natgillin/translations-raw huggingface dataset:
»Hvis det er nødvendigt for gennemførelsen af pengepolitikken, kan de nationale centralbanker (NCB’er) udveksle individuelle oplysninger med medlemmer af Eurosystemet, eksempelvis driftsmæssige data, med tilknytning til modparter, der deltager i Eurosystemets operationer.2) I kapitel 1, afsnit 1.3.1, affattes tredje led vedrørende »finjusterende markedsoperationer« som følger:
‘The national central banks (NCBs) may, if necessary for the implementation of monetary policy, share amongst the Eurosystem members individual information, such as operational data, related to counterparties participating in Eurosystem operations.(2) In Chapter 1, Section 1.3.1, the third indent on ‘fine tuning operations’ is amended as follows:
Følgende sætning indsættes efter første punktum:
The following sentence is inserted after the first sentence:
»Finjusterende markedsoperationer kan udføres den sidste dag i reservekravsperioden for at udligne likviditetsmæssige ubalancer, som kan være opbygget siden tildelingen af den sidste primære markedsoperation.«
‘Fine-tuning operations may be conducted on the last day of a reserve maintenance period to counter liquidity imbalances which may have accumulated since the allotment of the last main refinancing operation.’
Den følgende sætning, som herefter bliver tredje punktum, affattes således:
The resulting third sentence is replaced by the following:
»Finjusterende markedsoperationer udføres hovedsagelig som tilbageførselsforretninger, men kan også gennemføres som valutaswaps eller modtagelse af tidsindskud fra modparter.«
‘Fine-tuning operations are primarily executed as reverse transactions, but may also take the form of either foreign exchange swaps or the collection of fixed-term deposits.’
I kapitel 1, tabel 1, slettes i anden underrække under rækkebetegnelsen »Finjusterende markedsoperationer« følgende ord: »købsforretninger«, »salgsforretninger«, »ikke regelmæssigt« og »bilaterale procedurer«.
In Chapter 1, Table 1, under the heading ‘Fine-tuning operations’, the second sub-row, containing the following words: ‘Outright purchases’, ‘Outright sales’, ‘Non-regular’ and ‘Bilateral procedures’, is deleted.
Kapitel 1, afsnit 1.4, affattes således:
In Chapter 1, Section 1.4, is amended as follows:
Andet punktum affattes således:
The second sentence is replaced by the following:
»Institutter, der er underlagt reservekrav ifølge artikel 19.1 i statutten for ESCB, kan benytte de stående faciliteter og deltage i markedsoperationer, der udføres som standardauktioner, samt i egentlige købs- og salgsforretninger.«
‘Institutions subject to minimum reserve requirements according to Article 19.1 of the Statute of the ESCB may access the standing facilities and participate in open market operations based on standard tenders as well as outright transactions.’
Det fjerde punktum udgår.
The fourth sentence is deleted.
I kapitel 1, afsnit 1.5, affattes fjerde punktum således:
In Chapter 1, Section 1.5, the fourth sentence is replaced by the following:
»Den 1. januar 2007 erstattede denne fælles ramme systemet med de to lister, som havde været gældende siden starten på Den Økonomiske og Monetære Union.«
‘On 1 January 2007, this single framework replaced the two-tier system that had been in place since the start of stage three of economic and monetary union.’
I kapitel 3 affattes det indledende afsnit således:
In Chapter 3 the introductory paragraph is amended as follows:
Følgende sætning indsættes efter fjerde punktum:
The following sentence is inserted after the fourth sentence:
»Strukturelle operationer kan også udføres ved hjælp af egentlige købs- eller salgsforretninger.«
‘Structural operations may also be conducted by means of outright transactions i.e. purchases and sales.’
Den følgende sætning, som herefter bliver sjette punktum, affattes således:
The resulting sixth sentence is replaced by the following:
»Eurosystemet benytter endvidere to andre instrumenter til finjusterende markedsoperationer: valutaswaps og modtagelse af tidsindskud fra modparter.«
‘In addition, the Eurosystem has two other instruments available for the conduct of fine-tuning operations: foreign exchange swaps and the collection of fixed-term deposits.’
I Kapitel 3, afsnit 3.1.4, indsættes følgende sætning efter andet punktum:
In Chapter 3, Section 3.1.4, the following sentence is inserted after the second sentence:
Kapitel 3, afsnit 3.2, affattes således:
In Chapter 3, Section 3.2 is amended as follows:
Andet punktum under overskriften »Instrumenttype« affattes således:
The second sentence under the heading ‘Type of instrument’ is replaced by the following:
»Sådanne operationer udføres kun til strukturelle formål.«
‘Such operations are executed only for structural purposes.’
