natgillin/translations-raw huggingface dataset:
For liste 2-papirer med mulighed for rentetilpasning , hvor tilpasningen sker på en klar og utvetydig måde efter markedets standarder og med forbehold af ECBs godkendelse , er den relevante løbetid restløbetiden frem til næste rentetilpasning , uanset hvilken likviditetsgruppe aktivet tilhører .
For tier two assets with interest rate resetting features , in which the resetting is done in an unequivocal and clear manner following market standards and subject to the ECB 's approval , the relevant maturity is that given by the resetting maturity regardless of the liquidity group in which it is included .
De nationale centralbanker anvender samme tærskelprocent ( hvis en sådan anvendes ) i margin calls for liste 2-papirer som i margin calls for liste 1-papirer .
The national central banks apply the same trigger point ( if applicable ) for the execution of margin calls for tier two assets as that for tier one assets .
Desuden kan de nationale centralbanker fastsætte rammer ( limits ) for modtagelse af liste 2-papirer , kræve yderligere garantier og til enhver tid beslutte at slette enkelte aktiver i deres fortegnelse over liste 2-papirer .
In addition , national central banks may apply limits to their acceptance of tier two assets , they may require additional guarantees and they may at any time decide to remove individual assets from their tier two lists . 6.5
der noteres eller handles på flere markeder , indebærer dette , at kun kursinformation fra ét af disse markeder benyttes for det relevante aktiv . -*
For each marketable asset eligible in tier one or tier two , the Eurosystem specifies a single reference price source . This also implies that for assets listed , quoted or traded on more than one market , only one of these markets is used as a price source for the relevant asset .
For hvert referencemarked definerer Eurosystemet den mest repræsentative kurs , der skal anvendes til beregning af kursværdier .
For each reference market , the Eurosystem defines the most representative price to be used for the calculation of market values .
Hvis flere kurser noteres , anvendes den laveste ( normalt budkursen ) .
If more than one price is quoted , the lowest of these prices ( normally the bid price ) is used .
Værdien af omsættelige aktiver beregnes på grundlag af den mest repræsentative kurs på den sidste bankdag inden værdiansættelsesdagen .
The value of marketable assets is calculated on the basis of the most representative price on the business day preceding the valuation date .
I mangel af en repræsentativ kurs for et bestemt aktiv på den sidste bankdag inden værdiansættelsesdagen anvendes den seneste handelskurs .
In the absence of a representative price for a particular asset on the business day preceding the valuation date , the last trading price is used . If no trading price is available , the national central bank will
Hvis der ikke foreligger en handelskurs , definerer den nationale centralbank en kurs på grundlag af aktivets seneste kurs i referencemarkedet .
define a price , taking into account the last price identified for the asset in the reference market . -* -*
Et gældsinstruments kursværdi beregnes inkl . vedhængende renter .
The market value of a debt instrument is calculated including accrued interest .
På grund af forskelle i de nationale retssystemer og den operationelle praksis kan behandlingen af betalingsstrømmene i forbindelse med aktiver ( fx rentebetalinger ) , der modtages i en tilbageførselsforretnings løbetid , variere mellem de nationale centralbanker .
Depending on differences in national legal systems and operational practices , the treatment of income flows ( e.g. coupon payments ) related to an asset which are received during the life of a reverse transaction may differ between national central banks .
Hvis betalingsstrømmen overføres til modparten , sikrer de nationale centralbanker , at de relevante operationer stadig er helt dækket af tilstrækkelige underliggende aktiver , indtil overførslen finder sted .
If the income flow is transferred to the counterparty , national central banks ensure that the relevant operations will still be fully covered by a sufficient amount of underlying assets before the transfer of the income takes place .
De nationale centralbanker tilstræber , at den økonomiske effekt af behandlingen af betalingsstrømme svarer til , at betalingen overføres til modparten på betalingsdagen . 28
The national central banks aim to ensure that the economic effect of the treatment of income flows is equivalent to a situation in which the income is transferred to the counterparty on the payment day .
Værdiansættelsesprincipper i forbindelse med underliggende aktiver Ved værdiansættelse af de underliggende aktiver i tilbageførselsforretninger anvender Eurosystemet følgende principper :
28 For non-marketable tier two assets , the national central bank which has included the assets in its tier two list specifies separate valuation principles . settlement system .
