natgillin/translations-raw huggingface dataset:
Hvis tildeling sker gennem auktion med et enkelt swappoint ( hollandsk auktion ) , køber eurosystemet på operationens startdag 158 000 000 euro og sælger 178 540 000 dollar .
If the allotment procedure follows a single rate ( Dutch ) auction , on the start date of the operation the Eurosystem buys EUR 158 000 000 and sells USD 178 540 000 .
På operationens udløbsdag sælger eurosystemet 158 000 000 euro og køber 178 644 754 dollar ( terminskursen er 1,130663 = 1,1300 + 0,000663 ) .
On the maturity date of the operation , the Eurosystem sells EUR 158 000 000 and buys USD 178 644 754 ( the forward exchange rate is 1,130663 = 1,1300 + 0,000663 ) .
Hvis tildeling sker gennem auktion med flere swappoint ( amerikansk auktion ) , veksler eurosystemet euro og dollarbeløb som vist i nedenstående tabel : Spotforretning Valutakurs Køb af euro Salg af dollar Valutakurs Terminsforretning Salg af euro Køb af dollar
If the allotment procedure follows a multiple rate ( American ) auction , the Eurosystem exchanges the amounts of euro and US dollars shown in the following table : Spot transaction Exchange rate Buy EUR Sell USD Exchange rate Forward transaction Sell EUR Buy USD
1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 I alt
1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 Total
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( Bemærk : Euroen handles i dette eksempel med ter-minstillæg ) .
( Note : The euro is traded at a premium in this example .
6,23 6,27 6,32 6,36 6,41 6,45 6,49 6,54 6,58 I alt
6,23 6,27 6,32 6,36 6,41 6,45 6,49 6,54 6,58 Total
Ved 6,54 er pro rata-tildelingen :
At 6,54 the percentage of allotment is :
= 10 pct
= 10 %
Tildelingen til bank 1 ved det marginale antal swappoint er fx : 0,10 × 5 = 0,5 Den samlede tildeling til bank 1 er : 5 + 5 + 10 + 10 + 20 + 5 + 0,5 = 55,5 Tildelingsresultatet kan sammenfattes som følger : Beløb ( mio . euro ) Modparter Bank 1 Bank 2 Bank 3 I alt
The allotment to Bank 1 at the marginal swap points is , for example : 0,10 × 5 = 0,5 The total allotment to Bank 1 is : 5 + 5 + 10 + 10 + 20 + 5 + 0,5 = 55,5 The allotment results can be summarised as follows : Amount ( EUR millions ) Counterparties Bank 1 Bank 2 Bank 3 Total
Hvis tildeling sker gennem auktion med flere swappoint ( amerikansk auktion ) , veksler eurosystemet euro og dollarbeløb som vist i nedenstående tabel : Spotforretning Valutakurs Salg af euro Køb af dollar Valutakurs Terminsforretning Køb af euro Salg af dollar
If the allotment procedure follows a multiple rate ( American ) auction , the Eurosystem exchanges the amounts of euro and US dollars shown in the following table : Spot transaction Exchange rate Sell EUR Buy USD Exchange rate Forward transaction Buy EUR Sell USD
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Eksemplet forudsætter , at en modpart deltager i følgende pengepolitiske operationer : --- --- --- En primær markedsoperation , der starter den 28 . juli 2004 og slutter den 4 .
The example is based on the assumption that a counterparty participates in the following Eurosystem monetary policy operations : --- --- a main refinancing operation starting on 28 July 2004 and ending on 4 August 2004 where the counterparty is allotted EUR 50 million at an interest rate of 4,24 %;
juli 2004 og slutter den 21 . oktober 2004 , hvor modparten tildeles 45 mio .
a longer-term refinancing operation starting on 29 July 2004 and ending on 21 October 2004 where the counterparty is allotted EUR 45 million at an interest rate of 4,56 %;
august 2004 og slutter den 11 . august 2004 , hvor modparten tildeles 35 mio .
and --- and a main refinancing operation starting on 4 August 2004 and ending on 11 August 2004 where the counterparty is allotted EUR 35 million at an interest rate of 4,26 %.
euro til en rente på 4,26 pct . De omsættelige aktiver , som modparten benytter som underliggende aktiver i disse operationer , har de i tabel 1 anførte karakteristika .
The characteristics of the underlying marketable assets used by the counterparty to cover these operations are specified in Table 1 below .
