natgillin/translations-raw huggingface dataset:
Centralbankens intervention er under det nye system centreret om reservekravene til bankerne .
Under the new system , central bank intervention is centred on the reserve requirement provisions of banks .
Disse krav skal i gennemsnit overholdes over en periode på omkring en uge .
The provisions must be fulfilled on average over a period of about one week .
Periodiske åbne markedsoperationer giver en mulighed for tilfrarsel og opsugning af likviditet på en regelmzssig basis , og renterne fastlagt af den portugisiske centralbank udtrykker orienteringen af pengepolitikken .
Periodic open market operations provide a channel to supply and withdraw liquidity on a regular basis and the rates set by the Banco de Portugal indicate the orientation of monetary policy .
Disse operationer finder sted på den frarste arbejdsdag i hver reserveperiode .
These operations take place on the first working day of each maintenance period .
Banken kan også anvende lejlighedsvise åbne markedsoperationer i Irabet af perioden for reservekravet med henblik på at stabilisere de meget korte markedsrenter .
The Bank may also resort to occasional open market operations during the reserve period to stabilise very short-term interest rates .
Begge typer af operationer udfrares med korte Irabetider ( op til én uge ) .
Both types of operation are conducted at short-term maturities ( up to one week ) .
De blev oprindelig hovedsagelig foretaget som genkrabsforretninger i indenlandske skatkammerbeviser .
Initially , they were undertaken principally with repos in domestic Treasury bills .
Indgreb med henblik på at opsuge likviditet er imidlertid siden medio 1991 hovedsagelig udfrart ved udstedelse af centralbankpapirer .
However , since mid-1991 , operations to drain liquidity have mainly been carried out by issuing central bank certificates .
Centralbanken tilbyder også en udlånsfacilitet på den sidste arbejdsdag af den ugentlige reserveperiode for at tillade banker , som mangler midler , at overholde reservekravet .
The central bank also offers a lending facility on the last working day of the weekly maintenance period to allow banks short of funds to meet the reserve requirements .
Denne facilitet er til rådighed for dag-tildag midler og ydes til strafrenter .
This facility is available for overnight funds and granted at a penalty rate .
Givet eksistensen af et strukturelt likviditetsoverskud i pengemarkedet u d f ~ r e r den portugisiske centralbank også operationer med lzngere l ~ betider , som opsuger likviditet .
The Banco de Portugal also conducts liquidity-absorbing operations at longer maturities , given the existence of a structural liquidity surplus in the money market .
Systemet med forrentning af reservekravene blev zndret ved udgangen af marts 1991 .
At the end of March 1991 , the system of remuneration of reserve requirements was changed .
Reservekravene på nye passiver ( stigninger ud over status ved udgangen af 1991 ) forrentes nu n z r markedsrenterne for at eliminere den implicitte skat forbundet med ikke-forrentede reserver .
Reserve requirements on new liabilities ( increments over and above the stock at end-1990 ) are now remunerated at near market rates to eliminate the implicit tax involved in holding non-remunerated reserves .
Anneks II
Annex I1
Fr3ELLESSKABETS CENTRALBANKERS INSTITUTIONELLE STATUS 1 .
INSTITUTIONAL STATUS OF CENTRAL BANKS IN COMMUNITY COUNTRIES 1 .
NATIONALE BANK VAN BELGIEI BANQUE NATIONALE DE BELGIQUE 1.1
NATIONAL BANK OF BELGIUM 1.1 . Objectives and tasks
Må1 og opgaver Der er ikke fastsat lovbestemte målsætninger .
No explicit statutory objectives are laid down . The main tasks are : monetary and exchange rate policy ;
Hovedopgaverne er : Penge - og valutakurspolitik , forvaltning af officielle reserver , europæisk og internationalt monetært samarbejde samt sikring af betalingssystemets funktion .
European and international monetary co-operation ; and safeguarding the smooth functioning of payment systems .
Banken har andre opgaver ifralge speciailovgivning .
Other tasks are conferred on the Bank under specific legislative provisions .
Nationalbanken er ikke ansvarlig for banktilsyn .
The National Bank is not responsible for banking supervision .
Ledelse Banken ledes af guvernraren og administreres af bestyrelsen , som assisteres af Council of Regency ( styrelsesrådet ) .
Governing bodies The Bank is directed by the Governor and administered by the Board of Directors assisted by the Council of Regency .
Board of Censors ( censurkomiteen ) frarer tilsyn med banken .
It is supervised by the Board of Censors .
Herudover findes General Council ( generalrådet ) .
