natgillin/translations-raw huggingface dataset:
»margin call« (margin call) en procedure i forbindelse med anvendelse af variationsmarginer, der indebærer, at hvis værdien af de aktiver, som en modpart har mobiliseret som sikkerhed, målt regelmæssigt, falder under et bestemt niveau, kræver Eurosystemet, at modparten stiller yderligere sikkerhed i form af belånbare aktiver eller kontanter.
‘main refinancing operations’ (MROs) means a category of regular open market operations that are executed by the Eurosystem in the form of reverse transactions;
»marginal rente« (marginal interest rate) den laveste rentesats ved likviditetstilførende auktioner til variabel rente, ved hvilken buddene er nået, eller den højeste rentesats ved likviditetsopsugende auktioner til variabel rente, ved hvilken buddene er nået
‘margin call’ means a procedure relating to the application of variation margins, implying that if the value of the assets mobilised as collateral by a counterparty, as regularly measured, falls below a certain level, the Eurosystem requires the counterparty to supply additional eligible assets or cash.
»marginal udlånsfacilitet« (marginal lending facility) en stående facilitet, som tilbydes af Eurosystemet, og som modparterne kan anvende til at opnå dag-til-dag kredit fra Eurosystemet gennem en national centralbank til en på forhånd fastsat rentesats, der er underlagt et krav om tilstrækkelige belånbare aktiver som sikkerhedsstillelse
For pooling systems, a margin call is performed only in cases of under-collateralisation, and for earmarking systems symmetric margin calls are performed, each method as further specified in the national documentation of the home NCB;
»marginal udlånsrente« (marginal lending facility rate) den rentesats, der gælder for den marginale udlånsfacilitet
‘marginal interest rate’ means the lowest interest rate in liquidity-providing variable rate tender procedures at which bids are fulfilled, or the highest interest rate in liquidity-absorbing variable rate tender procedures at which bids are fulfilled;
»marginale antal swappoint« (marginal swap point quotation) det antal swappoint, ved hvilket hele tildelingsbeløbet i en auktion er nået
‘marginal lending facility’ means a standing facility offered by the Eurosystem which counterparties may use to receive overnight credit from the Eurosystem through an NCB at a pre-specified interest rate subject to a requirement for sufficient eligible assets as collateral;
»omsættelige aktiver« (marketable assets) gældsinstrumenter, som kan optages til handel på et marked, og som opfylder belånbarhedskriterierne i fjerde del
‘marginal lending facility rate’ means the interest rate applied to the marginal lending facility;
»udløbsdato« (maturity date)
‘marginal swap point quotation’ means the swap point quotation at which the total tender allotment is exhausted;
den dato, hvor en pengepolitisk operation i Eurosystemet udløber.
‘marketable assets’ means debt instruments that are admitted to trading on a market and that fulfil the eligibility criteria laid down in Part Four;
Ved genkøbsforretninger eller swaps er udløbsdatoen lig med tilbagekøbsdatoen
‘maturity date’ means the date on which a Eurosystem monetary policy operation expires.
