natgillin/translations-raw huggingface dataset:
Den Europæiske Centralbanks Styrelsesråd har i overensstemmelse med artikel 282, stk. 1, i traktaten om Den Europæiske Unions funktionsmåde besluttet at anvende begrebet »Eurosystemet« om de elementer af Det Europæiske System af Centralbanker, der udfører dettes grundlæggende opgaver, dvs. Den Europæiske Centralbank og de nationale centralbanker i de medlemsstater, der har indført den fælles valuta i overensstemmelse med traktaten om Den Europæiske Unions funktionsmåde.«
The Governing Council of the European Central Bank, in accordance with Article 282(1) of the Treaty on the Functioning of the European Union, uses the term “Eurosystem” to denote those components of the European System of Central Banks that carry out its basic tasks, i.e. the European Central Bank and the national central banks of those Member States which have adopted the single currency in accordance with the Treaty on the Functioning of the European Union.’
Kapitel 1.1 erstattes af følgende:
Section 1.1 is replaced by the following:
»Det Europæiske System af Centralbanker (ESCB) består af Den Europæiske Centralbank (ECB) og de nationale centralbanker i medlemsstaterne i Den Europæiske Union.
‘The European System of Central Banks (ESCB) consists of the European Central Bank (ECB) and the national central banks (NCBs) of the European Union (EU) Member States.
ESCB’s aktiviteter udføres i overensstemmelse med traktaten om Den Europæiske Unions funktionsmåde og statutten for Det Europæiske System af Centralbanker og Den Europæiske Centralbank (herefter »ESCB-statutten«).
The activities of the ESCB are carried out in accordance with the Treaty on the Functioning of the European Union and the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the “Statute of the ESCB”).
ESCB er underlagt ECB’s besluttende organer.
The ESCB is governed by the decision-making bodies of the ECB.
I den forbindelse er ECB’s styrelsesråd ansvarlig for at udforme pengepolitikken, mens direktionen er bemyndiget til at gennemføre pengepolitikken i overensstemmelse med styrelsesrådets beslutninger og retningslinjer.
In this respect, the Governing Council of the ECB is responsible for the formulation of monetary policy, while the Executive Board is empowered to implement monetary policy according to the decisions made and guidelines laid down by the Governing Council.
ECB kan i det omfang, det er muligt og relevant, og med henblik på at sikre den operationelle effektivitet pålægge de nationale centralbanker at gennemføre operationer, som er en del af Eurosystemets opgaver.
To the extent deemed possible and appropriate and with a view to ensuring operational efficiency, the ECB has recourse to the NCBs for carrying out the operations which form part of the tasks of the Eurosystem.
Hvis det er nødvendigt for gennemførelsen af pengepolitikken, kan de nationale centralbanker udveksle individuelle oplysninger med medlemmer af Eurosystemet, fx driftsmæssige data, med tilknytning til modparter, der deltager i Eurosystemets operationer .
The 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 .
Eurosystemets pengepolitiske operationer gennemføres på ensartede betingelser og vilkår i alle medlemsstater.3.
The Eurosystem's monetary policy operations are executed under uniform terms and conditions in all Member States.3.
Kapitel 1.2 erstattes af følgende:
Section 1.2 is replaced by the following:
»Eurosystemets hovedmål er at fastholde prisstabilitet, jf. traktatens artikel 127, stk. 1.
‘The primary objective of the Eurosystem is to maintain price stability, as defined in Article 127(1) of the Treaty.
Uden at hovedmålet om prisstabilitet derved berøres, skal Eurosystemet støtte de generelle økonomiske politikker i EU.
Without prejudice to the primary objective of price stability, the Eurosystem has to support the general economic policies in the EU.
Eurosystemet skal desuden handle i overensstemmelse med princippet om en åben markedsøkonomi med fri konkurrence, som fremmer en effektiv ressourceallokering.«
In pursuing its objectives, the Eurosystem has to act in accordance with the principle of an open market economy with free competition, favouring an efficient allocation of resources.’
Kapitel 1.3.1 ændres således:
Section 1.3.1 is amended as follows:
Første afsnit erstattes af følgende:
The introductory part is replaced by the following:
»Markedsoperationerne spiller en vigtig rolle i Eurosystemets pengepolitik. Operationerne har til formål at styre renten og likviditetsforholdene i markedet og signalere den pengepolitiske stramhedsgrad.
