natgillin/translations-raw huggingface dataset:
c ) Kurser Eurosystemet beregner kurser i overensstemmelse med den mest almindeligt anerkendte markedskonvention for de gældsinstrumenter , der anvendes i transaktionen . d ) A n d r e o p e r a t i o n e l l e k a r a k t e r i s t i k a De operationelle karakteristika ved købs - eller salgsforretninger kan opsummeres som følger :  De kan tilføre likviditet ( køb ) eller opsuge likviditet ( salg ) .
( c ) P r i c e t e r m s In the calculation of prices , the Eurosystem acts in accordance with the most widely accepted market convention for the debt instruments used in the transaction .
 De udføres som bilaterale procedurer ( som beskrevet i afsnit 5.2 ) .  De udføres normalt decentralt af de nationale centralbanker ( ECB 's Styrelsesråd beslutter , hvorvidt ECB under særlige omstændigheder selv kan udføre finjusterende egentlige markedsoperationer af denne type ) .
( d ) O t h e r o p e r a t i o n a l f e a t u r e s The operational features of Eurosystem outright transactions can be summarised as follows :  they can take the form of liquidity-providing ( outright purchase ) or liquidity-absorbing ( outright sale ) operations ,  their frequency is not standardised ,  they are executed through bilateral procedures ( as specified in Section 5.2 ) ,  they are normally executed in a decentralised manner by the national central banks ( the Governing Council of the ECB will decide whether , under exceptional circumstances , fine-tuning outright operations may be executed by the ECB ) ,
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L 185/16
De Europæiske Fællesskabers Tidende  Der er ikke på forhånd fastsat begrænsninger på kredsen af modparter i købs - eller salgsforretninger .  Kun liste 1-papirer ( som beskrevet i afsnit 6.1 ) anvendes normalt som underliggende aktiver i egentlige købs - eller salgsforretninger .
Official Journal of the European Communities  no restrictions are placed a priori on the range of counterparties to outright transactions , and  only tier-one instruments ( as specified in Section 6.1 ) are normally used as underlying assets in outright transactions .
ECB 's udstedelse af gældsbeviser a ) Instrumenttype ECB kan udstede gældsbeviser med henblik på at justere Eurosystemets strukturelle nettostilling over for den finansielle sektor og dermed skabe ( eller forøge ) et likviditetsunderskud i markedet .
Issuance of ECB debt certificates ( a ) T y p e o f i n s t r u m e n t The ECB may issue debt certificates with the aim of adjusting the structural position of the Eurosystem vis-à-vis the financial sector so as to create ( or enlarge ) a liquidity shortage in the market .
Yderligere bestemmelser vedrørende ECB 's gældsbeviser fremgår af dokumentationsgrundlaget for denne type beviser .
Further provisions related to ECB debt certificates will be contained in the terms and conditions for such certificates .
Den anvendte rentesats er en simpel rentesats , og der beregnes rente efter konventionen » faktisk / 360 «.
The interest rate applied is a simple interest rate with the day-count convention  actual / 360 .
BOKS 1 ECB 's udstedelse af gældsbeviser Hvor : N : gældsbevisets pålydende værdi rI : rentesatsen ( i pct . ) D : gældsbevisets løbetid ( i dage ) PT : gældsbevisets emissionsværdi er emissionsværdien : PT = N Â 1 r1 1  36Â D 000
BOX 1 Issuance of ECB debt certificates Where : N : nominal amount of the debt certificate rI : interest rate ( as a percentage ) D : maturity of the debt certificate ( in days ) PT : issue amount of the debt certificate The issue amount is : PT = N Â 1 r1 1  36Â D 000
d ) A n d r e o p e r a t i o n e l l e k a r a k t e r i s t i k a De operationelle karakteristika ved ECB 's gældsbeviser kan opsummeres som følger :  Beviserne udstedes for at opsuge likviditet fra markedet .  Beviserne kan udstedes regelmæssigt eller ikke regelmæssigt .