There is , in addition , the General Council .
Guvernraren udnævnes af Kongen ( efter indstilling af regeringen ) for en periode på fem år med mulighed for genudnævnelse .
The Governor is appointed by the Crown ( on a nomination from the Government ) for a renewable term of five years .
Guvernraren kan suspenderes eller afskediges af Kongen ;
The Governor can be suspended or dismissed by the Crown ;
dette er aldrig sket .
this has never happened .
Ud over guvern ~ ren består bestyrelsen af tre til seks medlemmer udnævnt af Kongen efter indstilling af styrelsesrådet for en periode af seks år .
The Board of Directors includes , in addition to the Governor , three to six members appointed by the Crown on the proposal of the Council of Regency for a term of six years .
Bestyrelsen leder banken og er ansvarlig for fastlæggelsen af politikken under kontrol af styrelsesrådet .
The Board manages the Bank and is in charge of the orientation of policy under the control of the Council of Regency .
Styrelsesrådet omfatter guvern ~ ren , direktrarerne og styrelsesmedlemmerne .
The Council of Regency includes the Governor , the Directors and the Regents .
Styrelsesmedlemmerne udnævnes for tre år af generalforsamlingen ( staten ejer 50 % af aktierne ) .
Regents are appointed for three years by the general meeting of shareholders ( the Belgian State owns 50 % of the shares ) .
Fem udnzevnes efter indstilling af finansministeren og fem efter forslag fra organisationer inden for industri , handel , landbrug og fagorganisationer .
Five are appointed on the proposal of the Minister of Finance and five on the proposal of the most representative organisations of industry , commerce , agriculture and labour .
Rådet har generelle befnjelser til at fastsætte sats og betingelser for diskontering , udlån og lån , ligesom den freml ~ g g e årsregnskab .
It has general powers to set the rate and terms of discount , advances and loans and draws up the balance sheet .
r Censurkomiteen består af otte til ti censorer , der vælges for tre år ad gangen af generalforsamlingen .
The Board of Censors includes eight to ten Censors elected for three years by the general meeting of shareholders .
Ud over at kontrollere bankens operationer stemmer komiteen om styrelsesrådets budgetforslag og godkender årsregnskabet .
Besides controlling the operations of the Bank , it votes on the budget as proposed by the Council of Regency and approves the annual accounts .
Generalrådet består af guvernraren , direkt ~ rerne , styrelsesmedlemmerne og censorerne .
Annex I1 The General Council includes the Governor , the Directors , the Regents and the Censors .
Det har vigtige administrative opgaver .
It has important administrative functions .
Selv om de politiske myndigheder ikke har ret til at give banken instruktioner , findes der en regeringskommissær i banken .
While there is no right of instruction from political authorities , there is a Government commissioner in the Bank .
Regeringskommissæren og finansministeren havde ret til at udsætte eller til at nedlægge veto mod enhver af bankens beslutninger under henvisning til , at denne måtte være lovstridig , stride mod centralbankens statutter og statens inte -
A power of suspension and a right to oppose can be exercised respectively by the Government commissioner and the Minister of Finance against any decision of the Bank contrary to the law , the statutes of the central bank and the interests of the State , but this power was abolished in March 1993 with respect to all the central bank 's decisions and operations concerning its basic tasks .
resser , men denne ret blev ophævet i marts 1993 , hvad angår alle de af centralbankens beslutninger og operationer , der udfmes indenfor bankens hovedområde . Uafhængighed i formuleringen og udfarelsen af penge - og valutakurspolitikken .
1.3 . Independence in the formulation and implementation of monetary and exchange rate policy The Bank is responsible for the formulation and implementation of monetary policy .
Banken er ansvarlig for formuleringen og udfarelsen af pengepolitikken . Pengepolitikken udfares inden for det valutakurssystem , som regeringen fastlzegger .
Monetary policy is conducted in the context of the exchange rate regime which is determined by the Government .
Valutakurspolitikken fastlægges af Kongen ( regeringen ) efter at have konsulteret banken .
In particular , exchange rate arrangements are adopted by the Crown ( the Government ) after consultation with the Bank .
Den pengepolitiske reform , der gennemfartes i januar 1991 , farte til en markant ændring af procedurer ( se anneks I af denne årsberetning for en beskrivelse ) .
The monetary policy reform of January 1991 led to a substantial change in operating procedures ( see Annex I of this Report for a description ) .
Med denne reform kan banken benytte en bred vifte af pengepolitiske instrumenter : Dog gielder det , at indfmelse af kassereservekrav kræver regeringens godkendelse .
