natgillin/translations-raw huggingface dataset:
En effektiv dialog med de private banker i EF er derfor af afg ~ rende betydning .
An effective dialogue with the banking community in the EC is , therefore , essential .
En sådan dialog påbegyndtes i november , da Komiteens arbejdsgruppe om betalingsformidling i EF mradtes med reprmentanter for EF-bankforeningen og for de strarre banker .
Such a dialogue was initiated in November when the Committee 's Working Group on EC Payment Systems met representatives of the European Banking Federations and of major commercial banks .
Komiteen har også kontakter til Den Europ ~ iske Komite for Bankstandarder , som oprettedes for nylig under EF-bankforeningen .
The Committee is also liaising with the European Committee for Banking Standards created recently under the aegis of the European Banking Federations .
Endelig vil ECU-clearingssystemet fortsat blive overvåget meget tæt ( se afsnit IV .
Finally , the ECU clearing system will continue to be monitored closely ( see Section IV .
l ) .
1 ) .
Statistik Pålidelig og hurtig statistik er af afgrarende betydning for udfurelsen af pengepolitikken .
Statistics Reliable and timely statistics are a vital prerequisite for the conduct of monetary policy .
Statutterne for ESCB bemyndiger ECB til , hjulpet af de nationale centralbanker , at indsamle den nradvendige statistik .
The Statute of the ESCB entitles the ECB , assisted by the national central banks , to collect the necessary statistics .
ECB vil desuden bidrage til harmoniseringen , hvor dette måtte være nradvendigt , af regler og praksis for indsamling samt udarbejdelse og distribution af statistik inden for dens område .
Moreover , the ECB will contribute to the harmonisation , where necessary , of the rules and practices governing the collection , compilation and distribution of statistics in the areas within its field of competence .
EM1 vil fremme denne harmonisering som en del af sit forberedende arbejde .
The EM1 will promote this harmonisation in the context of its preparatory work .
Centralbankchefkomiteen har iværksat et arbejde , der skal forbedre den statistiske information , som er nradvendig for koordineringen af pengepolitikken , og man er begyndt at definere den statistiske database , der vil vsere nsdvendig for den fælles pengepolitik .
The Committee of Governors has set in motion the process of improving the statistical information needed for the co-ordination of monetary policies , and has started to define the statistical base necessary for the conduct of the single monetary policy .
Som et frarste skridt er det nradvendigt at få klargjort , hvilket behov for statistik EM1 og ECB vil have .
As a first step , the statistical requirements of the EM1 and the ECB need to be clarified ;
Når dette behov er Marlagt , må det sammenholdes med tilgængelige nationale data .
once identified , they will be compared with the available national data .
Denne sammenligning vil herefter udgrare grundlaget for den afklaring af begreber , som er nradvendig for , at man kan konstruere pålidelig statistik for det fælles mrantområde , og det vil lette vurderingen af , hvorvidt der skal ske tilpasning af de nuv ~ rende dataindsamlingssystemer .
This comparison will subsequently provide a basis for the analytical work necessary to underpin the construction of reliable statistics for the common monetary area and will facilitate the assessment of whether adjustments to current data collection systems are needed .
I vurderingen af det fremtidige behov for statistik er der i s ~ tre principper , r der spiller en afgrarende rolle ; opnåelse af den mindst mulige indberetningsbyrde for finansielle institutioner ;
Three principles play an important role in the appraisal of future statistical requirements : the minimisation of the reporting burden on financial institutions ;
den optimale brug af den infrastruktur , der findes i de nationale centralbanker ;
the optimal use of the infrastructure of national central banks ;
og foreneligheden med Fællesskabets og andre internationale statistiske standarder .
and the compatibility with Community and international statistical standards .
P & dette tidlige stadium er det også vigtigt at opretholde en grad af fleksibilitet .
At this early stage , it is also important to maintain a degree of flexibility .
Der skal således kunne ske tilpasninger i lyset af de behov , som stilles af en endnu ikke defineret fælles pengepolitik , en harmonisering af pengepolitiske instrumenter og mulige ~ n d r i n g e r de finansii elle markeders funktion og struktur .
Room must be left for adaptations in the light of the yet to be defined concept of the single monetary policy , the harmonisation of monetary policy instruments and the likely changes in the structure and the functioning of financial markets .
Centralbankchefkomiteen har et nært samarbejde med de kompetente fzllesskabsorganer og internationale institutioner inden for det statistiske område .