For hvert omsætteligt aktiv , der er brugbart som liste 1 - eller liste 2-papir , angiver Eurosystemet en enkelt referencekilde , hvorfra kursinformation hentes . For aktiver ,
The model may be used for all eligible assets . Specific solutions may be used for non-marketable assets or tier two assets with restricted liquidity and special features which cannot be transferred through an SSS .
28 De nationale centralbanker kan beslutte , at de som underliggende aktiver i tilbageførselsforretninger ikke vil acceptere gældsinstrumenter med betalingsstrømme ( fx rentebetalinger ) eller aktier med en hvilken som helst form for udbetaling ( eller med en hvilken som helst anden rettighed , der kan påvirke deres egnethed som underliggende aktiv ) , der forfalder i perioden indtil udløbet af den pengepolitiske operation ( se afsnit 6.2 og 6.3 ) .
29 The CCBM may be used to collateralise all kinds of Eurosystem credit operations . 30 In addition to the CCBM , eligible links between SSSs can be used for the cross-border transfer of securities .
ECB -* Den fælles pengepolitik i euroområdet -* April 2002 47
6.6.1 Correspondent central banking model The correspondent central banking model is illustrated in Chart 3 below .
For ikke-omsættelige liste 2-papirer angiver den nationale centralbank , som har medtaget aktiverne i sin fortegnelse over liste 2-papirer , særlige værdiansættelsesprincipper .
All national central banks maintain securities accounts with each other for the purpose of the cross-border use of eligible assets .
bare aktiver er øremærket til bestemte transaktioner , eller om de indgår i en pulje af underliggende aktiver .
The precise procedure of the CCBM depends on whether the eligible assets are earmarked for each individual transaction or whether they are held in a pool of underlying assets .
Grænseoverskridende anvendelse af brugbare aktiver
Cross-border use of eligible assets
Eurosystemets modparter kan anvende brugbare aktiver på tværs af grænserne , dvs . de kan opnå likviditet fra den nationale centralbank i den medlemsstat , hvor de er etableret , ved hjælp af aktiver , som befinder sig i en anden medlemsstat .
Eurosystem counterparties may use eligible assets on a cross-border basis , i.e. they may obtain funds from the national central bank of the Member State in which they are established by making use of assets located in another Member State .
Underliggende aktiver kan benyttes på tværs af grænserne til afvikling af alle typer operationer , hvor Eurosystemet tilfører likviditet mod sikkerhedsstillelse i brugbare aktiver .
Underlying assets may be used on a cross-border basis in the settlement of all types of operations in which the Eurosystem provides liquidity against eligible assets .
De nationale centralbanker ( og ECB ) har udviklet en mekanisme , der sikrer , at alle brugbare aktiver kan anvendes på tværs af grænserne .
A mechanism has been developed by the national central banks ( and by the ECB ) to ensure that all eligible assets may be used on a cross-border basis .
Det drejer sig om korrespondentcentralbankmodellen ( CCBM ) , hvor de nationale centralbanker over for hinanden ( og ECB ) fungerer som depotinstitutioner ( „korrespondentbanker ") af de aktiver , de modtager i deres lokale registreringsinstitution eller afviklingssystem .
This is the correspondent central banking model ( CCBM ) , under which national central banks act as custodians (" correspondents ") for each other ( and for the ECB ) in respect of assets accepted in their local depository or
I et system med øremærkning er proceduren følgende : Så snart modpartens bud på kredit er accepteret af den nationale centralbank i den medlemsstat , hvor modparten er etableret ( dvs . „hjemmecentralbanken ") , instruerer modparten ( evt .
In an earmarking system , as soon as its bid for credit is accepted by the national central bank of the Member State in which the counterparty is established ( i.e. the « home central bank ") , the counterparty instructs ( via its own custodian , if necessary ) the SSS in the country in which its securities are held to transfer them to the central bank of
via sin egen depotinstitution ) værdipapirafviklingssystemet i det land , hvor værdipapirerne er opbevaret , om at overføre disse til hjemmecentralbankens konto hos centralbanken i det pågældende land . Når hjemmecentralbanken af korrespondentcentralbanken er blevet underrettet om , at sikkerheden er modtaget , overføres midlerne til modparten .
28 National central banks may decide not to accept as underlying assets in reverse transactions debt instruments with an income flow ( e.g. a coupon payment ) or equities with a payment of any kind ( or with any other right attached to them which may affect their suitability as underlying assets ) occurring in the period until the maturity date of the monetary policy operation ( see Sections 6.2 and 6.3 ) .
