natgillin/translations-raw huggingface dataset:
På den anden side betyder det snævre spænd mellem renterne på forskellige kortfristede indskud lave alternativomkostninger ved at holde midler i de mest likvide komponenter , der indgår i M1 . Den årlige vækst i M1 var fortsat robust -- over 12 pct .
On the other hand , the narrow spreads between the interest rates paid on different short-term deposits imply a low opportunity cost of holding funds in the most liquid components included in M1 , which continued to grow at a robust annual rate of more than 12 % in December .
-- i december . Den årlige nulvækst i banklån til den private sektor afspejler en yderligere stigning i væksten i udlånet til husholdninger , mens den årlige vækst i udlånet til ikke-finansielle selskaber blev endnu mere negativ .
The zero annual growth rate of bank loans to the private sector reflects a further increase in the growth in loans to households , while the annual growth in loans to non-financial corporations moved further into negative territory .
Sådanne forskelle er i overensstemmelse med typiske mønstre i konjunkturudviklingen .
Such divergence remains in line with business cycle regularities .
Det vedvarende fald i mængden af udestående lån til ikke-finansielle selskaber skyldes fortsat udelukkende en høj nettoindfrielse af kortfristede lån .
The ongoing contraction in the outstanding amounts of loans to non-financial corporations continues to be accounted for entirely by a strong net redemption of loans with a short maturity .
For sektoren som helhed kan det samlede fald delvis skyldes substitution med markedsbaseret finansiering .
For the sector as a whole , the overall contraction may be due partly to substitution with market-based financing .
På grund af den typiske tidsforskydning mellem vendepunkterne i den økonomiske aktivitet og efterspørgslen efter banklån kan udlånsvæksten forventes at forblive svag i de kommende måneder .
Given the typical lags between turning points in economic activity and those in the demand for bank loans , growth in loans can be expected to remain weak over the months to come .
Som det fremgår af undersøgelsen af bankernes udlån i 4 . kvartal 2009 , har der været et fald i de ikke-finansielle virksomheders reale omkostninger til ekstern finansiering , og bankernes nettostramning af kreditstandarderne er blevet stadig mindre .
In the meantime , the real cost of external financing for non-financial enterprises has declined further , while the net tightening of credit standards applied by banks has continued to diminish , as indicated by the Bank Lending Survey for the last quarter of 2009 .
Samtidig har bankerne fortsat med at reducere størrelsen af deres samlede balancer de seneste par måneder .
At the same time , banks have continued to reduce the size of their overall balance sheets over the past few months .
Bankernes udfordring i den forbindelse er fortsat at tilpasse balancernes størrelse og sammensætning , samtidig med at det sikres , at den ikke-finansielle sektor har adgang til kredit .
In this respect , the challenge remains for banks to adjust the size and structure of their balance sheets while ensuring the availability of credit to the non-financial sector .
For at kunne tage udfordringen op bør bankerne bruge de forbedrede finansieringsforhold til yderligere at styrke deres kapitalgrundlag og , hvor det er nødvendigt , udnytte de statslige støtteforanstaltninger til rekapitalisering fuldt ud .
To address this challenge , banks should use the improved funding conditions to strengthen their capital bases further and , where necessary , take full advantage of government support measures for recapitalisation .
Dette er vigtigt for at lette adgangen til finansiering og gælder især for de virksomheder , som ikke har adgang til markedsfinansiering .
This is important to facilitate access to finance , especially for those enterprises that do not have recourse to market-based financing .
Et krydstjek mellem resultatet af den økonomiske analyse og resultatet af den monetære analyse bekræfter vurderingen af et lavt inflationært pres på mellemlangt sigt .
A cross-check of the outcome of the economic analysis with that of the monetary analysis confirms the assessment of low inflationary pressure over the medium term .
Det er Styrelsesrådets hensigt at fortsætte det udvidede kreditprogram i forhold til banksektoren , alt imens det tager højde for den løbende forbedring af forholdene på de finansielle markeder og forhindrer forvridninger , der kan opstå , hvis de ekstraordinære tiltag fastholdes for længe .
The Governing Council will continue its enhanced credit support to the banking system , while taking into account the ongoing improvement in financial market conditions and avoiding distortions associated with maintaining non-standard measures for too long .