( d ) O t h e r o p e r a t i o n a l f e a t u r e s The operational features of the issuance of ECB debt certificates can be summarised as follows :  the certificates are issued in order to absorb liquidity from the market ,  the certificates can be issued on a regular or non-regular basis ,  the certificates have a maturity of less than 12 months ,  the certificates are issued through standard tenders ( as specified in Section 5.1 ) ,
 Beviserne udstedes gennem standardauktioner ( som beskrevet i afsnit 5.1 ) . 15.7.2002
15.7.2002 EN
De Europæiske Fællesskabers Tidende  Beviserne udbydes og afvikles decentralt gennem de nationale centralbanker .  Alle modparter , der opfylder de overordnede adgangskriterier ( som beskrevet i afsnit 2.1 ) , kan afgive bud på ECB 's gældsbeviser .
Official Journal of the European Communities  the certificates are tendered and settled in a decentralised manner by the national central banks , and  all counterparties fulfilling the general eligibility criteria ( as specified in Section 2.1 ) may submit tender bids for the subscription of ECB debt certificates .
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Valutaswaps a ) Instrumenttype Valutaswaps , der udføres af pengepolitiske årsager , består af samtidige spot - og terminsforretninger , hvor euro handles mod en udenlandsk valuta .
Foreign exchange swaps ( a ) T y p e o f i n s t r u m e n t Foreign exchange swaps executed for monetary policy purposes consist of simultaneous spot and forward transactions of the euro against foreign currency .
c ) Valuta - og valutakursvilkår Eurosystemet foretager som hovedregel kun transaktioner i valutaer , der handles meget , og i overensstemmelse med standardpraksis i markedet .
( c ) C u r r e n c y a n d e x c h a n g e r a t e t e r m s As a rule , the Eurosystem operates only in widely traded currencies and in accordance with standard market practice .
BOKS 2 Valutaswaps S : Spotkursen ( på transaktionsdagen for valutaswappen ) mellem euro ( EUR ) og en udenlandsk valuta ( ABC ) : S = FM : x Â ABC 1 Â EUR
BOX 2 Foreign exchange swaps S : spot ( at the transaction date of the foreign exchange swap ) of the exchange rate between the euro ( EUR ) and a foreign currency ABC S = FM : x Â ABC 1 Â EUR
Terminskursen mellem euro og ABC på tilbagekøbsdagen for swappen ( M ) : FM = y Â ABC 1 Â EUR
forward exchange rate between the euro and a foreign currency ABC at the repurchase date of the swap ( M ) FM = y Â ABC 1 Â EUR
DM :
DM :
Swappoint mellem euro og ABC på tilbagekøbsdagen for swappen ( M ) : DM = FM ¯ S
forward points between the euro and ABC at the repurchase date of the swap ( M ) DM = FM ¯ S
Spotbeløb ;
spot amount of currency ;
) M er terminsbeløbet : N ABC  = N EUR  Â S eller N EUR  = N ABC  S N ABC  M FM
) M is the forward amount of currency : N ABC  = N EUR  Â S or N EUR  = N ABC  S N ABC  M FM
N ABC  M = N EUR  M Â FM eller N EUR  M =
N ABC  M = N EUR  M Â FM or N EUR  M =
d ) A n d r e o p e r a t i o n e l l e k a r a k t e r i s t i k a De operationelle karakteristika ved valutaswaps kan opsummeres som følger :  De kan tilføre eller opsuge likviditet .  De udføres ikke med standardiseret frekvens .
( d ) O t h e r o p e r a t i o n a l f e a t u r e s The operational features of foreign exchange swaps can be summarised as follows :  they can take the form of liquidity-providing or liquidity-absorbing operations ,  their frequency is not standardised ,  their maturity is not standardised ,
 Deres løbetid er ikke standardiseret . L 185/18
L 185/18 EN
De Europæiske Fællesskabers Tidende  De udføres gennem ekstraordinære auktioner eller bilaterale procedurer ( se kapitel 5 ) .  De udføres normalt decentralt af de nationale centralbanker ( ECB 's Styrelsesråd beslutter , hvorvidt ECB under særlige omstændigheder selv kan udføre bilaterale valutaswaps ) .