Since then , the Bank can use a wide range of monetary policy instruments : however , the introduction of reserve requirements needs the approval of the Government .
1991-reformen omfattede også betydelige begrænsninger i centralbankfinansiering af staten .
The 1991 reform also included a substantial limitation of central bank financing of the Government .
Ifalge den ny lovgivning , vedtaget i marts 1993 , vil « monetær finansiering » blive fuldt ud afskaffet senest fra juni 1993 .
Due to the new legislation adopted in March 1993 , « monetary financing » will be completely abolished by June 1993 at the latest .
Demokratisk ansvar og oplysningsvirksomhed Der er ikke nogen institutionaliserede samarbejdsformer mellem parlamentet og banken , og guvernmen har kun sjældent været til hming i eller talt i parlamentet .
Democratic accountability and transparency There are no institutionalised relations between the Parliament and the Bank , and indeed the Governor has rarely appeared before Parliament .
Hvad deltaget i miniangår samarbejdsform i relation til regeringen , har guvernmen kun sj ~ ldent sterrådsmader .
Regarding relations with the Government , the Governor has only rarely attended meetings of the Council of Ministers .
Foruden finansministerens rolle i de udnævnelsesprocedurer , der er beskrevet ovenfor , skal denne godkende bankens ugentlige balanceopgmelser .
In addition to the role of the Government in the appointment procedure described above , the Minister of Finance has to approve the presentation of the weekly financial statements of the Bank .
Endelig offentligg ~ r banken et årsregnskab .
Finally , the Bank publishes an Annual Report .
Fremtidige institutionelle endringer Efter vedtagelsen af den ny lovgivning i marts 1993 , der ager centralbankens uafhængighed og forbyder « monetær finansiering » , er der ikke planlagt nye lovsendringer . 1.5
Prospective institutional changes After the adoption of the new legislation in March 1993 strengthening central bank independence and prohibiting « monetary financing » , no more changes are currently planned .
Anneks II
Annex I1 2 .
2 . DANMARKS NATIONALBANK 2.1
DANMARKS NATIONALBANK 2.1 . Objectives and tasks
Mål og opgaver Den lovfastsatte målsætning er at opretholde et sikkert pengevzsen samt at lette og regulere pengeomsætning og kreditgivning .
The statutory objective is to maintain a safe and secure currency system and to facilitate and regulate payment flows and the extension of credit .
Hovedopgaverne er at fare pengepolitik og styre valutakursudviklingen .
The main tasks are the conduct of monetary policy and exchange rate management .
Banken forvalter også de officielle reserver og er fiskal agent for staten , men er ikke tilsynsmyndighed for banker .
The Bank also manages official reserves and serves as fiscal agent of the central government but is not the banking supervisory authority .
Ledelse Ledelsen består af direktionen , repræsentantskabet og bestyrelsen . Direktionen har tre medlemmer .
2.2 . Governing bodies The governing bodies are the Board of Governors , the Board of Directors , and the Committee of Directors .
Formanden er kongeligt udnævnt , og de arvrige to direktionsmedlemmer er valgt af repræsentantskabet . Der er ikke nogen åremålsbegrznsning .
The Board of Governors has three members . The Chairman is appointed by the Crown and the other two members are elected by the Board of Directors .
I praksis er direktionsmedlemmerne forblevet på deres poster indtil aldersgrznsen , der er 70 år .
There is no term of office . In practice , appointments are for life , with a retirement age of 70 .
Ansvaret for bankens pengepolitiske beslutninger ligger fuldt ud hos direktionen .
The Board is fully responsible for the Bank 's monetary policy decisions .
Reprzsentantskabet har femogtyve medlemmer , hvoraf to udnzvnes af Den Kgl . Bankkommisszr , som er akonomiministeren , otte af Folketinget blandt dets medlemmer , mens de resterende femten vzlges af reprzsentantskabet , idet der skal tages hensyn til en alsidig erhvervsrepræsentation .
The Board of Directors has twenty five members of which two are appointed by the Royal Bank Commissioner , i.e. the Minister of Economic Affairs , eight by Parliament from among its members , while the remaining fifteen members are appointed by the Board to ensure a broad representation of economic life .
Valg gzlder for fem år ad gangen med mulighed for genvalg .
The term is five years with a possibility of re-election .
Reprzsentantskabet har befajelser inden for det administrative og det organisatoriske område .
The Board is competent in administrative and organisational fields .
