natgillin/translations-raw huggingface dataset:
ECB 's Styrelses - ( 30 ) ECB 's Styrelsesråd beslutter , hvorvidt ECB under særlige omstændigheder selv kan udføre finjusterende bilaterale markedsoperationer .
The Governing Council of the ECB will ( 30 ) The Governing Council of the ECB will decide whether , under exceptional circumstances , fine-tuning bilateral operations may also be executed by the ECB itself .
L 185/30
L 185/30
De Europæiske Fællesskabers Tidende råd beslutter , 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 .
Official Journal of the European Communities 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 .
e ) Transaktionsdage ECB kan beslutte at udføre finjusterende bilaterale markedsoperationer på enhver af Eurosystemets bankdage .
( e ) O p e r a t i n g d a y s The ECB may decide to conduct fine-tuning bilateral operations on any Eurosystem business day .
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 TARGET ) .
Overførsel af de underliggende aktiver sker via modparternes afviklingskonti i værdipapirafviklingssystemer , der overholder ECB 's minimumsstandarder ( 31 ) .
The transfer of underlying assets is executed via the counterparties » securities settlement accounts with SSSs fulfilling the ECB 's minimum standards ( 31 ) .
Modparter uden depotkonto hos en national centralbank eller afviklingskonto i et værdipapirafviklingssystem , der opfylder ECB 's 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 .
( 31 ) En beskrivelse af standarderne for anvendelse af kvalificerede værdipapirafviklingssystemer i euroområdet og en ajourført liste over kvalificerede links mellem disse systemer findes på ECB 's websted ( www.ecb.int ) .
( 31 ) The description of the standards for the use of eligible SSSs in the euro area and an updated list of the eligible links between these systems can be found on the ECB 's website ( www.ecb.int ) .
De Europæiske Fællesskabers Tidende TABEL 3 Normale afviklingsdage for Eurosystemets markedsoperationer ( 1 ) Afviklingsdag for operationer , der udføres som standardauktioner Afviklingsdag for operationer , der udføres som ekstraordinære auktioner eller bilaterale procedurer
Official Journal of the European Communities TABLE 3 Normal settlement dates for Eurosystem open market operations ( 1 ) Settlement date for operations based on standard tenders Settlement date for operations based on quick tenders or bilateral procedures
L 185/31
L 185/31
H + 1 ( 2 )  H + 1  
T + 1 ( 1 )  T + 1  
H Ifølge markedskonventionerne for de handlede aktiver  H , H + 1 eller H + 2 H
T According to market convention for underlying assets  T , T + 1 or T + 2 T
Procedurerne ultimo dagen er angivet i dokumentationsgrundlaget for de nationale RTGS-systemer 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 ( kontinentaleuropæisk tid ) .
As a general rule , the closing time for the TARGET system is 6 p.m. ECB time ( CET ) .
Anmodninger fra modparterne om adgang til den marginale udlånsfacilitet eller indlånsfaciliteten skal være modtaget af den pågældende nationale centralbank senest 30 minutter efter TARGET 's lukketid ( 32 ) .
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 TARGET ( 32 ) .
BRUGBARE AKTIVER
ELIGIBLE ASSETS
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 ) eller pant i de relevante aktiver ( ved lån mod sikkerhed ) ( 33 ) .
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 granted over relevant assets ( in the case of collateralised loans ) ( 33 ) .
( 32 ) Sidste frist for at anmode om adgang til Eurosystemets stående faciliteter forlænges med yderligere 30 minutter på Eurosystemets sidste bankdag i en reservekravsperiode .
( 32 ) The deadline for requesting access to the Eurosystem 's standing facilities is postponed by an additional 30 minutes on the last Eurosystem business day of a minimum reserve maintenance period .
( 33 ) Likviditetsopsugende egentlige salgsforretninger og tilbageførselsforretninger er også baseret på underliggende aktiver .
( 33 ) Liquidity-absorbing outright and reverse open market operations are also based on underlying assets .
L 185/32
L 185/32
Med henblik på at beskytte Eurosystemet mod tab i forbindelse med pengepolitiske operationer , at sikre lige behandling af modparterne og at øge den operationelle effektivitet skal de underliggende aktiver opfylde visse kriterier for at blive brugbare til Eurosystemets pengepolitiske operationer .
