentation.
Der er ingen underretningskrav, såfremt gældsfordringerne er ihændehaverbeviser, for hvilke gældende national lovgivning ikke kræver underretning.
There is no notification requirement in cases where the credit claims are bearer instruments for which applicable national law does not require notification.
I disse tilfælde kræves det, at der sker en fysisk overførsel af disse ihændehaverbeviser til den pågældende nationale centralbank før eller samtidig med, at den faktiske mobilisering som sikkerhed finder sted.
In such cases, there is a requirement to physically transfer such bearer instruments to the NCB in question in advance or at the time of their actual mobilisation as collateral.
Ovenstående er mindstekrav.
The above are minimum requirements.
De nationale centralbanker kan beslutte at kræve forudgående underretning eller registrering i andre tilfælde end de ovenstående som angivet i det gældende nationale dokumentationsgrundlag.
NCBs may decide to require ex ante notification or registration in addition to the cases above, as specified by applicable national documentation.
Ingen restriktioner i tilknytning til bankhemmelighed og tavshedspligt: Modparten må ikke være forpligtet til at indhente debitors samtykke til at videregive oplysninger om gældsfordringen og debitor, som eurosystemet kræver for at kunne sikre, at det er gyldig sikkerhed, der er etableret på grundlag af gældsfordringer, og at gældsfordringerne hurtigt kan realiseres i tilfælde af modpartens misligholdelse.
Absence of restrictions related to banking secrecy and confidentiality: The counterparty shall not be under the obligation to obtain the debtor’s approval for disclosure of information about the credit claim and the debtor that are required by the Eurosystem for the purpose of ensuring that a valid security is created over credit claims and that the credit claims can be swiftly realised in the event of a counterparty default.
Modparten og debitor skal indgå en kontraktlig aftale om, at debitor giver ubetinget samtykke til, at disse oplysninger om gældsfordringen og debitor videregives til eurosystemet.
The counterparty and the debtor shall agree contractually that the debtor unconditionally consents to the disclosure of such details about the credit claim and the debtor to the Eurosystem.
Denne foranstaltning er ikke nødvendig, hvis den nationale lovgivning ikke indeholder regler, som begrænser udleveringen af disse oplysninger, som angivet i det gældende nationale dokumentationsgrundlag.
No such provision is necessary if there are no rules restricting the provision of such information under national law, as specified in the applicable national documentation.
Ingen restriktioner med hensyn til mobiliseringen af gældsfordringen: Modparterne skal sikre, at gældsfordringerne er fuldt transferable og kan mobiliseres uden restriktioner som sikkerhed til eurosystemet.
Absence of restrictions on the mobilisation of the credit claim: Counterparties shall ensure that credit claims are fully transferable and can be mobilised without restriction as collateral for the benefit of the Eurosystem.
Der må ikke være restriktive bestemmelser med hensyn til mobilisering i gældsfordringsaftalen eller andre kontraktlige aftaler mellem modparten og debitor, medmindre den nationale lovgivning indeholder specifikke bestemmelser om eurosystemets privilegerede stilling med hensyn til mobilisering af sikkerhed uanset eventuelle kontraktlige restriktioner.
There should not be any restrictive stipulation regarding mobilisation in the credit claim agreement or in other contractual arrangements between the counterparty and the debtor, unless national legislation specifically provides for the privileged position of the Eurosystem with respect to mobilisation of collateral, regardless of eventual contractual restrictions.
Ingen restriktioner med hensyn til realisering af gældsfordringen: Hverken gældsfordringsaftalen eller andre kontraktmæssige aftaler mellem modparten og debitor må indeholde restriktioner med hensyn til realisering af den gældsfordring, der anvendes som sikkerhed, hverken hvad angår form, tidspunkt eller andre krav i forbindelse med realisering.
Absence of restrictions on the realisation of the credit claim: The credit claim agreement or other contractual arrangements between the counterparty and the debtor should not contain any restrictions regarding the realisation of the credit claim used as collateral, including any form, time or other requirement with regard to realisation.