‘Open market operations play an important role in the monetary policy of the Eurosystem for the purposes of steering interest rates, managing the liquidity situation in the market and signalling the stance of monetary policy.
Eurosystemet har fem typer af instrumenter til rådighed til at udføre markedsoperationer.
Five types of instruments are available to the Eurosystem for the conduct of open market operations.
Eurosystemet kan også benytte sig af egentlige købs- eller salgsforretninger, udstedelse af ECB-gældsbeviser, valutaswaps og modtagelse af tidsindskud fra modparter.
The Eurosystem may also use outright transactions, the issuance of ECB debt certificates, foreign exchange swaps and the collection of fixed-term deposits.
De kan gennemføres som standardauktioner, ekstraordinære auktioner eller bilaterale procedurer.
They can be executed on the basis of standard tenders, quick tenders or bilateral procedures.
Med hensyn til formål, regelmæssighed og procedurer kan Eurosystemets markedsoperationer inddeles i følgende fire kategorier (jf. også tabel 1):b) Tredje led erstattes af følgende:
With regard to their aims, regularity and procedures, the Eurosystem’s open market operations can be divided into the following four categories (see also Table 1):(b) The third bullet point is replaced by the following:
»Finjusterende markedsoperationer udføres på ad hoc-basis for at kontrollere likviditetsforholdene i markedet og styre renten, især med henblik på at udjævne rentevirkningen af uventede likviditetsudsving i markedet.
‘Fine-tuning operations are executed on an ad hoc basis with the aim of managing the liquidity situation in the market and steering interest rates, in particular in order to smooth the effects on interest rates caused by unexpected liquidity fluctuations in the market.
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.
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.
Finjusterende markedsoperationer udføres normalt af de nationale centralbanker (NCB'erne) som ekstraordinære auktioner eller bilaterale procedurer.
Fine-tuning operations are normally executed by the NCBs through quick tenders or bilateral procedures.
ECB’s styrelsesråd kan beslutte, at de finjusterende bilaterale operationer under særlige omstændigheder skal udføres af ECB.«
The Governing Council of the ECB can decide that, under exceptional circumstances, fine-tuning bilateral operations may be carried out by the ECB itself.’
Fjerde led erstattes af følgende:
The fourth bullet point is replaced by the following:
»Eurosystemet kan desuden udføre strukturelle markedsoperationer gennem udstedelse af ECB-gældsbeviser, tilbageførselsforretninger og købs- og salgsforretninger.
‘In addition, the Eurosystem may carry out structural operations through the issuance of ECB debt certificates, reverse transactions and outright transactions.
Operationerne udføres, når ECB ønsker at justere Eurosystemets strukturelle nettostilling over for den finansielle sektor (på en regelmæssig eller ikke-regelmæssig basis).
These operations are executed whenever the ECB wishes to adjust the structural position of the Eurosystem vis-à-vis the financial sector (on a regular or non-regular basis).
Strukturelle markedsoperationer i form af tilbageførselsforretninger og udstedelse af gældsbeviser udføres af de nationale centralbanker gennem standardauktioner.
Structural operations in the form of reverse transactions and the issuance of debt instruments are carried out by the NCBs through standard tenders.
Strukturelle markedsoperationer, der gennemføres som købs- eller salgsforretninger, udføres almindeligvis af de nationale centralbanker gennem bilaterale procedurer.
Structural operations in the form of outright transactions are normally executed by the NCBs through bilateral procedures.
ECB’s styrelsesråd kan beslutte, at de strukturelle markedsoperationer under særlige omstændigheder skal udføres af ECB.«
The Governing Council of the ECB can decide that, under exceptional circumstances, structural operations may be executed by the ECB itself.’
I tabel 1 i kapitel 1.3, erstattes fjerde række i tredje kolonne »Udstedelse af gældsbeviser« med »Udstedelse af ECB-gældsbeviser«.
In Table 1 in Section 1.3, in the fourth row of the third column, ‘Issuance of debt certificates’ is replaced by ‘Issuance of ECB debt certificates’.
Kapitel 1.4 erstattes af følgende:
Section 1.4 is replaced by the following:
»Eurosystemets pengepolitiske ramme er udarbejdet med henblik på at sikre deltagelse fra en bred kreds af modparter.
