natgillin/translations-raw huggingface dataset:
Hvis det samlede budbeløb ved det højeste accepterede antal swappoint (dvs. det marginale antal swappoint) overstiger det resterende tildelingsbeløb, fordeles restbeløbet blandt buddene på pro rata-basis i forholdet resterende tildelings-beløb/samlet budbeløb ved det marginale antal swappoint (se boks 6).
If, at the lowest swap point quotation accepted (i.e. the marginal swap point quotation), the aggregate amount bid exceeds the remaining amount to be allotted, the remaining amount is allocated pro rata among the bids according to the ratio of the remaining amount to be allotted to the total amount bid at the marginal swap point quotation (see Box 6).
Auktionstype
Type of auction
I forbindelse med auktioner til variabel rente kan eurosystemet benytte en auktionstype med enten en enkelt eller flere rentesatser.
For variable rate tenders, the Eurosystem may apply either single rate or multiple rate auction procedures.
I en auktion med en enkelt rentesats (hollandsk auktion) anvendes samme rente/kurs/antal swappoint ved tildeling af det samlede tildelingsbeløb. Denne svarer til den marginale rente/den marginale kurs/det marginale antal swappoint (dvs. det punkt, hvor tildelingsbeløbet nås).
In a single rate auction (Dutch auction), the allotment interest rate/price/swap point applied for all satisfied bids is equal to the marginal interest rate/price/swap point (i.e. that at which the total allotment is exhausted).
I en auktion med flere rentesatser (amerikansk auktion) anvendes forskellige renter/kurser/antal swappoint svarende til renterne/kur-serne/antallet af swappoint i de enkelte bud.
In a multiple rate auction (American auction), the allotment interest rate/price/swap point is equal to the interest rate/price/swap point offered for each individual bid.
BOKS 6
BOX 6
Tildeling af beløb i valutaswapauktioner til variable swappoint
Allotment of variable rate foreign exchange swap tenders
Tildelingsprocenten ved det marginale antal swappoint er:
The percentage of allotment at the marginal swap point quotation is:
Tildelingsbeløbet til modpart i ved det marginale antal swappoint er:
The allotment to the ith counterparty at the marginal swap point quotation is:
antal swappoint s budt af modparterne
sth swap point quotation bid by the counterparties
modpart i's budbeløb ved antal swappoint s (Δs)
amount bid at the sth swap point quotation (Δs) by the ith counterparty
det samlede budbeløb ved antal swappoint s (Δs)
total amount bid at the sth swap point quotation (Δs)
det marginale antal swappoint:
marginal swap point quotation:
ved likviditetstilførende valutaswaps
for a liquidity-providing foreign exchange swap
ved likviditetsopsugende valutaswaps
for a liquidity-absorbing foreign exchange swap
sidste antal swappoint inden det marginale antal swappoint (sidste antal swappoint, hvor det samlede budbeløb accepteres):
swap point quotation before the marginal swap point quotation (last swap point quotation at which bids are completely satisfied):
tildelingsprocenten ved det marginale antal swappoint
percentage of allotment at the marginal swap point quotation
tildelingsbeløbet til modpart i ved antal swappoint s
allotment to the ith counterparty at the sth swap point quotation
Resultaterne af standardauktioner og ekstraordinære auktioner offentliggøres gennem elektroniske nyhedstjenester.
The results of standard and quick tenders are announced publicly by means of wire services.
Desuden kan de nationale centralbanker sende meddelelse om tildelingsresultaterne direkte til modparter, der ikke har adgang til elektroniske nyhedstjenester.
In addition, national central banks may announce the allotment result directly to counterparties without access to wire services.
Den offentlige meddelelse om auktionsresultaterne indeholder normalt følgende oplysninger:
The public tender result message normally contains the following information:
Operationstypen.
the type of operation;
Det samlede budbeløb fra eurosystemets modparter.
the total amount bid by Eurosystem counterparties;
Antallet af budgivere.
the number of bidders;
De deltagende valutaer (ved valutaswaps).
the currencies involved (in the case of foreign exchange swaps);
Det samlede tildelingsbeløb.
the total amount allotted;
Tildelingsprocenten (ved auktioner til fast rente).
the percentage of allotment (in the case of fixed rate tenders);
Spotkursen (ved valutaswaps).
the spot exchange rate (in the case of foreign exchange swaps);
Den marginale rente/den marginale kurs/det marginale antal swappoint og tildelingsprocenten ved den marginale rente/den marginale kurs/det marginale antal swappoint (ved auktioner til variabel rente).