Eksempler på pengepolitiske operationer og procedurer
Examples of monetary policy operations and procedures
Udvælgelse af modparter til valutainterventioner og valutaswaps, der udføres i pengepolitisk øjemed
Selection of counterparties for foreign exchange intervention operations and foreign exchange swaps for monetary policy purposes
Rapporteringsgrundlag for Den Europæiske Centralbanks penge- og bankstatistik
The reporting framework for the money and banking statistics of the European Central Bank
Procedurer og sanktioner ved modpartens manglende opfyldelse af sine forpligtelser
Procedures and sanctions to be applied in the event of non-compliance with counterparty obligations
Etablering af gyldig sikkerhed på grundlag af gældsfordringer
Creation of valid security over credit claims
OVERSIGT OVER BOKSE, FIGURER OG TABELLER
LIST OF BOXES, CHARTS AND TABLES
Bokse
Boxes
Figurer
Charts
Korrespondentcentralbankmodellen
The correspondent central banking model
Normale afviklingsdage for euro-systemets markedsoperationer
Normal settlement dates for Eurosystem open market operations
Likviditetskategorier for omsættelige aktiver
Liquidity categories for marketable assets
Haircuts i forbindelse med gældsfordringer med faste rentebetalinger
Levels of valuation haircuts applied to credit claims with fixed interest payments ABBREVIATIONS
FORKORTELSER
CCBM correspondent central banking model
CCBM Korrespondentcentralbankmodellen
CET Central European Time CIs credit institutions
CET Centraleuropæisk tid
CRD Capital Requirements Directive CSD central securities depository
CSD Værdipapircentral
EC European Community ECAF Eurosystem credit assessment framework
ECB Den Europæiske Centralbank
ECAI external credit assessment institution ECB European Central Bank
EF Det Europæiske Fællesskab
EEA European Economic Area EEC European Economic Community
ENS 95 Det Europæiske Nationalregnskabssystem 1995
ESA 95 European System of Accounts 1995 ESCB European System of Central Banks
ESCB Det Europæiske System af Centralbanker
EU European Union ICAS in-house credit assessment system
EU Den Europæiske Union
ICSD international central securities depository
EØF Det Europæiske Økonomiske Fællesskab
IDC intraday credit IRB internal ratings-based system
EØS Det Europæiske Økonomiske Samarbejdsområde
ISIN International Securities Identification Number
ISIN Internationalt identifikationsnummer for værdipapirer
MFI monetary financial institution MMF money market fund
MFI Monetær finansiel institution
NCB national central bank PD probability of default
NCB National centralbank
PSE public sector entity RMBD retail mortgage-backed debt instrument
PD Probability of default
RoW rest of the world RT rating tool
RTGS Realtidsbruttoafvikling
RTGS real-time gross settlement SSS securities settlement system
TARGET Trans-European Automated Real-time Gross settlement Express Transfer system
TARGET Trans-European Automated Real-time Gross settlement Express Transfer system UCITS undertaking for collective investment in transferable securities
I dette dokument beskrives den operationelle ramme, som eurosystemet [1] har valgt for den fælles pengepolitik i euroområdet.
This document presents the operational framework chosen by the Eurosystem [1] for the single monetary policy in the euro area.
Dokumentet, der udgør en del af retsgrundlaget for eurosystemets pengepolitiske instrumenter og procedurer, skal tjene som dokumentationsgrundlag for eurosystemets pengepolitiske instrumenter og procedurer. Det har især til formål at give modparterne den nødvendige information om eurosystemets pengepolitiske ramme.
The document, which forms part of the Eurosystem’s legal framework for monetary policy instruments and procedures, is intended to serve as the ‘General Documentation’ on the monetary policy instruments and procedures of the Eurosystem, and is aimed, in particular, at providing counterparties with the information they need in relation to the Eurosystem’s monetary policy framework.
Dokumentet indebærer i sig selv hverken rettigheder eller forpligtelser for modparterne.
The General Documentation in itself neither confers rights nor imposes obligations on counterparties.
Retsforholdet mellem eurosystemet og dets modparter bygger på relevante kontraktmæssige eller lovgivningsmæssige bestemmelser.
The legal relationship between the Eurosystem and its counterparties is established in appropriate contractual or regulatory arrangements.
Dette dokument er inddelt i syv kapitler.
This document is divided into seven chapters.
Kapi-tel 1 giver et overblik over den operationelle ramme for eurosystemets pengepolitik.
Chapter 1 gives an overview of the operational framework for the monetary policy of the Eurosystem.
Eurosystemets pengepolitiske operationer gennemføres på ensartede betingelser og vilkår i alle medlemsstater [4].1.2.
The Eurosystem’s monetary policy operations are executed under uniform terms and conditions in all Member States [4].1.2.
Ekstraordinære auktioner
Non-regular Quick tenders
Alle modparter, der opfylder de overordnede adgangskriterier (som beskrevet i afsnit 2.1) kan afgive bud ved de primære markedsoperationer.
all counterparties fulfilling the general eligibility criteria (as specified in Section 2.1) may submit bids for the main refinancing operations; and
Alle modparter, der opfylder de overordnede adgangskriterier (som beskrevet i afsnit 2.1) kan afgive bud ved de langfristede markedsoperationer.
all counterparties fulfilling the general eligibility criteria (as specified in Section 2.1) may submit bids for the longer-term refinancing operations; and
Eurosystemet kan ifølge kriterierne og procedurerne i afsnit 2.2 udvælge et begrænset antal modparter, der kan deltage i finjuste-rende operationer.
the Eurosystem may select, according to the criteria specified in Section 2.2, a limited number of counterparties to participate in fine-tuning reverse operations; and
Alle modparter, der opfylder de overordnede adgangskriterier (som beskrevet i afsnit 2.1) kan afgive bud ved strukturelle markedsope-rationer, der gennemføres som tilbageførselsforretninger.
all counterparties fulfilling the general eligibility criteria (as specified in Section 2.1) may submit bids for structural reverse operations; and
Beviserne udbydes og afvikles decentralt gennem de nationale centralbanker.