Under overskriften »Andre operationelle karakteristika« affattes fjerde led således:
Under the heading ‘Other operational features’, the fourth indent is replaced by the following:
De udføres som hovedregel decentralt af de nationale centralbanker.«
they are normally executed in a decentralised manner by the NCBs;’
Kapitel 4, afsnit 4.1, affattes således:
In Chapter 4, Section 4.1 is amended as follows:
Under overskriften »Betingelser for adgang til faciliteten« affattes det første punktum i andet afsnit således:
Under the heading ‘Access conditions’, the first sentence of the second paragraph is amended as follows:
»Negative intradag-saldi ultimo bankdagen på modparternes afviklingskonti hos de nationale centralbanker anses automatisk for anmodninger om adgang til den marginale udlånsfacilitet.«
‘At the end of each business day, counterparties' debit positions on their settlement account with the national central banks are automatically considered to be a request for recourse to the marginal lending facility.’
Under overskriften »Løbetid og rentevilkår« affattes andet punktum i det andet afsnit således:
Under the heading ‘Maturity and interest terms’, the second sentence of the second paragraph is updated as follows:
»ECB kan til enhver tid ændre renten med virkning tidligst fra næste bankdag i Eurosystemet.10) I kapitel 5, afsnit 5.2, udgår tredje punktum under overskriften »Markedsoperationer der udføres via børser eller mæglere«.
‘The ECB may change the interest rate at any time, effective, at the earliest, from the following Eurosystem business day, .(10) In Chapter 5, Section 5.2, under the heading ‘Operations executed through stock exchanges and market agents’, the third sentence is deleted.
I kapitel 5, afsnit 5.3.2, erstattes andet punktum i det andet afsnit af følgende:
In Chapter 5, Section 5.3.2, the second sentence of the second paragraph is replaced by the following:
»Af operationelle årsager anvender Eurosystemet dog undertiden andre afviklingsdage for disse operationer, især for egentlige købs- eller salgsforretninger og valutaswaps (se tabel 3).«
‘However, the Eurosystem may occasionally apply for operational reasons other settlement dates for these operations, in particular for outright transactions and foreign exchange swaps (see Table 3).’
I kapitel 6, afsnit 6.1, erstattes tredje punktum i det andet afsnit af følgende:
In Chapter 6, Section 6.1, the third sentence of the second paragraph is replaced by the following:
»Denne fælles ramme, også benævnt »den samlede liste«, trådte i kraft den 1. januar 2007 og erstattede systemet med de to lister, som havde været gældende siden starten på Den Økonomiske og Monetære Union.«
‘This single framework, also referred to as the “Single List”, entered into effect on 1 January 2007 and replaced the two-tier system which had been in place from the start of stage three of economic and monetary union.’
Kapitel 6, afsnit 6.1, affattes således:
In Chapter 6, Section 6.1 is amended as follows:
Fodnote 2 affattes således:
Footnote 2 is replaced by the following:
»Franske fonds communs de créances (FCC) på liste 1 og udstedt før 1. maj 2006 kan fortsat belånes midlertidigt indtil den 31. december 2008.
‘French fonds communs de créances (FCCs) that were incorporated in the tier one list and issued prior to 1 May 2006 will remain eligible for a transitional period until 31 December 2008.
Fonds communs de créances, der er udstedt efter den 1. maj 2006, kan ikke belånes.«
FCCs issued from 1 May 2006 are not eligible.’
I det fjerde afsnit erstattes første punktum af følgende:
The first sentence of the fourth paragraph is replaced by the following:
»Belånbarhedskriterierne for de to aktivklasser er de samme over hele euroområdet og fremgår af afsnit 6.2.14) I kapitel 6, afsnit 6.2.1, under overskriften »Udstedelsessted« erstattes fodnote 6 af følgende:
‘The eligibility criteria for the two asset classes are uniform across the euro area and are set out in Section 6.2.(14) In Chapter 6, Section 6.2.1, under the heading ‘Place of issue’, footnote 6 is replaced by the following:
»Efter den 1. januar 2007 skal globale ihændehavergældsinstrumenter for at være belånbare udstedes gennem en international værdipapircentral i form af New Global Note (NGN) og deponeres hos en Common Safekeeper (CSK), som er en international værdipapircentral, eller hvis det er relevant, en national værdipapircentral, der opfylder de mindstestandarder, der er opstillet af ECB.
