natgillin/translations-raw huggingface dataset:
b ) J u r i d i s k s t a t u s De nationale centralbanker kan tilbyde likviditet gennem den marginale udlånsfacilitet i form af enten dag-til-dag genkøbsforretninger ( dvs . ejendomsretten til aktivet overgår til kreditor , samtidig med at parterne aftaler , at aktivet tilbageføres til debitor den efterfølgende bankdag ) eller dag-til-dag lån mod sikkerhed ( dvs .
( b ) L e g a l n a t u r e The national central banks may provide liquidity under the marginal lending facility either in the form of overnight repurchase agreements ( i.e. the ownership of 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 on the next business day ) or as overnight collateralised loans ( i.e. an enforceable security interest is provided over the ( 17 ) Fixed-term deposits are held on accounts with the national central banks ; this would be the case even if such operations were to be executed in a centralised manner by the ECB .
der skabes en retsgyldig sikkerhedsret over aktivet , som forbliver debitors ejendom , idet det antages , at gældsforpligtelsen opfyldes ) .
Official Journal of the European Union assets but , assuming fulfilment of the debt obligation , ownership of the asset is retained by the debtor ) .
I aftaler om lån mod sikkerhed tages der højde for de forskellige procedurer og regler , der gælder i de forskellige retssystemer med hensyn til at fastslå og efterfølgende realisere en ret over sikkerheden ( fx en panteret ) . ( 17 ) Tidsindskud indsættes på konti hos de nationale centralbanker .
Arrangements for providing the liquidity in the form of 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 ( a pledge ) which apply in different jurisdictions .
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Institutter , der opfylder de overordnede kriterier for adgang som modparter , som beskrevet i afsnit 2.1 , kan anvende den marginale udlånsfacilitet gennem den nationale centralbank i den medlemsstat , hvor instituttet er beliggende .
( c ) A c c e s s c o n d i t i o n s Institutions fulfilling the general counterparty eligibility criteria specified in Section 2.1 may access the marginal lending facility . Access to the marginal lending facility is granted through the national central bank in the Member State in which the institution is established .
Den marginale udlånsfacilitet kan kun anvendes på dage , hvor det relevante nationale RTGS-system ( realtidsbruttoafviklingssystem ) og de ( t ) relevante værdipapirafviklingssystem ( er ) er åbne .
Access to the marginal lending facility is granted only on days when the relevant national real-time gross settlement ( RTGS ) system and the relevant SSS ( s ) are operational .
Negative saldi ultimo dagen på modparternes afviklingskonti hos de nationale centralbanker anses automatisk for anmodninger om adgang til den marginale udlånsfacilitet .
At end-of-day , counterparties » intraday debit positions on their settlement account with the national central banks are automatically considered to be a request for recourse to the marginal lending facility .
Fristen for at anmode om adgang til den marginale udlånsfacilitet forlænges med yderligere 30 minutter på Euro systemets sidste bankdag i en reservekravsperiode .
The deadline for requesting access to the marginal lending facility is postponed by an additional 30 minutes on the last Eurosystem business day of a reserve maintenance period .
d ) L ø b e t i d o g r e n t e v i l k å r Lån , der ydes gennem denne facilitet , er dag-til-dag lån .
( d ) M a t u r i t y a n d i n t e r e s t t e r m s The maturity of credit extended under the facility is overnight .
Renten annonceres af Eurosystemet på forhånd og beregnes med en simpel rentesats efter rentekonventionen » faktisk / 360 «.
The interest rate is announced in advance by the Eurosystem and is calculated as a simple interest rate with the day-count convention « actual / 360 » .
ECB kan til enhver tid ændre renten med virkning tidligst fra Eurosystemets næste bankdag ( 20 ) .
The ECB may change the interest rate at any time , with effect not earlier than the following Eurosystem business day ( 20 ) .
Renten forfalder til betaling sammen med lånet . e )
Interest under the facility is payable with the repayment of the credit .