the certificates are tendered and settled in a decentralised manner by the national central banks; and
De udføres normalt decentralt af de nationale centralbanker (ECBs styrelsesråd kan beslutte, hvorvidt ECB under særlige omstændigheder selv kan udføre bilaterale valutaswaps).
they are normally executed in a decentralised manner by the national central banks (the Governing Council of the ECB can decide whether, under exceptional circumstances, bilateral foreign exchange swaps may be executed by the ECB); and
Indskuddene modtages normalt decentralt gennem de nationale centralbanker (ECBs styrelsesråd kan beslutte, hvorvidt ECB under særlige omstændigheder selv bilateralt kan modtage tidsindskud [14]).
the collection of deposits is normally executed in a decentralised manner by the national central banks (the Governing Council of the ECB can decide whether, under exceptional circumstances, the bilateral collection of fixed-term deposits [14] may be executed by the ECB); and
Anmodningen skal være modtaget af den nationale centralbank senest 30 minutter efter Targets lukketid, hvis den skal behandles af den nationale centralbank samme dag [15] [16].
For the national central bank to process the request on the same day, the request must be received by the national central bank at the latest 30 minutes after the actual closing time of TARGET [15] [16].
Som hovedregel lukker Targetsystemet kl. 18.00 ECB-tid (CET).
As a general rule, the closing time for the TARGET system is 6 p.m. ECB time (CET).
ECB kan til enhver tid ændre renten med virkning tidligst fra eurosystemets næste bankdag [17] [18].
The ECB may change the interest rate at any time, effective, at the earliest, from the following Eurosystem business day [17] [18].
Renten forfalder til betaling sammen med lånet.
Interest under the facility is payable with the repayment of the credit.
Anmodningen skal være modtaget af den nationale centralbank senest 30 minutter efter Targets lukketid, hvis den skal behandles af den nationale centralbank samme dag.
For the national central bank to process the request on the same day, the request must be received by the national central bank at the latest 30 minutes after the actual closing time of TARGET, which is, as a general rule, 6 p.m.
Som hovedregel lukker Target-systemet kl. 18.00 ECB-tid (CET) [21] [22].
ECB time (CET) [21] [22].
Bevisernes pålydende værdi (ved udstedelse af gældsbeviser).
the denomination of the certificates (in the case of the issuance of debt certificates); and
I hvert bud skal modparterne angive det beløb, de ønsker at handle med den nationale centralbank, og den rentesats, til hvilken de ønsker at indgå transaktionen [30] [31], De anførte rentesatser angives som multipla af 0,01 procentpoint.
In each bid, they must state the amount of money that they are willing to transact with the national central banks and the respective interest rate [30] [31]. The interest rates bid must be expressed as multiples of 0,01 percentage point.
I de primære markedsoperationer er det laveste budbeløb 1000000 euro.
For the main refinancing operations, the minimum bid amount is EUR 1000000.
Bud, der overstiger dette beløb, angives som multipla af 100000 euro.
Bids exceeding this amount must be expressed as multiples of EUR 100000.
Samme laveste budbeløb og samme multipla anvendes i forbindelse med finjusterende og strukturelle markedsoperationer.
The same minimum bid and multiple amounts are applied in fine-tuning and structural operations.
Det laveste budbeløb gælder for hver enkelt af de angivne rentesatser, kurser eller antal swappoint i modpartens bud.
The minimum bid amount is applied to each individual interest rate/price/swap point level.
I de langfristede markedsoperationer definerer hver enkelt national centralbank et laveste budbeløb i intervallet 10000-1000000 euro.
For the longer-term refinancing operations, each national central bank defines a minimum bid amount in the range from EUR 10000 to EUR 1000000.
Bud, der overstiger det definerede laveste budbeløb, angives som multipla af 10000 euro.
Bids exceeding the defined minimum bid amount must be expressed as multiples of EUR 10000.
Det laveste budbeløb gælder for hver enkelt af de angivne rentesatser i modpartens bud.
The minimum bid amount is applied to each individual interest rate level.
ECB kan fastsætte et højeste budbeløb for at hindre uforholdsmæssigt høje bud.
The ECB may impose a maximum bid limit in order to prevent disproportionately large bids.
H, H + 1 eller H + 2
T, T + 1 or T + 2
Det skal opbevares og afvikles i euroområdet via en konto i eurosystemet eller et værdipapirafviklingssystem, der opfylder ECBs standar-der, så sikringsakt og realisation sker i henhold til lovgivningen i et land i euroområdet.
It must be held and settled in the euro area through an account with the Eurosystem or with an SSS that fulfils the standards established by the ECB, so that perfection and realisation are subject to the law of a euro area country. If the CSD where the asset is issued and the SSS where it is held are not identical, then the two institutions have to be connected by a link approved by the ECB [35] The description of the standards for the use of eligible SSSs in the euro area and an updated list of the eligible links between these systems can be found on the ECB’s website (www.ecb.int). . Acceptable markets