‘Since 1 January 2007, to be eligible international debt securities in global bearer form issued through ICSDs must be issued in the form of New Global Notes (NGNs) and deposited with a Common Safekeeper (CSK) which is an ICSD or, if applicable, a CSD that fulfils the minimum standards established by the ECB.
Globale ihændehavergældsinstrumenter, der er udstedt som Classical Global Notes (CGN) inden 1. januar 2007, og fungible værdipapirer, der udstedes under samme ISIN-kode på eller efter denne dato, forbliver belånbare indtil løbetids udløb.«
International debt securities in global bearer form that were issued in the form of Classical Global Notes (CGNs) prior to 1 January 2007 and fungible securities issued under the same ISIN code on or after that date remain eligible until maturity.’
I kapitel 6, afsnit 6.2.1, under overskriften »Godkendte markeder« indsættes følgende fodnote 12 i slutningen af afsnittet:
In Chapter 6, Section 6.2.1, under the heading ‘Acceptable markets’, the following footnote 12 is inserted at the end of the paragraph:
»Omsættelige aktiver, som var godkendt som liste 2-papirer, og som er udstedt før den 31. maj 2007 og handles på ikke-regulerede markeder, som på nuværende tidspunkt opfylder Eurosystemets krav til sikkerhed og tilgængelighed, men ikke til gennemsigtighed, forbliver belånbare indtil den 31. december 2009, såfremt de opfylder de øvrige kriterier for at være belånbare og de ophører med at være belånbare efter denne dato.
‘Marketable assets, which were accepted as tier two assets, and which have been issued prior to 31 May 2007 and are traded on non-regulated markets that currently fulfil the Eurosystem's requirements for safety and accessibility, but not for transparency, remain eligible until 31 December 2009, provided they fulfil the other eligibility criteria, and become ineligible after that date.
Dette gælder ikke udækkede omsættelige aktiver, udstedt af kreditinstitutter, og som var godkendt som liste 2-papirer og ophørte med at være belånbare den 31. maj 2007.«
This does not apply to uncovered marketable assets issued by credit institutions that were accepted as tier two assets and became ineligible on 31 May 2007.’
I kapitel 6, afsnit 6.2.1, under overskriften »Udsteders/garantens hjemsted« indsættes følgende fodnote 14 i slutningen af første punktum:
In Chapter 6, Section 6.2.1, under the heading ‘Place of establishment of the issuer/guarantor’, the resulting footnote 14 is inserted at the end of the first sentence:
»Omsættelige aktiver udstedt før den 1. januar 2007 af en enhed, som ikke har hjemsted inden for EØS eller i et af G10-landene uden for EØS, men som er garanteret af en enhed med hjemsted inden for EØS, forbliver belånbare indtil den 31. december 2011, såfremt de opfylder de øvrige kriterier for at være belånbare og de ophører med at være belånbare efter denne dato.«
‘Marketable assets issued before 1 January 2007 by an entity not established in the EEA or in one of the non-EEA G10 countries, but guaranteed by an entity established in the EEA, remain eligible until 31 December 2011, provided they fulfil the other eligibility criteria and the requirements applicable to guarantees as set out in Section 6.3.2, and become ineligible after that date.’
I kapitel 6, afsnit 6.3, i første led under »Kreditvurdering foretaget af et eksternt kreditvurderingsbureau« affattes den tidligere fodnote 26, nu omnummereret som fodnote 28, i slutningen af første punktum således:
In Chapter 6, Section 6.3.2, in the first indent on ‘ECAI credit assessment’, the former footnote 26 now renumbered as footnote 28 at the end of the first sentence is replaced by the following:
»De høje kreditstandarder for dækkede obligationer, der er udstedt efter 1. januar 2008, vurderes på grundlag af det sæt af kriterier, som er oplistet ovenfor.
‘The high credit standards for covered bank bonds issued from 1 January 2008 are assessed on the basis of the above-listed set of criteria.
Dækkede bankobligationer, som er udstedt før den 1. januar 2008, anses for at opfylde de høje kreditstandarder, hvis de fuldt ud opfylder kriterierne i artikel 22, stk. 4, i direktivet om investeringsforeninger.«
Covered bank bonds issued prior to 1 January 2008 are deemed to fulfil high credit standards if they comply strictly with the criteria set out in Article 22(4) of the UCITS Directive.’
I kapitel 6, afsnit 6.6.1, andet led, udgår nuværende fodnote 50.
In Chapter 6, Section 6.6.1, in the second indent, the current footnote 50 is deleted.
Bilagene til Bilag I ombenævnes til »Appendiks«.