I begyndelsen af marts vil Styrelsesrådet tage beslutning vedrørende forsættelsen af den gradvise udfasning af de ekstraordinære likviditetstiltag , som ikke længere er nødvendige i samme udstrækning som tidligere .
The Governing Council will , in early March , take decisions on the continued implementation of the gradual phasing-out of the extraordinary liquidity measures that are not needed to the same extent as in the past .
For effektivt at imødegå alle trusler mod prisstabilitet på mellemlangt til langt sigt bliver den tilførte likviditet opsuget , når det er nødvendigt .
In order to counter effectively any threat to price stability over the medium to longer term , the liquidity provided will be absorbed when necessary .
For så vidt angår finanspolitikken , er mange lande i euroområdet konfronteret med store og kraftigt stigende fiskale ubalancer , som risikerer at føre til mindre gunstige mellemlange og lange renter og et lavere privat investeringsniveau .
As regards fiscal policies , many euro area countries are faced with large , sharply rising fiscal imbalances , which risk leading to less favourable medium and long-term interest rates and lower levels of private investment .
Ydermere lægger store offentlige underskud og stor offentlig gæld en ekstra byrde på pengepolitikken og underminerer stabilitets - og vækstpagten som en af de bærende søjler i Den Økonomiske og Monetære Union .
Moreover , high levels of public deficit and debt place an additional burden on monetary policy and undermine the Stability and Growth Pact as a key pillar of Economic and Monetary Union .
Det er derfor helt afgørende , at de enkelte eurolandes stabilitetsprogrammer understøttes af konkrete tiltag , der er i overensstemmelse med de finanspolitiske exit - og konsolideringsstrategier for den kommende periode .
Against this background , it is of paramount importance that the stability programme of each euro area country is underpinned with concrete measures in line with the fiscal exit and consolidation strategies for the period ahead .
Landene vil blive pålagt at leve op til deres forpligtelser i henhold til procedurerne i forbindelse med uforholdsmæssigt store underskud .
Countries will be required to meet their commitments under the excessive deficit procedures .
Konsolideringen af de offentlige finanser bør påbegyndes senest i 2011 og klart overstige den årlige justering på 0,5 pct . af BNP , som er minimumskravet i henhold til i stabilitets - og vækstpagten .
Consolidation of public finances should start in 2011 at the latest and will have to exceed substantially the annual adjustment of 0.5% of GDP set as a minimum requirement by the Stability and Growth Pact .
På grund af den finansielle krises negative indvirkning på produktionskapaciteten i euroområdets økonomier er den største udfordring , når det gælder at styrke en holdbar vækst og jobskabelsen , at fremskynde strukturreformerne .
The key challenge in order to reinforce sustainable growth and job creation is to accelerate structural reforms , as the financial crisis has negatively affected the productive capacity of the euro area economies .
For produktmarkedernes vedkommende er der akut behov for en konkurrence - og innovationsfremmende politik til at fremskynde omstruktureringer og investeringer samt til at skabe nye forretningsmuligheder .
In the case of product markets , policies that enhance competition and innovation are urgently needed to speed up restructuring and investment and to create new business opportunities .
På arbejdsmarkederne er der behov for en moderat løndannelse , effektive incitamenter til at arbejde og tilstrækkelig fleksibilitet , så en betydeligt højere strukturel ledighed kan forhindres i de kommende år .
In labour markets , moderate wage-setting , effective incentives to work and sufficient labour market flexibility are required in order to avoid significantly higher structural unemployment over the coming years .
Endelig bør en hensigtsmæssig omstrukturering af banksektoren spille en vigtig rolle .
Finally , an appropriate restructuring of the banking sector should play an important role .
Sunde balancer , effektiv risikostyring samt gennemsigtige og robuste forretningsmodeller er afgørende for at styrke bankernes modstandsdygtighed over for stød . Herved lægges fundamentet for vedvarende vækst og finansiel stabilitet .
Sound balance sheets , effective risk management and transparent , robust business models are key to strengthening banks » resilience to shocks , thereby laying the foundations for sustainable growth and financial stability .