Official Journal of the European Communities  they are executed through quick tenders or bilateral procedures ( see Chapter 5 ) ,  they are normally executed in a decentralised manner by the national central banks ( the Governing Council of the ECB will decide whether , under exceptional circumstances , bilateral foreign exchange swaps may be executed by the ECB ) , and  the Eurosystem may select , according to the criteria specified in Section 2.2 and Annex 3 , a limited number of counterparties to participate in foreign exchange swaps .
c ) Rentevilkår Rentesatsen for tidsindskud er en simpel rentesats , og der beregnes rente efter konventionen » faktisk / 360 «. Renterne udbetales ved indskuddets udløb .
( c ) I n t e r e s t t e r m s The interest rate applied to the deposit is a simple interest rate with the day-count convention  actual / 360 .
d ) A n d r e o p e r a t i o n e l l e k a r a k t e r i s t i k a De operationelle karakteristika ved modtagelse af tidsindskud kan opsummeres som følger :  Indskuddene har til formål at opsuge likviditet .
Interest is paid at maturity of the deposit .
 Modtagelse af indskud sker normalt gennem ekstraordinære auktioner , men anvendelse af bilaterale procedurer er ikke udelukket ( se kapitel 5 ) .  Indskuddene modtages normalt decentralt gennem de nationale centralbanker ( ECB 's Styrelsesråd beslutter , hvorvidt ECB under særlige omstændigheder selv bilateralt kan modtage tidsindskud ) ( 13 ) .
( d ) O t h e r o p e r a t i o n a l f e a t u r e s The operational features of the collection of fixed-term deposits can be summarised as follows :  the deposits are collected in order to absorb liquidity ,  the frequency with which deposits are collected is not standardised ,  the maturity of the deposits is not standardised ,  the collection of deposits is normally executed through quick tenders , although the possibility of using bilateral procedures is not excluded ( see Chapter 5 ) ,  the collection of deposits is normally executed in a decentralised manner by the national central banks ( the Governing Council of the ECB will decide whether , under exceptional circumstances , the bilateral collection of fixed-term deposits may be executed by the ECB ) ( 13 ) , and  the Eurosystem may select , according to the criteria specified in Section 2.2 , a limited number of counterparties for the collection of fixed-term deposits .
 Eurosystemet kan ifølge kriterierne i afsnit 2.2 udvælge et begrænset antal modparter i forbindelse med modtagelse af tidsindskud . KAPITEL 4 4 .
CHAPTER 4 4 .
STÅENDE FACILITETER Den marginale udlånsfacilitet a ) Instrumenttype Ved hjælp af den marginale udlånsfacilitet kan modparterne opnå dag til dag-likviditet fra de nationale centralbanker til en på forhånd fastsat rente mod sikkerhed i brugbare aktiver ( som beskrevet i kapitel 6 ) .
STANDING FACILITIES The marginal lending facility ( a ) T y p e o f i n s t r u m e n t Counterparties may use the marginal lending facility to obtain overnight liquidity from national central banks at a pre-specified interest rate against eligible assets ( as set out in Chapter 6 ) .
Under normale omstændigheder udgør renten for faciliteten loftet for dag til dag-markedsrenten .
Under normal circumstances , the interest rate on the facility provides a ceiling for the overnight market interest rate .
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 assets but , assuming fulfilment of the debt obligation , ownership of the asset is retained by the debtor ) .
Yderligere forhold vedrørende genkøbsforretninger er angivet i de ( 13 ) Tidsindskud indsættes på konti hos de nationale centralbanker .
( 13 ) Fixed-term deposits are held on accounts with the national central banks ;
De Europæiske Fællesskabers Tidende kontraktmæssige bestemmelser , som den pågældende nationale centralbank anvender .
Official Journal of the European Communities Further provisions for repurchase agreements are specified in the contractual arrangements applied by the respective national central bank .
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c ) Betingelser for adgang til faciliteten 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 .
