natgillin/translations-raw huggingface dataset:
EMI har følgende , i det store og hele positive , bemærkninger til enkelte bestemmelser i direktivudkastet . Disse bemærkninger er i vid ustrækning påvirket af den situation , som udgør den største trussel mod en gnidningsløs og effektiv funktion for så vidt angår betalingssystemer og værdipapirafviklingssystemer , nemlig en deltagers insolvens .
The zero-hour rule ( entailing retroactive effect of a bankruptcy to 0:00 hours on the day of the insolvency ) exists in various Member States and threatens the efficient and smooth functioning of payment systems , and the EMI therefore supports the fact that this issue is now being dealt with in a conclusive manner through the draft Directive ,
--- Artikel 6
--- Article 6
--- Artikel 3
--- Article 3
Det er dog vigtigt at sikre , at direktivudkastet og afviklingsdirektivet ikke er inkonsekvente på dette punkt . Tvivl om , hvorvidt nettingordninger kan håndhæves under alle omstændigheder , og særlig i insolvenssituationer , har tidligere været en alvorlig hindring for etablering af pengeoverførselssystemer , og navnlig betalingssystemer , i visse jurisdiktioner .
Doubts on the enforceability of netting under all circumstances , and particularly in insolvency situations , have in the past been a major obstacle to the development of funds transfer systems and in particular payment systems in certain jurisdictions . A clear legal basis for netting would therefore assist greatly in facilitating efficient payment systems .
Et klart retligt grundlag for netting vil derfor bidrage væsentligt til at fremme effektive betalingssystemer . Dette vil fjerne faren for , at likvidatoren for en insolvent deltager får held til at kræve tilbageregulering af nettopositioner , og usikkerheden om det reelle forhold mellem deltagerne .
This would eliminate the risk that a liquidator of an insolvent participant may successfully require unwinding of net positions and the inherent uncertainties about real exposures between participants thereby eliminating a further element of systemic risk from systems which currently operate on a net basis and which have members from a number of jurisdictions , some of whose insolvency laws may currently not respect netting . This would have a beneficial effect on the stability of financial markets and institutions .
Herved fjernes yderligere et risikoelement fra de systemer , der i dag fungerer på nettinggrundlag , og som har medlemmer fra en række lande , hvoraf nogles insolvenslove måske ikke respekterer nettingordninger . Dette vil få en positiv indflydelse på finansmarkeders og institutioners stabilitet .
The EMI therefore fully supports the proposal that netting is made enforceable through this Directive , The fact that rights and obligations arising from , or in connection with , participation in a payment system shall be determined by the insolvency law of the country where such a system is located contributes to legal clarity .
EMI giver derfor sin fulde tilslutning til forslaget om , at direktivet giver mulighed for at håndhæve nettingordninger .
It is important , however , to ensure that the draft Directive and the winding-up Directive are not inconsistent on this point .
EMI glæder sig også over , at artikel 6 sammenholdt med artikel 2 , litra i ) , giver to muligheder hvad angår spørgsmålet om , hvilken lovgivning ( insolvenslovgivning ) der finder anvendelse , nemlig den lovgivning , som deltagerne i et betalingssystem vælger at underkaste deres betalingsordninger , eller , i mangel af en valgmulighed , lovgivningen i den meldemsstat , hvor afregningen finder sted .
Also , the EMI notes with satisfaction that Article 6 and Article 2 ( 1 ) , when read in conjunction with each other , provide for two possibilities in terms of applicable ( insolvency ) law : the law chosen by the participants in a payment system to govern their payment arrangements or , in the absence of a choice , the law of the Member State where the settlement takes place .
I forbindelse med grænseoverskridende betalingssystemer er det vigtigt , at begge muligheder opretholdes .
For cross-border payment systems , it is important that these two possibilities are maintained , as in cross-border payment systems settlement agents may be located in different countries and a specific country of location of the payment system does , therefore , not exist .
