natgillin/translations-raw huggingface dataset:
Institutter , der er underlagt reservekrav ifølge artikel 19.1 i statutten for ESCB , kan benytte de stående faciliteter og deltage i markedsoperationer , der udføres som standardauktioner . Eurosystemet kan udvælge et begrænset antal modparter , der kan deltage i finjusterende markedsoperationer .
For foreign exchange swaps conducted for monetary policy purposes , active players in the foreign exchange market are used . The set of counterparties for these operations is limited to those institutions selected for Eurosystem foreign exchange intervention operations which are located in the euro area .
I henhold til artikel 18.1 i statutten for ESCB skal alle Eurosystemets kreditoperationer ( dvs . likviditetstilførende operationer ) være baseret på passende sikkerhed .
Pursuant to Article 18.1 of the Statute of the ESCB , all Eurosystem credit operations ( i.e. liquidity-providing operations ) have to be based on adequate collateral .
Eurosystemet accepterer en lang række aktiver som grundlag for sine operationer .
The Eurosystem accepts a wide range of assets to underlie its operations .
Der skelnes , hovedsagelig på grund af interne forhold i Eurosystemet , mellem to kategorier af brugbare aktiver , nemlig „liste 1 » og „liste 2 » .
A distinction is made , essentially for purposes internal to the Eurosystem , between two categories of eligible assets : « tier one » and « tier two » respectively .
Liste 1-papirer består af omsættelige gældsinstrumenter , som opfylder ECBs ensartede kriterier , der gælder i hele 6
Tier one consists of marketable debt instruments fulfilling uniform euro area-wide eligibility criteria specified by the ECB .
Liste 2-papirer består af yderligere aktiver -- omsættelige og ikke-omsættelige -- af særlig betydning for de nationale finansmarkeder og banksektorer . Disse papirers brugbarhedskriterier fastsættes af de nationale centralbanker og skal godkendes af ECB .
Tier two consists of additional assets , marketable and non-marketable , which are of particular importance for national financial markets and banking systems and for which eligibility criteria are established by the national central banks , subject to ECB approval .
Der skelnes ikke mellem de to lister , hvad angår kvaliteten af aktiverne , og hvad angår aktivernes anvendelse i de forskellige pengepolitiske operationer ( dog anvender Eurosystemet normalt ikke liste 2-papirer i egentlige købs - eller salgsforretninger ) .
No distinction is made between the two tiers with regard to the quality of the assets and their eligibility for the various types of Eurosystem monetary policy operations ( except that tier two assets are normally not used by the Eurosystem in outright transactions ) .
Brugbare aktiver kan benyttes på tværs af grænserne ved hjælp af korrespondentcentralbankmodellen ( CCBM ) eller via kvalificerede links mellem EUs værdipapirafviklingssystemer med henblik på sikkerhedsstillelse for alle typer lån fra Eurosystemet .
Eligible assets may be used on a cross-border basis , by means of the correspondent central banking model ( CCBM ) or through eligible links between EU securities settlement systems ( SSSs ) , to collateralise all types of Eurosystem credit .
5 Alle aktiver , der er brugbare til Eurosystemets pengepolitiske operationer , kan også anvendes som underliggende aktiver i forbindelse med intradag kredit .
5 All assets eligible for Eurosystem monetary policy operations can also be used as underlying assets for intraday credit .
ECBs Styrelsesråd kan til enhver tid ændre instrumenter , betingelser , kriterier og procedurer for gennemførelsen af Eurosystemets pengepolitiske operationer .
The Governing Council of the ECB may , at any time , change the instruments , conditions , criteria and procedures for the execution of Eurosystem monetary policy operations .
5 Se afsnit 6.6.1 og 6.6.2 .
5 See Sections 6.6.1 and 6.6.2 .
Kapitel 2 xxx
Chapter 2
Kvalificerede modparter
Eligible counterparties
Kvalificerede modparter Overordnede adgangskriterier
Eligible counterparties General eligibility criteria
deltage i Eurosystemets markedsoperationer , der udføres som standardauktioner .
participate in Eurosystem open market operations based on standard tenders .
Modparter i Eurosystemets pengepolitiske operationer skal opfylde visse adgangskriterier .
Counterparties to Eurosystem monetary policy operations must fulfil certain eligibility criteria .
