natgillin/translations-raw huggingface dataset:
Ser modparter i lande , hvor disse aktiver kan anvendes , nogen større ulempe nu eller senere i , at disse aktiver fjernes fra listen over godkendte aktiver ?
Would counterparties located in those countries in which these assets are currently eligible expect any substantial disadvantage either now or in the future if these assets were removed from the list of eligible assets ?
Hvor længe skal det tage at afvikle disse aktiver ?
What would be the length of time required for phasing out these assets ?
5 2.3 Andre omsættelige liste 2-papirer Det overvejes endvidere , om nogle af de nuværende kategorier af omsættelige liste 2-papirer , som ikke er blevet nævnt ovenfor , skal tilføjes den nye , samlede liste .
2.3 Other tier two marketable assets Some additional categories of marketable assets currently in tier two and not mentioned in the previous sections are also being reviewed for eligibility in a single list .
Det drejer sig om : a ) Aktiver , der ikke opfylder de gældende kriterier for liste 1-papirer , dvs . at være noteret eller blive handlet på et reguleret marked som defineret i investeringsservicedirektivet eller at være noteret eller blive handlet på visse ikke-regulerede markeder som angivet af ECB .
Such marketable tier two assets include : a ) assets that do not fulfil the criterion currently applied to tier one assets of being listed or quoted on a regulated market according to the Investment Services Directive , or of being listed , quoted or traded on certain unregulated markets as specified by the ECB ;
7 b ) Udækkede gældsinstrumenter , som er udstedt af kreditinstitutioner , og som ikke opfylder de strengere brugbarhedskriterier , der gælder for lignende liste 1-papirer .
7 b ) uncovered debt instruments issued by credit institutions and which do not fulfil more stringent eligibility criteria applied to similar instruments in tier one ;
8 c ) Omsættelige liste 2-papirer , som ikke opfylder det for liste 1-papirer gældende krav om at være ratet af et internationalt ratingbureau .
8 c ) marketable tier two assets that do not fulfil the criterion currently applied to tier one assets of being rated by international rating agencies .
9 Nogle af disse aktiver skal opfylde særlige brugbarhedskriterier .
8 9 They are eligible in Spain , the Netherlands and Portugal .
10 . Vil modparterne generelt have interesse i at kunne anvende andre omsættelige liste 2-papirer som sikkerhed ?
Specific eligibility criteria will have to be fulfilled by some of those assets . 10 Would counterparties have a general interest in the use of other tier two marketable assets as collateral ?
NYE AKTIVER PÅ DEN GÆLDSINSTRUMENTER SAMLEDE
NEW ASSETS FOR THE SINGLE LIST : FOREIGN DEBT INSTRUMENTS
Indtil videre omfatter Eurosystemets liste 1-papirer gældsinstrumenter , der er 1 ) denomineret i euro , 2 ) udstedt inden for EØS af låntagere med hjemsted i EØS og 3 ) afviklet i euroområdet .
So far , the Eurosystem accepts in its tier one list of assets debt instruments : 1 ) denominated in euro ; 2 ) issued in the EEA by borrowers established in the EEA ;
Eurosystemet er ved at undersøge muligheden for at udvide rammerne for sikkerhedsstillelse til at omfatte gældsinstrumenter , hvor udsteder har hjemsted i G10-lande uden for EØS ( dvs . Canada , Japan , Schweiz og USA ) .
and 3 ) settled in the euro area . The Eurosystem is investigating the possibility of extending its collateral framework to debt instruments whose issuers are based in non-EEA G10 countries ( i.e. Canada , Japan , the United States and Switzerland ) .
Valuta - og placeringskriterierne vil dog ikke blive ændret .
However , the currency criterion and the location criteria would not change .
11 . Vil modparterne generelt have interesse i at kunne anvende gældsinstrumenter som sikkerhed , som er udstedt i euro af udstedere med hjemsted i G10-lande uden for EØS , og som er placeret i euroområdet ?
11 Would counterparties have a general interest in the use , as collateral , of debt instruments issued in euro by issuers established in the non-EEA G10 countries and located in the euro area ?
12 . GENERELLE SPØRGSMÅL I hvilken rækkefølge prioriterer modparterne de forskellige kategorier af aktiver , der er beskrevet ovenfor ?