The Committee of Governors co-operates closely with the competent Community institutions and international bodies in the statistical field .
Dette samarbejde sker inden for rammerne af Udvalget for Penge -, Kreditmarkeds - og Betalingsbalancestatistik .
This co-operation takes place in the framework of the Committee on Monetary , Financial and Balance-of-Payments Statistics .
Regnskabsprincipper i de nationale centralbanker Harmoniseringen af regnskabsregler og af praksis i de nationale centralbanker er ikke bare en ufravigelig forudsztning for udfarelsen af den fzlles pengepolitik , men også for ivzrkszttelsen af ESCB 's statutter vedrarende monetme indtzgter og overf ~ rsel valuaf ta .
Accounting principles of national central banks The harmonisation of accounting rules and practices of national central banks is not only an indispensable prerequisite for the conduct of a single monetary policy , but also for the application of the ESCB Statute 's provision on monetary income and foreign exchange transfers .
Statutterne giver Styrelsesrådet ret til at fastsztte « de nadvendige regler for en standardisering af bogfaringen og af beretningerne om de transaktioner , der er foretaget af de nationale centralbanker » .
The Statute entitles the Governing Council to « establish the necessary rules for standardising the accounting and reporting of operations undertaken by the national central banks » .
Denne opgave forventes at blive meget kompleks , fordi metoder og praksis afspejler forskellige nationale traditioner og lovmzssige krav .
This undertaking is expected to be very complex as the methods and practices reflect different national traditions and legal provisions .
Det forberedende arbejde i Komiteen har hidtil bestået i indsamling af konkrete data .
The preliminary work undertaken by the Committee of Governors has so far been of a fact finding nature .
En oversigt over de regnskabsmetoder , der for tiden anvendes i centralbankerne , er blevet udarbejdet .
An inventory of accounting methodologies currently applied by the central banks has been prepared .
Især koncentrerede man sig om tre emner : den institutionelle og lovmzssige sammenhzng regnskabsaflzggelsen sker i ;
Particular attention was paid to three aspects : the institutional and legal context in which the accounts of the central banks are produced ;
sammenligning og klassifikation af poster på status - og driftsregnskabet for centralbankerne ;
the comparison and classification of items in the balance sheets and profit and loss accounts of the central banks ;
og identificeringen af ligheder og forskelle i den regnskabsmzssige behandling af disse poster , iszr hvor det menes , at disse vil vzre relevante for EM1 og ESCB .
and the identification of the similarities and differences in the accounting treatment of these items , especially where they are thought to be relevant to the EM1 and the ESCB .
På basis af denne oversigt vil Centralbankchefkomiteen u d f ~ r e et forberedende arbejde med harmonisering af regnskabsregler og - standarder .
On the basis of this inventory the Committee of Governors will carry out preparatory work for the harmonisation of accounting rules and standards .
Der vil også blive taget hensyn til fzllesskabsret , hvor dette er relevant .
It will also take into consideration , where appropriate , Community legislation in this field .
Informationssystemer EM1 og ECB vil have behov for pålidelige informationssystemer .
Information systems The EM1 and the ECB will need reliable information systems .
Disse systemer skal effektivt kunne harmoniseres med de systemer , der findes i de nationale centralbanker .
These systems must communicate efficiently with those in national central banks .
I anden fase vil udvekslingen af information hovedsagelig dreje sig om statistiske data .
In Stage Two , the exchange of information will mainly concern statistical data ;
I tredje fase vil den også skulle dække operationelle funktioner .
in Stage Three , it will extend to operational functions .
På baggrund heraf fandt man , det var nadvendigt at få defineret en teknisk strategi for EMI 's og ESCB 's informations - og kommunikationssystemer .
Against this background , it was felt necessary to embark on the definition of a technical strategy for information and communication systems for the EM1 and the ESCB .
To indledende skridt er indtil videre taget .
Two preliminary steps have so far been taken .
For det f ~ r s t e udarbejdes der i ojeblikket tekniske oversigter over de informationssystemer , der allerede findes i medlemslandenes centralbanker .
Firstly , technical surveys are currently being made in order to take stock of the present information system infrastructures in the Community central banks .
For det andet vurderes EMI 's og ESCB 's behov for informations - og kommunikationssystemer i lyset af de forskellige opgaver , som disse vil få .
Secondly , the information and communication systems requirements of the EM1 and of the ESCB are being evaluated in the light of the various tasks of the new institutions .