Instrumenttype Ved hjælp af indlånsfaciliteten kan modparterne foretage dag-til-dag indskud hos de nationale centralbanker .
The deposit facility ( a ) Ty p e o f i n s t r u m e n t Counterparties can use the deposit facility to make overnight deposits with national central banks .
( 18 ) I nogle medlemsstater kan den nationale centralbank ( eller nogle af dens filialer ) være lukket for pengepolitiske operationer på visse af Eurosystemets bankdage på grund af nationale eller regionale helligdage .
( 18 ) In some Member States , the national central bank ( or some of its branches ) may not be open for the purpose of conducting monetary policy operations on certain Eurosystem business days owing to national or regional bank holidays .
( 19 ) Targets lukkedage oplyses på ECBs websted ( www.ecb.int ) .
( 19 ) TARGET closing days are announced on the ECB 's website ( www.ecb.int ) ;
( 20 ) Ved » Eurosystemets bankdage « forstås i dette dokument de dage , hvor ECB og mindst en national centralbank er åbne for udførelse af Eurosystemets pengepolitiske operationer .
( 20 ) Throughout this document , the term « Eurosystem business day » refers to any day on which the ECB and at least one national central bank are open for the purpose of conducting Eurosystem monetary policy operations .
( 21 ) Der kan forekomme operationelle forskelle mellem eurolandene på grund af de nationale centralbankers forskellige kontostrukturer .
( 21 ) Operational differences resulting from the existence of different account structures between the national central banks may exist across euro area countries .
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DA b ) J u r i d i s k s t a t u s
EN ( b ) L e g a l n a t u r e
Modparternes dag-til-dag indskud forrentes med en fast rentesats .
The overnight deposits accepted from counterparties are remunerated at a fixed rate of interest .
Fristen for at anmode om adgang til indlånsfaciliteten forlænges med yderligere 30 minutter på Eurosystemets sidste bankdag i en reservekravsperiode .
The deadline for requesting access to the deposit facility is postponed by an additional 30 minutes on the last Eurosystem business day of a reserve maintenance period .
d ) L ø b e t i d o g r e n t e v i l k å r Indskud , der foretages gennem denne facilitet , er dag-til-dag indskud .
( d ) M a t u r i t y a n d i n t e r e s t t e r m s The maturity of deposits under the facility is overnight .
PROCEDURER Auktioner Generelle betragtninger Eurosystemets markedsoperationer udføres normalt som auktioner .
PROCEDURES Tender procedures General considerations Eurosystem open market operations are normally executed in the form of tender procedures .
( 23 ) I nogle medlemsstater kan den nationale centralbank ( eller nogle af dens filialer ) være lukket for pengepolitiske operationer på visse af Eurosystemets bankdage på grund af nationale eller regionale helligdage .
( 23 ) In some Member States , the national central bank ( or some of its branches ) may not be open for the purpose of conducting Eurosystem monetary policy operations on certain Eurosystem business days owing to national or regional bank holidays .
24 ) Targets lukkedage oplyses på ECBs websted ( www.ecb.int ) .
24 ) TARGET closing days are announced on the ECB 's website ( www.ecb.int ) ;
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BOKS 3 Trin i Auktionerne Trin 1 Auktionen offentliggøres a ) ECB udsender meddelelse gennem elektroniske nyhedstjenester b ) De nationale centralbanker udsender meddelelse gennem de nationale elektroniske nyhedstjenester og direkte til de enkelte modparter ( hvis det skønnes nødvendigt ) Trin 2 Trin 3 Trin 4 Modparternes afgivelse af bud Eurosystemet opgør buddene Beløbene tildeles , og auktionsresultaterne offentliggøres a ) ECB træffer beslutning om tildeling
BOX 3 Operational steps for tender procedures Step 1 Tender announcement a. b. Step 2 Step 3 Step 4 Announcement by the ECB through public wire services Announcement by the national central banks through national wire services and directly to individual counterparties ( if deemed necessary ) Counterparties » preparation and submission of bids Compilation of bids by the Eurosystem Tender allotment and announcement of tender results a. b. ECB allotment decision Announcement of the allotment result
b ) Tildelingsresultaterne offentliggøres Trin 5 Trin 6 Det enkelte tildelingsresultat bekræftes Transaktionerne afvikles ( se afsnit 5.3 )
Step 5 Step 6 Certification of individual allotment results Settlement of the transactions ( see Section 5.3 )
Standardauktioner Ved standardauktioner går der højst 24 timer , fra auktionen annonceres , til tildelingsresultatet bekræftes ( der er ca . 2 timer mellem fristen for afgivelse af bud og tildelingsresultatets offentliggørelse ) .