SOME ADDITIONAL QUESTIONS OF A GENERAL NATURE Which order of priority do counterparties attach to the different categories of assets described in the previous sections ?
Ønsker modparterne at nævne andre former for aktiver , som de gerne vil have mulighed for at kunne anvende som sikkerhed ?
Do counterparties wish to mention any other type of asset , the eligibility of which might be of relevance for them ?
Er de nuværende procedurer for formidling af informationer om de godkendte aktiver tilfredsstillende ?
Are the existing procedures for disseminating information on the eligible assets considered satisfactory ?
PROCEDURE
PROCEDURAL MATTERS
Alle markedsdeltagere , men især Eurosystemets modparter , opfordres til at give deres mening om de fremførte ideer til kende og besvare de stillede spørgsmål .
All potentially affected market participants , especially Eurosystem counterparties , are invited to express their views on the ideas and questions presented in this public consultation .
Kreditinstitutter er velkomne til at koordinere deres svar gennem deres nationale og / eller europæiske bankforeninger , hvis de mener , at det er mere hensigtsmæssigt end at indsende individuelle kommentarer .
Credit institutions may coordinate their replies through their respective national and / or European banking associations , if they deem this more appropriate than commenting individually .
De enkelte kommentarer vil som hovedregel ikke blive offentliggjort .
As a general rule , the individual comments received will not be published .
Der offentliggøres i stedet et sammendrag af de indkomne svar , hvori det ikke nævnes , hvor svarene stammer fra .
Instead , a summary of the replies received will be made public . This summary will not mention the sources of the replies .
Svar kan fremsendes på engelsk eller på det relevante officielle fællesskabssprog til ECB på følgende adresse : European Central Bank Secretariat Kaiserstrasse 29 D-60311 Frankfurt am Main Tyskland Fax : + 49 69 1344 6170 E-mail : ecb.secretariat@ecb.int
Replies can be sent in English or in the relevant official EU language either to the ECB at the following address : European Central Bank Secretariat Division Kaiserstrasse 29 D-60311 Frankfurt am Main Germany Fax : + 49-69-1344 6170 Email : ecb.secretariat@ecb.int
- eller til den relevante nationale centralbank i Eurosystemet .
- or to the respective NCB of the Eurosystem .
Sidste frist for indsendelse af svar er : 15 . september 2003
The deadline for contributions is : 15 September 2003
Litteraturliste Følgende publikationer , som er tilgængelige på ECBs websted , indeholder yderligere oplysninger om rammerne for sikkerhedsstillelse i Eurosystemet : Den Europæiske Centralbank : Den fælles pengepolitik i euroområdet -- Dokumentationsgrundlag for Eurosystemets pengepolitiske instrumenter og procedurer , april 2002 .
Bibliography Further information on the collateral framework of the Eurosystem may be found in the following publications which are available on the ECB 's website : European Central Bank ( 2002 ) :
Den Europæiske Centralbank : « Eurosystemets rammer for sikkerhedsstillelse » , artikel i : ECBs Månedsoversigt , april 2001 Den Europæiske Centralbank :
« The single monetary policy in the euro area : General documentation on Eurosystem monetary policy instruments and procedures » , April 2002 European Central Bank ( 2001 ) : Monthly Bulletin article entitled « The collateral framework of the Eurosystem » , April 2001 European Central Bank ( 2000 ) :
« Conference on the operational framework of the Eurosystem » , maj 2000
« Conference on the operational framework of the Eurosystem » , May 2000
Bilag 1 UDDRAG AF ECBs PUBLIKATION « DEN FÆLLES PENGEPOLITIK I EUROOMRÅDET -- DOKUMENTATIONSGRUNDLAG FOR EUROSYSTEMETS PENGEPOLITISKE INSTRUMENTER OG PROCEDURER » , APRIL 2002 6.2 Liste 1-papirer
ANNEX 1 . EXTRACT FROM THE ECB PUBLICATION « THE SINGLE MONETARY POLICY IN THE EURO AREA : GENERAL DOCUMENTATION ON EUROSYSTEM MONETARY POLICY INSTRUMENTS AND PROCEDURES » DATED APRIL 2002
ECB fører en fortegnelse over liste 1-papirer .
The ECB establishes and maintains a list of tier one assets .
Denne fortegnelse er offentligt tilgængelig .
This list is available to the public .