The Annexes to Annex I are renamed ‘Appendices’.
I det således nye appendiks 2 til bilag I, erstattes fjerde punktum i definitionen af »Markedsoperation (open market operation)« af følgende:
In the resulting Appendix 2 to the Annex I, in the definition of ‘open market operation’ the fourth sentence is replaced by the following:
»Desuden kan udstedelse af gældsbeviser og egentlige købs- eller salgsforretninger benyttes til strukturelle operationer, mens valutaswaps og modtagelse af tidsindskud fra modparter benyttes til finjusterende markedsoperationer.«
‘In addition, the issuance of debt certificates and outright transactions are available for structural operations, while foreign exchange swaps and the collection of fixed-term deposits are available for the conduct of fine-tuning operations.’
Ændringer i forbindelse med oprettelse af TARGET2
Amendments related to the establishment of TARGET2
I listen »FORKORTELSER« erstattes linjen, der henviser til »TARGET« af følgende:
In the list of ‘Abbreviations’, the line referring to ‘TARGET’ is replaced by the following:
»TARGET
‘TARGET
Trans European Automated Real-time Gross settlement Express Transfer system, som defineret i retningslinje ECB/2005/16
the Trans-European Automated Real-time Gross settlement Express Transfer system, as defined in Guideline ECB/2005/16
Trans European Automated Real-time Gross settlement Express Transfer system, som defineret i retningslinje ECB/2007/2.«
the Trans-European Automated Real-time Gross settlement Express Transfer system, as defined in Guideline ECB/2007/2’.
I kapitel 4, afsnit 4.1, formuleres teksten under overskriften »Betingelser for adgang til faciliteten« således:
In Chapter 4, Section 4.1, the text under the heading ‘Access conditions’ is amended as follows:
I første afsnit erstattes det tredje punktum af følgende:
The third sentence of the first paragraph is replaced by the following:
»Den marginale udlånsfacilitet er kun tilgængelig på dage, hvor i) TARGET2 og ii) de relevante værdipapirafviklingssystemer (SSS’er) er åbne.b) Tredje afsnit affattes således:
‘Access to the marginal lending facility is granted only on days when (i) TARGET2; and (ii) the relevant securities settlement systems (SSSs) are operational.(b) The third paragraph is replaced by the following:
»En modpart kan også få adgang til den marginale udlånsfacilitet ved at indsende en anmodning til den nationale centralbank i den medlemsstat, hvor modparten er beliggende.
‘A counterparty may also be granted access to the marginal lending facility by sending a request to the national central bank in the Member State in which the counterparty is established.
Anmodningen skal være modtaget af den nationale centralbank senest 15 minutter efter lukketiden for TARGET2, hvis den skal behandles af den nationale centralbank samme dag i TARGET2.
For the national central bank to process the request on the same day in TARGET2, the request must be received by the national central bank at the latest 15 minutes following the TARGET2 closing time.
Som hovedregel lukker TARGET2 kl. 18.00 ECB-tid (kontinentaleuropæisk tid).
As a general rule, the TARGET2 closing time is 6 p.m. ECB time (CET).
Fristen for anmodning om adgang til den marginale udlånsfacilitet forlænges med yderligere 15 minutter på Eurosystemets sidste bankdag i en reservekravsperiode.
The deadline for requesting access to the marginal lending facility is postponed by an additional 15 minutes on the last Eurosystem business day of a reserve maintenance period.
I anmodningen angives lånets størrelse, og hvis de underliggende aktiver i forbindelse med transaktionen ikke er forhåndsdeponeret hos den nationale centralbank, skal de underliggende aktiver leveres til brug for transaktionen.23) I kapitel 4, afsnit 4.1, under overskriften »Løbetid og rentevilkår«, erstattes andet punktum i det første afsnit af følgende:
The request must specify the amount of credit and, if underlying assets for the transaction have not already been pre-deposited with the national central bank, also the underlying assets to be delivered for the transaction.(23) In Chapter 4, Section 4.1, under the heading ‘Maturity and interest terms’, the second sentence of the first paragraph is replaced by the following:
»For modparter, der deltager direkte i TARGET2, forfalder lånet den næste dag, hvor i) TARGET2 og ii) de relevante SSS’er er åbne, på disse systemers åbningstidspunkt.«
‘For counterparties participating directly in TARGET2, the credit is repaid on the next day on which (i) TARGET2; and (ii) the relevant SSSs are operational, at the time at which those systems open.’