CCBMs af , om de brug - 29 Nærmere oplysninger herom findes i brochuren om CCBM på ECBs websted ( www.ecb.int ) .
29 Details are provided in the « CCBM brochure » , which is available on the ECB 's website ( www.ecb.int ) .
30 ECB kan give de nationale centralbanker tilladelse til at yde intradag kredit mod visse typer „udenlandske » gældsinstrumenter ( se fodnote 17 i dette kapitel ) .
30 The ECB may authorise national central banks to grant intraday credit against certain types of « foreign » debt instruments ( see footnote 17 in this chapter ) .
Inden for euroområdet må sådanne gældsinstrumenter dog ikke anvendes på tværs af grænserne .
However , within the euro area , such debt instruments may not be used on a cross-border basis .
31 Brugbare aktiver kan anvendes gennem en centralbanks konto i et værdipapirafviklingssystem i et andet land end det , hvor den pågældende centralbank ligger , hvis Eurosystemet har godkendt brugen af denne konto .
31 Eligible assets may be used through an account of a central bank in an SSS located in a country other than that of the central bank in question if the Eurosystem has approved the use of such an account .
Siden august 2000 har den irske centralbank været godkendt til at åbne en sådan konto i Euroclear .
Since August 2000 , the Central Bank of Ireland has been authorised to open such an account in Euroclear .
inkl . brugbare aktiver overført til Euroclear gennem kvalificerede links .
This account can be used for all eligible assets held in Euroclear , i.e. including eligible assets transferred to Euroclear through eligible links .
32 Se brochuren om CCBM for at få nærmere oplysninger .
32 See the « CCBM brochure » for further explanations .
Korrespondentcentralbankmodellen Anvendelse af brugbare aktiver deponeret i land B af en modpart i land A med henblik på at opnå kredit fra den nationale centralbank i land A.
The correspondent central banking model Use of eligible assets deposited in country B by a counterparty established in country A in order to obtain credit from the national central bank of country A.
Land A Information om sikkerhed
Country A Information on collateral
NCB A
NCB A
NCB B Sikkerhed
NCB B Collateral
Modpart A Overførselsinstrukser
Counterparty A Transfer instructions
bankdage .
that country for the account of the home central bank .
En modpart , der ønsker at benytte CCBM , skal underrette den nationale centralbank , hvorfra den ønsker at modtage kredit -- dvs .
Central banks do not advance funds until they are certain that the counterparties » securities have been received by the correspondent central bank . Where necessary to meet settlement deadlines , counterparties may be able to pre-deposit assets with correspondent central banks for the account of their home central bank using the CCBM procedures .
modpartens hjemmecentralbank -- herom inden kl .
Once the home central bank has been informed by the correspondent central bank that the securities have been received , it will add these securities to the pool account of the counterparty .
16.00 ECB-tid ( kontinentaleuropæisk tid ) .
the national central bank from which it wishes to receive credit -- i.e. its home central bank -- before 4 p.m. ECB time ( C.E.T. ) .
Endvidere skal modparten sikre , at sikkerheden for de pengepolitiske operationer indsættes på korrespondentcentralbankens konto senest kl . 16.45 ECB-tid ( kontinentaleuropæisk tid ) .
Furthermore , the counterparty must ensure that the collateral for securing monetary policy operations is delivered to the account of the correspondent central bank by 4.45 p.m. ECB time ( C.E.T. ) at the latest .
Instrukser eller deponering efter disse tidsfristers udløb behandles først med henblik på kredit den følgende bankdag .
Instructions or deliveries not respecting this deadline will only be considered for credit given on the following business day .
Når modparterne forventer at have behov for at anvende CCBM sent på dagen , bør de så vidt muligt levere ( deponere ) aktiverne på forhånd .
When the counterparties foresee a need to use the CCBM late in the day , they should , where possible , deliver the assets in advance ( i.e. pre-deposit the assets ) .
Under særlige omstændigheder , eller hvis det er påkrævet af pengepolitiske årsager , kan ECB beslutte at forlænge CCBMs åbningstid til TARGETs lukketid .
In exceptional circumstances or when required for monetary policy purposes , the ECB may decide to extend the closing time of the CCBM until the closing time of TARGET .
system mulighed for at være i besiddelse af værdipapirer udstedt i et andet værdipapirafviklingssystem uden at være deltager i dette værdipapirafviklingssystem .
