natgillin/translations-raw huggingface dataset:
via sin egen depotinstitution ) værdipapirafviklingssystemet i det land , hvor værdipapirerne opbevares , om at overføre disse til hjemmecentralbankens konto hos centralbanken i det pågældende land . Når hjemmecentralbanken af korrespondentcentralbanken er blevet underrettet om , at sikkerheden er modtaget , overføres midlerne til modparten .
Once the home central bank has been informed by the correspondent central bank that the collateral has been received , it transfers the funds to the counterparty .
Centralbankerne sender ikke midler , før de er sikre på , at modparternes sikkerhed er modtaget af korrespondentcentralbanken .
Central banks do not advance funds until they are certain that the counterparties » securities have been received by the correspondent central bank .
Hvis afviklingsfristerne kræver det , kan modparterne forhåndsdeponere aktiver på hjemmecentralbankens konto hos korrespondentcentralbankerne ved hjælp af CCBM-procedurerne .
Where necessary to meet settlement deadlines , counterparties may be able to pre-deposit assets with correspondent central banks for the account of their home central bank using the CCBM procedures .
--- I et system med pooling er proceduren følgende : Modparten kan til enhver tid levere værdipapirer til hjemmecentralbankens konto hos korrespondentcentralbanken .
--- In a pooling system , the counterparty is able at any time to provide the correspondent central bank with securities for the account of the home central bank .
Når hjemmecentralbanken af korrespondentcentralbanken er blevet underrettet om , at værdipapirerne er indgået , indsættes værdipapirerne på modpartens puljekonto .
Once the home central bank has been informed by the correspondent central bank that the securities have been received , it will add these securities to the pool account of the counterparty .
9.00 til kl . 16.00 ECB-tid ( CET ) på alle eurosystemets bankdage .
The CCBM is available to counterparties from 9 a.m. to 4 p.m. ECB time ( C.E.T. ) on each Eurosystem business day .
En modpart , der ønsker at benytte CCBM , skal underrette den nationale centralbank , hvorfra den ønsker at modtage kredit --- dvs . modpartens hjemmecentralbank --- herom inden kl .
A counterparty wishing to make use of the CCBM must advise the national central bank from which it wishes to receive credit --- i.e. its home central bank --- before 4 p.m. ECB time ( C.E.T. ) .
16.00 ECB-tid ( CET ) . Endvidere skal modparten sikre , at sikkerheden for de pengepolitiske operationer indsættes på korrespondentcentralbankens konto senest kl .
Furthermore , the counterparty must ensure that the collateral for securing monetary policy operations is delivered to the account of the correspondent central bank by 4.45 p.m. ECB time ( C.E.T. ) at the latest .
Instrukser eller deponering efter disse tidsfristers udløb behandles først med henblik på kredit den følgende ( 68 ) Se brochuren om korrespondentcentralbankmodellen for at få nærmere oplysninger .
Instructions or deliveries not ( 68 ) See the « Correspondent Central Banking Model brochure » for further explanations .
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bankdag .
respecting this deadline will only be considered for credit given on the following business day .
Under særlige omstændigheder , eller hvis det er påkrævet af pengepolitiske årsager , kan ECB beslutte at forlænge CCBMs åbningstid til Targets lukketid .
In exceptional circumstances or when required for monetary policy purposes , the ECB may decide to extend the closing time of the CCBM until the closing time of TARGET .
Links mellem værdipapirafviklingssystemer Foruden gennem CCBM kan grænseoverskridende overførsel af værdipapirer ske gennem godkendte links mellem EUs værdipapirafviklingssystemer .
Links between securities settlement systems In addition to the CCBM , eligible links between EU SSSs can be used for the cross-border transfer of securities .
FIGUR 4 Links mellem værdipapirafviklingssystemer
CHART 4 Links between securities settlement systems
Et link mellem to værdipapirafviklingssystemer giver en deltager i det ene værdipapirafviklingssystem mulighed for at være i besiddelse af værdipapirer udstedt i et andet værdipapirafviklingssystem uden at være deltager i dette værdipapirafviklingssystem .
A link between two SSSs allows a participant in one SSS to hold securities issued in another SSS without being a participant in that other SSS .
Før disse links kan benyttes til overførsel af sikkerhed i forbindelse med eurosystemets kreditoperationer , skal de vurderes og godkendes på grundlag af standarderne for anvendelse af EUs værdipapirafviklingssystemer ( 69 ) ( 70 ) . Hvad angår eurosystemet , varetager CCBM og linkene mellem EUs værdipapirafviklingssystemer samme funktion , idet begge giver modparterne mulighed for at anvende sikkerhed på tværs af grænserne .