Resultatet af oversigterne såvel som af analyserne af behovene vil danne grundlag for den forberedelse , der skal ske både af EMI 's og ECB 's informationssystem og af sammenkædningen af centralbankernes systemer .
The results of the surveys as well as of the analysis of requirements , will provide the basis for preparing both the information systems infrastructure for the EM1 and the ECB and for the connection of systems of the central banks .
ANNEKSER
ANNEXES
ANNEKS I :
ANNEX I :
Ændringer i pengepolitiske instrumenter og procedurer siden begyndelsen af frarste fase .
Changes in monetary policy instruments and procedures since the start of Stage One
F ~ llesskabets centralbankers institutionelle status . ANNEKS II :
ANNEX 1 : 1 Institutional status of central banks in Community countries
Anneks I
Annex I
ÆNDRINGER I PENGEPOLITISKE INSTRUMENTER OG PROCEDURER SIDEN BEGYNDELSEN AF FaRSTE FASE Siden begyndelsen af frarste fase af MMU i juli 1990 er der blevet gennemfrart strarre ændringer i teknikken for udfrarelsen af pengepolitikken i Belgien , Danmark , Tyskland , Grzekenland og Portugal .
CHANGES IN MONETARY POLICY INSTRUMENTS AND PROCEDURES SINCE THE START OF STAGE ONE Since the start of Stage One of EMU in July 1990 , major changes in the techniques for executing monetary policy operations have been introduced in Belgium , Denmark , Germany , Greece and Portugal .
Dette afsnit beskriver kort disse ændringer .
This section briefly describes these changes .
Belgien Pengepolitikken i Belgien var frar januar 1991 næsten udelukkende baseret på fastsættelse af renten på skatkammerbeviser .
Belgium Prior to January 1991 , monetary policy in Belgium relied almost entirely on the setting of the interest rate on Treasury bills .
Centralbanken havde bemyndigelse til at fastlægge renten efter konsultation med finansministeriet .
The central bank had discretion to set the rate in consultation with the Minister of Finance .
Strarrelsen af markedet for skatkammerbeviser og muligheden for at udstede beviser ved tap-salg ( dvs . at skatkammerbeviser jævnligt var tilgængelige for bankerne efter anmodning ) gjorde det muligt for centralbanken at udove tæt kontrol over de korte markedsrenter .
The size of the Treasury bill market and the facility to issue bills « on tap » ( i.e. Treasury bills were regularly available to banks upon request ) allowed the central bank to exercise close control over short-term market interest rates .
Systemet havde dog nogle ulemper .
The system , however , had some drawbacks .
I s ~ r kan nævnes , at pengepolitikken var afhængig af et enkelt instrument .
In particular , monetary policy had to rely on a single instrument .
Instrumentet havde også en meget synlig budgetm ~ ssigeffekt , hvilket kunne b e g r ~ n s e mulighederne for fleksibelt at tilpasse rentesatserne .
The instrument also had a highly visible budgetary impact which could restrict the scope for adjusting interest rates flexibly .
Endelig var bankerne i stand til , ved at reducere deres portefralje af skatkammerbeviser , at overlade likviditetsmangel til finansministeriet , som derefter var nradt til at tilpasse sin position gennem anvendelse af kreditfaciliteterne i centralbanken .
Finally , by reducing their portfolio in Treasury bills , banks were able to pass on liquidity shortages to the Treasury which , in turn , had to adjust its position by resorting to central bank credit facilities .
Den monetære reform , som blev introduceret i januar 1991 , havde to vzesentlige komponenter .
The monetary reform introduced in January 1991 had two major components .
På den ene side blev der indfsrt indgreb , der skulle rage konkurrencen på det primzere marked for korte offentlige værdipapirer .
On the one hand , measures were taken to enhance competition in the primary market for shortterm public securities .
Det kan især nzevnes , at udstedelse af skatkammerbeviser ved tap-salg blev erstattet af et system med periodiske auktioner , som er åbne for en bred kreds af investorer .
In particular , the issuing of Treasury bills « on tap » was replaced by a system of periodic auctions , which are open to a wide range of investors .
Der blev også taget skridt til at udvikle et effektivt sekundært marked .
Measures were also adopted to develop an efficient secondary market .
På den anden side fastlægger centralbanken ikke længere administrativt den vigtigste pengemarkedsrente , men frarer derimod rentepolitik gennem interventioner i pengemarkedet .
On the other hand , the central bank no longer sets the leading money market rate administratively , but rather conducts interest rate policy through interventions on the money market .