6.6.2 Cross-border links In addition to the CCBM , eligible links between EU SSSs can be used for the cross-border transfer of securities .
Før disse links kan benyttes til overførsel af sikkerhed i forbindelse med Eurosystemets kreditoperationer , skal de vurderes og godkendes på grundlag af standarderne for anvendelse af EUs værdipapirafviklingssystemer .
A link between two SSSs allows a participant in one SSS to hold securities issued in another SSS without being a participant of that other The CCBM is available to counterparties from 9 a.m. to 4 p.m. ECB time ( C.E.T. ) on each Eurosystem business day .
33 , 34 Hvad angår Eurosystemet , varetager CCBM og de grænseoverskridende links mellem EUs værdipapirafviklingssystemer samme funktion , idet begge giver modparterne mulighed for at anvende sikkerhed på tværs af grænserne . Begge systemer sætter med andre ord modparterne i stand til at stille sikkerhed i form af aktiver for at opnå kredit fra deres hjemmecentralbank , også selv om disse aktiver er udstedt i et værdipapirafviklingssystem i et andet land .
Before these links can be used to transfer collateral for Eurosystem credit operations , they have to be assessed and approved against the standards for the use of EU SSSs . 33 , 34 From a Eurosystem perspective , the CCBM and the cross-border links between EU SSSs fulfil the same role of allowing counterparties to use collateral on a cross-border basis , i.e. both enable counterparties to use collateral to obtain credit from their home central bank , even if this collateral was issued in an SSS of another country .
CCBM og de grænseoverskridende links varetager denne funktion på forskellig måde .
The CCBM and the cross-border links perform this function in different ways .
I CCBM er der tale om grænseoverskridende forbindelser mellem de nationale centralbanker , der fungerer som depotinstitutio33 En ajourført liste over kvalificerede links findes på ECBs websted ( www.ecb.int ) .
In the CCBM , the cross-border relationship is between the national central banks .
34 Se „Standards for the use of EU securities settlement systems in ESCB credit operations » , januar 1998 .
They act as custodians for one another .
6.6.2 Grænseoverskridende links Grænseoverskridende overførsel af værdipapirer kan , foruden gennem CCBM , også ske gennem kvalificerede links mellem EUs værdipapirafviklingssystemer .
Using the links , the cross-border relationship is between the SSSs .
49 ner for hinanden .
They open omnibus accounts with one another .
Anvendes links , er der tale om grænseoverskridende forbindelser mellem værdipapirafviklingssystemerne , som åbner samlekonti hos hinanden . Aktiver , der er deponeret hos en korrespondentcentralbank , kan kun anvendes som sikkerhed for Eurosystemets kreditoperationer .
Assets deposited with a correspondent central bank can only be used to collateralise Eurosystem credit operations . Assets held through a link can be used for Eurosystem credit operations as well as for any other purpose selected by the counterparty .
Aktiver , som modparterne har gennem et link , kan anvendes Figur 4
Using cross-border links , the counterparties hold the assets on their own account with their home SSS and have no need for a custodian .
til Eurosystemets kreditoperationer og til et hvilket som helst andet formål , som modparten måtte ønske . Gennem grænseoverskridende links ejer modparterne aktiverne på deres konto i deres hjemlands værdipapirafviklingssystem , så der ikke er brug for en depotinstitution .
33 The updated list of eligible links can be found on the ECB 's website ( www.ecb.int ) . 34 See the « Standards for the use of EU securities settlement systems in ESCB credit operations » , January 1998 .
Links mellem værdipapirafviklingssystemer Anvendelse af brugbare aktiver , som er udstedt af værdipapirafviklingssystemet ( VPS ) i land B og befinder sig hos en modpart i land A , gennem et link mellem værdipapirafviklingssystemerne i land A og B med henblik på at opnå kredit fra den nationale centralbank i land A.
Links between securities settlement systems Use of eligible assets issued in the SSS of country B held by a counterparty established in country A through a link between the SSSs in countries A and B in order to obtain credit from the national central bank of country A.
Land A NCB A Information om sikkerhed Kredit VPS A har aktiver på en samlekonto hos VPS B
Country A NCB A Information on collateral Credit SSS A holds assets on an omnibus account in SSS B
VPS A Overførselsinstruks
SSS A Transfer instruction
Kapitel 7 xxx
Chapter 7
Reservekrav1 Generelle betragtninger vet i artikel 105 , stk .