Before these links can be used to transfer collateral for Eurosystem credit operations , they have to be assessed and approved against the standards for the use of EU SSSs . ( 69 ) ( 70 ) From a Eurosystem perspective , the CCBM and the links between EU SSSs fulfil the same role of allowing counterparties to use collateral on a cross-border basis , i.e. both enable counterparties to use collateral to obtain credit from their home central bank , even if this collateral was issued in an SSS of another country .
Begge systemer sætter med andre ord modparterne i stand til at stille sikkerhed i form af aktiver for at opnå kredit fra deres hjemmecentralbank , også selv om disse aktiver er udstedt i et værdipapirafviklingssystem i et andet land . CCBM og linkene mellem værdipapirafviklingssystemer varetager denne funktion på forskellig måde .
The CCBM and the links between SSSs perform this function in different ways .
I CCBM er der tale om grænseoverskridende forbindelser mellem de nationale centralbanker , der fungerer som depotinstitutioner for hinanden .
In the CCBM , the cross-border relationship is between the national central banks . They act as custodians for one another .
Anvendes links , er der tale om grænseoverskridende forbindelser mellem værdipapirafviklingssystemerne , som åbner samlekonti hos hinanden .
Using the links , the cross-border relationship is between the SSSs . They open omnibus accounts with one another .
Aktiver , der er deponeret hos en korrespondentcentralbank , kan kun anvendes som sikkerhed i eurosystemets kreditoperationer .
Assets deposited with a correspondent central bank can only be used to collateralise Eurosystem credit operations .
Aktiver , som modparterne har gennem et link , kan anvendes til eurosystemets kreditoperationer og til et hvilket som helst andet formål , som modparten måtte ønske .
Assets held through a link can be used for Eurosystem credit operations , as well as for any other purpose selected by the counterparty .
Gennem links mellem værdipapirafviklingssystemer ejer modparterne aktiverne på deres konto i deres hjemlands værdipapirafviklingssystem , så der ikke er brug for en depotinstitution .
When using links between SSSs , the counterparties hold the assets on their own account with their home SSS and have no need for a custodian .
( 69 ) En ajourført liste over godkendte links findes på ECBs websted ( www.ecb.int ) .
( 69 ) The updated list of eligible links can be found on the ECB 's website ( www.ecb.int ) .
( 70 ) Se publikationen » Standards for the use of EU securities settlement systems in ESCB credit operations «, Det Europæiske Monetære Institut , januar 1998 , på ECBs websted ( www.ecb.int ) .
( 70 ) See the publication entitled « Standards for the use of EU securities settlement systems in ESCB credit operations » , European Monetary Institute , January 1998 , on the ECB 's website ( www.ecb.int ) .
Den Europæiske Unions Tidende KAPITEL 7
Official Journal of the European Union CHAPTER 7
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RESERVEKRAV ( 71 ) Generelle betragtninger ECB pålægger kreditinstitutterne at holde mindstereserver på konti hos de nationale centralbanker inden for rammerne af eurosystemets reservekravssystem .
MINIMUM RESERVES ( 71 ) General considerations The ECB requires credit institutions to hold minimum reserves on accounts with the national central banks within the framework of the Eurosystem 's minimum reserve system .
Den retlige ramme for dette system er fastsat i artikel 19 i statutten for ESCB , Rådets forordning ( EF ) nr. 2531/98 af 23 . november 1998 om Den Europæiske Centralbanks ( 72 ) anvendelse af mindstereserver og Den Europæiske Centralbanks forordning ( EF ) nr. 1745/2003 om anvendelse af mindstereserver ( ECB / 2003/9 ) ( 73 ) .
The legal framework for this system is laid down in Article 19 of the Statute of the ESCB , Council Regulation ( EC ) No 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank ( 72 ) and Regulation ( EC ) No 1745/2003 of the European Central Bank of 12 September 2003 on the application of minimum reserves ( ECB / 2003/9 ) ( 73 ) .
Med forordning ECB / 2003/9 sikres det , at betingelserne for eurosystemets reservekravssystem er ensartede i hele euroområdet .
The application of Regulation ECB / 2003/9 ensures that the terms and conditions of the Eurosystem 's minimum reserve system are uniform throughout the euro area .