Ved grænseoverskridende betalingssystemer kan afregningsagenterne nemlig befinde sig i forskellige lande , hvorfor det ikke kan fastslås , at betalingssystemet har hovedsæde i et bestemt land . I denne forbindelse vil artikel 6 i direktivudkastet efter EMI 's opfattelse støtte vedtagelsen af den mest hensigtsmæssige retlige konstruktion og lovvalget for TARGET systemet , som for tiden er ved at blive opbygget af EMI og medlemsstaternes centralbanker .
In this connection , the EMI understands that Article 6 of the draft Directive will support the adoption of the most appropriate legal construction and the choice of the applicable law for the Target system which is presently being constructed by the EMI and the national central banks of the Member States , Irrevocability of transfer orders is indeed a prerequisite for the smooth and efficient functioning of payment systems .
Uigenkaldelighed for betalingsordrer er ganske rigtigt en forudsætning for , at betalingssystemer fungerer gnidningsløst og effektivt .
Irrevocability serves the need to safeguard the technical functioning of a payment system .
Bestemmelsen om uigenkaldelighed tjener til at beskytte et betalingssystems tekniske funktion , men afskærer ikke udstederen af en betalingsordre ( eller likvidatoren ) fra efter opfyldelsen af betalingsordren at fremsætte et krav svarende til betalingens værdi , såfremt transaktionens underliggende omstændig -
It does not , however , preclude the issuer of a payment order ( or its liquidator ) , after execution of that payment order , from making a claim equal to the value of the payment if the underlying circumstances of the transaction
Kravet om , at den sikkerhed , der stilles i forbindelse med et betalingssytem eller i forbindelse med pengepolitiske transaktioner , skal kunne realiseres i overensstemmelse med en aftale om deltagelse eller en kreditaftale , er endnu en forudsætning for betalingssystemers gnidningsløse og effektive funktion og for , at der kan føres en pengepolitik . Indgreb mod en sådan realisation vil ikke alene være en trussel mod betalingssystemers gnidnings -
--- Article 7 The requirement that collateral provided in the framework of participation in a payment system or in the framework of monetary policy operations may be realised in accordance with the terms of a participation or credit agreement is again a further prerequisite for the smooth and efficient func -
C 156/20
C 156/20
løse og effektive funktion , men også mod finansmarkeders og - institutioners generelle stabilitet .
tioning of payment systems and the conduct of monetary policy . Interference with such realisation would not only endanger the smooth and efficient functioning of payment systems , but also the stability of financial markets and institutions as a whole .
Ifølge artikel 18 i statutten for ESCB og ECB skal ECB og medlemsstaternes centralbanker da også kræve » passende « sikkerhed i forbindelse med deres lånetransaktioner .
Also , Article 18 of the Statute of the ESCB / ECB obliges the ECB and the national central banks of the Member States to require « adequate » collateral in the framework of their credit operations .
Dette krav kan ikke opfyldes , såfremt der under omstændigheder , hvor sikkerhed skal realiseres , nemlig i insolvenssituationer , ikke kan ske indfrielse i henhold til betingelserne i en aftale om deltagelse eller kredit på grund af de bestemmelser , der gælder for en sådan indfrielse i henhold til lovgivningerne i forskellige lande .
This requirement cannot be fulfilled , if under circumstances where collateral had to be realised , namely insolvency situations , realisation could not take place in accordance with the terms of a participation or credit agreement due to constraints on such realisation under the laws of various jurisdictions .
Dette er særlig vigtigt i en situation , hvor det indre marked , etableringen af TARGETsystemet og fastsættelsen af en fælles pengepolitik i tredje fase logisk vil føre til mere udstrakt brug af fjernadgang til deltagelse i betalingssystemer og eventuelt pengepolitiske transaktioner samt til en grænseoverskridende brug af sikkerhedsstillelse .