Tabel 1 : Underliggende omsættelige aktiver i transaktionerne Karakteristika Betegnelse Aktivklasse Indfrielsesdato Rentedefinition Rentetermin Restløbetid Haircut
Table 1 Underlying marketable assets used in the transactions Characteristics Name Asset class Maturity date Coupon definition Coupon frequency Residual maturity Haircut
Aktiv A Aktiv B Aktiv C
Asset A Asset B Asset C
Gældsinstrument af asset-backed typen Statsobligation Erhvervsobligation 29/08/2006 19/11/2008
Asset-backed instrument 29.08.2006 Central government bond Corporate bond 19.11.2008 12.05.2015
Fast rente Variabel rente
Fixed rate Variable rate Zero coupon rate
2 år 4 år >10 år 3,50 pct .
2 years 4 years >10 years
0,50 pct . 15,00 pct .
3,50 % 0,50 % 15,00 %
vedhængende renter ) (*)) 28/07/2004
Prices in percentages ( including accrued interest ) (*) 28.07.2004 29.07.2004 30.07.2004 2.08.2004 3.08.2004 4.08.2004 5.08.2004
( ) Kurserne for en bestemt valørdato er de mest repræsentative kurser på bankdagen før denne valørdato .
( ) The prices shown for a specific valuation date correspond to the most representative price on the business day preceding this valuation date .
Den 28 . juli 2004 indgår modparten en genkøbsforretning med den nationale centralbank , der køber aktiv A for 50,6 mio .
On 28 July 2004 , the counterparty enters into a repurchase transaction with the national central bank , which purchases EUR 50,6 million of Asset A. Asset A is an asset-backed instrument with a fixed coupon maturing on 29 August 2006 .
Modparten skal levere aktiv A til en værdi , der efter fradrag af et haircut på 3,5 pct . overstiger det tildelte beløb på 50 mio .
The counterparty is required to provide an amount of Asset A , which -- after deduction of the 3,5 % valuation haircut -- exceeds the allotted amount of EUR 50 million .
juli 2004 indgår modparten en genkøbsforretning med den nationale centralbank , der køber aktiv A for 21 mio . euro ( markedskurs 101,98 , haircut 3,5 pct .
On 29 July 2004 , the counterparty enters into a repurchase transaction with the national central bank , which purchases EUR 21 million of Asset A ( market price 101,98 %, valuation haircut 3,5 %) and EUR 25 million of Asset B ( market price 98,35 %) .
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juli 2004 genberegnes værdien af de aktiver , der ligger til grund for den primære markedsoperation , der startede den 28 . juli 2004 .
On 29 July 2004 , the assets underlying the main refinancing operation initiated on 28 July 2004 are revalued .
Den 30 . juli 2004 genberegnes værdien af de underliggende aktiver : Markedskursen på aktiv A er nu 100,55 , og markedskursen på aktiv B er 97,95 .
On 30 July 2004 , the underlying assets are revalued : the market price of Asset A is 100,55 % and the market price of Asset B is 97,95 %.
Modparten leverer aktiv A til en nominel værdi af 950 000 euro , hvilket efter fradrag af et haircut på 3,5 pct . i markedsværdien baseret på en kurs på 100,55 bevirker , at der igen er tilstrækkelig sikkerhedsstillelse ( 2 ) .
The counterparty delivers EUR 950 000 of Asset A in nominal value terms , which -- after deducting a 3,5 % haircut from the market value based on a price of 100,55 % -- restores sufficient collateral coverage ( 2 ) .
august 2004 genberegnes værdien af de underliggende aktiver , uden at det medfører margin calls for de transaktioner , der blev indgået den 28 . og 29 .
On 2 and 3 August 2004 , the underlying assets are revalued , without resulting in any margin call for the transactions entered into on 28 and 29 July 2004 .
august 2004 tilbagebetaler modparten den likviditet , der blev tilført under den primære markedsoperation , som startede den 28 . juli 2004 , inkl .
On 4 August 2004 , the counterparty repays the liquidity provided under the main refinancing operation initiated on 28 July 2004 , including the accrued interest of EUR 41 222 .
Samme dag indgår modparten en ny genkøbsforretning med den nationale centralbank , der køber aktiv C til en nominel værdi af 75 mio .
On the same day , the counterparty enters into a new repurchase transaction with the national central bank , which purchases EUR 75 million of Asset C in nominal value terms .
Da aktiv C er en nulkuponobligation med en restløbetid på over 10 år , hvorved der kræves et haircut på 15 pct . , er kursværdien efter fradrag af haircut den dag 35 068 875 euro .
Since Asset C is a zero coupon corporate bond with a residual maturity of more than ten years that requires a valuation haircut of 15 %, the corresponding haircut-adjusted market value on that day is of EUR 35 068 875 .
juli 2004 viser , at den justerede kursværdi af de leverede aktiver overstiger den øvre tærskelværdi med ca . 262 000 euro og medfører , at den nationale centralbank tilbageleverer aktiv B til en nominel værdi af 262 000 euro til modparten ( 3 ) .