‘The Eurosystem's monetary policy framework is formulated with a view to ensuring the participation of a broad range of counterparties.
Institutter, der er underlagt reservekrav ifølge artikel 19.1 i ESCB-statutten, kan benytte de stående faciliteter og deltage i markedsoperationer, der udføres som standardauktioner, samt i 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.
Eurosystemet kan udvælge et begrænset antal modparter til at deltage i finjusterende markedsoperationer.
The Eurosystem may select a limited number of counterparties to participate in fine-tuning operations.
Til valutaswaps, der gennemføres af pengepolitiske årsager, anvendes aktive aktører på valutamarkedet.
For foreign exchange swaps conducted for monetary policy purposes, active players in the foreign exchange market are used.
Som modparter i disse operationer deltager kun de institutter, som er etableret i euroområdet, og som er udvalgt til Eurosystemets valutainterventioner.«
The set of counterparties for these operations is limited to those institutions selected for Eurosystem foreign exchange intervention operations which are established in the euro area.’
Kapitel 2.1 ændres således:
Section 2.1 is amended as follows:
I første afsnit erstattes andet led af følgende:
The second bullet point of the first paragraph is replaced by the following:
»Modparterne skal være økonomisk velfunderede.
‘Counterparties must be financially sound.
De skal være underlagt mindst en form for harmoniseret tilsyn ved de nationale myndigheder i EU-/EØS.
They should be subject to at least one form of harmonised EU/EEA supervision by national authorities.
I betragtning af deres særlige institutionelle karakter i henhold til EU-lovgivningen kan finansielt sunde institutter som defineret i traktatens artikel 123, stk. 2, og som er underkastet kontrol efter normer, som er sammenlignelige med tilsyn af en kompetent national myndighed, godkendes som modparter.
In view of their specific institutional nature under EU law, financially sound institutions within the meaning of Article 123(2) of the Treaty that are subject to supervision of a standard comparable to supervision by competent national authorities can be accepted as counterparties.
Finansielt sunde institutter, der er underlagt ikke-harmoniseret tilsyn af kompetente nationale myndigheder efter normer, der er sammenlignelige med harmoniserede EU/EØS-tilsyn, kan også godkendes som modparter, fx filialer etableret i euroområdet af institutter med hjemsted uden for EØS.b) Tredje afsnit erstattes af følgende:
Financially sound institutions that are subject to non-harmonised supervision by competent national authorities of a standard comparable to harmonised EU/EEA supervision can also be accepted as counterparties, e.g. branches established in the euro area of institutions incorporated outside the EEA.(b) The third paragraph is replaced by the following:
»Et institut har kun adgang til Eurosystemets stående faciliteter og markedsoperationer, der udføres som standardauktioner, via den nationale centralbank i den medlemsstat, hvor det har hjemsted.
‘An institution may access the Eurosystem's standing facilities and open market operations based on standard tenders only through the NCB of the Member State in which it is incorporated.
Hvis et institut er etableret i flere medlemsstater (hovedkontor eller filialer), har hver enhed adgang til disse operationer via den nationale centralbank i den medlemsstat, hvor den er etableret. Dog kan et institut kun afgive bud gennem én enhed (hovedkontoret eller en bestemt filial) i hver medlemsstat.«
If an institution has establishments (its head office or branches) in more than one Member State, each establishment has access to these operations through the NCB of the Member State in which it is established, notwithstanding the fact that the bids of an institution may only be submitted by one establishment (either the head office or a designated branch) in each Member State.’
Kapitel 2.2 ændres således:
Section 2.2 is amended as follows:
»Modparter i valutaswaps, der gennemføres af pengepolitiske årsager, skal være i stand til at udføre store valutaoperationer effektivt under alle markedsforhold.
‘For foreign exchange swaps executed for monetary policy purposes, counterparties must be able to conduct large-volume foreign exchange operations efficiently under all market conditions.
Kredsen af modparter i valutaswaps svarer til de modparter i euroområdet, som er udvalgt til Eurosystemets valutainterventioner.
The range of counterparties to foreign exchange swaps corresponds to the counterparties established in the euro area which are selected for Eurosystem foreign exchange intervention operations.