This is particularly important where the single market , the creation of the Target system and the conduct of a single monetary policy in stage three logically will lead to the extended use of remote access to payment systems and possibly to monetary policy operations as well as to cross-border use of collateral .
En afgørende betingelse for sådanne muligheder er , at sikkerhed kan indfries , uden at det anfægter øvrige betingelser , i henhold til en aftale om deltagelse eller kredit .
A conditio sine qua non for such possibilities is , without prejudice to other conditions , that collateral may be realised in accordance with the terms of the participation or credit agreement .
EMI støtter derfor fuldt ud målet for direktivudkastets artikel 7 .
The EMI therefore fully supports the objective of Article 7 of the draft Directive .
Artikel 7 kan imidlertid med den nuværende affattelse skabe forvirring , når udtrykket » pledge « anvendes i den engelske udgave .
The text of this Article as it reads now may , however , lead to confusion where the term « pledge » is used .
Også andre transaktioner , der indebærer sikkerhedsstillelse , som f. eks . repoforretninger og andre ordninger , der ikke er generelle for alle medlemsstaterne , bør være omfattet ( se direktivets anden hele betragtning og den brede definition af sikkerhed i artikel 2 , stk .
Other types of operations to provide collateral such as repurchase transactions and other arrangements specific to particular Member States should be covered as well ( see the second full consideration in the recitals to the Directive and the broad definition of collateral security in Article 2.1 ) .
EMI foreslår , at dette tydeliggøres i direktivudkastet af hensyn til den juridiske klarhed .
The EMI suggests that this , for reason of legal clarity , be made clear in the draft Directive .
EMI er indforstået med , at Rådet for Den Europæiske Union offentliggør denne udtalelse , såfremt det finder det hensigtsmæssigt .
The EMI agrees that this opinion may be made public by the Council of the European Union at its discretion .
juni 2000 ( Millioner EUR ) Aktiver Balance pr. 30 . juni 2000 Ændring i forhold til ugen før p.g. af transaktioner revalueringer Passiver Balance pr. 30 .
Consolidated weekly financial statement of the Eurosystem as at 30 June 2000 ( EUR millions ) Assets Balance as at 30 June 2000 Difference compared to last week due to transactions revaluations Liabilities Balance as at 30 June 2000 Difference compared to last week due to transactions revaluations
juni 2000 Ændring i forhold til ugen før p.g. af transaktioner revalueringer 1 Guld og tilgodehavender i guld 2 Tilgodehavender i fremmed valuta hos residenter uden for euroområdet 2.1 tilgodehavender hos IMF 2.2 banktilgodehavender og værdipapirer , eksterne lån og andre eksterne aktiver
1 Gold and gold receivables 2 Claims on non-euro area residents denominated in foreign currency 2.1 Receivables from the IMF 2.2 Balances with banks and security investments , external loans and other external assets
- 91 3 Udstedte gældsbeviser
- 91 3 Debt certificates issued
5 Forpligtelser i euro over for residenter uden for euroområdet 172.961 59.907 0 0 145 89 1.426 234.528 25.086 58.986 86.299
5 Liabilities to non-euro area residents denominated in euro 172,961 59,907 0 0 145 89 1,426 234,528
8 Tildelte særlige trækningsrettigheder i IMF
- 93 8 Counterpart of special drawing rights allocated by the IMF
1.380 10 Revalueringskonti 11 Kapital og reserver
1,380 10 Revaluation accounts 11 Capital and reserves
Navigation Path : Home &gt; The European Central Bank &gt; Retsgrundlaget &gt; Kronologisk liste over alle ECB &lsquo; s retlige instrumenter &gt; 2009 &gt; CON / 2009/45
Navigation Path : Home &gt; The European Central Bank &gt; Legal framework &gt; All by date &gt; 2009 &gt; CON / 2009/45
maj 2003 ( Millioner EUR ) Aktiver Balance pr. 16 . maj 2003 Ændring i forhold til ugen før p.g. af transaktioner Passiver Balance pr. 16 .