Den anvender for det f ~ r s t e periodisk tildeling af kredit gennem licitation , hvilket regelmæssigt tilfrarer markedet likviditet .
Firstly , it uses periodic allocations of credit by tender which supply liquidity to the market on a routine basis .
Den anvendte rente signalerer også pengepolitikken ~ stilling .
The interest rate applied also signals the stance of monetary policy .
For det andet udfrarer centralbanken åbne markedsoperationer på daglig basis mellem tildelingerne med henblik på at styre likviditetsituationen .
Secondly , between allocations , the central bank conducts open market operations on a daily basis to manage liquidity conditions .
For det tredje er der adgang til en indlånsfacilitet og en udlånsfacilitet for at imradekomme henholdsvis individuelle likviditetsoverskud og - underskud ved slutningen af dagen . De renter , der anvendes ved disse faciliteter , giver også en nedre og en ovre grænse for de helt korte markedsrenter .
Thirdly , a deposit facility and an overdraft facility are available to meet individual end-of-day liquidity surpluses and deficits , respectively . The interest rates applied to these facilities also provide a lower limit and an upper limit to very short-term market rates .
Endelig anvender centralbanken to officielle renter : Diskontoen , som anvendes til mobilisering af en lille mængde handelsveksler , og renten på udlån ud over et på forhånd fastlagt belrab .
Finally , the central bank uses two official rates : the discount rate , applied to the mobilisation of a small amount of commercial bills , and the interest rate on advances above a pre-set amount .
Disse renter har primært symbolsk værdi og anvendes normalt til at annoncere ændringer i politikken , f. eks . når andre centralbanker ændrer deres officielle rentesatser .
These rates are primarily of a symbolic nature and are normally used to announce a change in policy , for example when other central banks change their official interest rates .
Danmark Danmarks Nationalbank tilbud frar april 1992 to stående faciliteter . Pengeinstitutter havde en ubegrznset indskudsadgang til at absorbere overskudslikviditet på pengemarkedet ;
Denmark Prior to April 1992 , the Danmarks Nationalbank offered two standing facilities : an unlimited deposit facility to absorb excess liquidity in the money market ;
og en begrznset trzkningsadgang til at dzkke likviditetsbehov .
and a limited overdraft facility to supply liquidity .
Renten for indskud på foliokonto svarede til den officielle diskonto .
The interest rates applied on these facilities were linked to the official discount rate .
I praksis begrænsede denne metode den pengepolitiske fleksibilitet .
In practice , this approach limited the flexibility of policy .
Nationalbanken introducerede derfor den 1 . april 1992 et nyt system med henblik på at forrage den operationelle fleksibilitet .
On 1st April 1992 , the Danmarks Nationalbank consequently introduced a new system to enhance operational flexibility .
Under den nye procedure szlger Nationalbanken to-ugers indskudsbeviser til pengeinstitutterne - typisk én gang om ugen .
Under the new procedure , two-week certificates of deposit are issued by the central bank on a regular weekly basis .
For at sikre at bankerne har likviditet til at b b e en tilstrzkkelig beholdning indskudsbeviser , tilfrarer Nationalbanken om nradvendigt likviditet i form af genbbsforretninger i statspapirer .
To ensure that banks have sufficient surplus liquidity to purchase certificates of deposits , Danmarks Nationalbank will , if necessary , supply liquidity through repos in government paper .
Ændringer i indskudsbevisrenten udtrykker Nationalbankens intention for udviklingen i pengemarkedsrenterne .
The interest rate on the certificates steers short-term market rates . The Bank may buy back certificates when there is a need to supply liquidity .
Nationalbanken tilbyder normalt at kabe indskudsbeviser tilbage , når der er behov for at tilfrare likviditet .
At the same time , the overdraft facility was suppressed and the deposit facility restricted .
Samtidig blev adgangen til trzk på foliokonto ophzvet , og adgangen til at foretage forrentede indskud på folio begrznsedes . Den del af det enkelte pengeinstituts gennemsnitlige månedlige indskud , der overstiger 5 % af instituttets ansvarlige kapital , forrentes ikke .
The amount of deposits which banks may hold at the central bank on which interest is paid has been limited to a monthly average of 5 % of their own funds . Deposits in excess of this percentage are no longer remunerated .
Gennemsnitsreglen for den forrentede del bidrager til at begrznse udsvingene i de helt korte pengemarkedsrenter .
The averaging provision for the remunerated element partly helps to limit the variability of very short-term market rates .