1 Disse kriterier er defineret med henblik på at give en bred kreds af institutter adgang til Eurosystemets pengepolitiske operationer , fremme lige behandling af institutter i hele euroområdet og sikre , at modparterne opfylder visse operationelle og forsigtighedsmæssige krav :
1 These criteria are defined with a view to giving a broad range of institutions access to Eurosystem monetary policy operations , enhancing equal treatment of institutions across the euro area and ensuring that counterparties fulfil certain operational and prudential requirements :
Kun institutter , der er underlagt Eurosystemets reservekravssystem i overensstemmelse med artikel 19.1 i statutten for ESCB , har adgang til at blive modparter .
Only institutions subject to the Eurosystem 's minimum reserve system according to Article 19.1 of the Statute of the ESCB are eligible to be counterparties .
Institutter med dispensation fra deres forpligtelser i henhold til Eurosystemets reservekravssystem ( se afsnit 7.2 ) har ikke adgang til at blive modparter i forbindelse med Eurosystemets stående faciliteter og markedsoperationer .
Institutions which are exempt from their obligations under the Eurosystem 's minimum reserve system ( see Section 7.2 ) are not eligible to be counterparties to Eurosystem standing facilities and open market operations .
Modparterne skal være økonomisk velfunderede .
Counterparties must be financially sound .
De skal være underlagt mindst en form for harmoniseret tilsyn ved de nationale myndigheder i EU -/ EØS-regi .
They should be subject to at least one form of EU / EEA harmonised supervision by national authorities .
2 Økonomisk velfunderede institutter , der er underlagt ikke-harmoniseret nationalt tilsyn af en tilsvarende standard , kan dog også få adgang som modparter , fx filialer i euroområdet af institutter med hjemsted uden for Det Europæiske Økonomiske Samarbejdsområde ( EØS ) .
2 However , financially sound institutions subject to non-harmonised national supervision of a comparable standard can also be accepted as counterparties , e.g. branches established in the euro area of institutions that have their head office outside the European Economic Area ( EEA ) .
Modparterne skal med henblik på at sikre effektiv gennemførelse af Eurosystemets pengepolitiske operationer opfylde alle operationelle kriterier specificerede i de relevante kontraktmæssige eller lovgivningsmæssige bestemmelser , som den pågældende centralbank ( eller ECB ) anvender .
Counterparties must fulfil any operational criteria specified in the relevant contractual or regulatory arrangements applied by the respective national central bank ( or the ECB ) , so as to ensure the efficient conduct of Eurosystem monetary policy operations .
Et institut har kun adgang til Eurosystemets stående faciliteter og markedsoperationer , der udføres som standardauktioner , via den nationale centralbank i den medlemsstat , hvor det har hjemsted .
An institution may access the Eurosystem 's standing facilities and open market operations based on standard tenders only through the national central bank of the Member State in which it is established .
Hvis et institut er repræsenteret i flere medlemsstater ( hovedkontor eller filialer ) , har hver enhed adgang til disse operationer via den nationale centralbank i den medlemsstat , hvor den er beliggende . Dog kan et institut kun afgive bud gennem én enhed ( hovedkontoret eller en bestemt filial ) i hver medlemsstat .
If an institution has establishments ( head office or branches ) in more than one Member State , each establishment has access to these operations through the national central bank of the Member State in which it is located , notwithstanding the fact that the tender bids of an institution may only be submitted by one establishment ( either the head office or a designated branch ) in each Member State .
Udvælgelse af modparter til ekstraordinære auktioner og bilaterale operationer
Selection of counterparties for quick tenders and bilateral operations -*
I forbindelse med egentlige købs - eller salgsforretninger er der ikke på forhånd fastsat begrænsninger på kredsen af modparter .
For outright transactions , no restrictions are placed a priori on the range of counterparties .
Modparter i valutaswaps , der gennemføres af pengepolitiske årsager , skal være i stand til at udføre store valutaoperationer effektivt under alle markedsforhold .
For foreign exchange swaps executed for monetary policy purposes , counterparties must be able to conduct large-volume foreign exchange operations efficiently under all market conditions .
Kredsen af modparter i valutaswaps svarer til de modparter i euroområdet , som er udvalgt til Eurosystemets valutainterventioner .
The range of counterparties to foreign exchange swaps corresponds to the counterparties located in the euro area which are selected for Eurosystem foreign exchange intervention operations .
Kriterierne og procedurerne for udvælgelse af modparter til valutainterventioner er beskrevet i bilag 3 .
The criteria and procedures applied for the selection of counterparties to foreign exchange intervention operations are presented in Annex 3 .