»medlemsstat« (Member State) en medlemsstat af Unionen
In the case of a repurchase agreement or swap, the maturity date corresponds to the repurchase date;
»multi cédulas« (multi cédulas) gældsinstrumenter, der er udstedt af specifikke spanske SPV'er (Fondo de Titulización de Activos), der muliggør, at et vist antal små enkelte cédulas (spanske særligt dækkede obligationer) fra flere udstedere, kan indgå i én pulje
‘Member State’ means a Member State of the Union;
»multilateral udviklingsbank« (multilateral development bank) en enhed, der er opregnet i artikel 117, stk. 2, i forordning (EU) nr. 575/2013, hvorved eksponeringer mod sådanne enheder tildeles en risikovægt på 0 %
‘multi cédulas’ means debt instruments issued by specific Spanish SPVs (Fondo de Titulización de Activos, FTA) enabling a certain number of small-sized single cédulas (Spanish covered bonds) from several originators to be pooled together;
»auktion med flere rentesatser (amerikansk auktion)« (multiple rate auction (American auction)) en auktion, hvor tildelingsrenten eller tildelingskursen eller antal swappoint ved tildelingen er lig med renten eller kursen eller antal swappoint i de enkelte bud
‘multilateral development bank’ means an entity listed in Article 117(2) of Regulation (EU) No 575/2013, whereby exposures to such an entity are assigned a 0 % risk weight;
»flertrinskuponrente« (multi-step coupon) en kuponstruktur, hvor den del af margin (x), der stiger mere end én gang i løbet af aktivets løbetid i overensstemmelse med en forudbestemt plan på forudbestemte datoer, typisk call-datoen eller datoen for kuponbetalingen
‘multiple rate auction (American auction)’ means an auction in which the allotment interest rate or price or swap point equals the interest rate or price or swap point offered in each individual bid;
»national centralbank« (national central bank, NCB) den nationale centralbank i en medlemsstat, der har euroen som valuta
‘multi-step coupon’ means a coupon structure where the margin part (x) increases more than once during the life of the asset according to a predetermined schedule on predetermined dates, usually the call date or the coupon payment date;
»NCB-bankdag« (NCB-business day) de dage, hvor en national centralbank er åben for udførelse af Eurosystemets pengepolitiske operationer, herunder dage hvor filialer af den nationale centralbank kan være lukket på grund af lokale eller regionale helligdage
‘national central bank’ (NCB) means a national central bank of a Member State whose currency is the euro;
»G10-lande uden for EØS« (non-EEA G10 countries) de lande, der deltager i G10-gruppen, som ikke er EØS-lande, dvs. USA, Canada, Japan og Schweiz
‘NCB business day’ means any day on which an NCB is open for the purpose of conducting Eurosystem monetary policy operations, including days when branches of such an NCB may be closed due to local or regional bank holidays;
»ikke-finansielt selskab« (non-financial corporation) har samme betydning som i forordning (EU) nr. 549/2013
‘non-EEA G10 countries’ means the countries participating in the Group of Ten (G10) that are not EEA countries, i.e. the United States of America, Canada, Japan and Switzerland;
»ikke-omsættelige aktiver« (non-marketable assets) alle følgende aktiver: tidsindskud, gældsfordringer og detailgældsinstrumenter med pant i fast ejendom
‘non-financial corporation’ has the same meaning as in Regulation (EU) No 549/2013;
»andre særligt dækkede obligationer« (other covered bonds) strukturerede særligt dækkede obligationer og multi cédulas
‘non-marketable asset’ means any of the following assets: fixed-term deposits, credit claims and RMBDs;
»egentlig købs- eller salgsforretning« (outright transaction) et instrument, der anvendes i markedsoperationer, hvor Eurosystemet køber eller sælger belånbare omsættelige aktiver i markedet (spot eller termin), og hvor ejendomsretten helt overgår fra sælger til køber uden nogen form for tilbageførsel af ejendomsretten