Den første indeholder en beskrivelse af , hvordan eurorepomarkederne blev påvirket af uroen på de finansielle markeder , og forbindelserne mellem Eurosystemets operationer og disse markeder drøftes .
The first article describes how the euro repo markets were affected by the financial market turmoil and discusses the links between Eurosystem operations and these markets .
I den anden gives et overblik over euroområdets markeder for erhvervsejendomme og deres indvirkning på bankerne .
The second article provides an overview of euro area commercial property markets and their impact on banks .
Den tredje artikel indeholder en opdatering om udviklingen inden for generel økonomisk statistik for euroområdet .
The third article presents an update on developments in general economic statistics for the euro area .
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Guideline of the ECB of 16 July 2004 on the statistical reporting requirements of the ECB in the field of balance of payments and international investment position statistics , and the international reserves template ( ECB / 2004/15 )
ECB 's retningslinje af 16 . juli 2004 om ECB 's statistiske rapporteringskrav inden for betalingsbalancestatistik og statistik over kapitalbalancen over for udlandet samt opgørelse af internationale valutareserver ( ECB / 2004/15 )
OJ L 354 , 30.11.2004 , p. 34 , pdf 175 kB , bg .
EUT L 354 af 30.11.2004 , s. 34 , pdf 179 kB , bg .
No longer in force : Guideline of the ECB of 2 May 2003 on the statistical reporting requirements of the ECB in the field of balance of payments and international investment position statistics , and the international reserves template ( ECB / 2003/7 )
Ikke længere gældende : ECB 's retningslinje af 2 . maj 2003 om ECB 's statistiske rapporteringskrav inden for betalingsbalancestatistik og statistik over kapitalbalancen over for udlandet samt opgørelse af internationale valutareserver ( ECB / 2003/7 )
OJ L 131 , 28.5.2003 , p. 20 , pdf 318 kB , da .
EUT L 131 af 28.5.2003 , s. 20 , pdf 323 kB , da .
No longer in force : Guideline of the ECB of 11 May 2000 on the statistical reporting requirements of the ECB in the field of balance-of-payments statistics , the international reserves template and international investment position statistics ( ECB / 2000/4 )
Ikke længere gældende : ECB 's retningslinje af 11 . maj 2000 om ECB 's statistiske rapporteringskrav inden for betalingsbalancestatistik , opgørelse af internationale valutareserver og statistik over kapitalbalancen over for udlandet ( ECB / 2000/4 )
OJ L 168 , 23.6.2001 , p. 25 , pdf 370 kB , da .
EFT L 168 af 23.6.2001 , s. 25 , pdf 374 kB , da .
No longer in force : Guideline of the ECB of 1 December 1998 on the statistical reporting requirements of the ECB in the field of balance of payments and international investment position statistics ( ECB / 1998/17 )
Ikke længere gældende : ECB 's retningslinje af 1 . december 1998 om ECB 's statistiske rapporteringskrav inden for betalingsbalancestatistik og statistik over kapitalbalancen over for udlandet ( ECB / 1998/17 )
OJ L 115 , 4.5.1999 , p. 47 , pdf 93 kB , da .
EFT L 115 af 4.5.1999 , s. 47 , pdf 95 kB , da .