( a ) S t a n d a r d t e n d e r s For standard tenders , a maximum of 24 hours elapses from the announcement of the tender to the certification of the allotment result ( where the time between the submission deadline and the announcement of the allotment result is approximately two hours ) .
De primære markedsoperationer , de langfristede markedsoperationer og de strukturelle markedsoperationer ( med undtagelse af egentlige købs - eller salgsforretninger ) udføres altid som standardauktioner .
The main refinancing operations , the longer-term refinancing operations and structural operations ( with the exception of outright transactions ) are always executed in the form of standard tenders .
FIGUR 1 Normal tidsramme for de operationelle trin i standardauktioner ( tidspunkterne er angivet i ECB-tid ( CET ))
CHART 1 Normal time frame for the operational steps for standard tenders ( times are stated in ECB time ( C.E.T. ))
Bemærk : Tallene angiver trinene som defineret i boks 3 .
Note : The figures refer to the oprational steps as defined in Box 3 .
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DA
EN ( b ) Q u i c k t e n d e r s
b ) E k s t r a o r d i n æ r e a u k t i o n e r Ekstraordinære auktioner udføres normalt inden for en time efter annoncering af auktionen , og bekræftelsen sker umiddelbart efter offentliggørelsen af tildelingsresultatet .
Quick tenders are normally executed within one hour of the announcement of the tender , with certification taking place immediately after the announcement of the allotment result .
FIGUR 2 Normal tidsramme for de operationelle trin i ekstraordinære auktioner
CHART 2 Normal time frame for the operational steps for quick tenders
c ) Auktioner til fast og var iabel rente Eurosystemet kan udføre auktioner til enten fast rente eller variabel rente .
( c ) F i x e d r a t e a n d v a r i a b l e r a t e t e n d e r s The Eurosystem has the option of conducting either fixed rate ( volume ) or variable rate ( interest ) tenders .
Auktionskalender a ) Pr imære og langfristede markedsoperationer De primære og langfristede markedsoperationer udføres i henhold til en vejledende kalender , der offentliggøres af Eurosystemet ( 27 ) .
Tender operations calendar ( a ) M a i n a n d l o n g e r - t e r m r e f i n a n c i n g o p e r a t i o n s The main and the longer-term refinancing operations are executed according to an indicative calendar published by the Eurosystem ( 27 ) .
( 27 ) Kalenderen over Eurosystemets auktioner findes på ECBs websted ( www.ecb.int ) .
( 27 ) The calendar for the Eurosystem 's tender operations can be found on the ECB 's website ( www.ecb.int ) ;
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TABEL 2 Normale handelsdage for de primære og langfristede markedsoperationer Operationstype Primære markedsoperationer Langfristede markedsoperationer Normal handelsdag ( H ) Hver tirsdag Sidste onsdag i hver kalendermåned ( 1 )
TABLE 2 Normal trade days for the main and the longer-term refinancing operations Type of operation Main refinancing operations Longer-term refinancing operations Normal trade day ( T ) Each Tuesday The last Wednesday of each calendar month ( 1 )
( 1 ) På grund af julen fremskyndes operationen for december normalt en uge , dvs . til den foregående onsdag i måneden .
( 1 ) Owing to the Christmas period , the December operation is brought forward normally by one week , i.e. to the preceding Wednesday of the month .
b ) S t r u k t u r e l l e m a r k e d s o p e r a t i o n e r Strukturelle markedsoperationer i form af standardauktioner udføres ikke efter en på forhånd fastlagt kalender .