‘other covered bonds’ means structured covered bonds and multi cédulas;
»system til pooling« (pooling system) et system til centralbankernes administration af sikkerhed, hvor en modpart åbner en pool-konto hos en national centralbank til deponering af aktiver, der tjener som sikkerhed i dennes kreditoperationer med Eurosystemet, og hvor aktiverne registreres på en sådan måde, at det individuelle belånbare aktiv ikke er knyttet til en specifik kreditoperation i Eurosystemet, således at modparten kontinuerligt kan substituere de belånbare aktiver
‘outright transaction’ means an instrument used in conducting open market operations, whereby the Eurosystem buys or sells eligible marketable assets outright in the market (spot or forward), resulting in a full transfer of ownership from the seller to the buyer with no connected reverse transfer of ownership;
»offentlig kreditvurdering« (public credit rating) kreditvurderinger, som er: a) udstedt af kreditvurderingsbureauer, der er registreret i EU og godkendt af Eurosystemet, og b) offentliggjort eller distribueret pr. abonnement
‘pooling system’ means a system for NCBs' collateral management, whereby a counterparty maintains a pool account with an NCB to deposit assets collateralising that counterparty's related Eurosystem credit operations, whereby the assets are recorded in such a way that an individual eligible asset is not linked to a specific Eurosystem credit operation and the counterparty may substitute eligible assets on a continuous basis;
»offentlig enhed« (public sector entity) en enhed, der klassificeres af en national statistikmyndighed som en enhed inden for den offentlige sektor som omhandlet i forordning (EU) nr. 549/2013
‘public credit rating’ means credit ratings which are: (a) issued by credit rating agencies registered in the Union and accepted by the Eurosystem; and (b) disclosed publicly or distributed by subscription;
»ekstraordinær auktion« (quick tender) en auktion, som normalt udføres inden for 105 minutter fra annoncering af auktionen til bekræftelsen af tildelingsresultatet, og som kan begrænses til en række bestemte modparter, jf. nærmere i anden del
‘public sector entity’ means an entity that is classified by a national statistical authority as a unit within the public sector for the purposes of Regulation (EU) No 549/2013;
»genkøbsforretning« (repurchase agreement) en forretning, hvor et belånbart aktiv sælges til en køber, og ejendomsretten overgår fra sælger til køber, og hvor sælger samtidig berettiges og forpligtes til at købe et tilsvarende aktiv tilbage til en bestemt pris på et givet tidspunkt i fremtiden eller på anfordring
‘quick tender’ means a tender procedure, which is normally executed within a time frame of 105 minutes from the announcement of the tender to the certification of the allotment result, and which can be restricted to a limited set of counterparties, as further specified in Part Two;
»tilbagekøbsdag« (repurchase date) den dag, hvor køber er forpligtet til at sælge tilsvarende aktiver tilbage til sælger i en transaktion som led i en genkøbsforretning
‘repurchase agreement’ means an arrangement whereby an eligible asset is sold to a buyer without any retention of ownership on the part of the seller, while the seller simultaneously obtains the right and the obligation to repurchase an equivalent asset at a specific price on a future date or on demand;
»genkøbspris« (repurchase price)
‘repurchase date’ means the date on which the buyer is obliged to sell back equivalent assets to the seller in relation to a transaction under a repurchase agreement;
den pris, til hvilken køber er forpligtet til at sælge tilsvarende aktiver tilbage til sælger i en genkøbsforretning.
‘repurchase price’ means the price at which the buyer is obliged to sell back equivalent assets to the seller in relation to a transaction under a repurchase agreement.