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L 276/21
L 276/21
DEN EUROPÆISKE CENTRALBANK DEN EUROPÆISKE CENTRALBANKS RETNINGSLINJE af 27 . september 2001 om de deltagende medlemsstaters transaktioner med deres arbejdsbeholdninger i udenlandske valutater i henhold til artikel 31.3 i statutten for Det Europæiske System af Centralbanker og Den Europæiske Centralbank ( ECB / 2001/9 ) ( 2001/737 / EF ) STYRELSESRÅDET FOR DEN EUROPÆISKE CENTRALBANK HAR --- VEDTAGET FØLGENDE RETNINGSLINJE :
EUROPEAN CENTRAL BANK GUIDELINE OF THE EUROPEAN CENTRAL BANK of 27 September 2001 for participating Member States » transactions with their foreign exchange working balances pursuant to Article 31.3 of the Statute of the European system of central banks and of the European Central Bank ( ECB / 2001/9 ) ( 2001/737 / EC ) THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK , HAS ADOPTED THIS GUIDELINE :
Artikel 1 under henvisning til statutten for Det Europæiske System af Centralbanker og Den Europæiske Centralbank ( i det følgende benævnt » statutten «) , særlig artikel 31.2 , 31.3 og 43.1 , og Definitioner I denne retningslinje forstås ved : ud fra følgende betragtninger : --- » deltagende medlemsstater «: alle medlemsstater , der har indført den fælles valuta i overensstemmelse med traktaten om oprettelse af Det Europæiske Fællesskab --- » nationale centralbanker «: de nationale centralbanker i de deltagende medlemsstater ( 1 )
Article 1 Having regard to the Statute of the European System of Central Banks and of the European Central Bank ( hereinafter referred to as the « Statute ') and in particular to Articles 31.2 , 31.3 and 43.1 thereof , Definitions For the purposes of this guideline : --- « participating Member States » shall mean all Member States which have adopted the single currency in accordance with the Treaty establishing the European Community , --- « national central banks » shall mean national central banks of participating Member States , --- « transactions » shall mean all transactions listed in the second and third indents of Article 23 of the Statute , carried out in the market and involving exchange of non-euro assets for euro or for any other non-euro assets by participating Member States , including without limitation transactions carried out by national central banks on behalf of participating Member States and not recorded in the national central banks » financial accounts , --- « foreign exchange working balances » shall mean holdings of assets denominated in any unit of account or currency other than the euro that are maintained by participating Member States » public authorities directly or through their agents , --- « non-euro assets » include securities and all other assets in the currency of any country outside the euro area or units of account in whatever form held , --- « off-market » shall mean foreign exchange operations where neither contractual party is a participant in the interbank market for foreign exchange . This interbank market consists exclusively of commercial financial institutions .
--- » transaktioner «: alle transaktioner anført i statuttens artikel 23 , andet og tredje led , som er udført i markedet , og som indebærer , at de deltagende medlemsstater omveksler ikkeeuro-aktiver til euro eller til andre ikke-euro-aktiver , herunder enhver transaktion udført af de nationale centralbanker på vegne af de deltagende medlemsstater , som ikke bogføres i de nationale centralbankers regnskaber --- » arbejdsbeholdninger i udenlandske valutaer «: aktivbeholdninger denomineret i enhver regningsenhed eller valuta , bortset fra euro , som de deltagende medlemsstaters offentlige myndigheder besidder direkte eller gennem deres befuldmægtigede --- » ikke-euro-aktiver «: omfatter værdipapirer og alle andre aktiver i hvilken som helst form , der lyder på regningsenheder eller ethvert lands valuta uden for euroområdet ( 2 )
( 3 ) Transactions carried out by national central banks as agents on behalf of participating Member States and not recorded in national central banks » financial accounts are covered by this guideline whereas transactions by national central banks in their own name and at their own risk are covered by the guideline on national central banks » operations pursuant to Article 31.3 of the Statute ,
I henhold til statuttens artikel 31.3 skal styrelsesrådet udstede retningslinjer med henblik på at lette gennemførelsen af disse transaktioner .
19.10.2001 Scope of application This guideline shall apply to the modalities of transactions carried out by all public authorities of participating Member States with their foreign exchange working balances .
( 3 )
Article 3 Thresholds for prior notification 1 .
Transaktioner , som udføres af de nationale centralbanker som befuldmægtigede for de deltagende medlemsstater , og som ikke bogføres i de nationale centralbankers regnskaber , er omfattet af denne retningslinje , medens de nationale centralbankers transaktioner på egne vegne og for egen risiko er omfattet af retningslinjen om nationale centralbankers transaktioner i henhold til statuttens artikel 31.3 --- --- » transaktioner uden for markedet « (» off-market «) : transaktioner i udenlandsk valuta , hvor ingen af kontraktsparterne er deltager på interbankmarkedet for udenlandsk valuta .