The revaluation of assets underlying the long-term refinancing operation initiated on 29 July 2004 reveals that the adjusted market value of the assets provided exceeds the upper trigger level by approximately EUR 262 000 and leads to the national central bank returning EUR 262 000 of Asset B in nominal value to the counterparty ( 3 ) .
System med Pooling Her forudsættes det , at transaktionerne udføres gennem en national centralbank , der anvender et system med pooling .
Pooling system Second , it is assumed that the transactions are carried out with a national central bank using a pooling system .
Forskellen er , at den justerede kursværdi af alle aktiverne i puljen på genberegningsdatoerne skal dække den samlede værdi af alle modpartens udestående transaktioner med den nationale centralbank .
The main difference is that , on the revaluation dates , the adjusted market value of all the assets in the pool has to cover the total amount of all of the counterparty 's outstanding operations with the national central bank .
Modparten leverer aktiv A til en nominel værdi af 1 300 000 euro , hvilket efter fradrag af et haircut på 3,5 pct . i kursværdien baseret på en kurs på 100,55 betyder , at der igen er tilstrækkelig sikkerhed .
The counterparty delivers EUR 1 300 000 of Asset A in nominal value terms , which -- after deducting a 3,5 % haircut from the market value based on a price of 100,55 % -- restores sufficient collateral coverage .
euro ombyttes med aktiv C til en nominel værdi af 75,5 mio . euro for at dække den tilførte likviditet og de vedhængende renter i alle markedsoperationer .
An asset can also be exchanged for another asset as shown in the example , where EUR 51,9 million of Asset A in nominal value are replaced with EUR 75,5 million of Asset C in nominal value to cover the liquidity provided and the accrued interest under all refinancing operations .
( 1 ) Eksemplet forudsætter , at der i beregningen af behovet for et margin call tages højde for vedhængende renter på den tilførte likviditet og anvendes en tærskelværdi på 0,5 pct . af den tilførte likviditet .
( 1 ) The example is based on the assumption that , in the calculation of the need for a margin call , accrued interest on the liquidity provided is taken into account and a trigger point of 0,5 % of the liquidity provided is applied .
( 2 ) De nationale centralbanker kan anvende kontanter frem for værdipapirer i margin calls .
( 2 ) National central banks may perform margin calls in cash rather than securities .
( 3 ) Hvis den nationale centralbank skal betale en margin til modparten i forbindelse med den anden transaktion , kan en sådan margin i visse tilfælde modregnes i den margin , som modparten betaler til den nationale centralbank i forbindelse med den første transaktion .
( 3 ) If a margin had to be paid to the counterparty by the national central bank in relation to the second transaction , such a margin could , in certain cases , be netted out with the margin paid to the national central bank by the counterparty in relation to the first transaction .
Tabel 2 : System med øremærkning Udestående transaktioner Vedhængende renter Samlet dækningsværdi Nedre tærskelværdi Øvre tærskelværdi Justeret kursværdi
Table 2 : Earmarking system Outstanding transactions Accrued interest Total amount to be covered Lower trigger amount Upper trigger amount Adjusted market value
Primær markedsoperation Primær markedsoperation Langfristet markedsoperation
Main refinancing
--- DA
--- EN
Primær markedsoperation Langfristet markedsoperation
Main refinancing
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Tabel 3 : System med pooling Udestående transaktioner Ved-hængende renter Samlet dækningsværdi Nedre Øvretærskel-værdi ( 2 ) tærskelværdi ( 1 ) Justeret kursværdi
Table 3 : Pooling system Total amount to be covered
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Primær markedsoperation Primær markedsoperation Langfristet markedsoperation
Main refinancing Main refinancing Longer-term refinancing
--- --- DA
--- EN ---
Primær markedsoperation Langfristet markedsoperation
Main refinancing Longer-term refinancing
Primær markedsoperation Langfristet markedsoperation
Main refinancing Longer-term refinancing 29 444 22 800 35 333 28 500 --- 34 200 4 142 39 900
( 1 ) I et system med pooling er den nedre tærskelværdi den laveste tærskelværdi for margin calls .
( 1 ) In a pooling system , the lower trigger amount is the lowest threshold for margin calls .
( 2 ) I et system med pooling er den øvre tærskelværdi ikke relevant , da modparten konstant vil tilstræbe en overskydende sikkerhedsstillelse for at minimere de operationelle transaktioner .