( b ) S t r u c t u r a l o p e r a t i o n s Structural operations through standard tenders are not executed according to any pre-specified calendar .
--- Tildelingsmetoden ( hollandsk eller amerikansk auktion som defineret i afsnit 5.1.5 d ) .
--- the method of allotment (' Dutch » or « American » auction , as defined in Section 5.1.5 d ) ;
--- Det tilsigtede operationsbeløb ( normalt kun ved langfristede markedsoperationer ) .
--- the intended operation volume ( normally only in the case of the longer-term refinancing operations ) ;
( 28 ) Ved » NCB-bankdage « forstås i dette dokument de dage , hvor den nationale centralbank i en bestemt medlemsstat er åben for udførelse af Eurosystemets pengepolitiske operationer .
( 28 ) Throughout this document , the term « NCB business day » refers to any day on which the national central bank of a specific Member State is open for the purpose of conducting Eurosystem monetary policy operations .
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Modparternes afgivelse af bud Modparternes bud skal følge den model , som de nationale centralbanker har udarbejdet for den relevante operation .
Counterparties » preparation and submission of tender bids Counterparties » tender bids must be in a form that follows the pro forma example provided by the national central banks for the relevant operation .
Buddene indsendes til den nationale centralbank i en medlemsstat , hvor instituttet er beliggende ( hovedkontor eller filial ) .
The tender bids must be submitted to the national central bank of a Member State in which the institution has an establishment ( head office or branch ) .
Et institut kan kun afgive bud gennem én enhed ( hovedkontoret eller en bestemt filial ) i hver medlemsstat .
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 .
I auktioner til fast rente skal modparterne i deres bud angive det beløb , de ønsker at handle med den nationale centralbank ( 29 ) .
In fixed rate tenders , counterparties shall state in their bids the amount of money that they are willing to transact with the national central banks ( 29 ) .
I hvert bud skal modparterne angive det beløb , de ønsker at handle med den nationale centralbank , og den rentesats , til hvilken de ønsker at indgå transaktionen ( 30 ) ( 31 ) .
In each bid , they shall state the amount of money that they are willing to transact with the national central banks and the respective interest rate ( 30 ) , ( 31 ) .
Ved valutaswapauktioner til variable swappoint opgives swappointene ifølge standardmarkedskonventioner , og buddene angives som multipla af 0,01 swappoint .
In the case of a variable rate foreign exchange swap tender , the swap points are to be quoted according to standard market conventions and bids must be expressed as multiples of 0,01 swap point .
De kontraktmæssige eller lovgivningsmæssige bestemmelser , som den pågældende nationale centralbank anvender , giver mulighed for at pålægge gebyrer , hvis en modpart ikke er i stand til at overføre tilstrækkelig sikkerhed eller tilstrækkelige konanter til afvikling af det beløb , som modparten er blevet tildelt i en auktion .
The contractual or regulatory arrangements applied by the respective national central bank allow the imposition of penalties if a counterparty is unable to transfer a sufficient amount of underlying assets or cash to settle the amount it has been allotted in a tender operation .
( 29 ) I valutaswapauktioner til faste swappoint angives det beløb i hovedstolsvalutaen , som modparten ønsker at handle med Eurosystemet .
( 29 ) In fixed rate foreign exchange swaps , the amount of the currency kept fixed that the counterparty is willing to transact with the Eurosystem is to be stated .
I så fald skal kurserne opgives som procent af det pålydende beløb .
In such cases , prices shall be quoted as a percentage of the nominal amount .
( 31 ) I valutaswapauktioner til variable swappoint angives det beløb i hovedstolsvalutaen , som modparten ønsker at handle med Eurosystemet , og det pågældende antal swappoint .
( 31 ) In variable rate foreign exchange swaps , the amount of the currency kept fixed that the counterparty is willing to transact with the Eurosystem and the respective swap point level are to be stated .