Consolidated weekly financial statement of the Eurosystem as at 16 May 2003 ( EUR millions ) Assets Balance as at 16 May 2003 Difference compared to last week due to transactions Liabilities Balance as at 16 May 2003 Difference compared to last week due to transactions
5 Udlån i euro til kreditinstitutter i euroområdet i forbindelse med pengepolitiske operationer 5.1 5.2 5.3 5.4 5.5 5.6 primære markedsoperationer langfristede markedsoperationer finjusterende markedsoperationer strukturelle markedsoperationer marginal udlånsfacilitet udlån i forbindelse med marginbetalinger 173.001 44.979 0 0 53 21 218.054 197 40.996 44.270 109.580
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 5.1 Main refinancing operations 5.2 Longer-term refinancing operations 5.3 Fine-tuning reverse operations 5.4 Structural reverse operations 5.5 Marginal lending facility 5.6 Credits related to margin calls 173,001 44,979 0 0 53 21 218,054 197 40,996 44,270 109,580
- 209 10 Andre forpligtelser 11 Revalueringskonti 12 Kapital og reserver
- 209 10 Other liabilities 11 Revaluation accounts 12 Capital and reserves
Navigation Path : Home &gt; The European Central Bank &gt; Legal framework &gt; All by date &gt; 2009 &gt; CON / 2009/45
Navigation Path : Home &gt; The European Central Bank &gt; Retsgrundlaget &gt; Kronologisk liste over alle ECB &lsquo; s retlige instrumenter &gt; 2009 &gt; CON / 2009/45
Opinion on the legal relationships applying to Deutsche Bundesbank staff ( CON / 2009/45 )
Udtalelse om de retlige forhold for ansatte i Deutsche Bundesbank ( CON / 2009/45 )
Germany , 11.5.2009 , pdf 25 kB , de .
Tyskland , 11.5.2009 , pdf 25 kB , de .
Makroøkonomiske fremskrivninger for euroområdet udarbejdet af Eurosystemets stab Eurosystemets stab har på grundlag af de informationer , der var tilgængelige pr. 17 . maj 2004 , udarbejdet fremskrivninger af den makroøkonomiske udvikling i euroområdet .
Eurosystem staff macroeconomic projections for the euro area On the basis of the information available up to 17 May 2004 , Eurosystem staff have prepared projections for macroeconomic developments in the euro area .
1 Fremskrivningerne viser , at den gennemsnitlige årlige vækst i realt BNP bliver mellem 1,4 pct . og 2,0 pct .
1 Average annual real GDP growth is projected to be between 1.4% and 2.0% in 2004 and between 1.7% and 2.7% in 2005 .
i 2005 . Den gennemsnitlige stigningstakt i det samlede harmoniserede forbrugerprisindeks ( HICP ) bliver ifølge fremskrivningerne mellem 1,9 pct .
The average rate of increase in the overall Harmonised Index of Consumer Prices ( HICP ) is projected to be between 1.9% and 2.3% in 2004 and between 1.1% and 2.3% in 2005 .
i 2005 . Fremskrivningerne bygger på en række antagelser om rentesatser , valutakurser , oliepriser , verdenshandlen uden for euroområdet og finanspolitikken .
The staff projections are based on a series of assumptions with regard to interest rates , exchange rates , oil prices , world trade outside the euro area and fiscal policies .
Der er især gjort den tekniske antagelse , at de korte markedsrenter og de bilaterale valutakurser forbliver uændrede i fremskrivningsperioden .
In particular , the technical assumption is made that shortterm market interest rates and bilateral exchange rates will remain unchanged over the projection horizon .
De tekniske antagelser om de lange renter , oliepriser og råvarepriser ekskl . energi bygger på markedets forventninger .
The technical assumptions with regard to long-term interest rates and both oil and non-energy commodity prices are based on market expectations .