Kriterierne og procedurerne for udvælgelse af modparter til valutainterventioner er beskrevet i appendiks 3.«
The criteria and procedures applied for the selection of counterparties to foreign exchange intervention operations are presented in Appendix 3.’
Femte afsnit erstattes af følgende:
The fifth paragraph is replaced by the following:
»ECB’s styrelsesråd kan beslutte, at ECB under særlige omstændigheder selv kan udføre finjusterende bilaterale markedsoperationer.
‘The Governing Council of the ECB can decide that, under exceptional circumstances, fine-tuning bilateral operations may be carried out by the ECB itself.
Hvis ECB selv udfører bilaterale markedsoperationer, udvælger ECB i så fald modparter i henhold til en rotationsordning blandt de modparter i euroområdet, der er godkendt til ekstraordinære auktioner og bilaterale markedsoperationer, med henblik på at sikre lige adgang for alle.«
If the ECB were to carry out bilateral operations, the selection of counterparties would in such cases be made by the ECB according to a rotation scheme among those counterparties in the euro area which are eligible for quick tenders and bilateral operations in order to ensure equitable access.’
Kapitel 2.3 ændres således:
Section 2.3 is amended as follows:
Tredje afsnit erstattes af følgende:
The third paragraph is replaced by the following:
»Dette gælder for overtrædelse af (a) auktionsreglerne, hvis en modpart ikke overfører et tilstrækkeligt beløb i underliggende aktiver eller kontantbeløb til afvikling (på afviklingsdagen) eller til sikkerhedsstillelse indtil operationens udløb ved tilsvarende margin calls af det likviditetsbeløb, som den er blevet tildelt i en likviditetstilførende operation, eller hvis den ikke overfører et tilstrækkeligt kontantbeløb til afvikling af det beløb, som den er blevet tildelt i en likviditetsopsugende operation; og (b) overtrædelse af regler om bilaterale transaktioner, hvis en modpart ikke overfører en tilstrækkelig mængde af belånbar sikkerhedsstillelse eller kontantbeløb til afvikling af det beløb, der er aftalt i en bilateral transaktion, eller ikke i en udestående bilateral transaktion på et hvilket som helst tidspunkt indtil transaktionens udløb stiller sikkerhed i form af tilsvarende margin calls.b) Femte afsnit erstattes af følgende:
‘This relates to cases of infringement of (a) tender rules, if a counterparty fails to transfer a sufficient amount of underlying assets or cash to settle (at the settlement day), or to collateralise, until the maturity of the operation by means of corresponding margin calls, the amount of liquidity it has been allotted in a liquidity-providing operation, or if it fails to transfer a sufficient amount of cash to settle the amount it has been allotted in a liquidity-absorbing operation; and (b) bilateral transaction rules, if a counterparty fails to transfer a sufficient amount of eligible underlying assets, or if it fails to transfer a sufficient amount of cash to settle the amount agreed in bilateral transactions, or if it fails to collateralise an outstanding bilateral transaction at any time until its maturity by means of corresponding margin calls.(b) The fifth paragraph is replaced by the following:
»Endvidere kan en suspensionsforanstaltning over for en overtrædende modpart udvides til at omfatte filialer af samme institut etableret i andre medlemsstater.
‘In addition, a suspension measure taken vis-à-vis a non-complying counterparty may be applied to branches of the same institution established in other Member States.
En modpart kan suspenderes fra alle fremtidige pengepolitiske operationer i et nærmere fastsat tidsrum, såfremt dette ekstraordinært er påkrævet, fx på grund af overtrædelsens hyppighed eller varighed.«
Where, as an exceptional measure, this is required on account of the seriousness of a case of non-compliance, as evidenced by its frequency or duration, for instance, a counterparty may be suspended from all future monetary policy operations for a certain period of time.’
Kapitel 2.4 erstattes af følgende:
Section 2.4 is replaced by the following:
Suspension, indskrænkninger eller eksklusion af forsigtighedshensyn eller ved misligholdelse
Suspension, limitation or exclusion on grounds of prudence or events of default
I overensstemmelse med de kontraktmæssige og lovgivningsmæssige bestemmelser, som den pågældende nationale centralbank (eller ECB) anvender, kan Eurosystemet af forsigtighedshensyn suspendere, indskrænke eller ekskludere modparters adgang til pengepolitiske instrumenter.