Genkøbsprisen svarer til summen af salgsprisen og renten på den tilførte likviditet i operationens løbetid
The repurchase price equals the sum of the purchase price and the price differential corresponding to the interest on the advanced liquidity over the maturity of the operation;
»tilbageførselsforretning« (reverse transaction) et instrument som benyttes i markedsoperationer og i forbindelse med adgang til den marginale udlånsfacilitet, hvor en national centralbank køber eller sælger belånbare aktiver som led i en genkøbsforretning eller gennemfører kreditoperationer i form af udlån mod sikkerhed
‘reverse transaction’ means an instrument used in conducting open market operations and when providing access to the marginal lending facility whereby an NCB buys or sells eligible assets under a repurchase agreement or conducts credit operations in the form of collateralised loans;
»depotkonto« (safe custody account) en værdipapirkonto administreret af en ISCD, en CSD eller en national centralbank, hvor kreditinstitutter kan anbringe værdipapirer, som er belånbare i Eurosystemets kreditoperationer
‘safe custody account’ means a securities account managed by an ICSD, CSD or NCB on which credit institutions can place securities eligible for Eurosystem credit operations;
»værdipapirafviklingssystem« (securities settlement system, SSS) et system, hvor værdipapirer kan overføres uden betaling (FOP) eller mod betaling (levering mod betaling)
‘securities settlement system’ (SSS) means a system which allows the transfer of securities, either free of payment (FOP), or against payment (delivery-versus-payment);
»afviklingsdag« (settlement date) den dag, hvor en transaktion afvikles
‘settlement date’ means the date on which a transaction is settled;
»auktion med en enkelt rentesats (hollandsk auktion)« (single rate auction (Dutch auction)) en auktion, hvor tildelingsrenten, tildelingskursen eller antal swappoint ved tildelingen, der anvendes på alle accepterede bud, er lig med den marginale rente eller den marginale kurs eller det marginale antal swappoint
‘single rate auction (Dutch auction)’ means an auction in which the allotment interest rate or price or swap point applied for all satisfied bids is equal to the marginal interest rate or price or swap point;
»SPV« (special purpose vehicle) en securitiseringsenhed med særligt formål, som defineret i artikel 4, stk. 1, nr. 66), i forordning (EU) nr. 575/2013
‘Special Purpose Vehicle’ (SPV) means a securitisation special purpose entity as defined in point 66 of Article 4(1) of Regulation (EU) No 575/2013;
»standardauktion« (standard tender) en auktionsprocedure, som normalt udføres inden for en tidsramme på 24 timer fra auktionsmeddelelsen til bekræftelsen af tildelingsresultatet
‘standard tender’ means a tender procedure which is normally carried out within a time frame of 24 hours from the announcement of the tender to the certification of the allotment result;
»strukturelle markedsoperationer« (structural operations) en kategori af markedsoperationer, som Eurosystemet udfører med det formål at justere Eurosystemets strukturelle likviditetsstilling over for den finansielle sektor eller for at forfølge andre pengepolitiske formål, jf. nærmere i anden del
‘structural operations’ means a category of open market operations executed by the Eurosystem to adjust the structural liquidity position of the Eurosystem vis-à-vis the financial sector or pursue other monetary policy purposes as further specified in Part Two;
»strukturerede særligt dækkede obligationer« (structured covered bonds) særligt dækkede obligationer, bortset fra multi cédulas, som ikke er udstedt i overensstemmelse med kravene i artikel 52, stk. 4, i direktiv 2009/65/EF
‘structured covered bonds’ means covered bonds, with the exception of multi-cédulas, which are not issued in accordance with the requirements under Article 52(4) of Directive 2009/65/EC;
»swappoint« (swap point) forskellen mellem valutakursen for terminsforretningen og valutakursen for spotforretningen i en valutaswap, noteret i henhold til de almindelige markedskonventioner
‘swap point’ means the difference between the exchange rate of the forward transaction and the exchange rate of the spot transaction in a foreign exchange swap, quoted according to general market conventions;
»tap-udstedelse« (tap issuance or tap issue) en udstedelse, der udgør en serie sammen med en tidligere udstedelse
‘tap issuance’ or ‘tap issue’ means an issue forming a single series with an earlier issuance or issue;
»TARGET2« (Trans-European Automated Real-time Gross settlement Express Transfer system) realtidsbruttoafviklingssystem af betalinger i euro, med afvikling af betalinger i euro i centralbankpenge, som reguleres i retningslinje ECB/2012/27
‘TARGET2’ means the real-time gross settlement system for the euro, providing settlement of payments in euro in central bank money, regulated under Guideline ECB/2012/27;
»auktion« (tender procedure) en procedure, hvor Eurosystemet tilfører markedet likviditet eller opsuger likviditet fra markedet, og hvor den nationale centralbank indgår transaktioner ved at acceptere bud fra modparter på grundlag af en offentlig meddelelse
‘tender procedure’ means a procedure whereby the Eurosystem provides liquidity to, or withdraws liquidity from, the market whereby the NCB enters into transactions by accepting bids submitted by counterparties after a public announcement;
»handelsdag (H)« (trade date, T)
‘trade date (T)’ means the date on which a trade, i.e. an agreement on a financial transaction between two counterparties, is struck.
den dag, hvor en handel, dvs. en aftale om en finansiel transaktion mellem to modparter, indgås.