the marginal interest rate/price/swap point accepted and the percentage of allotment at the marginal interest rate/price/swap point (in the case of variable rate tenders);
Minimumsbudrente, maksimumsbudrente og den vægtede, gennemsnitlige tildelingsrente (ved auktioner med flere rentesatser).
the minimum bid rate, maximum bid rate and weighted average allotment rate (in the case of multiple rate auctions);
Operationens startdato og udløbsdato (hvis det er relevant) eller instrumentets valørdato og indfrielsesdato (ved udstedelse af gældsbeviser).
the start date and maturity date of the operation (if applicable) or the value date and maturity date of the instrument (in the case of the issuance of debt certificates);
De nationale centralbanker bekræfter direkte de individuelle tildelingsresultater over for modparterne.
The national central banks will directly certify the individual allotment result to successful counterparties.
De nationale centralbanker kan udføre markedsoperationer som bilaterale procedurer [34].
The national central banks may execute operations on the basis of bilateral procedures [34].
Disse procedurer kan anvendes til finjusterende markedsoperationer og strukturelle egentlige købs- eller salgsforretninger.
These procedures may be used for fine-tuning open market operations and structural outright operations.
De defineres bredt som alle procedurer, hvor eurosystemet uden en auktion udfører en transaktion med en eller nogle få modparter.
They are defined in a broad sense as any procedures where the Eurosystem conducts a transaction with one or a few counterparties without a tender.
Der skelnes mellem to forskellige typer af bilaterale procedurer: Operationer, hvor modparterne kontaktes direkte af eurosystemet, og operationer, der udføres via børser og mæglere.
In this respect, two different types of bilateral procedures can be distinguished: operations where counterparties are contacted directly by the Eurosystem, and operations executed through stock exchanges and market agents.
Direkte kontakt med modparterne
Direct contact with counterparties
Ifølge denne procedure kontakter de nationale centralbanker direkte en eller nogle få indenlandske modparter udvalgt efter kriterierne i afsnit 2.2.
In this procedure, the national central banks directly contact one or a few domestic counterparties, which are selected according to the criteria specified in Section 2.2.
De nationale centralbanker beslutter i henhold til instrukser fra ECB, om de vil indgå en forretning med de pågældende modparter.
According to the precise instructions given by the ECB, the national central banks decide whether to enter into a deal with the counterparties.
Transaktionerne afvikles gennem de nationale centralbanker.
The transactions are settled through the national central banks.
Hvis ECBs styrelsesråd beslutter, at ECB (eller en eller nogle få nationale centralbanker, der foretager operationerne på vegne af ECB) under særlige omstændigheder selv kan udføre bilaterale markedsoperationer, tilpasses procedurerne for disse operationer i overensstemmelse hermed.
If the Governing Council of the ECB were to decide that, under exceptional circumstances, bilateral operations could also be executed by the ECB itself (or by one or a few national central banks acting as the operating arm of the ECB), the procedures for such operations would be adapted accordingly.
I så fald vil ECB (eller de(n) nationale centralbank(er), der foretager operationerne på vegne af ECB) direkte kontakte en eller nogle få modparter i euroområdet, som er udvalgt efter kriterierne i afsnit 2.2.
In this case, the ECB (or the national central bank(s) acting as the operating arm of the ECB) would directly contact one or a few counterparties in the euro area, selected according to the criteria specified in Section 2.2.
ECB (eller de(n) nationale centralbank(er), der foretager operationerne på vegne af ECB) vil derefter beslutte, om man ønsker at indgå en forretning med de pågældende modparter.
The ECB (or the national central bank(s) acting as the operating arm of the ECB) would decide whether to enter into a deal with the counterparties.
Transaktionerne afvikles under alle omstændigheder de-centralt gennem de nationale centralbanker.
The transactions would nevertheless be settled in a decentralised manner through the national central banks.
Bilaterale markedsoperationer, der gennemføres ved direkte kontakt med modparterne, kan anvendes i tilbageførselsforretninger, egentlige købs- eller salgsforretninger, valutaswaps og modtagelse af tidsindskud fra modparterne.
Bilateral operations through direct contact with counterparties can be applied for reverse transactions, outright transactions, foreign exchange swaps and the collection of fixed-term deposits.
Markedsoperationer, der udføres via børser og mæglere
Operations executed through stock exchanges and market agents
De nationale centralbanker kan udføre egentlige købs- eller salgsforretninger via børser og mæglere.