Ved andre operationer , der udføres som ekstraordinære auktioner og bilaterale procedurer ( finjusterende tilbageførselsforretninger og modtagelse af tidsindskud fra modparter ) , udvælger hver national centralbank blandt sine nationale institutter en række modparter , der opfylder de overordnede adgangskriterier for modparter . I den forbindelse er aktivitet i pengemarkedet det primære udvælgelseskriterium .
For other operations based on quick tenders and bilateral procedures ( fine-tuning reverse transactions and the collection of fixed-term 1 For outright transactions , no restrictions are placed a priori on the range of counterparties . 2 Harmonised supervision of credit institutions is based on the 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 ( as amended ) .
-* Disse overordnede adgangskriterier er ensartede i hele euroområdet .
These general eligibility criteria are uniform throughout the euro area .
Institutter , der opfylder de overordnede adgangskriterier , kan :
Institutions fulfilling the general eligibility criteria may :
anvende Eurosystemets stående faciliteter og
access the Eurosystem 's standing facilities ;
1 I forbindelse med egentlige købs - eller salgsforretninger er der ikke på forhånd fastsat begrænsninger på kredsen af modparter . 2 Harmoniseret tilsyn med kreditinstitutter bygger på EuropaParlamentets og Rådets direktiv 2000/12 / EF af 20 .
ECB -* The single monetary policy in the euro area -* April 2002 deposits ) , each national central bank selects a set of counterparties from among the institutions established in its Member State which fulfil the general counterparty eligibility criteria .
marts 2000 om adgang til at optage og udøve virksomhed som kreditinstitut ( med senere ændringer ) .
In this respect , activity in the money market is the prime selection criterion .
ECB -* Den fælles pengepolitik i euroområdet -* April 2002 Andre kriterier , der kan komme i betragtning , er fx det enkelte instituts handelsekspertise og budpotentiale .
Other criteria which might be taken into account are , for example , the efficiency of the trading desk and the bidding potential .
I forbindelse med ekstraordinære auktioner og bilaterale operationer handler de nationale centralbanker udelukkende med modparter , der har adgang som modparter i finjusterende markedsoperationer .
In quick tenders and bilateral operations , the national central banks deal exclusively with the counterparties which are included in their respective set of fine-tuning counterparties .
Hvis en national centralbank af operationelle årsager ikke kan handle med alle disse modparter i hver enkelt operation , udvælges modparter i den pågældende medlemsstat efter en rotationsordning med henblik på at sikre lige adgang for alle .
If , for operational reasons , a national central bank cannot deal in each operation with all its fine-tuning counterparties , the selection of counterparties in this Member State will be based on a rotation scheme in order to ensure equitable access .
ECBs Styrelsesråd beslutter , hvorvidt ECB under særlige omstændigheder selv kan udføre finjusterende bilaterale markedsoperationer .
The Governing Council of the ECB will decide whether , under exceptional circumstances , fine-tuning bilateral operations may be carried out by the ECB itself .
Hvis ECB selv udfører bilaterale markedsoperationer , skal ECB udvælge modparter i henhold til en rotationsordning blandt de modparter i euroområdet , der har adgang til ekstraordinære auktioner og bilaterale markedsoperationer , med henblik på at sikre lige adgang for alle .
If the ECB were to carry out bilateral operations , the selection of counterparties would in such cases be made by the ECB according to a rotation scheme among those counterparties in the euro area which are eligible for quick tenders and bilateral operations in order to ensure equitable access .
I overensstemmelse med de kontraktmæssige og lovgivningsmæssige bestemmelser , som den pågældende nationale centralbank ( eller ECB ) anvender , pålægger Eurosystemet modparterne gebyrer eller suspenderer dem fra at deltage i markedsoperationer , hvis de ikke opfylder deres forpligtelser i medfør af de nedenfor beskrevne kontraktmæssige eller lovgivningsmæssige bestemmelser , som de nationale centralbanker ( eller ECB ) anvender .
In addition , in the case of serious infringements of the minimum reserve requirements , the Eurosystem may suspend counterparties from participation in open market operations . In accordance with provisions in the contractual or regulatory arrangements applied by the respective national central bank ( or by the ECB ) , the Eurosystem shall impose financial penalties on counterparties or suspend counterparties from participation in open market operations if counterparties fail to comply with their obligations under the contractual or regulatory arrangements applied by the national central banks ( or by the ECB ) as set out below .