With the aims of protecting the Eurosystem from incurring losses in its monetary policy operations , ensuring the equal treatment of counterparties and enhancing operational efficiency , underlying assets have to fulfil certain criteria in order to be eligible for Eurosystem monetary policy operations .
Der skelnes derfor , hovedsagelig på grund af interne forhold i Eurosystemet , mellem to kategorier af brugbare aktiver , som kan anvendes i Eurosystemets pengepolitiske operationer , nemlig » liste 1 « og » liste 2 «:  Liste 1-papirer består af omsættelige gældsinstrumenter , som opfylder ECB 's ensartede brugbarhedskriterier gældende for hele euroområdet .  Liste 2-papirer består af yderligere aktiver  omsættelige og ikke-omsættelige  af særlig betydning for de nationale finansmarkeder og banksektorer .
A distinction is therefore made , essentially for purposes internal to the Eurosystem , between two categories of assets eligible for Eurosystem monetary policy operations . These two categories are referred to as  tier-one  and  tier-two  respectively :  tier-one consists of marketable debt instruments fulfilling uniform euro area-wide eligibility criteria specified by the ECB , and  tier-two consists of additional assets , marketable and non-marketable , which are of particular importance to national financial markets and banking systems and for which eligibility criteria are established by the national central banks , subject to the minimum eligibility criteria established by the ECB .
Disse papirers brugbarhedskriterier fastsættes af de nationale centralbanker i overensstemmelse med ECB 's minimumskriterier for brugbarhed .
The specific eligibility criteria for tier two applied by the respective national central banks are subject to approval by the ECB .
De respektive nationale centralbankers særlige brugbarhedskriterier for liste 2-papirer skal godkendes af ECB . Der skelnes ikke mellem de to lister , for så vidt angår aktivernes anvendelse i de forskellige pengepolitiske operationer ( dog anvender Eurosystemet normalt ikke liste 2-papirer i forbindelse med egentlige købs - eller salgsforretninger ) .
No distinction is made between the two tiers with regard to the quality of the assets and their eligibility for the various types of Eurosystem monetary policy operations ( except for the fact that tier-two assets are not normally used by the Eurosystem in outright transactions ) .
Aktiver , der er brugbare til Eurosystemets pengepolitiske operationer , kan også anvendes som underliggende aktiver i forbindelse med tildeling af intradag-kredit . ( 34 ) Liste 1 - og liste 2-papirer er underlagt risiko-styring som beskrevet i afsnit 6.4 .
The assets eligible for Eurosystem monetary policy operations can also be used as underlying assets for intraday credit ( 34 ) . Tier-one and tier-two assets are subject to the risk control measures specified in Section 6.4 .
Liste 1-papirer ECB fører en fortegnelse over liste 1-papirer .
Tier-one assets The ECB establishes and maintains a list of tier one-assets .
Denne fortegnelse er offentligt tilgængelig ( 35 ) .
This list is available to the public ( 35 ) .
ECB 's gældsbeviser er opført som liste 1-papirer .
Debt certificates issued by the ECB are listed as tier-one assets .
Gældsbeviser udstedt af de nationale centralbanker inden euroens indførelse i de respektive medlemsstater er også opført i fortegnelsen over liste 1-papirer .
Debt certificates issued by the national central banks prior to the adoption of the euro in their respective Member State are also included in the tier-one list .
Følgende brugbarhedskriterier gælder for andre liste 1-papirer ( se også tabel 4 ) :  De skal være gældsinstrumenter med a ) en på forhånd fastsat hovedstol og b ) en kuponrente , som ikke kan give en negativ betalingsstrøm .
The following eligibility criteria are applied to other tier one assets ( see also Table 4 ) :  they must be debt instruments having : ( a ) a predefined principal amount ; and ( b ) a coupon that cannot result in a negative cash flow .
Disse karakteristika skal være gældende , indtil forpligtelsen indfries ( 36 ) .  De skal have en høj kreditkvalitet .
These features must be maintained until the redemption of the obligation ( 36 ) ,  they must meet high credit standards .
a. på foreliggende ratings foretaget af kreditvurderingsbureauer , garantier ( 37 ) stillet af økonomisk velfunderede garanter ( 38 ) samt visse institutionelle kriterier , som vil sikre indehaverne af instrumenterne særlig høj beskyttelse ( 39 ) . ( 34 ) ECB kan desuden lade de nationale centralbanker godkende visse typer aktiver som brugbare ved intradag-kreditgivning , selv om de ikke er godkendt som underliggende aktiver i Eurosystemets pengepolitiske operationer ( se fodnote 17 i dette kapitel ) .