The national central banks can execute outright transactions through stock exchanges and market agents.
I forbindelse med disse operationer er der ikke fastsat begrænsninger på kredsen af modparter på forhånd, og procedurerne tilpasses efter markedskonventionerne for det gældsinstrument, der handles.
For these operations, the range of counterparties is not restricted a priori and the procedures are adapted to the market conventions for the debt instruments transacted.
ECBs styrelsesråd kan beslutte, hvorvidt ECB (eller en eller nogle få nationale centralbanker, der foretager operationerne på vegne af ECB) under særlige omstændigheder, selv kan udføre finjusterende egentlige købs- eller salgsforretninger via børser og mæglere.
The Governing Council of the ECB will decide whether, under exceptional circumstances, the ECB itself (or one or a few national central banks acting as the operating arm of the ECB) may execute fine-tuning outright operations through stock exchanges and market agents.
Annoncering af bilaterale markedsoperationer
Announcement of bilateral operations
Bilaterale markedsoperationer annonceres normalt ikke på forhånd.
Bilateral operations are normally not announced publicly in advance.
ECB kan desuden beslutte ikke at offentliggøre resultaterne af bilaterale markedsoperationer.
In addition, the ECB may decide not to announce the results of bilateral operations publicly.
Transaktionsdage
Operating days
ECB kan beslutte at udføre finjusterende bilaterale markedsoperationer på enhver af eurosystemets bankdage.
The ECB may decide to conduct fine-tuning bilateral operations on any Eurosystem business day.
Kun de nationale centralbanker i medlemsstater, hvor handelsdagen, afviklingsdagen og forfaldsdagen er NCB-bankdage, deltager i disse operationer.
Only national central banks of Member States where the trade day, the settlement day and the reimbursement day are NCB business days participate in such operations.
Bilaterale egentlige købs- eller salgsforretninger med strukturelle formål udføres og afvikles normalt kun på dage, som er NCB-bankdage i alle medlemsstater.
Outright bilateral operations for structural purposes are normally only conducted and settled on days which are NCB business days in all Member States.
Afviklingen af betalinger i forbindelse med anvendelse af eurosystemets stående faciliteter eller deltagelse i markedsoperationer sker via modparternes konti hos de nationale centralbanker (eller konti hos afviklingsbanker, der deltager i Target).
Money transactions relating to the use of Eurosystem standing facilities or to participation in open market operations are settled on the counterparties’ accounts with the national central banks (or on the accounts of settlement banks participating in the TARGET system).
Betalingerne afvikles først efter (eller samtidig med) den endelige overførsel af operationens underliggende aktiver.
Money transactions are settled only after (or at the moment of) the final transfer of the assets underlying the operation.
Det indebærer, at de underliggende aktiver enten skal være indsat på depotkonti hos de nationale centralbanker på forhånd eller skal afvikles over for centralbankerne på intradagbasis efter princippet levering mod betaling (delivery versus payment).
This implies that underlying assets need either to have been pre-deposited in a safe custody account at the national central banks or to be settled with said national central banks on an intraday delivery-versus-payment basis.
Overførsel af de underliggende aktiver sker via modparternes afviklingskonti i værdipapirafviklingssystemer, der overholder ECBs minimums-standarder [35].
The transfer of underlying assets is executed via the counterparties’ securities settlement accounts with SSSs fulfilling the ECB’s minimum standards [35].
Modparter uden depotkonto hos en national centralbank eller afviklingskonto i et værdipapirafviklingssystem, der opfylder ECBs minimumsstandarder, kan afvikle transaktioner med underliggende aktiver via en korrespondentbanks afviklingskonto eller depot.
Counterparties without a safe custody account with a national central bank or a securities settlement account with an SSS fulfilling the ECB’s minimum standards may settle the transactions of underlying assets through the securities settlement account or the safe custody account of a correspondent credit institution.
Yderligere forhold vedrørende afviklingsprocedurerne er defineret i de kontraktmæssige bestemmelser, som de nationale centralbanker (eller ECB) anvender i forbindelse med de specifikke pengepolitiske instrumenter.
Further provisions related to the settlement procedures are defined in the contractual arrangements applied by the national central banks (or the ECB) for the specific monetary policy instruments.
Afviklingsprocedurerne kan variere lidt mellem de nationale centralbanker på grund af forskelle i national lovgivning og operationel praksis.
The settlement procedures may differ slightly between national central banks owing to differences in national law and operational practices.