Dette gælder for overtrædelse af auktionsreglerne ( hvis en modpart ikke kan overføre tilstrækkelig sikkerhed til afvikling af det likviditetsbeløb , den er blevet tildelt i en likviditetstilførende operation , eller hvis den ikke kan levere et tilstrækkeligt kontantbeløb til afvikling af det beløb , den er blevet tildelt i en likviditetsopsugende operation ) og reglerne for bilaterale transaktioner ( hvis en modpart ikke kan levere tilstrækkelig brugbar sikkerhed , eller hvis den ikke kan levere et tilstrækkeligt kontantbeløb til afvikling af det beløb , som er aftalt i en bilateral transaktion ) .
This relates to cases of infringement of tender rules ( if a counterparty is unable to transfer a sufficient amount of underlying assets to settle the amount of liquidity it has been allotted in a liquidity-providing operation or if it is unable to deliver a sufficient amount of cash to settle the amount it has been allotted in a liquidity-absorbing operation ) , and of bilateral transaction rules ( if a counterparty is unable to deliver a sufficient amount of eligible underlying assets or if it is unable to deliver a sufficient amount of cash to settle the amount agreed in bilateral transactions ) .
Det gælder også for en modparts manglende overholdelse af reglerne om anvendelse af underliggende aktiver ( hvis en modpart anvender aktiver , der ikke er eller ikke længere er brugbare , eller som ikke må anvendes af modparten , fx på grund af en snæver forbindelse eller sammenfald mellem udsteder / garant og modpart ) og for manglende overholdelse af reglerne i forbindelse med procedurer ultimo dagen og betingelserne for adgang til den marginale udlånsfacilitet ( hvis en modpart med en negativ saldo ultimo dagen på afviklingskontoen ikke opfylder betingelserne for adgang til den marginale udlånsfacilitet ) .
This also applies to cases of non-compliance by a counterparty with the rules for the use of underlying assets ( if a counterparty is using assets which are or have become ineligible , or which may not be used by the counterparty , e.g. owing to close links between , or the identity of , issuer / guarantor and counterparty ) , and to non-compliance with the rules for end-of-day procedures and access conditions for the marginal lending facility ( if a counterparty which has a negative balance on the settlement account at the end of the day does not fulfil the access conditions for the marginal lending facility ) .
Sanktioner i tilfælde af modparternes manglende opfyldelse af deres forpligtelser ECB pålægger sanktioner , i overensstemmelse med Rådets forordning ( EF ) nr. 2532/98 af 23 .
Sanctions in the event of non-compliance with counterparty obligations
november 1998 om ECBs beføjelser til at pålægge sanktioner , ECBs forordning af 23 . september 1999 om ECBs beføjelser til at pålægge sanktioner ( ECB / 1999/4 ) , Rådets forordning ( EF ) nr. 2531/98 af 23 .
The ECB shall impose sanctions , in accordance with Council Regulation ( EC ) No. 2532/98 of 23 November 1998 concerning the power of the ECB to impose sanctions , the ECB Regulation of 23 September 1999 on the powers of the ECB to impose sanctions ( ECB / 1999/4 ) , Council Regulation ( EC ) No. 2531/98 of 23 November 1998 on the application of minimum reserves by the ECB and the ECB Regulation of 1 December 1998 on the application of minimum reserves ( ECB / 1998/15 ) , on institutions which do not comply with obligations arising from
november 1998 om ECBs anvendelse af mindstereserver og ECBs forordning af 1 .
ECB -* The single monetary policy in the euro area -* April 2002 11
december 1998 om anvendelse af mindstereserver ( ECB / 1998/15 ) , på institutter , som ikke opfylder forpligtelserne i ECBs forordninger og afgørelser vedrørende anvendelse af mindstereserver .
In addition , a suspension measure to be taken vis-à-vis the non-complying counterparty may be applied to branches of the same institution located in other Member States .
De relevante sanktioner og proceduren for deres anvendelse er beskrevet i ovennævnte forordninger . Desuden kan Eurosystemet ved alvorlige overtrædelser af reservekravene midlertidigt suspendere modparter fra at deltage i markedsoperationer .
Where , as an exceptional measure , this is required given the seriousness of a case of non-compliance , as evidenced by its frequency or duration , for instance , a counterparty may be suspended from all future monetary policy operations for a certain period of time .
11 se med auktioner , bilaterale transaktioner , underliggende aktiver , procedurer ultimo dagen eller betingelserne for adgang til den marginale udlånsfacilitet beregnes ud fra en på forhånd fastsat sats ( som beskrevet i bilag 6 ) .