Internationale forhold På verdensplan er opsvinget i den økonomiske aktivitet blevet styrket og bredere funderet siden efteråret 2003 . Opsvinget understøttes til dels af ekspansiv økonomisk politik og gunstige finansieringsforhold , men også af en forbedret økonomi i virksomhederne .
The international environment The recovery in world economic activity has broadened and strengthened since autumn 2003 , supported partly by expansionary economic policies and favourable financing conditions but also by improved corporate finances .
Idet der antages et gradvist fald i oliepriserne og moderate risikopræmier
On the assumption of a gradual decline in oil prices and moderate risk premia on financial markets , as embodied in the aforementioned assumptions , the recovery is expected to remain robust over the projection horizon .
Fremskrivningerne er udarbejdet i et samarbejde mellem eksperter fra ECB og de nationale centralbanker i euroområdet .
The Eurosystem staff projections are produced jointly by experts from both the ECB and the euro area national central banks .
De indgår to gange om året i Styrelsesrådets vurdering af den økonomiske udvikling og af forhold , der udgør en risiko for prisstabiliteten .
They are a biannual input into the Governing Council 's assessment of economic developments and the risks to price stability .
Yderligere informationer om de anvendte procedurer og metoder findes i « A guide to Eurosystem staff macroeconomic projection exercises » , ECB , juni 2001 .
More information on the procedures and techniques used is given in « A guide to Eurosystem staff macroeconomic projection exercises » , ECB , June 2001 . 2
De korte renter , målt ved 3-måneders Euribor , antages at forblive uændrede i fremskrivningsperioden på lidt over 2,0 pct .
Short-term interest rates as measured by the three-month Euribor are assumed to remain constant over the projection horizon at slightly above 2.0% .
Den tekniske antagelse om konstante valutakurser forudsætter , at EUR / USD-kursen forbliver på 1,19 i hele fremskrivningsperioden , og at den effektive eurokurs bliver 0,9 pct . højere end gennemsnittet for 2003 .
The technical assumption of constant exchange rates implies that the EUR / USD exchange rate stays at 1.19 over the horizon and that the effective exchange rate of the euro is 0.9% higher than the average for 2003 .
Markedet forventer en svagt stigende profil i den nominelle 10-årige statsobligationsrente fra gennemsnitlig 4,3 pct . i 2004 til 4,4 pct .
Market expectations for euro area ten-year nominal government bond yields imply a slightly rising profile from an average of 4.3% in 2004 to an average of 4.4% in 2005 .
På grundlag af udviklingen på futuresmarkederne antages den årlige gennemsnitlige oliepris at falde fra 34,6 dollar pr. tønde i 2004 til 31,8 dollar pr. tønde i 2005 . Råvarepriser ekskl .
Based on the path implied by futures markets , annual average oil prices are assumed to decline to USD 31.8 per barrel in 2005 , from USD 34.6 per barrel in 2004 .
energi antages i 2004 at stige 18 pct . udtrykt i dollar og at forblive stort set uændrede i 2005 .
Non-energy commodity prices are assumed to increase by 18 % in USD terms in 2004 and to remain broadly unchanged in 2005 .
USA og Asien ekskl . Japan ventes fortsat at ville yde det største bidrag til den globale vækst .
The United States and non-Japan Asia are expected to remain the main contributors to global growth .
I USA ventes væksten at blive drevet af et opsving i investeringerne , samtidig med at den understøttes af et robust privat forbrug som følge af de stadig bedre arbejdsmarkedsforhold .
In the United States , growth is expected to be driven by a pick-up in investment , while supported by robust private consumption in light of a continued improvement in the labour market .
BNP-væksten i Asien ekskl . Japan ventes at forblive kraftig , hvilket afspejler den indenlandske vækstdynamik .
GDP growth in non-Japan Asia is expected to remain strong , reflecting internal growth dynamics .