Normale afviklingsdage for eurosystemets markedsoperationer [36]
Normal settlement dates for Eurosystem open market operations [36]
Pengepolitisk instrument
Monetary policy instrument
Afviklingsdag for operationer, der udføres som standardauktioner
Settlement date for operations based on standard tenders
Afviklingsdag for operationer, der udføres som ekstraordinære auktioner eller bilaterale procedurer
Settlement date for operations based on quick tenders or bilateral procedures
Ifølge markedskonventionerne for de handlede aktiver
According to market convention for the underlying assets
Markedsoperationer, der udføres som standardauktioner (dvs. primære markedsoperationer, langfristede markedsoperationer og strukturelle markedsoperationer) afvikles normalt den første dag efter handelsdagen, hvor alle relevante nationale RTGS-systemer og alle relevante værdipapirafviklingssystemer er åbne.
Open market operations based on standard tenders (i.e. main refinancing operations, longer-term refinancing operations and structural operations) are normally settled on the first day following the trade day on which all relevant national RTGS systems and all relevant SSSs are open.
Eurosystemet tilstræber af princip at afvikle transaktioner i forbindelse med markedsoperationerne på samme tid i alle medlemsstater og med alle modparter, der har leveret tilstrækkelig sikkerhed.
As a matter of principle, the Eurosystem aims to settle the transactions related to its open market operations at the same time in all Member States with all counterparties that have provided sufficient underlying assets.
På grund af operationelle og tekniske begrænsninger vedrørende værdipapirafviklingssystemerne kan tidspunktet for markedsoperationernes afvikling inden for den pågældende dag dog variere i euroområdet.
However, owing to operational constraints and the technical features of SSSs, the timing within the day of the settlement of open market operations may differ across the euro area.
Tidspunktet for afvikling af primære og langfristede markedsoperationer falder normalt sammen med tidspunktet for tilbagebetaling af en tidligere operation med tilsvarende løbetid.
The time of settlement of the main and the longer-term refinancing operations normally coincides with the time of reimbursement of a previous operation of corresponding maturity.
Eurosystemet tilstræber at afvikle markedsoperationer, der udføres som ekstraordinære auktioner og bilaterale procedurer, på handelsdagen.
The Eurosystem aims to settle open market operations based on quick tenders and bilateral procedures on the trade day.
Af operationelle årsager anvender eurosystemet dog undertiden andre afviklingsdage for disse operationer, især for egentlige købs- eller salgsforretninger (finjusterende og strukturelle) og valutaswaps (se tabel 3).
However, the Eurosystem may, for operational reasons, occasionally apply other settlement dates for these operations, in particular for outright transactions (for fine-tuning as well as structural purposes) and foreign exchange swaps (see Table 3).
Procedurerne ultimo dagen er angivet i dokumentationsgrundlaget for de nationale RTGS-sy-stemer og Target-systemet.
The end-of-day procedures are specified in documentation related to the national RTGS systems and the TARGET system.
Som hovedregel lukker Target-systemet kl 18.00 ECB-tid (CET).
As a general rule, the closing time for the TARGET system is 6 p.m.
Der modtages ikke nye betalingsinstrukser til behandling i de nationale RTGS-systemer efter lukketid, men resterende betalingsinstrukser modtaget inden lukketid behandles stadig.
ECB time (CET). No further payment orders are accepted for processing in the national RTGS systems after the closing time, although remaining payment orders accepted before the closing time are still processed.
Anmodninger fra modparterne om adgang til den marginale udlånsfacilitet eller indlånsfaciliteten skal være modtaget af den pågældende nationale central-bank senest 30 minutter efter Targets lukketid [38].
Counterparties’ requests for access to the marginal lending facility or to the deposit facility must be submitted to the respective national central bank at the latest 30 minutes after the actual closing time of the TARGET system [38].
Negative saldi på modparters afviklingskonti (i de nationale RTGS-systemer) efter kontrolprocedurerne ultimo dagen anses automatisk for anmodning om adgang til den marginale udlånsfacilitet (se afsnit 4.1).
Any negative balances on the settlement accounts (in the national RTGS systems) of eligible counterparties remaining after the finalisation of the end-of-day control procedures are automatically considered to be a request for recourse to the marginal lending facility (see Section 4.1).