Anmodningen skal være modtaget af den nationale centralbank senest 30 minutter efter TARGET 's lukketid , hvis den skal behandles af den nationale centralbank samme dag ( 14 ) ( 15 ) .
In order for the national central bank to process the request on the same day , the request must be received by the national central bank at the latest 30 minutes after the actual closing time of TARGET ( 14 ) ( 15 ) .
Som hovedregel lukker TARGET-systemet kl . 18.00 ECBtid ( kontinentaleuropæisk tid ) .
As a general rule , the closing time for the TARGET system is 6 p.m. ECB time ( CET ) .
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 .
For modparter , der deltager direkte i TARGET , forfalder lånet den næste dag , hvor det relevante nationale RTGS-system og de ( t ) relevante værdipapirafviklingssystem ( er ) er åbne , på disse systemers åbningstidspunkt .
For counterparties participating directly in TARGET , the credit is repaid on the next day on which the relevant national RTGS system and the relevant SSS ( s ) are operational , at the time at which those systems open .
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 ( 16 ) .
The ECB may change the interest rate at any time , with effect not earlier than the following Eurosystem business day ( 16 ) .
e ) Suspension af faciliteten Adgang til faciliteten gives kun i overensstemmelse med ECB 's mål og overordnede pengepolitiske hensyn .
( e ) S u s p e n s i o n o f t h e f a c i l i t y Access to the facility is granted only in accordance with the objectives and general monetary policy considerations of the ECB .
Indlånsfaciliteten a ) Instrumenttype Ved hjælp af indlånsfaciliteten kan modparterne foretage dag til dag-indskud hos de nationale centralbanker .
The deposit facility ( a ) T y 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 .
Under normale omstændigheder udgør renten for faciliteten gulvet for dag til dag-markedsrenten .
Under normal circumstances , the interest rate on the facility provides a floor for the overnight market interest rate .
Der gælder samme vilkår for brug af indlånsfaciliteten i hele euroområdet ( 17 ) .
The terms and conditions of the deposit facility are identical throughout the euro area ( 17 ) .
( 14 ) 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 .
( 14 ) 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 .
( 15 ) TARGET 's lukkedage oplyses på ECB 's websted ( www.ecb.int ) .
( 15 ) TARGET closing days are announced on the ECB 's website ( www.ecb.int ) ;
( 16 ) Ved » Eurosystemets bankdage « forstås i dette dokument de dage , hvor ECB og mindst en national centralbank er åbne for udførelse af Eurosystemets pengepolitiske operationer .
( 16 ) 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 .
( 17 ) Der kan forekomme operationelle forskelle mellem eurolandene på grund af de nationale centralbankers forskellige kontostrukturer .
( 17 ) 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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Modparternes dag til dag-indskud forrentes med en fast rentesats .
The overnight deposits accepted from counterparties are remunerated at a fixed rate of interest .
c ) B e t i n g e l s e r f o r a d g a n g t i l f a c i l i t e t e n ( 18 ) Institutter , der opfylder de overordnede kriterier for adgang som modparter som beskrevet i afsnit 2.1 , kan anvende indlånsfaciliteten 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 ( 18 ) Institutions fulfilling the general counterparty eligibility criteria specified in Section 2.1 may access the deposit facility . Access to the deposit facility is granted through the national central bank in the Member State in which the institution is established .
Modparten skal anmode den nationale centralbank i den medlemsstat , hvor modparten er beliggende , om at få adgang til indlånsfaciliteten .
To be granted access to the deposit facility , the counterparty must send a request to the national central bank in the Member State in which the counterparty is established .
Anmodningen skal være modtaget af den nationale centralbank senest 30 minutter efter TARGET 's lukketid , hvis den skal behandles af den nationale centralbank samme dag .
In order for the national central bank to process the request on the same day , the request must be received by the national central bank at the latest 30 minutes after the actual closing time of TARGET , which is , as a general rule , 6 p.m. ECB time ( CET ) ( 19 ) ( 20 ) .