I kapitel 4, afsnit 4.2, affattes teksten under overskriften »Betingelser for adgang til faciliteten« således:
In Chapter 4, Section 4.2, the text under the heading ‘Access conditions’ is amended as follows:
»Indlånsfaciliteten kan kun anvendes på dage, hvor TARGET2 er åben.«
‘Access to the deposit facility is granted only on days when TARGET2 is open.’
Andet afsnit erstattes af følgende:
The second paragraph is replaced by the following:
»Modparten skal anmode den nationale centralbank i den medlemsstat, hvor modparten er beliggende, om at få adgang til indlånsfaciliteten.
‘To be granted access to the deposit facility, the counterparty must send a request to the national central bank in the Member State in which the counterparty is established.
Fristen for at anmode om adgang til indlånsfaciliteten forlænges med yderligere 15 minutter på Eurosystemets sidste bankdag i en reservekravsperiode.
The deadline for requesting access to the deposit facility is postponed by an additional 15 minutes on the last Eurosystem business day of a reserve maintenance period.
I anmodningen angives indskuddets størrelse.25) I kapitel 4, afsnit 4.2, under overskriften »Løbetid og rentevilkår«, erstattes andet punktum i det første afsnit af følgende:
The request must specify the amount to be deposited under the facility.(25) In Chapter 4, Section 4.2, under the heading ‘Maturity and interest terms’, the second sentence of the first paragraph is replaced by the following:
»For modparter, der deltager direkte i TARGET2, forfalder indskuddet den næste dag, hvor TARGET2 er åben, på systemets åbningstidspunkt.«
‘For counterparties participating directly in TARGET2, deposits held under the facility mature on the next day on which TARGET2 is operational, at the time at which this system opens.’
I kapitel 5, afsnit 5.3.1, første afsnit, erstattes andet punktum af følgende:
In Chapter 5, Section 5.3.1, the first sentence of the first paragraph is replaced by the following:
»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 TARGET2).«
‘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 TARGET2.’
I kapitel 5, afsnit 5.3.2, første afsnit, erstattes første punktum af følgende:
In Chapter 5, Section 5.3.2, the first sentence of the first paragraph is replaced by the following:
»Markedsoperationer, der udføres som standardauktioner (primære markedsoperationer, langfristede markedsoperationer og strukturelle markedsoperationer) afvikles normalt den første dag efter handelsdagen, hvor i) TARGET2 og ii) alle relevante SSS’er 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 (i) TARGET2; and (ii) all relevant SSSs are open.’
I kapitel 5 affattes afsnit 5.3.3 således:
In Chapter 5, Section 5.3.3, is replaced by the following:
Procedurerne ultimo dagen er fastlagt i dokumentationen i tilknytning til TARGET2.
The end-of-day procedures are specified in documentation related to TARGET2.
Der modtages ikke nye betalingsinstrukser til behandling i TARGET2 efter lukketid, men resterende betalingsordrer modtaget inden lukketid behandles stadig.
No further payment orders are accepted for processing in TARGET2 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 centralbank senest 15 minutter efter TARGET2’s lukketid.
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 15 minutes following the TARGET2 closing time.
Fristen for at anmode om adgang til Eurosystemets stående faciliteter forlænges med yderligere 15 minutter på Eurosystemets sidste bankdag i en reservekravsperiode.
The deadline for requesting access to the Eurosystem's standing facilities is postponed by an additional 15 minutes on the last Eurosystem business day of a minimum reserve maintenance period.
Negative saldi på modparters afviklingskonti i TARGET2 efter afslutning af 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 TARGET2 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).
I kapitel 6, afsnit 6.6.1, erstattes sidste punktum i afsnittet af følgende:
In Chapter 6, Section 6.6.1, the last sentence of the section is replaced by the following:
»Under særlige omstændigheder, eller hvis det er påkrævet af pengepolitiske årsager, kan ECB beslutte at forlænge CCBM's åbningstid til TARGET2’s lukketid.«
‘In exceptional circumstances or when required for monetary policy purposes, the ECB may decide to extend the CCBM's closing time until the TARGET2 closing time.’
Alle fodnoter, der er angivet i det foregående, omnummereres i overensstemmelse hermed.
All the footnotes not referred to above are renumbered accordingly.
Det nye appendiks 2 (Ordliste) til bilag I til retningslinje ECB/2000/7 ændres følgelig således:
The resulting Appendix 2 (‘Glossary’) to Annex I to Guideline ECB/2000/7 is amended as follows:
Udtrykket »Ultimo dagen (end-of-day)« erstattes af følgende:
The term ‘End-of-day’ is replaced by the following:
»Ultimo dagen (end-of-day)
‘End-of-day