Minimum reserves1 General considerations helpful in order to improve the ability of the Eurosystem to operate efficiently as a supplier of liquidity .
1 , i traktaten og artikel 2 i statutten for ESCB , herunder bl . a. princippet om ikke at give anledning til nævneværdig uønsket flytning af indskud til institutter inden for eller uden for euroområdet , som ikke er underlagt reservekrav .
In the application of minimum reserves , the ECB is bound to act in pursuance of the objectives of the Eurosystem as defined in Article 105 ( 1 ) of the Treaty and Article 2 of the Statute of the ESCB , which implies , inter alia , the principle of not inducing significant undesirable delocation or disintermediation .
ECB pålægger kreditinstitutterne at holde mindstereserver på konti hos de nationale centralbanker inden for rammerne af Eurosystemets reservekravssystem .
The ECB requires credit institutions to hold minimum reserves on accounts with the national central banks within the framework of the Eurosystem 's minimum reserve system .
Den retlige ramme for dette system er fastsat i artikel 19 i statutten for ESCB , Rådets forordning ( EF ) om Den Europæiske Centralbanks anvendelse af mindstereserver og ECBs forordning om anvendelse af mindstereserver .
The legal framework for this system is laid down in Article 19 of the Statute of the ESCB , the Council Regulation ( EC ) concerning the application of minimum reserves by the European Central Bank and the ECB Regulation on minimum reserves .
Med ECBs forordning om anvendelse af mindstereserver sikres det , at betingelserne for Eurosystemets reservekravssystem er ensartede i hele euroområdet .
The application of the ECB Regulation on minimum reserves ensures that the terms and conditions of the Eurosystem 's minimum reserve system are uniform throughout the euro area .
Størrelsen af det enkelte instituts mindstereserver fastsættes i forhold til dets reservekravsgrundlag .
The amount of minimum reserves to be held by each institution is determined in relation to its reserve base .
Eurosystemets reservekravssystem giver modparterne mulighed for at benytte sig af en gennemsnitsfacilitet . Det indebærer , at opfyldelse af reservekravene vurderes på grundlag af de gennemsnitlige indeståender ultimo dagen på modparternes reservekravskonti målt over en reservekravsperiode på en måned .
The Eurosystem 's minimum reserve system enables counterparties to make use of averaging provisions , implying that compliance with reserve requirements is determined on the basis of the average of the end-of-calendar-day balances on the counterparties » reserve accounts over a one-month maintenance period .
Institutternes reservekravsindeståender forrentes med renten på Eurosystemets primære markedsoperationer .
Institutions » holdings of required reserves are remunerated at the rate on the Eurosystem 's main refinancing operations .
Eurosystemets reservekravssystem har følgende pengepolitiske hovedfunktioner :
The Eurosystem 's minimum reserve system primarily pursues the following monetary functions :
Institutter , der er underlagt reservekrav
Institutions subject to minimum reserves
I henhold til artikel 19.1 i statutten for ESCB pålægger ECB kreditinstitutter , der er beliggende i medlemsstater , at holde mindstereserver .
Pursuant to Article 19.1 of the Statute of the ESCB , the ECB requires credit institutions established in Member States to hold minimum reserves .
Det indebærer , at filialer i euroområdet af institutter , der ikke har hjemsted i euroområdet , også er underlagt Eurosystemets reservekrav .
This implies that branches in the euro area of entities with no registered office in the euro area are also subject to the Eurosystem 's minimum reserve system .
Omvendt er filialer uden for euroområdet af kreditinstitutter etableret i euroområdet ikke underlagt dette krav .
However , branches located outside the euro area of credit institutions established in the euro area are not subject to this system .
Institutter fritages automatisk for reservekravene fra starten af den reservekravsperiode , hvori deres tilladelse inddrages eller opgives , eller hvori en juridisk myndighed eller en anden kompetent myndighed i en deltagende medlemsstat træffer afgørelse om at indlede en afviklingsprocedure vedrørende instituttet .
Institutions will be automatically exempted from reserve requirements from the start of the maintenance period within which their authorisation is withdrawn or surrendered , or within which a decision to submit the institution to winding-up proceedings is taken by a judicial authority or any other competent authority of a participating Member State .