In the assessment of the credit standard of debt instruments , the ECB takes into account , inter alia , available ratings by market agencies , guarantees ( 37 ) provided by financially sound guarantors , ( 38 ) as well as certain institutional criteria which would ensure particularly high protection of the instrument holders ( 39 ) , ( 34 ) In addition , the ECB may allow the national central banks to consider as eligible for intraday credit certain types of assets which are not eligible as underlying assets for Eurosystem monetary policy operations ( see footnote 17 in this chapter ) .
( 35 ) Denne fortegnelse offentliggøres og ajourføres dagligt på ECB 's websted ( www.ecb.int ) .
( 35 ) This list is published and updated daily on the ECB 's website ( www.ecb.int ) .
( 36 ) Gældsinstrumenter , som er efterstillet i forhold til andre af udstederens gældsforpligtelser ( eller inden for en struktureret udstedelse efterstillet i forhold til andre trancher af samme udstedelse ) , er ikke omfattet af liste 1 .
( 36 ) Debt instruments affording rights to the principal and / or the interest that are subordinated to the rights of holders of other debt instruments of the same issuer ( or , within a structured issue , subordinated to other tranches of the same issue ) are excluded from tier-one .
( 37 ) Brugbare garantier må ikke være betingede og skal kunne gøres gældende på anfordring .
( 37 ) Eligible guarantees must be unconditional and callable upon first demand .
( 38 ) Garanter skal være etableret i EØS .
( 38 ) Guarantors must be established in the EEA .
( 39 ) Gældsinstrumenter udstedt af kreditinstitutter , der ikke til fulde overholder kriterierne i artikel 22 , stk . 4 , i direktivet om investeringsinstitutter ( direktiv 88/220 / EØF om ændring af direktiv 85/611 / EØF ) , accepteres kun som liste 1-papirer , hvis en rating af hver enkelt udstedelse ( foretaget af et kreditvurderingsbureau ) viser , at det pågældende gældsinstrument efter Eurosystemets opfattelse har en høj kreditkvalitet .
( 39 ) Debt instruments issued by credit institutions which do not comply strictly with the criteria set out in Article 22 ( 4 ) of the UCITS Directive ( Directive 88/220 / EEC amending Directive 85/611 / EEC ) are accepted in tier-one only if each issue as such is awarded a rating ( by a rating agency ) which indicates , in the view of the Eurosystem , that the debt instrument meets high credit standards .
L 185/33
L 185/33
 De skal kunne overføres elektronisk .  De skal være deponeret / registreret ( udstedt ) i EØS hos en centralbank eller værdipapircentral , der opfylder ECB 's minimumsstandarder .
 they must be transferable in book-entry form ,  they must be deposited / registered ( issued ) in the EEA with a central bank or with a central securities depository ( CSD ) which fulfils the minimum standards established by the ECB .
De skal opbevares ( afvikles ) i euroområdet via en konto i Eurosystemet eller et værdipapirafviklingssystem , der opfylder ECB 's standarder ( så sikringsakt og realisation sker i henhold til lovgivningen i et land i euroområdet ) .
They must be held ( settled ) in the euro area through an account with the Eurosystem or with an SSS which fulfils the standards established by the ECB ( so that perfection and realisation are subject to the law of a euro area country ) .
Hvis der ikke er sammenfald mellem den værdipapircentral , som har udstedt aktivet , og det værdipapirafviklingssystem , hvor det opbevares , skal de to institutioner forbindes med et link godkendt af ECB ( 40 ) .
If the CSD where the asset is issued and the SSS where it is held are not identical , then the two institutions have to be connected by a link approved by the ECB ( 40 ) .
 De skal være udstedt ( eller garanteret ) af enheder inden for EØS ( 42 ) .  De skal være noteret på et reguleret marked som defineret i investeringsservicedirektivet ( 43 ) , eller de skal være noteret eller handlet på visse ikke-regulerede markeder , som angivet af ECB ( 44 ) .
 they must be denominated in euro ( 41 ) ,  they must be issued ( or , alternatively , guaranteed ) by entities established in the EEA ( 42 ) ,  they must be listed or quoted on a regulated market as defined in the Investment Services Directive ( 43 ) , or listed , quoted or traded on certain non-regulated markets as specified by the ECB ( 44 ) .