Bestyrelsen består af de to repræsentantskabsmedlemmer , der er udnævnt af Den Kgl . Bankkommissær , og fem medlemmer valgt af og blandt medlemmerne af repræsentantskabet .
The Committee of Directors consists of the two members of the Board of Directors appointed by the Royal Bank Commissioner and five members elected by and from among the members of the Board of Directors .
Valg sker for et år ad gangen med mulighed for genvalg .
The term is one year with a possibility of re-election .
Bestyrelsen har også administrative og organisatoriske befajelser . Den Kgl .
The Committee also has administrative and organisational responsibilities .
Bankkommissær påser , at nationalbankloven overholdes , og er det formelle kontaktled mellem regeringen og banken .
The Royal Bank Commissioner monitors the Bank 's observance of its legal obligations and constitutes the formal link between the Bank and the Government .
Medlemmerne af de styrende organer er ikke underlagt instruktion fra de politiske myndigheder .
The members of the governing bodies are not subject to instructions from political authorities .
Uafhængighed i formuleringen og udforelsen af penge - og valutakurspolitikken Ansvaret for pengepolitikken ligger hos Nationalbankens direktion , som fastlzgger rammerne for pengepolitikken , herunder fastszettelsen af renter .
Independence in the formulation and implementation of monetary and exchange rate policy The monetary policy authority rests with the Bank 's Board of Governors , which determines the framework for monetary policy , including interest rates .
Traditionelt tilrettelzgges pengepolitikken i et samarbejde mellem banken og regeringen .
By tradition , monetary policy has been formulated on the basis of concertation between the Bank and the Government .
Direktionen har fuld suverznitet i udfarelsen af pengepolitikken og fastlzggelsen af instrumenterne .
The Board of Governors has full freedom in implementing monetary policy and in setting instruments .
Danmark overholder fuldt ud det forbud mod « monetzr finansiering » , som er indeholdt i Maastrichttraktaten .
In addition , Denmark fully abides by the « monetary financing » prohibition as laid down in the Maastricht Treaty .
Staten finansierer budgetunderskud ved at szlge statspapirer på markedet .
The central government finances budget deficits by selling government paper in the market .
2.3 Anneks II Valutakurspolitikken bestemmes af regeringen i samråd med banken .
Annex I1 The exchange rate policy is set by the Government in concertation with the Bank .
Banken står for styringen af valutakursudviklingen .
Management of exchange rate developments rests with the Bank .
Demokratisk ansvarlighed og oplysningsvirksomhed Der tages hensyn til den demokratiske ansvarlighed gennem sammensætningen af repræsentantskabet og bestyrelsen og ved en szrlig bestemmelse om , at Den Kgl . Bankkommisszr og finansministeren har ret til at deltage i forhandlinger om zndring af diskontoen , men uden stemmeret .
2.4 . Democratic accountability and transparency Accountability is provided for through the composition of the Board of Directors and the Committee of Directors and through a special provision stipulating that the Royal Bank Commissioner and the Minister of Finance are entitled to take part in deliberations on changes in the official discount rate , but without voting rights .
Desuden er banken lovmzssigt forpligtet til at offentliggrare årsregnskabet , når det er godkendt af repræsentantskabet og Den Kgl . Bankkommissær , sammen med en årsberetning .
Moreover , the Bank is statutorily obliged to publish its annual accounts , when approved by the Board of Directors and the Royal Bank Commissioner , together with an Annual Report . 2.5 .
Fremtidige institutionelle ~ ndringer Der er ingen planer om institutionelle cendringer .
Prospective institutional changes There are no plans for institutional changes .
DEUTSCHE BUNDESBANK 3.6
DEUTSCHE BUNDESBANK 3.1 .
Må1 og opgaver Deutsche Bundesbank er Den Tyske Forbundsrepubliks mrant - og seddeludstedende bank .
Objectives and tasks The Deutsche Bundesbank is the currency and note-issuing bank of the Federal Republic of Germany .
Dens hovedmålsztning er at sikre pengenes vzrdi .
Its principal objective is to safeguard the currency .
Banken er forpligtet til at startte regeringens generelle rakonomiske politik , men uden at dette må influere på hovedmåisztningen .
The Bank is obliged to support the Government 's general economic policy , but without prejudice to the principal objective .
Banken tilbyder de private banker service i forbindelse med betalingssystemer og forvalter officielle reserver .
The Bank provides banks with payment system services and manages official reserves .
Den er ikke ansvarlig for banktilsyn .
It is not responsible for banking supervision .