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BOKS 4 Tildeling af beløb i auktioner til fast rente Hvor : A n ai = det samlede tildelingsbeløb = det samlede antal modparter = budbeløb fra modpart i
BOX 4 Allotment of fixed rate tenders Where : A n ai = total amount allotted = total number of counterparties = bid amount of the ith counterparty
all % = tildelingsprocent alli = det samlede beløb , der tildeles modpart i er tildelingsprocenten : all % = A n X ai i ¼ 1
all % = percentage of allotment alli = total amount allotted to the ith counterparty The percentage of allotment is : all % = A n X ai i ¼ 1
er det beløb , der tildeles modpart i : alli = all % Â ðai Þ
The amount allotted to the ith counterparty is : alli = all % Â ðai Þ
b ) A u k t i o n e r t i l v a r i a b e l r e n t e i e u r o Ved tildeling af beløb i likviditetstilførende auktioner til variabel rente i euro opstilles buddene i faldende orden efter den budte rentesats .
( b ) V a r i a b l e r a t e t e n d e r s i n e u r o In the allotment of liquidity-providing variable rate tenders in euro , bids are listed in diminishing order of offered interest rates .
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BOKS 5 Tildeling af beløb i auktioner med variabel rente i euro ( eksemplet vedrører bud udtrykt som rentesatser ) Hvor : A rs n a ( rs ) i a ( rs ) = det samlede tildelingsbeløb = rente s budt af modparterne = det samlede antal modparter = modpart i 's budbeløb til rente s ( rs ) = det samlede budbeløb til rente s ( rs ) aðrs Þ = n X aðrs Þi i ¼ 1
BOX 5 Allotment of variable rate tenders in euro ( the example refers to bids quoted in the form of interest rates ) Where : A rs n a ( rs ) i a ( rs ) = total amount alloted = sth interest rate bid by the counterparties = total number of counterparties = amount bid at the sth interest rate ( rs ) by the ith counterparty = total amount bid at the sth interest rate ( rs ) aðrs Þ = n X aðrs Þi i ¼ 1
rm -- 1
rm -- 1
= renten inden den marginale rente ( sidste rentesats , hvor det samlede budbeløb accepteres ) : rm -- 1 >rm ved likviditetstilførende auktioner rm >rm -- 1 ved likviditetsopsugende auktioner
= interest rate before the marginal interest rate ( last interest rate at which bids are completely satisfied ) : rm -- 1 >rm for a liquidity-providing tender rm >rm -- 1 for a liquidity-absorbing tender
all %( rm ) = tildelingsprocenten ved den marginale rente all ( rs ) i = tildelingsbeløbet til modpart i til den rente s alli = det samlede beløb , der tildeles modpart i
all %( rm ) = percentage of allotment at the marginal interest rate all ( rs ) i = allotment to the ith counterparty at the sth interest rate alli = total amount allotted to the ith counterparty
er tildelingsprocenten ved den marginale rente : A -- all % ðrm Þ = m -- 1 X s ¼ 1
The percentage of allotment at the marginal interest rate is : A -- all % ðrm Þ = m -- 1 X s ¼ 1
er tildelingsbeløbet til modpart i til den marginale rente : allðrm Þi = all % ðrm Þ Â aðrm Þi er det samlede beløb , der tildeles modpart i : alli = m -- 1 X s ¼ 1
The allotment to the ith counterparty at the marginal interest rate is : allðrm Þi = all % ðrm Þ Â aðrm Þi The total amount allotted to the ith counterparty is : alli = m -- 1 X s ¼ 1
Ved tildeling af beløb i likviditetsopsugende auktioner til variabel rente ( der kan benyttes ved udstedelse af gældsbeviser og modtagelse af tidsindskud fra modparter ) opstilles buddene i stigende orden efter den budte rentesats ( eller faldende orden efter den budte kurs ) .
In the allotment of liquidity-absorbing variable rate tenders ( which may be used for the issuance of debt certificates and the collection of fixed-term deposits ) , bids are listed in increasing order of offered interest rates ( or diminishing order of offered prices ) .