Financial penalties imposed by national central banks in the event of non-compliance in relation to a breach of the rules concerning tender operations , bilateral transactions , underlying assets , end-of-day procedures or the access conditions to the marginal lending facility shall be calculated at a pre-specified penalty rate ( as set out in Annex 6 ) .
pågældende nationale centralbank ( eller ECB ) anvender , kan Eurosystemet af forsigtighedshensyn suspendere eller ekskludere modparters adgang til pengepolitiske instrumenter .
In accordance with provisions in the contractual or regulatory arrangements applied by the respective national central bank ( or by the ECB ) , the Eurosystem may suspend or exclude counterparties » access to monetary policy instruments on the grounds of prudence .
Desuden kan suspension eller eksklusion af modparter være berettiget i visse tilfælde , der falder ind under begrebet „misligholdelse » , som defineret i de kontraktmæssige og lovgivningsmæssige bestemmelser , som de nationale centralbanker anvender .
In addition , suspension or exclusion of counterparties may be warranted in some cases falling within the notion of the « default » of a counterparty as defined in the contractual or regulatory arrangements applied by the national central banks .
Kapitel 3 xxx
Chapter 3
Markedsoperationer senere tidspunkt ) eller lån mod sikkerhed ( dvs . der skabes en retsgyldig sikkerhedsret over aktivet , som forbliver debitors ejendom , idet det antages , at gældsforpligtelsen opfyldes ) .
Open market operations the asset is transferred to the creditor , while the parties agree to reverse the transaction through a re-transfer of the asset to the debtor at a future point in time ) or as collateralised loans ( i.e. an enforceable security interest is provided over the assets but , assuming fulfilment of the debt obligation , the ownership of the asset is retained by the debtor ) .
Yderligere forhold vedrørende tilbageførselsforretninger , der udføres som genkøbsforretninger , er angivet i de kontraktmæssige bestemmelser , som den pågældende nationale centralbank ( eller ECB ) anvender .
Further provisions for reverse transactions based on repurchase agreements are specified in the contractual arrangements applied by the respective national central bank ( or the ECB ) .
I aftaler om tilbageførselsforretninger , der udføres som lån mod sikkerhed , tages der højde for de forskellige procedurer og formaliteter , der kræves for at fastslå og efterfølgende realisere en relevant ret over sikkerheden ( fx en panteret ) , der gælder i de forskellige retssystemer .
Arrangements for reverse transactions based on collateralised loans take account of the different procedures and formalities required to enable the establishment and subsequent realisation of a relevant interest in the collateral ( e.g. a pledge ) which apply in different jurisdictions .
c. Rentevilkår
c. Interest terms
Markedsoperationerne spiller en vigtig rolle i Eurosystemets pengepolitik . Operationerne har til formål at styre renten og likviditetsforholdene i markedet og signalere den pengepolitiske stramhedsgrad .
Open market operations play an important role in the Eurosystem 's monetary policy , pursuing the aims of steering interest rates , managing the liquidity situation in the market and signalling the stance of monetary policy .
Med hensyn til formål , regelmæssighed og procedurer kan Eurosystemets markedsoperationer inddeles i fire kategorier : Primære markedsoperationer , langfristede markedsoperationer , finjusterende markedsoperationer og strukturelle markedsoperationer .
With regard to their aims , regularity and procedures , Eurosystem open market operations can be divided into four categories : main refinancing operations , longer-term refinancing operations , fine-tuning operations and structural operations .
Eurosystemets vigtigste instrument i markedsoperationerne er tilbageførselsforretninger , som kan benyttes til alle fire kategorier af markedsoperationer , mens gældsbeviser anvendes til strukturelle , likviditetsopsugende operationer .
As for the instruments used , reverse transactions are the main open market instrument of the Eurosystem and can be employed in all four categories of operations , whereas debt certificates may be used for structural absorption operations .
Endvidere bruger Eurosystemet tre andre instrumenter til finjusterende markedsoperationer : Egentlige købseller salgsforretninger , valutaswaps og modtagelse af tidsindskud fra modparter .
In addition , the Eurosystem has three other instruments available for the conduct of fine-tuning operations : outright transactions , foreign exchange swaps and the collection of fixed-term deposits .
I de følgende afsnit beskrives Eurosystemets forskellige instrumenter til brug for markedsoperationer nærmere .
In the following sections , specific features of the different types of open market instruments used by the Eurosystem are presented in detail .