Gældsbeviser udstedt af de nationale centralbanker inden euroens indførelse i de respektive medlemsstater er også opført i fortegnelsen over liste 1papirer .
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 ) :
The following eligibility criteria are applied to other tier one assets ( see also Table 4 ) :
-* De skal være gældsinstrumenter med a ) en på forhånd fastsat hovedstol og b ) en kuponrente , som ikke kan give en negativ betalingsstrøm .
-* They must be debt instruments having : ( a ) a predefined principal amount ; and ( b ) a coupon that cannot result in a negative cash flow .
-* De skal have en høj kreditkvalitet .
11 -* They must meet high credit standards .
ECBs bedømmelse af gældsinstrumenters kreditkvalitet bygger bl . a. på foreliggende ratings foretaget af kreditvurderingsbureauer , garantier12 stillet af økonomisk velfunderede garanter13 samt visse institutionelle kriterier , som vil sikre indehaverne af instrumenterne særlig høj beskyttelse .
In the assessment of the credit standard of debt instruments , the ECB takes into account , inter alia , available ratings by market agencies , guarantees12 provided by financially sound guarantors13 , as well as certain institutional criteria which would ensure particularly high protection of the instrument holders .
-* De skal kunne overføres elektronisk .
14 -* They must be transferable in book-entry form .
Denne fortegnelse offentliggøres og ajourføres dagligt på ECBs websted ( www.ecb.int ) .
This list is published and updated daily on the ECB 's website ( www.ecb.int ) .
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 .
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 .
Brugbare garantier må ikke være betingede og skal kunne gøres gældende på anfordring .
Eligible guarantees must be unconditional and callable upon first demand .
Garanter skal være etableret i EØS .
Guarantors must be established in the EEA .
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 .
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 .
-* De skal være deponeret / registreret ( udstedt ) i EØS hos en centralbank eller værdipapircentral , der opfylder ECBs minimumsstandarder .
-* 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 .
Hvis der ikke er sammenfald mellem den værdipapircentral , som har udstedt aktivet , og det værdipapirafviklingssystem , hvori det opbevares , skal de to institutioner forbindes med et link godkendt af ECB .
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 .
-* -* -* De skal være denomineret i euro .
15 -* They must be denominated in euro .
16 De skal være udstedt ( eller garanteret ) af enheder inden for EØS .
16 -* They must be issued ( or , alternatively , guaranteed ) by entities established in the EEA .
17 De skal være noteret eller handlet på et reguleret marked som defineret i investeringsservicedirektivet18 , eller de skal være noteret eller handlet på visse ikke-regulerede markeder , som angivet af ECB19 .
17 -* They must be listed or quoted on a regulated market as defined in the Investment Services Directive , 18 or listed , quoted or traded on certain non-regulated markets as specified by the ECB .
Desuden kan ECB tage markedslikviditet i betragtning i forbindelse med brugbarheden af individuelle gældsinstrumenter .
19 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 forbindelse20 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 .
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 , 20 as defined in Directive 2000/12 / EC relating to the taking up and pursuit of the business of credit institutions .
En beskrivelse af standarderne for anvendelse af kvalificerede værdipapirafviklingssystemer i euroområdet samt en ajourført liste over de kvalificerede links mellem disse systemer findes på ECBs websted ( www.ecb.int ) .
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 ) .
Kravet om , at udstederen skal være beliggende i EØS , gælder ikke internationale og overnationale institutioner .
The requirement that the issuing entity be established in the EEA does not apply to international and supranational institutions .
Rådets direktiv 93/22 / EØF af 10 . maj 1993 om investeringsservice i forbindelse med værdipapirer , EFT L 141 af 11 .
Council Directive 93/22 / EEC of 10 May 1993 on investment services in the securities field , OJ L 141 of 11 June 1993 , pages 27 ff .
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 ) .
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 ) .
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 .
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 .
26 , i Europa-Parlamentets og Rådets direktiv 2000/12 / EF af 20 . marts 2000 om adgang til at optage og udøve virksomhed som kreditinstitut , EFT L 126 af 26 .