( 2 ) In a pooling system , the notion of upper trigger amount is not relevant , since the counterparty will constantly target an excess amount of collateral provided in order to minimise operational transactions .
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BILAG 2 ORDLISTE Afviklingsagent ( settlement agent ) : En institution , der administrerer afviklingsprocessen ( dvs . fastlæggelse af betalingspositioner , overvågning af udvekslingen af betalinger osv .
Averaging provision : a provision allowing counterparties to fulfil their reserve requirements on the basis of their average reserve holdings over the maintenance period . The averaging provision contributes to the stabilisation of money market interest rates by giving institutions an incentive to smooth the effects of temporary liquidity fluctuations .
) for betalingssystemer , værdipapirafviklingssystemer eller andre arrangementer , der kræver afvikling .
The Eurosystem 's minimum reserve system provides for averaging . Bilateral procedure : a procedure whereby the central bank deals directly with only one or a few counterparties , without making use of tender procedures .
Afviklingsdag ( settlement date ) : Den dag , hvor en transaktion afvikles .
Bilateral procedures include operations executed through stock exchanges or market agents . Book-entry system : an accounting system that permits the transfer of securities and other financial assets without the physical movement of paper documents or certificates ( e.g. the electronic transfer of securities ) .
Afvikling kan ske på handelsdagen ( afvikling samme dag ) eller en eller flere dage efter handelsdagen ( afviklingsdagen angives som handelsdag ( H ) + afviklingsforskydning ) .
Central securities depository ( CSD ) : an entity which holds and administers securities or other financial assets , holds the issuance accounts , and enables transactions to be processed by book entry . Assets may exist either physically ( but immobilised within the CSD ) or in a dematerialised form ( i.e. only as electronic records ) .
Afviklingskonto ( settlement account ) : En konto , som en direkte deltager i et nationalt RTGSsystem har hos centralbanken med henblik på afvikling af betalinger .
Close links : a situation in which the counterparty is linked to an issuer / debtor / guarantor of debt instruments by reason of the fact that : ( i ) the counterparty owns 20 % or more of the capital of the issuer / debtor / guarantor , or one or more undertakings in which the counterparty owns the majority of the capital own 20 % or more of the capital of the issuer / debtor / guarantor , or the counterparty and one or more undertakings in which the counterparty owns the majority of the capital together own 20 % or more of the capital of the issuer / debtor / guarantor ; or ( ii ) the issuer / debtor / guarantor owns 20 % or more of the capital of the counterparty , or one or more undertakings in which the issuer / debtor / guarantor owns the majority of the capital own 20 % or more of the capital of the counterparty , or the issuer / debtor / guarantor and one or more undertakings in which the issuer / debtor / guarantor owns the majority of the capital together own 20 % or more of the capital of the counterparty ;
Amerikansk auktion ( American auction ) : Se auktion med flere rentesatser .
or ( iii ) a third party owns both the majority of the capital of the counterparty and the majority of the capital of the issuer / debtor / guarantor , either directly , or indirectly through one or more undertakings in which that third party owns the majority of the capital . Collateral pooling system : a central bank system for managing collateral , in which counterparties open a pool account to deposit assets collateralising their transactions with the central bank .
Auktion ( tender procedure ) : En procedure , hvor centralbanken tilfører markedet likviditet eller opsuger likviditet fra markedet på grundlag af konkurrerende bud afgivet af modparter . De for eurosystemet mest fordelagtige bud accepteres først og så fremdeles , indtil hele det beløb , der skal tilføres eller opsuges , er nået .
In a pooling system , by contrast with an earmarking system , the underlying assets are not earmarked for individual transactions . Collection of fixed-term deposits : a monetary policy instrument that may be used by the Eurosystem for fine-tuning purposes , where the Eurosystem offers remuneration on counterparties » fixed-term deposits on accounts with the national central banks in order to absorb liquidity from the market .
Auktion med en enkelt rentesats ( hollandsk auktion ) ( single rate auction ( Dutch auction )) : En auktion , hvor tildelingsrenten ( eller tildelingskursen eller antal swappoint ved tildelingen ) , der anvendes på alle accepterede bud , er lig med den marginale rente ( eller den marginale kurs eller det marginale antal swappoint ) .
Correspondent banking : an arrangement under which one credit institution provides payment and other services to another credit institution . Payments through correspondents are often executed through reciprocal accounts ( nostro and loro accounts ) to which standing credit lines may be attached .