Eurosystemets reservekravssystem giver modparterne mulighed for at benytte sig af en gennemsnitsfacilitet . Det indebærer , at opfyldelse af reservekravene vurderes på grundlag af de gennemsnitlige indeståender ultimo dagen på modparternes reservekravskonti målt over en reservekravsperiode .
The Eurosystem 's minimum reserve system enables counterparties to make use of averaging provisions , implying that compliance with reserve requirements is determined on the basis of the average of the end-of-calendar-day balances on the counterparties » reserve accounts over a maintenance period .
Institutternes reservekravsindeståender forrentes med renten på eurosystemets primære markedsoperationer .
Institutions » holdings of required reserves are remunerated at the rate on the Eurosystem 's main refinancing operations .
Eurosystemets reservekravssystem har følgende pengepolitiske hovedfunktioner : --- Stabilisering af pengemarkedsrenterne Gennemsnitsfaciliteten i eurosystemets reservekravssystem skal tjene til at stabilisere pengemarkedsrenterne ved at give institutterne et incitament til at udjævne virkningerne af midlertidige likviditetsudsving .
The Eurosystem 's minimum reserve system primarily pursues the following monetary functions : --- Stabilisation of money market interest rates The averaging provision of the Eurosystem 's minimum reserve system aims to contribute to the stabilisation of money market interest rates by giving institutions an incentive to smooth the effects of temporary liquidity fluctuations .
--- Skabelse eller forøgelse af et strukturelt likviditetsunderskud Eurosystemets reservekravssystem bidrager til at skabe eller forøge et strukturelt likviditetsunderskud .
--- Creation or enlargement of a structural liquidity shortage The Eurosystem 's minimum reserve system contributes to creating or enlarging a structural liquidity shortage .
Det kan sætte eurosystemet i stand til at operere mere smidigt som udbyder af likviditet .
This may be helpful in improving the ability of the Eurosystem to operate efficiently as a supplier of liquidity .
I forbindelse med anvendelse af mindstereserver skal ECB handle i overensstemmelse med målsætningerne for eurosystemet som beskrevet i artikel 105 , stk . 1 , i traktaten og artikel 2 i statutten for ESCB , herunder bl .
In the application of minimum reserves , the ECB is bound to act in pursuance of the objectives of the Eurosystem as defined in Article 105 ( 1 ) of the Treaty and Article 2 of the Statute of the ESCB , which implies , inter alia , the principle of not inducing significant undesirable delocation or disintermediation .
Institutter , der er underlagt reservekrav I henhold til artikel 19.1 i statutten for ESCB pålægger ECB kreditinstitutter , der er beliggende i medlemsstater , at holde mindstereserver .
Institutions subject to minimum reserve requirements Pursuant to Article 19.1 of the Statute of the ESCB , the ECB requires credit institutions established in Member States to hold minimum reserves .
Det indebærer , at filialer i euroområdet af institutter , der ikke har hjemsted i euroområdet , også er underlagt eurosystemets reservekrav .
This implies that branches in the euro area of entities with no registered office in the euro area are also subject to the Eurosystem 's minimum reserve system .
Institutter fritages automatisk fra reservekravene fra starten af den reservekravsperiode , hvori deres tilladelse inddrages eller opgives , eller hvori en juridisk myndighed eller en anden kompetent myndighed i en deltagende medlemsstat træffer afgørelse om at indlede en afviklingsprocedure vedrørende instituttet .
Institutions will be automatically exempted from reserve requirements from the start of the maintenance period within which their authorisation is withdrawn or surrendered , or within which a decision to submit the institution to winding-up proceedings is taken by a judicial authority or any other competent authority of a participating Member State .
I henhold til Rådets forordning ( EF ) nr. 2531/98 og forordning ECB / 2003/9 kan ECB også på et ikke-diskriminerende grundlag fritage institutter fra deres forpligtelser i medfør af eurosystemets reservekravssystem , hvis formålet med systemet ikke opfyldes ved at pålægge dem disse forpligtelser .
According to Regulation ( EC ) No 2531/98 and Regulation ECB / 2003/9 , the ECB may also exempt institutions from their obligations under the Eurosystem 's minimum reserve system on a nondiscriminatory basis if the purposes of this system would not be met by imposing these obligations on those particular institutions .
Når ECB træffer beslutning om en sådan fritagelse , sker det under hensyntagen til et eller flere af følgende kriterier : --- Instituttet varetager særlige funktioner .