18.00 ECB-tid ( kontinentaleuropæisk tid ) ( 19 ) ( 20 ) . 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 .
For modparter , der deltager direkte i TARGET , forfalder indskuddet den næste dag , hvor det relevante nationale RTGS-system er åbent , på systemets åbningstidspunkt .
For counterparties participating directly in TARGET , deposits held under the facility mature on the next day on which the relevant national RTGS system is operational , at the time at which this system opens .
Renten forfalder til betaling sammen med indskuddet .
Interest on the deposits is payable at maturity of the deposit .
Procedurerne for standardauktioner og ekstraordinære auktioner er ens , bortset fra tidsrammen for auktionernes udførelse og kredsen af modparter .
The procedures for standard and quick tenders are identical except for the time-frame and the range of counterparties .
( 18 ) På grund af de nationale centralbankers forskellige kontostrukturer kan ECB tillade , at de nationale centralbanker anvender adgangsbetingelser , der afviger lidt fra de heri omtalte betingelser .
( 18 ) Owing to the existence of different account structures across the national central banks , the ECB may allow national central banks to apply access conditions which are slightly different from those referred to here .
( 19 ) 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 .
( 19 ) 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 .
20 ) TARGET 's lukkedage oplyses på ECB 's websted ( www.ecb.int ) .
20 ) TARGET closing days are announced on the ECB 's website ( www.ecb.int ) ;
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b ) De nationale centralbanker udsender meddelelse gennem de nationale elektroniske nyhedstjenester og direkte til enkelte modparter ( hvis det skønnes nødvendigt ) . Trin 2 Trin 3 Trin 4 Modparternes afgivelser 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 ) Announcement by the ECB through public wire services ( b ) Announcement by the national central banks through national wire services and directly to individual counterparties ( if deemed necessary ) Step 2 Step 3 Step 4 Counterparties » preparation and submission of bids Compilation of bids by the Eurosystem Tender allotment and announcement of tender results ( a ) ECB allotment decision ( b ) Announcement of the allotment result 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 certification of the allotment result ( where the time between the submission deadline and the announcement of the allotment result is approximately two hours ) .
Figur 1 giver et overblik over den normale tidsramme for standardauktioner .
Chart 1 gives an overview of the normal time-frame for the operational steps for standard tenders .
ECB kan vælge at ændre tidsrammen for konkrete operationer , hvis det skønnes hensigtsmæssigt .
The ECB may decide to adjust the time-frame in individual operations , if deemed appropriate .
FIGUR 1 Normal tidsramme for de operationelle trin for standardauktioner ( Tidspunkterne er angivet i ECB-tid ( kontinentaleuropæisk tid ))
CHART 1 Normal time-frame for the operational steps for standard tenders ( Times are stated in ECB time ( CET ))
H -- 1 30 45 16.00 15 30 30 45 9.00 15 30
T -- 1 30 45
Handelsdag ( H ) 45 10.00 15 30 45 11.00 15 30
Trade day ( T ) 15 30 30 45
H + 1
T + 1 30 45
1a 1b 2 3 4a 4b 5 6
1a 1b 2 3 4a 4b 5 6
Bemærk :
Note :
Tallene angiver trinene som defineret i boks 3 .
The figures refer to the operational steps as defined in Box 3 .
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Den normale tidsramme for ekstraordinære auktioner fremgår af figur 2 .
The normal time-frame for the operational steps for quick tenders is specified in Chart 2 .
ECB kan vælge at ændre tidsrammen for individuelle operationer , hvis det skønnes hensigtsmæssigt .
The ECB may decide to adjust the time-frame in individual operations , if deemed appropriate .
FIGUR 2 Normal tidsramme for de operationelle trin for ekstraordinære auktioner
CHART 2 Normal time-frame for the operational steps for quick tenders
Handelsdag ( H ) 30 45 1 . time
Trade day ( T ) 30 45 First hour
2 . time
Second hour
3 . time
Third hour
1a 1b 2 3 4b 4a 5 6
1a 1b 2 3 4b 4a 5 6
Annoncering af auktion
Tender announcement