The trade date may coincide with the settlement date for the transaction (same-day settlement) or precede the settlement date by a specified number of business days (the settlement date is specified as T + the settlement lag);
Handelsdagen kan falde sammen med transaktionens afviklingsdag (afvikling samme dag) eller gå forud for afviklingsdagen med et bestemt antal bankdage (afviklingsdagen angives som H + afviklingsforskydning)
‘traditional covered bonds’ means covered bonds, other than jumbo covered bonds, which are issued in accordance with the requirements under Article 52(4) of Directive 2009/65/EC;
»traditionelle særligt dækkede obligationer« (traditional covered bonds) særligt dækkede obligationer undtagen særligt dækkede obligationer af jumbo-typen, som er udstedt i overensstemmelse med kravene i artikel 52, stk. 4, i direktiv 2009/65/EF
‘tri-party agent’ (TPA) means an operator of an SSS that has entered into a contract with an NCB whereby such operator is to provide certain collateral management services as an agent of that NCB;
»trepartsagent« (tri-party agent) en operatør af et værdipapirafviklingssystem, som har indgået en aftale med en national centralbank, hvor operatøren skal tilbyde visse tjenester til forvaltning af sikkerhedsstillelse som agent for den nationale centralbank
‘Union’ means the European Union;
»Union« (Union) Den Europæiske Union
‘valuation haircut’ means a percentage decrease applied to the market value of an asset mobilised as collateral in Eurosystem credit operations;
»haircut« (valuation haircut) nedskrivning af aktivernes kursværdi med en vis procentdel for aktiver, der er mobiliseret som sikkerhedsstillelse i Eurosystemets kreditoperationer
‘valuation markdown’ means a certain percentage decrease in the market value of assets, mobilised as collateral in Eurosystem credit operations, prior to the application of any valuation haircut;
»værdinedskrivning« (valuation markdown) nedskrivning af aktivernes kursværdi med en vis procentdel for aktiver, der er mobiliseret i Eurosystemets kreditoperationer, før der foretages et haircut
‘variable rate tender procedure’ means a tender procedure whereby participating counterparties bid both the amount they want to transact and the interest rate, swap point or price at which they want to enter into transactions with the Eurosystem in competition with each other, and whereby the most competitive bids are satisfied first until the total amount offered is exhausted;
»auktion til variabel rente« (variable rate tender procedure) en auktionsprocedure, hvor de deltagende modparter afgiver bud både på det beløb, de ønsker at handle med, og den rentesats, swappoint eller pris, til hvilken de ønsker at indgå transaktioner med Eurosystemet i konkurrence med hinanden, og hvor de mest fordelagtige bud accepteres først og så fremdeles, indtil hele beløbet er nået
‘zero coupon’ means a debt instrument with no periodic coupon payments.
»nulkupon« (zero coupon)
PART TWO
et gældsinstrument uden regelmæssige kuponbetalinger.
THE EUROSYSTEM MONETARY POLICY TOOLS, OPERATIONS, INSTRUMENTS AND PROCEDURES
ANDEN DEL EUROSYSTEMETS PENGEPOLITISKE REDSKABER, INSTRUMENTER OG PROCEDURER
Article 3
Artikel 3
Eurosystem monetary policy implementation framework
Eurosystemets pengepolitiske rammer
The tools used by the Eurosystem in the implementation of monetary policy shall consist of:
De redskaber, som Eurosystemet benytter til gennemførelsen af pengepolitikken, består af:
open market operations;
markedsoperationer
standing facilities;
stående faciliteter
minimum reserve requirements.
reservekrav.