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 of 26 May 2000 , pages 1 ff .
maj 2000 , s. 1 ff , har følgende ordlyd : « " Snævre forbindelser » : en situation , hvor to eller flere fysiske eller juridiske personer er knyttet til hinanden gennem : a ) kapitalinteresser , hvorved forstås besiddelse af mindst 20 % 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 . 1 og 2 , i direktiv 83/349 / EØF nævnte tilfælde , eller en forbindelse af samme art mellem en fysisk eller juridisk person og en virksomhed ;
« 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 ; any subsidiary undertaking of a subsidiary undertaking shall also be considered a subsidiary of the parent undertaking which is at the head of those undertakings .
et datterselskab af et datterselskab betragtes ligeledes som datterselskab af det moderselskab , der står i spidsen for disse virksomheder .
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 ."
De nationale centralbanker kan beslutte ikke at acceptere følgende instrumenter som underliggende aktiver , selv om de er opført i fortegnelsen over liste 1-papirer : -*
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 ;
-* Gældsinstrumenter , hvor en betaling ( fx en rentebetaling ) finder sted i perioden indtil udløbet af den pengepolitiske operation , hvori de anvendes som underliggende aktiver .
23 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 .
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 .
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 ;
Hvis de nationale centralbanker vil tillade anvendelse af instrumenter med kortere løbetid end de pengepolitiske operationer , hvori de benyttes som underliggende aktiver , vil modparterne blive pålagt at ombytte disse aktiver senest ved deres udløb .
If the national central banks were to allow the use of instruments with a maturity shorter than the monetary policy operations for which they serve as underlying assets , counterparties would be required to replace such assets at , or prior to , maturity .
Tabel 4 Aktiver , der er brugbare til Eurosystemets pengepolitiske operationer Kriterier Aktiv -* -* Liste 1 ECBs gældsbeviser .
Table 4 . Eligible assets for Eurosystem monetary policy operations
Andre omsættelige gældsinstrumenter .
Tier one -* ECB debt certificates ; -* Other marketable debt instruments .
1 ) , 2 ) -* -* -*
1 ) , 2 )
Liste 2 Omsættelige gældsinstrumenter .
Tier two -* Marketable debt instruments ;
1 ) Ikke-omsættelige gældsinstrumenter .
1 ) -* Non-marketable debt instruments ;
1 ) Aktier , der handles på et reguleret marked .
1 ) -* Equities traded on a regulated market .
Afviklingsprocedurer -* Instrumenterne skal være centralt deponeret i elektronisk form hos en national centralbank eller et værdiafviklingssystem , der opfylder ECBs minimumsstandarder .
-* Assets must be easily accessible to the national central bank which has included them in its tier two list . Settlement procedures
-* Aktiverne skal være let tilgængelige for den nationale centralbank , som har medtaget aktiverne i sin fortegnelse over liste 2-papirer .
-* Instruments must be centrally deposited in book-entry form with national central banks or an SSS fulfilling the ECB 's minimum standards .
-* -* -* -* Centralbanker .
-* Central banks ; -* Public sector ;
Den private sektor . 3 ) Internationale og overnationale institutioner .
-* -* International and supranational institutions . -* The asset must be deemed of high credit quality by the ECB ( which could include a guarantee of an EEA guarantor which is deemed financially sound by the ECB ) .
-* -* Den offentlige sektor .
-* Public sector ; -* Private sector .
-* Aktivet skal være skønnet at have en høj kreditkvalitet af den nationale centralbank , der har medtaget det i sin fortegnelse over liste 2-papirer ( hvilket kan omfatte en garanti fra en garant i euroområdet , som er skønnet økonomisk velfunderet af den nationale centralbank , der har medtaget aktivet i sin fortegnelse over liste 2-papirer ) .
-* The asset must be deemed of high credit quality by the national central bank which has included it in its tier two list ( which could include a guarantee of a euro area guarantor which is deemed financially sound by the national central bank which has included the asset in its tier two list ) . -* Euro area .
Udsteders ( eller garants ) hjemsted Aktivets placering
Place of establishment of the issuer ( or alternatively the guarantor ) Location of asset Currency Memorandum item :
-* Euroområdet .
-* Place of issue : EEA ;
-* -* Udstedelsessted : EØS .
-* -* Place of settlement : euro area .
6 ) Euro .
6 ) Euro .
6 ) Valuta
6 ) -* Euro .
Euro . 7 )
7 ) -* Yes .
tværs af grænserne 1 )
Cross-border use 1 )
-* Ja .
-* Yes .