Hvis det samlede budbeløb ved den højeste accepterede rente ( laveste accepterede kurs ) ( dvs . den marginale rente eller kurs ) overstiger det resterende tildelingsbeløb , fordeles restbeløbet blandt buddene på pro rata-basis i forholdet resterende tildelingsbeløb / samlet budbeløb til den margi -
If , at the highest interest rate ( lowest price ) level accepted ( i.e. the marginal interest rate / price ) , the aggregate bid amount exceeds the remaining amount to be allotted , the remaining amount is allocated pro rata among the bids according to the ratio of the remaining amount to be allotted to the total bid amount at the marginal interest rate / price ( see Box 5 ) .
Den Europæiske Unions Tidende nale rente eller kurs ( se boks 5 ) . Ved udstedelse af gældsbeviser afrundes det beløb , der tildeles den enkelte modpart , til nærmeste multiplum af gældsbevisernes pålydende værdi .
Official Journal of the European Union For the issuance of debt certificates , the amount allotted to each counterparty is rounded to the nearest multiple of the denomination of the debt certificates .
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c ) Va l u t a s w a p a u k t i o n e r t i l v a r i a b l e s w a p p o i n t Ved tildeling af beløb i likviditetstilførende valutaswapauktioner til variable swappoint opstilles buddene i stigende orden efter antal swappoint ( 33 ) .
( c ) V a r i a b l e r a t e f o r e i g n e x c h a n g e s w a p t e n d e r s In the allotment of liquidity-providing variable rate foreign exchange swap tenders , bids are listed in increasing order of swap point quotations ( 33 ) .
BOKS 6 Tildeling af beløb i valutaswapauktioner til variable swappoint Hvor : A ∆s n a ( ∆s ) i a ( ∆s ) = det samlede tildelingsbeløb = antal swappoint s budt af modparterne = det samlede antal modparter = modparts i 's budbeløb ved s antal swappoint ( ∆s ) = det samlede budbeløb ved s antal swappoint ( ∆s ) að∆s Þ = n X i ¼ 1
BOX 6 Allotment of variable rate foreign exchange swap tenders Where : A ∆s n a ( ∆s ) i a ( ∆s ) = total amount allotted = sth swap point quotation bid by the counterparties = total number of counterparties = amount bid at the sth swap point quotation ( ∆s ) by the ith counterparty = total amount bid at the sth swap point quotation ( ∆s ) að∆s Þ = n X i ¼ 1
að∆s Þi
að∆s Þi
∆m
∆m
= det marginale antal swappoint : ∆m ≥ ∆s ≥ ∆1 ved likviditetstilførende valutaswaps ∆1 ≥ ∆s ≥ ∆m ved likviditetsopsugende valutaswaps
= marginal swap point quotation : ∆m ≥ ∆s ≥ ∆1 for a liquidity-providing foreign exchange swap ∆1 ≥ ∆s ≥ ∆m for a liquidity-absorbing foreign exchange swap
∆m -- 1
∆m -- 1
= sidste antal swappoint inden het marginale antal swappoint ( sidste antal swappoint , hvor det samlede budbeløb accepteres ) : ∆m >∆m -- 1 ved likviditetstilførende valutaswaps ∆m -- 1 >∆m ved likviditetsopsugende valutaswaps
= swap point quotation before the marginal swap point quotation ( last swap point quotation at which bids are completely satisfied ) : ∆m >∆m -- 1 for a liquidity-providing foreign exchange swap ∆m -- 1 >∆m for a liquidity-absorbing foreign exchange swap
all %( ∆m ) = tildelingsprocenten ved det marginale antal swappoint all ( ∆s ) i = alli tildelingsbeløbet til modpart i ved antal swappoint s = det samlede beløb , der tildeles modpart i
all %( ∆m ) = percentage of allotment at the marginal swap point quotation all ( ∆s ) i = allotment to the ith counterparty at the sth swap point quotation alli = total amount allotted to the ith counterparty