BELÅNBARE AKTIVER
ELIGIBLE ASSETS
Ifølge artikel 18.1. i statutten for ESCB kan ECB og de nationale centralbanker udføre pengepolitiske operationer i de finansielle markeder ved at købe og sælge underliggende aktiver som led i egentlige købsforretninger eller egentlige salgsforretninger eller som led i genkøbsforretninger. Alle eurosystemets udlån skal være baseret på passende sikkerhed.
Article 18.1 of the Statute of the ESCB allows the ECB and the national central banks to transact in financial markets by buying and selling underlying assets outright or under repurchase agreements and requires all Eurosystem credit operations to be based on adequate collateral.
Eurosystemets udlånsoperationer er derfor baseret på levering af underliggende aktiver fra modparterne i form af overførsel af ejendomsret til aktiver (ved købs- eller salgsforretninger eller genkøbsforretninger) el-ler pant (fx pantsætning, overdragelse eller pant) i de relevante aktiver (ved lån mod sikkerhed) [39].
Consequently, all Eurosystem liquidity-providing operations are based on underlying assets provided by the counterparties either in the form of the transfer of ownership of assets (in the case of outright transactions or repurchase agreements) or in the form of a pledge, an assignment or a charge granted over relevant assets (in the case of collateralised loans) [39].
Med henblik på at beskytte eurosystemet mod tab i forbindelse med pengepolitiske operationer og sikre lige behandling af modparterne og at øge den operationelle effektivitet og gennemsigtighed skal de underliggende aktiver opfylde visse kriterier for at kunne anvendes i eurosystemets pengepolitiske operationer.
With the aims of protecting the Eurosystem from incurring losses in its monetary policy operations and of ensuring the equal treatment of counterparties, as well as of enhancing operational efficiency and transparency, underlying assets have to fulfil certain criteria in order to be eligible for Eurosystem monetary policy operations.
Eurosystemet har udarbejdet en fælles ramme for belånbare aktiver, som er fælles for alle euroområdets kreditoperationer.
The Eurosystem has developed a single framework for eligible assets common to all Eurosystem credit operations.
Den fælles ramme (også ofte omtalt som »den samlede liste«) træder i kraft 1. januar 2007. Den erstatter systemet med to lister, som har været gældende siden begyndelsen af Den Økonomiske og Monetære Union, og som udfases inden 31. maj 2007 [40].Den fælles ramme omfatter to forskellige aktivklasser – omsættelige og ikke-omsættelige aktiver.
This single framework (also referred to as the ‘Single List’) will come into effect on 1 January 2007 and will replace the two-tier system which has been in place from the start of Economic and Monetary Union and will be phased out by 31 May 2007 [40].The single framework comprises two distinct asset classes – marketable assets and non-marketable assets.
Der skelnes ikke mellem de to aktivklasser, hvad angår aktivernes kvalitet og anvendelse i eurosystemets forskellige pengepolitiske operationer, når undtages, at eurosystemet ikke anvender ikke-omsættelige aktiver i forbindelse med egentlige købs- eller salgsforretninger.
No distinction is made between the two asset classes with regard to the quality of the assets and their eligibility for the various types of Eurosystem monetary policy operations, except that non-marketable assets are not used by the Eurosystem for outright transactions.
Aktiver, der kan benyttes i eurosystemets pengepolitiske operationer, kan også anvendes som underliggende aktiver i forbindelse med tildeling af intradag kredit.
The assets eligible for Eurosystem monetary policy operations can also be used as underlying assets for intraday credit.
Belånbarhedskriterierne for de to aktivklasser er de samme over hele euroområdet [41], og de fremgår af afsnit 6.2.
The eligibility criteria for the two asset classes are uniform across the euro area [41] and are set out in Section 6.2.
For at sikre at de to aktivklasser opfylder de samme kreditstandarder, er der fastsat en fælles ramme for eurosystemets kreditvurdering, der bygger på forskellige kilder.
To ensure that the two asset classes comply with the same credit standards, a Eurosystem credit assessment framework (ECAF) has been set up, which relies on different credit assessment sources.
De regler og procedurer, der anvendes til at fastslå og kontrollere eurosystemets krav om »høj kreditkvalitet« for al belånbar sikkerhed, er beskrevet i afsnit 6.3.
The procedures and rules establishing and controlling the Eurosystem’s requirement of ‘high credit standards’ for all eligible collateral are outlined in Section 6.3.
Risikostyringen og værdiansættelsesprincipper for de underliggende aktiver fremgår af afsnit 6.4 og 6.5.
The risk control measures and valuation principles for underlying assets are set out in Sections 6.4 and 6.5.