Desuden kan ECB tage markedslikviditet i betragtning i forbindelse med brugbarheden af individuelle gældsinstrumenter .
Furthermore , market liquidity may be taken into account by the ECB when determining the eligibility of individual debt instruments .
Gældsinstrumenter , der er udstedt eller garanteret af modparten eller andre enheder , som modparten har en snæver forbindelse ( 45 ) til , som defineret i direktiv 2000/12 / EF om adgang til at optage og udøve virksomhed som kreditinstitut , må ikke leveres som underliggende aktiver , selv om de er opført i fortegnelsen over liste 1-papirer ( 46 ) ( 47 ) .
In spite of their inclusion in the tier one list , a counterparty shall not submit as underlying assets debt instruments issued or guaranteed by the counterparty , or by any other entity with which the counterparty has close links ( 45 ) , as defined in Directive 2000/12 / EC relating to the taking up and pursuit of the business of credit institutions ( 46 ) ( 47 ) .
De nationale centralbanker kan beslutte ikke at acceptere følgende instrumenter som underliggende aktiver , selv om de er opført i fortegnelsen over liste 1-papirer :  Gældsinstrumenter med indfrielsesdato inden udløbet af den pengepolitiske operation , hvori de anvendes som underliggende aktiver ( 48 ) .  Gældsinstrumenter , hvor en betaling ( fx en rentebetaling ) finder sted i perioden indtil udløbet af den pengepolitiske operation , hvori de anvendes som underliggende aktiver .
In spite of their inclusion in the tier-one list , national central banks may decide not to accept the following instruments as underlying assets :  debt instruments falling due for repayment before the maturity date of the monetary policy operation for which they are being used as underlying assets ( 48 ) , and  debt instruments with an income flow ( e.g. a coupon payment ) occurring in the period until the maturity date of the monetary policy operation for which they are being used as underlying assets .
Alle liste 1-papirer kan benyttes i grænseoverskridende operationer , hvilket betyder , at en modpart kan opnå kredit hos den nationale centralbank i den medlemsstat , hvor den er beliggende , ved at anvende liste 1-instrumenter , der opbevares i en anden medlemsstat ( se afsnit 6.6 ) .
All tier-one assets may be used in a cross-border context , implying that a counterparty can receive credit from the national central bank of the Member State in which the counterparty is established by making use of tier-one instruments located in another Member State ( see Section 6.6 ) .
Liste 1-papirer er brugbare til alle pengepolitiske operationer , der er baseret på underliggende aktiver , dvs . markedsoperationer , der gennemføres som tilbageførselsforretninger og egentlige købs - og salgsforretninger , og den marginale udlånsfacilitet .
Tier-one assets are eligible for all monetary policy operations which are based on underlying assets , i.e. reverse and outright open market transactions and the marginal lending facility .
( 40 ) En beskrivelse af standarderne for anvendelse af kvalificerede værdipapirafviklingssystemer i euroområdet samt en ajourført liste over de kvalificerede links mellem disse systemer findes på ECB 's websted ( www.ecb.int ) .
( 40 ) The description of the standards for the use of eligible SSSs in the euro area and an updated list of the eligible links between these systems can be found on the ECB 's website ( www.ecb.int ) .
( 41 ) Udtrykt i euro eller i euroens nationale denominationer .
( 41 ) Expressed as such or in the national denominations of the euro .
( 42 ) Kravet om , at udstederen skal være beliggende i EØS , gælder ikke internationale og overnationale institutioner .
( 42 ) The requirement that the issuing entity be established in the EEA does not apply to international and supranational institutions .
( 43 ) Rådets direktiv 93/22 / EØF af 10 . maj 1993 om investeringsservice i forbindelse med værdipapirer ( EFT L 141 af 11.6.1993 , s. 27 ) .
( 43 ) Council Directive 93/22 / EEC of 10 May 1993 on investment services in the securities field , ( OJ L 141 , 11.6.1993 , p. 27 ) .