Auktion med flere rentesatser ( amerikansk auktion ) multiple rate auction ( American auction )) : En auktion , hvor tildelingsrenten ( eller tildelingskursen eller antal swappoint ved tildelingen ) er lig med renten ( eller kursen eller antal swappoint ) i de enkelte bud .
the foreign credit institution would in turn regard this account as its nostro account . Correspondent central banking model ( CCBM ) : a mechanism established by the European System of Central Banks with the aim of enabling counterparties to use underlying assets in a cross-border context .
Auktion til fast rente ( fixed rate tender ) : En auktion , hvor renten er fastsat af centralbanken på forhånd , og de deltagende modparter afgiver bud på det ønskede beløb til den faste rente .
In the CCBM , national central banks act as custodians for one another . This means that each national central bank has a securities account in its securities administration for each of the other national central banks ( and for the ECB ) .
Auktion til variabel rente ( variable rate tender ) : En auktionsprocedure , hvor modparterne afgiver bud både på det beløb , de ønsker at handle med centralbanken , og den rentesats , til hvilken de ønsker at indgå transaktionen . Begivenhed , der fører til misligholdelse ( default event ) : En begivenhed , der nævnes i eurosystemets rammer for kreditvurdering , og som er omfattet af definitionen i Europa-Parlamentets og Rådets direktiv 2006/48 / EF af 14 .
Credit institution : an institution covered by the definition contained in Article 4 ( 1 ) of Directive 2006/48 / EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions ( recast ) . Thus , a credit institution is : ( i ) an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credit for its own account , or ( ii ) an undertaking or any other legal person , other than those under ( i ) , which issues means of payment in the form of electronic money .
juni 2006 om adgang til at optage og udøve virksomhed som kreditinstitut ( omarbejdning ) og Europa-Parlamentets og Rådets direktiv 2006/49 / EF af 14 . juni 2006 om kravene til investeringsselskabers og kreditinstitutters kapitalgrundlag ( omarbejdning ) ( samlet benævnt » kapitalkravsdirektivet «) .
The Eurosystem applies the day-count convention actual / 360 in its monetary policy operations . Default event : an event referred to in the Eurosystem credit assessment framework ( ECAF ) that is covered by the definition contained in the Directive 2006/48 / EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions ( recast ) and Directive 2006/49 / EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions ( recast ) ( together referred to as the « Capital Requirements Directive » ( CRD )) .
Misligholdelse opstår således , når » a ) kreditinstituttet anser det for usandsynligt , at låntageren vil indfri alle sine gældsforpligtelser over for kreditinstituttet , moderselskabet eller et af dets datterselskaber , medmindre kreditinstituttet griber ind ved fx at realisere en eventuel sikkerhed « og / eller » b ) låntageren har i over 90 dage været i restance med en væsentlig gældsforpligtelse over for kreditinstituttet , moderselskabet eller et af dets datterselskaber «. Bilateral procedure ( bilateral procedure ) : En procedure , hvor centralbanken handler direkte med en eller kun få modparter uden brug af auktionsprocedurer .
Thus , a default event occurs when « ( a ) the credit institution considers that the obligor is unlikely to pay its credit obligations to the credit institution , the parent undertaking or any of its subsidiaries in full , without recourse by the credit institution to actions such as realising security ( if held ) , » and / or « ( b ) the obligor is past due more than 90 days on any material credit obligation to the credit institution , the parent undertaking or any of its subsidiaries .'
Bruttoafviklingssystem ( gross settlement system ) : Et afviklingssystem , hvor afvikling eller overførsel af værdipapirer sker pr. ordre .
Delivery-versus-payment or delivery-against-payment system : a mechanism in an exchange-for-value settlement system which ensures that the final transfer of assets ( securities or other financial instruments ) occurs if , and only if , the final transfer of another asset ( or other assets ) occurs .
Dematerialisering ( dematerialisation ) : Eliminering af fysiske beviser eller adkomstdokumenter , der giver ejendomsret til finansielle aktiver , så de finansielle aktiver kun eksisterer i elektronisk form .
Dematerialisation : the elimination of physical certificates or documents of title which represent ownership of financial assets , so that the financial assets exist only as accounting records .
Depotinstitution ( custodian ) : En institution , der opbevarer og varetager administrationen af værdipapirer og andre finansielle aktiver på andres vegne . Depotkonto ( safe custody account ) : En værdipapirkonto administreret af centralbanken , hvor kreditinstitutter kan anbringe værdipapirer , som vurderes egnede til sikkerhedsstillelse i centralbankoperationer .
Deposit facility : a standing facility of the Eurosystem which counterparties may use to make overnight deposits at a national central bank , which are remunerated at a pre-specified interest rate . Depository : an agent with the primary role of recording securities either physically or electronically and keeping records of the ownership of these securities .