The minimum reserve requirements are specified in Regulation (EC) No 2531/98 and Regulation (EC) No 1745/2003 (ECB/2003/9).
Reservekravene er specificeret i forordning (EF) nr. 2531/98 og forordning (EF) nr. 1745/2003 (ECB/2003/9).
Certain features of the minimum reserve requirements are illustrated in Annex I for information purposes.
Visse af reservekravenes karakteristika er til orientering illustreret i bilag I.
Article 4
Artikel 4
Indicative characteristics of the Eurosystem monetary policy operations
Vejledende karakteristika for Eurosystemets pengepolitiske operationer
An overview of the characteristics of the Eurosystem monetary policy operations is set out in Table 1.
Et overblik over karakteristika for Eurosystemets pengepolitiske operationer findes i tabel 1.
Table 1
Tabel 1
Overview of characteristics of the Eurosystem monetary policy operations
Overblik over karakteristika for Eurosystemets pengepolitiske operationer
Categories of the monetary policy operations
Kategorier af pengepolitiske operationer
Types of instruments
Instrumenttyper
Maturity
Frekvens
Procedure
Standardauktioner
Standard tender procedures
Tre måneder [12]
Three months [12]
Hver måned [12]
Monthly [12]
Ikke-standardiseret
Non-standardised
Modtagelse af tidsindskud
Collection of fixed-term deposits
Højst 12 måneder
Less than 12 months
Den marginale udlånsfacilitet
Marginal lending facility
Dag-til dag/indlån på anfordring
Overnight
Overblik over markedsoperationer
Overview of open market operations
Overblik over kategorier og instrumenter for så vidt angår markedsoperationer
Overview of categories and instruments in respect of open market operations
Eurosystemet kan udføre markedsoperationer for at styre renten, kontrollere likviditetsforholdene i det finansielle marked og signalere pengepolitikkens stramhedsgrad.
The Eurosystem may conduct open market operations to steer interest rates, manage the liquidity situation in the financial market and signal the stance of monetary policy.
Alt afhængig af deres specifikke formål kan markedsoperationer inddeles i følgende kategorier:
Depending on their specific purpose, open market operations can be grouped under the following categories:
primære markedsoperationer
main refinancing operations;
langfristede markedsoperationer
longer-term refinancing operations;
finjusterende markedsoperationer
fine-tuning operations;
strukturelle markedsoperationer.
structural operations.
Markedsoperationer udføres ved følgende instrumenter:
Open market operations shall be conducted by means of the following instruments:
tilbageførselsforretninger
reverse transactions;
valutaswaps, der udføres i pengepolitisk øjemed
foreign exchange swaps for monetary policy purposes;
modtagelse af tidsindskud
the collection of fixed-term deposits;
udstedelse af ECB-gældsbeviser
the issuance of ECB debt certificates;
egentlige købs- eller salgsforretninger.
outright transactions.
For så vidt angår de specifikke markedsoperationer i stk. 2, gælder følgende instrumenter, hvortil der er henvist i stk. 3:
As regards the specific categories of open market operations laid down in paragraph 2, the following instruments referred to in paragraph 3 shall be applicable:
primære markedsoperationer og langfristede markedsoperationer udføres udelukkende ved tilbageførselsforretninger
MROs and LTROs are conducted exclusively by means of reverse transactions;
finjusterende markedsoperationer udføres ved:
fine-tuning operations may be conducted by means of:
Strukturelle markedsoperationer udføres ved:
structural operations may be conducted by means of:
ECB indleder markedsoperationerne og træffer også beslutning om vilkårene og betingelserne for deres udførelse samt om de instrumenter, der skal benyttes.
The ECB shall initiate open market operations and shall also decide on the terms and conditions for their execution and on the instrument to be used.
Kategorier af markedsoperationer
Categories of open market operations