In its decision on any such exemption , the ECB takes into account one or more of the following criteria : --- the institution is pursuing special purpose functions ;
--- Instituttet driver ikke aktiv bankvirksomhed i konkurrence med andre kreditinstitutter .
--- the institution is not exercising active banking functions in competition with other credit institutions ; and / or
( 71 ) Dette kapitel tjener kun til orientering .
( 71 ) The content of this chapter is provided for information purposes only .
( 72 ) EFT L 318 af 27.11.1998 , s. 1 .
( 72 ) OJ L 318 , 27.11.1998 , p. 1 .
( 73 ) EUT L 250 af 2.10.2003 , s. 10 .
( 73 ) OJ L 250 , 2.10.2003 , p. 10 .
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--- Instituttets indskud er udelukkende beregnet til regional og / eller international udviklingsstøtte .
--- the institution has all its deposits earmarked for purposes related to regional and / or international development assistance .
ECB offentliggør en liste over institutter , der er underlagt eurosystemets reservekrav .
The ECB establishes and maintains a list of institutions subject to the Eurosystem 's minimum reserve system .
ECB offentliggør ligeledes en liste over institutter , som er fritaget for dette krav af andre årsager , end at instituttet er under reorganisering ( 74 ) .
The ECB also makes public a list of any institutions exempt from their obligations under this system for reasons other than their being subject to reorganisation measures ( 74 ) .
Institutterne kan ved hjælp af disse lister fastslå , om deres gældsforpligtelser er over for andre institutter , som selv er underlagt reservekrav .
Counterparties may rely on these lists in deciding whether their liabilities are owed to another institution that is itself subject to reserve requirements .
Listerne , som gøres offentligt tilgængelige efter arbejdstids ophør på eurosystemets sidste bankdag i hver kalendermåned , anvendes ved opgørelsen af reservekravsgrundlaget for den reservekravsperiode , der starter to kalendermåneder senere .
The lists , available to the public after close of business on the last Eurosystem business day of each calendar month , are valid for the calculation of the reserve base for the maintenance period beginning in the calendar month two months later .
a ) Reservekravsgrundlag og reservekravskoefficienter
( a ) R e s e r v e b a s e a n d r e s e r v e r a t i o s
Et instituts reservekravsgrundlag defineres i forhold til passivposter på dets balance .
The reserve base of an institution is defined in relation to elements of its balance sheet .
Balancedata rapporteres til de nationale centralbanker inden for de overordnede rammer af ECBs penge - og bankstatistik ( se afsnit 7.5 ) ( 75 ) .
The balance sheet data are reported to the national central banks within the general framework of the ECB 's money and banking statistics ( see Section 7.5 ) ( 75 ) .
For institutter , der er fuldt rapporteringspligtige , anvendes balancedata for slutningen af en given kalendermåned til opgørelse af reservekravsgrundlaget for den reservekravsperiode , der starter to kalendermåneder senere .
For institutions subject to full reporting requirements , the balance sheet data referring to the end of a given calendar month are used to determine the reserve base for the maintenance period starting in the calendar month two months later .
Det reservekravsgrundlag , der opgøres ud fra balancen ultimo februar , anvendes fx til opgørelse af de reservekrav , som modparterne skal opfylde i den reservekravsperiode , der starter i april .
For example , the reserve base calculated from the balance sheet of the end of February would be used to calculate the reserve requirements to be fulfilled by counterparties in the maintenance period beginning in April .
Rapporteringsgrundlaget for ECBs penge - og bankstatistik giver mulighed for at fritage små institutter for en del af rapporteringsbyrden .
The reporting framework for the ECB 's money and banking statistics includes the possibility to relieve small institutions of some of the reporting burden .
Institutter , for hvilke denne bestemmelse gælder , behøver kun at rapportere et begrænset sæt balancedata én gang hvert kvartal ( ultimo kvartalsdata ) og med en længere rapporteringsfrist end for større institutter .
Institutions to which this provision applies only need to report a limited set of balance sheet data on a quarterly basis ( as end-of-quarter data ) and with a reporting deadline which is longer than that set for larger institutions .
For disse institutter anvendes de rapporterede balancedata for et specifikt kvartal til , med to måneders forskydning , at fastsætte reservekravsgrundlaget for de efterfølgende tre reservekravsperioder .
For these institutions , the balance sheet data reported for a specific quarter are used to determine , with a lag of two months , the reserve base for the consecutive three reserve maintenance periods .