Ledelse Ledelsen består af centralbankrådet , direktoratet og direktionerne for centralbankerne i linderne ( hovedkontorer som har kompetence indenfor de respektive linder ) .
Governing bodies The governing bodies are the Central Bank Council , the Directorate and the Managing Boards of the Land Central Banks ( Main Offices which have competence in the respective Lander ) .
Centralbankrådet ( som maksimalt kan have sytten medlemmer ) består af przesidenten for Bundesbanken og vicepræsidenten , de andre medlemmer af direktoratet og præsidenterne for « Landcentralbankerne » .
The Central Bank Council ( with a maximum of seventeen members ) consists of the President and the Deputy President of the Bundesbank , the other members of the Directorate and the Presidents of the Land Central Banks .
Centralbankrådet fastlzgger bankens penge - og kreditpolitik og er det merste interne styrende organ .
The Central Bank Council determines the monetary and credit policy of the Bank and is the supreme internal organ .
Direktoratet består af præsidenten , viceprmidenten og op til seks ( i ojeblikket fem ) yderligere medlemmer .
The Directorate comprises the President , the Deputy President and up to six ( currently five ) further members .
Alle medlemmer af direktoratet udnævnes af prmidenten for Den Tyske Forbundsrepublik efter indstilling af den f ~ derale regering , og efter at centralbankrådet har vzret konsulteret .
All members of the Directorate are appointed by the President of the Federal Republic on the proposal of the Federal Government after consultation with the Central Bank Council .
Direktoratet er ansvarlig for udfrarelsen af centralbankrådets penge - og kreditpolitiske beslutninger .
The Directorate is responsible for implementing the monetary and credit policy decisions of the Central Bank Council .
Direktoratet styrer og administrerer banken , undtagen hvad angår det område , der falder ind under Landcentralbankernes direktioners ansvarsområ 3.2 Anneks II de .
The Directorate also directs and administers the Bank , except in matters falling within the competence of the Managing Boards of the Land Central Banks .
Direktoratet er med disse afgrænsninger ansvarlig for transaktioner udfarrt som fiskal agent for den farderale regering , for kontantudlån til denne og dens specialfonde , for transaktioner med visse kreditinstitutter , for valutatransaktioner og eksterne transaktioner , for åbne markedsoperationer og for koordineringen af Bundesbanksystemets opgaver .
Within this framework , the Directorate is responsible for transactions as fiscal agent for the Federal Government and as provider of cash advances to it and its special funds , for transactions with certain credit institutions , for Annex I1 foreign exchange and external transactions , for open market operations and for co-ordination tasks within the Bundesbank as a whole .
Direktionerne i de ni Landcentralbanker består af præsidenten , vicepræsidenten og i nogle tilfælde ét yderligere medlem .
The Managing Boards of the nine Land Central Banks consist of the President , the Vice-President and in some cases one further member .
Præsidenten for Landcentralbankerne udnævnes af præsidenten for Forbundsrepublikken efter indstilling af Bundesrat ( parlamentets merste kammer ) , efter at et forslag har været fremsendt af den kompetente Landsregering , og efter at centralbankrådet har været konsulteret .
The Presidents of the Land Central Banks are appointed by the President of the Federal Republic on the proposal of the Bundesrat ( upper chamber of parliament ) , following submission of a proposal from the competent Land governments and after consultation with the Central Bank Council .
Landcentralbankerne udfarrer transaktioner med de offentlige myndigheder og kreditinstitutioner , der harrer til deres område .
The Land Central Banks carry out transactions with the public authorities and credit institutions located in their area .
Medlemmer af bankens styrende organer udnzvnes for otte år ad gangen .
Members of the governing bodies of the Bank are appointed for a period of eight years .
I undtagelsestilfælde kan udnzvnelse ske for kortere perioder , men ikke for mindre end to år .
In exceptional cases , appointments may be shorter , but with a two year minimum .
Generelt gælder det , at der kan ske genudnævnelse .
Generally , appointments are renewable .
Banken og medlemmerne af de styrende organer er uafhængige af instruktioner fra den farderale regering i udfarrelsen af de opgaver , der er fastlagt i Bundesbankloven .
The Bank and the members of its governing bodies are independent of instructions from the Federal Government in the execution of the tasks assigned to them under the Bundesbank Act .
Uafhængighed i formuleringen og udf ~ relsen penge - og valutakurspoliaf tikken Penge - og kreditpolitik fastlægges af centralbankrådet alene .
Independence in the formulation and implementation of monetary and exchange rate policy Monetary and credit policy is determined by the Central Bank Council on its own authority .