Tyskland Bundesbank udstedte likviditetspapirer med tre , seks og ni måneders lrabetid for frarste gang den 1 . marts 1993 .
Germany The Deutsche Bundesbank issued liquidity paper with three -, six -, and nine-month maturities for the first time on 1st March 1993 .
Udstedelsen blev foretaget i overensstemmelse med et nylig indfrart afsnit 42 i Bundesbank-loven , ifralge hvilket Bundesbank må udstede korte statspapirer for Den Tyske Forbundsrepublik op til et maksimumsbelrab på 50 mia . D-mark for bankens egen regning .
The issue was launched in accordance with a newly introduced section 42 of the Deutsche Bundesbank Act , pursuant to which the Bundesbank may issue Treasury discount paper of the Federal Republic of Germany up to the maximum amount of DM 50 billion for its own account .
Sådanne udstedelser tjener som et pengepolitisk instrument og indebærer ikke finansiering af noget offentligt budget .
Issues of this kind serve as a monetary policy instrument and do not imply a financing of any public budget .
Udstedelsen af likviditetspapirer er direkte forbundet både tidsmzssigt og indholdsmzssigt med en vzsentlig lempelse af det gzldende mindstereservekrav .
The issue of liquidity paper is directly connected both in time and substance with a substantial relaxation of the prevailing minimum reserve requirements .
Det indebzrer en udvidelse af rzkken af pengepolitiske instrumenter og skulle styrke de tyske kommercielle bankers konkurrenceevne .
It implies an extension of the set of monetary policy instruments and should strengthen the competitiveness of German commercial banks .
Fra et pengepolitisk synspunkt forrager dette instrument fleksibiliteten i udmelsen af pengepolitikken , for så vidt som det f. eks . tillader , at likviditetseffekterne fra turbulensen i valutamarkederne bedre kan imradegås , og at centralbanken direkte kan udme indflydelse på ikke-bankers kontantbeholdninger .
From a monetary policy point of view , this instrument enhances the flexibility in the execution of monetary policy insofar as , for instance , it permits a better response to the liquidity effects of turbulence in the foreign exchange markets and allows the central bank to influence non-banks » cash holdings directly .
Efter indfrarelsen af dette instrument har centralbanken nu rådighed over en bredere vifte af muligheder for at foretage åbne markedsoperationer .
Following the introduction of this instrument , the central bank now has a broader range of open-market policy options at its disposal .
Grarkenland Den grzske centralbank annoncerede i december 1992 introduktionen af to nye instrumenter til ydelse af likviditet til banksystemet , nemlig en Lombard-agtig facilitet mod sikkerhed i statspapirer , og en rediskonteringsfacilitet for korte papirer .
Greece In December 1992 , the Bank of Greece announced the introduction of two new instruments for providing liquidity to the banking system , namely a Lombard-type facility , against collateral of government paper , and a rediscount facility for commercial bills .
Begge faciliteter er underlagt samlede kvoter , som fordeles mellem kreditinstitutterne efter kriterier , som relaterer sig til strarrelsen af visse poster på balancerne .
Both facilities are subject to overall quotas which are allocated among credit institutions according to criteria relating to the size of certain balance sheet items .
Det er hensigten , at renterne på disse to faciliteter skal angive en korridor , inden for hvilken pengemarkedsrenterne skal bevzge sig .
The interest rates on these two facilities are meant to provide a corridor within which money market rates fluctuate .
Den allerede eksisterende trzkningsfacilitet opretholdes som en sidste lånemulighed til strafrenter .
The already existing overdraft facility is maintained as a means of last resort assistance at penalty rates .
Desuden er der siden november 1992 blevet indfrart auktioner for valuta swaps med henblik på at forrage fleksibiliteten i likviditetsstyringen .
In addition , in order to enhance the flexibility of liquidity management , auctions for currency swaps have been introduced since November 1992 .
Hensigten med de seneste indgreb er at samle brugen af markedsorienterede mekanismer i udfrarelsen af pengepolitikken og således forrage dennes effektivitet .
The recent measures are intended to consolidate the use of market-oriented mechanisms in the conduct of monetary policy and thus increase its effectiveness .
Portugal Med henblik på at forbedre pengepolitikkens effektivitet blev åbne pengemarkedsoperationer i januar 1991 gjort til det vzsentligste instrument til at regulere pengemarkedsforholdene i Portugal .
Portugal To improve the efficiency of monetary policy , open money market operations became the main instrument for regulating money market conditions in Portugal in January 1991 .