Balancen for ultimo 1 . kvartal --- marts --- benyttes fx til opgørelse af reservekravsgrundlaget i de reservekravsperioder , der starter i juni , juli og august .
For example , the balance sheet of the end of the first quarter --- March --- would be valid for the calculation of the reserve base for the maintenance periods beginning in June , July and August .
Ifølge Rådets forordning ( EF ) nr. 2531/98 kan ECB medtage passiver som følge af accept af midler samt passiver , der hidrører fra ikke-balanceførte poster , i institutternes reservekravsgrundlag .
According to Regulation ( EC ) No 2531/98 , the ECB is entitled to include liabilities resulting from the acceptance of funds together with liabilities resulting from off-balance-sheet items in the reserve base of institutions .
I eurosystemets reservekravssystem er dog kun passivkategorierne » indlån « og » udstedte gældsinstrumenter « medtaget i reservekravsgrundlaget ( se boks 14 ) .
In the Eurosystem 's minimum reserve system , only the liability categories « deposits » and « debt securities issued » are actually included in the reserve base ( see Box 14 ) .
Passiver over for andre institutter , der er opført på listen over institutter , som er underlagt eurosystemets reservekrav , og passiver over for ECB og de nationale centralbanker medtages ikke i reservekravsgrundlaget .
Liabilities vis-à-vis other institutions included in the list of institutions subject to the Eurosystem 's minimum reserve system and liabilities vis-à-vis the ECB and the national central banks are not included in the reserve base .
I den forbindelse skal udstederne af passivkategorien » udstedte gældsinstrumenter « kunne dokumentere den faktiske størrelse af passiver holdt af andre institutter , der er underlagt eurosystemets reservekrav , for at de kan udelades af reservekravsgrundlaget .
In this respect , for the liability category « debt securities issued » the issuer needs to be able to prove the actual amount of these instruments held by other institutions subject to the Eurosystem 's minimum reserve system in order to be entitled to deduct them from the reserve base .
Hvis der ikke kan føres en sådan dokumentation , kan der foretages et fradrag i reservekravsgrundlaget på en fastsat procentsats ( 76 ) for denne balancepost .
If such proof cannot be presented , issuers may apply a standardised deduction of a fixed percentage ( 76 ) to this balance sheet item .
Reservekravskoefficienterne fastsættes af ECB inden for den maksimumsgrænse , der er angivet i Rådets forordning ( EF ) nr. 2531/98 .
The reserve ratios are determined by the ECB subject to the maximum limit specified in Regulation ( EC ) No 2531/98 .
ECB anvender den samme reservekravskoefficient , der er større end 0 pct . , for de fleste poster i reservekravsgrundlaget .
The ECB applies a uniform non-zero reserve ratio to most of the items included in the reserve base .
ECB anvender en reservekravskoefficient på 0 pct . for følgende passivkategorier : » Tidsindskud med en løbetid på over 2 år «, » indlån med opsigelsesvarsel på over 2 år «, » genkøbsforretninger « og » udstedte gældsinstrumenter med løbetid på over 2 år « ( se boks 14 ) .
The ECB sets a zero reserve ratio on the following liability categories : « deposits with an agreed maturity of over two years » , « deposits redeemable at notice of over two years » , « repos » and « debt securities with an agreed maturity of over two years » ( see Box 14 ) .
Ændringer i reservekravskoefficienterne annonceres af ECB forud for den reserve kravsperiode , hvor ændringerne træder i kraft .
Changes in reserve ratios are announced by the ECB in advance of the first maintenance period for which the change is effective .
( 74 ) Listerne er offentligt tilgængelige på ECBs websted ( www.ecb.int ) .
( 74 ) The lists are available to the public on the ECB 's website ( www.ecb.int ) .
( 75 ) Rapporteringsgrundlaget for ECBs penge - og bankstatistik er beskrevet i bilag 4 .
( 75 ) The reporting framework for the ECB 's money and banking statistics is presented in Annex 4 .
( 76 ) Se forordning ECB / 2003/9 .
( 76 ) See Regulation ECB / 2003/9 .
Yderligere oplysninger om fradrag i reservekravsgrundlaget findes på ECBs websted ( www.ecb.int ) samt på eurosystemets websteder ( se bilag 5 ) .
Further information relating to the standardised deduction ratio can be found on the ECB 's website ( www.ecb.int ) , as well as on the Eurosystem websites ( see Annex 5 ) .
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