Billedet er mere blandet for de øvrige regioners vedkommende , selv om det i de fleste regioner ventes , at en kraftig efterspørgsel fra USA og Asien ekskl . Japan øger den økonomiske aktivitet .
The picture for the other regions is more varied , although the strong demand from the United States and non-Japan Asia is expected to provide a boost to activity in most areas .
Den japanske økonomi ventes at fortsætte den nuværende positive udvikling med en indenlandsk efterspørgsel , der bliver styrket af de strukturreformtiltag , der for tiden gennemføres , og et aftagende deflationspres .
The Japanese economy is expected to continue on its current recovery path , with domestic demand benefiting from ongoing structural reform measures and the easing of deflationary pressures .
I Storbritannien ventes væksten i realt BNP fortsat at blive dynamisk i hele fremskrivningsperioden .
Real GDP growth in the UK is expected to remain dynamic over the projection horizon .
Fremskrivningerne viser desuden , at både væksten i de lande , der blev optaget i EU pr. 1 . maj 2004 , og væksten i overgangsøkonomierne fortsat bliver relativt høj .
In addition , the countries which joined the EU on 1 May 2004 and the transition economies are projected to continue to grow at a relatively strong pace .
i 2003 til omkring 5,0 pct . i både 2004 og 2005 .
Overall , world real GDP growth outside the euro area is projected to increase to around 5.0% in both 2004 and 2005 , from 4.5% in 2003 .
Væksten i verdenshandlen antages at ville følge væksten i realt BNP på verdensplan .
Growth in world trade is assumed to follow a pattern in line with that of world real GDP .
Væksten på euroområdets eksterne eksportmarkeder forventes at stige fra knap 6 pct . i 2003 til ca .
Growth in the euro area 's external export markets is expected to increase to about 8 % in both 2004 and in 2005 , from slightly below 6 % in 2003 .
kvartal 2004 viser fremskrivningerne , at kvartal-til-kvartal vækstraterne for realt BNP i euroområdet bliver relativt kraftige i hele fremskrivningsperioden med mulighed for en vis volatilitet i det kvartalsvise vækstmønster i 2004 .
Real GDP growth projections After the increase in the first quarter of this year , the quarter-on-quarter growth rates of euro area real GDP are projected to be relatively strong over the horizon , with possible volatility in the quarterly growth pattern in 2004 .
Fremskrivningen af den gennemsnitlige årlige vækst i realt BNP viser en stigning til mellem 1,4 pct .
Average annual real GDP growth is projected to increase to between 1.4% and 2.0% in 2004 and be between 1.7% and 2.7% in 2005 .
Den antagede styrkelse af den udenlandske efterspørgsel fører ifølge fremskrivningen til en stigning i vækstraten for euroområdets eksport på trods af et vist tab af markedsandele , der skyldes euroens tidligere appreciering .
The assumed strengthening in foreign demand is projected to lead to a pick-up in euro area export growth , despite some losses in market share due to the past appreciation of the euro .
Det ventes endvidere , at opsvinget bliver bredere funderet i løbet af fremskrivningsperioden med kraftigere vækst i både investeringer og det private forbrug .
The recovery is also expected to become more broadly based over the horizon , with stronger growth in both investment and private consumption .
Ifølge fremskrivningen kommer lagerinvesteringer og nettoeksport ikke til at yde et betydeligt , positivt vækstbidrag til realt BNP .
Inventory investment and net exports are not projected to make significant positive contributions to real GDP growth .
I lighed med det normale konjunkturmønster viser fremskrivningen af den samlede beskæftigelse en svag stigning i 2004 , der tiltager i 2005 .
In line with the usual cyclical pattern , total employment is projected to pick up slowly in 2004 before gaining strength in 2005 .
Arbejdsudbuddet forventes at stige , i takt med at de forbedrede beskæftigelsesudsigter fører til stigende erhvervsfrekvens .
Labour supply is expected to rise as improved job prospects lead to increasing participation rates .