In accordance with the provisions in the contractual or regulatory arrangements applied by the respective NCB (or by the ECB), the Eurosystem may suspend, limit or exclude counterparties' access to monetary policy instruments on the grounds of prudence.
Desuden kan suspension, indskrænkning eller eksklusion af modparter være berettiget i visse tilfælde, der falder ind under begrebet »misligholdelse«, som defineret i de kontraktmæssige og lovgivningsmæssige bestemmelser, som de nationale centralbanker anvender.
In addition, a suspension, limitation or exclusion of counterparties may be warranted in some of the cases which fall within the notion of the “default” of a counterparty as defined in the contractual or regulatory arrangements applied by the NCBs.
Endelig kan Eurosystemet af forsigtighedshensyn også afvise aktiver, begrænse anvendelsen af aktiver eller anvende yderligere haircuts for aktiver, som bestemte modparter har stillet som sikkerhed i Eurosystemets kreditoperationer.«
Finally, on the grounds of prudence, the Eurosystem may also reject assets, limit the use of assets or apply supplementary haircuts to assets submitted as collateral in Eurosystem credit operations by specific counterparties.’
I kapitel 3 erstattes det indledende afsnit af følgende:
The introductory paragraph to Chapter 3 is replaced by the following:
»Markedsoperationer spiller en vigtig rolle i Eurosystemets pengepolitik.
‘Open market operations play an important role in the Eurosystem4s monetary policy.
De anvendes til at styre renten og likviditetsforholdene i markedet og signalere den pengepolitiske stramhedsgrad.
They are used for steering interest rates, managing the liquidity situation in the market and signalling the stance of monetary policy.
Med hensyn til formål, regelmæssighed og procedurer kan Eurosystemets markedsoperationer inddeles i fire kategorier: primære markedsoperationer, langfristede markedsoperationer, finjusterende markedsoperationer og strukturelle markedsoperationer.
With regard to their aims, regularity and procedures, Eurosystem open market operations can be divided into four categories: main refinancing operations, longer-term refinancing operations, fine-tuning operations and structural operations.
Eurosystemets vigtigste instrument i markedsoperationerne er tilbageførselsforretninger, som kan benyttes til alle fire kategorier af markedsoperationer, mens ECB-gældsbeviser anvendes til strukturelle, likviditetsopsugende operationer.
As for the instruments used, reverse transactions are the main open market instrument of the Eurosystem and can be employed in all four categories of operations, whereas ECB debt certificates may be used for structural absorption operations.
Strukturelle markedsoperationer 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.
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 de følgende kapitelafsnit beskrives Eurosystemets forskellige markedsinstrumenter nærmere.«
In the following sections, specific features of the different types of open market instruments used by the Eurosystem are presented in detail.’
I kapitel 3.1.4 erstattes sjette led i andet afsnit af følgende:
In Section 3.1.4, the sixth bullet point of the second paragraph is replaced by the following:
»De udføres normalt decentralt af de nationale centralbanker (ECB's styrelsesråd kan beslutte, at ECB under særlige omstændigheder selv kan udføre finjusterende bilaterale markedsoperationer gennemført som tilbageførselsforretninger).«
‘they are normally executed in a decentralised manner by the NCBs (the Governing Council of the ECB can decide that, under exceptional circumstances, bilateral fine-tuning reverse operations may be executed by the ECB);’
I kapitel 3.2 erstattes fjerde led i fjerde afsnit af følgende:
In Section 3.2, the fourth bullet point of the fourth paragraph is replaced by the following:
»De udføres normalt decentralt af de nationale centralbanker (ECB's styrelsesråd kan beslutte, at ECB under særlige omstændigheder selv kan udføre købs- og salgsforretninger).«
‘they are normally executed in a decentralised manner by the NCBs (the Governing Council of the ECB can decide that, under exceptional circumstances, outright transactions may be executed by the ECB);’
Kapitel 3.3 ændres således:
Section 3.3 is amended as follows:
»ECB-gældsbeviserne repræsenterer en gældsforpligtelse for ECB over for bevisernes indehavere.
‘ECB debt certificates constitute a debt obligation of the ECB vis-à-vis the holder of the certificate.