The thresholds at or below which participating Member States » public authorities may conduct transactions on any given trade day with their foreign exchange working balances without prior notification being given to the ECB , and above which various types of transactions on any given trade day with their foreign exchange working balances may not be conducted without prior notification to the ECB , are set out in Annex I. 2 . The following foreign exchange transactions shall not be subject to the prior notification procedure : --- any transactions involving on both sides foreign exchange assets denominated in the same currency ( for example substitution of a USD Treasury note for a USD Treasury bill ) , --- foreign exchange swaps , --- any transactions carried out with national central banks of participating Member States .
Dette interbankmarked består udelukkende af kommercielle finansielle institutioner .
Article 4 Organisational issues 1 .
Centralbanker , internationale organisationer , kommercielle ikke-finansielle organisationer , deltagende medlemsstater og Europa-Kommissionen betragtes ikke som deltagere på interbankmarkedet .
Participating Member States shall put appropriate arrangements in place in order to ensure that transactions with foreign exchange working balances conducted by all participating Member States » public authorities , including those transactions carried out through national central banks acting as agents on behalf of participating Member States , which are above the threshold levels set out in Annex I , are communicated to the ECB in accordance with the procedures set out in this guideline .
DA De Europæiske Fællesskabers Tidende Artikel 2
2 . Participating Member States » central governments shall provide the ECB on a monthly basis with estimates of all forthcoming transactions with foreign exchange working balances to be carried out by participating Member States » central governments , including those transactions carried out through national central banks acting as agents on behalf of participating Member States .
Anvendelsesområde Denne retningslinje gælder for forhold i forbindelse med transaktioner udført af alle offentlige myndigheder i de deltagende medlemsstater med deres arbejdsbeholdninger i udenlandske valutaer . Fremgangsmåden for centralregeringens ex ante - og ex post-indberetning adskiller sig fra den , der gælder for øvrige offentlige myndigheder .
3 . All other public authorities shall provide the ECB with estimates of all forthcoming transactions , including those transactions carried out through national central banks acting as agents on behalf of participating Member States , with foreign exchange working balances above the threshold levels established by the ECB , as set out in Annex III .
De offentlige myndigheder i de deltagende medlemsstater , herunder nationale centralbanker , der optræder som befuldmægtigede på vegne af medlemsstaterne , underretter ECB så lang tid i forvejen som muligt om alle transaktioner med deres arbejdsbeholdninger i udenlandske valutaer over tærskelværdierne i artikel 3 .
Participating Member States » public authorities , including national central banks acting as agents on behalf of Member States , shall notify the ECB as far in advance as possible of all transactions with their foreign exchange working balances above the threshold levels set out in Article 3 .
Underretning skal være ECB i hænde senest kl . 11 ( ECB-tid ) på handelsdagen .
The ECB shall receive such notifications no later than 11 a.m. ECB time on the trade date .
Skema til brug for underretning er medtaget i bilag IV og fremsendes til ECB gennem de respektive nationale centralbanker i de deltagende medlemsstater .
The standard format to be used for any such notification is set out in Annex IV and shall be supplied to the ECB through the participating Member States » respective national central banks .
ECB besvarer en forudgående underretning i henhold til stk . 1 så hurtigt som muligt , dog senest kl .
The ECB shall respond to prior notifications provided pursuant to paragraph 1 as soon as possible , and in any case by no later than 1 p.m. ECB time on the envisaged trade date .
13 ( ECB-tid ) den forudsete handelsdag . I tilfælde af , at der ikke på dette tidspunkt er modtaget svar fra ECB , anses transaktionen for at være autoriseret i overensstemmelse med de vilkår , som er anført af den pågældende offentlige myndighed i den deltagende medlemsstat .
In the event that , by such time , no response has been received from the ECB , the transaction shall be deemed to have been authorised according to the terms and conditions specified by the relevant participating Member State 's public authority .
I tilfælde af , at underretning modtages af ECB senere end kl . 11 ( ECB-tid ) , finder konsultationsproceduren i stk .
In the event that a notification is received by the ECB later than 11 a.m. ECB time , the consultation procedure described in paragraph 5 will apply .
Ud fra disse hensyn afgør ECB , om en transaktion må gennemføres inden for det tidsrum og på den måde , som var forudset af den deltagende medlemsstat .
In the light of these considerations , the ECB shall decide if a transaction may be performed within the time-frame and in the manner envisaged by the participating Member State involved .