( 44 ) Gældsinstrumenter udstedt af kreditinstitutter , der ikke til fulde overholder kriterierne i artikel 22 , stk . 4 , i direktivet om investeringsinstitutter ( direktiv 88/220 / EØF om ændring af direktiv 85/611 / EØF ) , accepteres kun som liste 1-papirer , hvis de er noteret på et reguleret marked som defineret i investeringsservicedirektivet ( direktiv 93/22 / EØF ) og opfylder kravene i prospektdirektivet ( direktiv 89/298 / EØF ) .
( 44 ) Debt instruments issued by credit institutions which do not comply strictly with the criteria set out in Article 22 ( 4 ) of the UCITS Directive ( Directive 88/220 / EEC amending Directive 85/611 / EEC ) are accepted in tier one only if they are listed or quoted on a regulated market as defined in the Investment Services Directive ( Directive 93/22 / EEC ) and comply with the requirements of the Prospectus Directive ( Directive 89/298 / EEC ) .
( 45 ) Hvis en modpart anvender aktiver , der på grund af sammenfald med udsteder / garant eller snævre forbindelser ikke kan eller ikke længere kan anvendes som sikkerhed for udestående lån , er modparten forpligtet til straks at underrette den relevante nationale centralbank herom .
( 45 ) In the event that a counterparty is using assets that , owing to an identity with the issuer / guarantor or the existence of close links , it may not or no longer use to secure an outstanding credit , it is obliged to immediately notify the relevant national central bank thereof .
( 46 ) Artikel 1 , stk . 26 , i Europa-Parlamentets og Rådets direktiv 2000/12 / EF af 20 .
( 46 ) Article 1 ( 26 ) of Directive 2000/12 / EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions ( OJ L 126 .
marts 2000 om adgang til at optage og udøve virksomhed som kreditinstitut ( EFT L 126 af 26.5.2000 , s. 1 ) har følgende ordlyd : » a )» snævre forbindelser «: en situation , hvor to eller flere fysiske eller juridiske personer er knyttet til hinanden gennem : kapitalinteresser , hvorved forstås besiddelse af mindst 20 pct . af stemmerettighederne eller af kapitalen i en virksomhed , enten direkte eller gennem kontrol , eller b ) kontrol , hvorved forstås den forbindelse , der består mellem et moderselskab og et datterselskab , i alle de i artikel 1 , stk .
26.5.2000 , p. 1 ) , reads as follows :  Close links shall mean a situation in which two or more natural or legal persons are linked by : ( a ) participation , which shall mean the ownership , direct or by way of control , of 20 % or more of the voting rights or capital of an undertaking , or ( b ) control , which shall mean the relationship between a parent undertaking and a subsidiary , in all the cases referred to in Article 1 ( 1 ) and ( 2 ) of Directive 83/349 / EEC , or a similar relationship between any natural or legal person and an undertaking ;
En situation , hvor to eller flere fysiske eller juridiske personer er varigt knyttet til den samme person gennem kontrol , betragtes ligeledes som en snæver forbindelse .
A situation in which two or more natural or legal persons are permanently linked to one and the same person by a control relationship shall also be regarded as constituting a close link between such persons .
« ( 47 ) Denne bestemmelse finder ikke anvendelse på i ) snævre forbindelser mellem modparten og EØS-landenes offentlige myndigheder , ii ) handelsveksler , hvor mindst én enhed ( foruden et kreditinstitut ) hæfter over for modparten , iii ) gældsinstrumenter , der til fulde overholder kriterierne i artikel 22 , stk .
( 47 ) This provision does not apply to : ( i ) close links between the counterparty and the public authorities of EEA countries ; ( ii ) trade bills , for which at least one entity ( other than a credit institution ) is liable in addition to the counterparty ;
4 , i direktivet om investeringsinstitutter ( direktiv 88/220 / EØF om ændring af direktiv 85/611 / EØF ) , og iv ) tilfælde , hvor gældsinstrumenter er beskyttet af særlige juridiske sikkerhedsbestemmelser , svarende til nr. iii ) .
( iii ) debt instruments which comply strictly with the criteria set out in Article 22 ( 4 ) of the UCITS Directive ( Directive 88/220 / EEC amending Directive 85/611 / EEC ) ; or ( iv ) cases in which debt instruments are protected by specific legal safeguards comparable with ( iii ) .