natgillin/translations-raw huggingface dataset:
Analogt med de nationale centralbanker i euroområdet og i overensstemmelse med artikel 31.3 i statutten skal EU-landenes transaktioner med deres arbejdsbeholdninger i udenlandske valutaer også godkendes af ECB .
Transactions carried out by NCBs -- either by themselves or on behalf of national governments -- in fulfilment of their obligations towards international organisations , such as the BIS and the IMF , are also exempt from this requirement . By analogy with euro area NCBs and in line with Article 31.3 of the Statute , EU Member States » transactions with their foreign currency working balances are also subject to control by the ECB .
Den Europæiske Centralbanks retningslinje af 23 . oktober 2003 om de deltagende medlemsstaters transaktioner med deres arbejdsbeholdninger i udenlandske valutater i henhold til artikel 31.3 i statutten for Det Europæiske System af Centralbanker og Den Europæiske Centralbank ( ECB / 2003/12 ) ( EUT L 283 , 31.10.2003 , s. 81 ) .
Guideline ECB / 2003/12 of 23 October 2003 for participating Member States » transactions with their foreign exchange working balances pursuant to Article 31.3 of the Statute of the European System of Central Banks and of the European Central Bank ( OJ L 283 , 31.10.2003 , p. 81 ) . 97
3.3 BETALINGS - OG CLEARINGSYSTEMER Eurosystemets opgave med at fremme betalingssystemernes smidige funktion uddybes i artikel 22 i statutten , som giver ECB og de nationale centralbanker ret til at tilbyde faciliteter med henblik på at sikre effektive og pålidelige betalingsog clearingsystemer inden for Fællesskabet og over for tredjelande .
3 PAY M E N T A N D C L E A R I N G S Y S T E M S The Eurosystem 's task to promote the smooth operation of payment systems is substantiated in Article 22 of the Statute which entitles the ECB and the NCBs to provide facilities to ensure efficient and sound clearing and payment systems within the Community and other countries .
Med det formål for øje kan ECB udstede forordninger .
To the same end , the ECB may issue regulations .
11 Effektive og pålidelige betalings - og clearingsystemer er afgørende for en effektiv pengepolitik .
11 Efficient and sound payment systems and securities clearing and settlement systems are indispensable for the effectiveness of monetary policy .
Eurosystemet anvender betalingssystemer til at afvikle sine pengepolitiske operationer og intradag kreditoperationer .
The Eurosystem uses payment systems to settle its monetary policy and intraday credit operations .
Eftersom der i forbindelse med disse operationer skal stilles sikkerhed , er det helt afgørende , at eurosystemets modparter kan forlade sig på en pålidelig og effektiv infrastruktur af værdipapirclearing - og - afviklingssystemer , når de skal stille sikkerhed .
Since these operations have to be collateralised , the ability of the Eurosystem 's counterparties to provide collateral rests on a sound and efficient infrastructure of securities clearing and settlement systems .
Betalings - og værdipapirsystemernes smidige funktion er også en nødvendighed , for at europengemarkedet og mere generelt andre nationale og internationale finansmarkeder ( såsom valuta -, værdipapir - og derivatmarkeder ) kan fungere .
The smooth working of both payment systems and securities settlement systems is also crucial for the functioning of the euro money market and , more generally , for other national and international financial markets ( such as foreign exchange , securities and derivatives markets ) .
Som udgangspunkt er der to typer finansiel risiko knyttet til betalingssystemer og værdipapirclearing - og - afviklingssystemer : -* Risikoen for at en deltager i systemet ikke kan leve op til sine forpligtelser , enten på afviklingstidspunktet eller et senere tidspunkt ( kreditrisiko ) .
There are two basic kinds of financial risk associated with payment systems and securities clearing and settlement systems : -* the risk that a party within the system may be unable to meet its obligations either when such obligations fall due or at any time in the future ( credit risk ) ;
-* Risikoen for at en deltager i systemet ikke har tilstrækkelige midler eller værdipapirer til at opfylde sine forpligtelser på det forventede tidspunkt , selv om deltageren vil være i stand til at opfylde sine forpligtelser i fremtiden ( likviditetsrisiko ) .
-* the risk that a party within the system may have insufficient funds or securities to meet its obligations as and when expected , although it may be able to do so later ( liquidity risk ) .
Begge disse risikotyper kan føre til en situation , hvor en deltagers misligholdelse af sine forpligtelser i forbindelse med en interbankoverførsel eller i et værdipapirclearing - og - afviklingssystem betyder , at andre deltagere ikke kan opfylde deres forpligtelser , når de forfalder .
Both categories of financial risk might lead to a situation where the failure of one participant in an interbank funds transfer or securities clearing and settlement system to meet its obligations results in a domino effect in which other participants become unable to meet their obligations when due .
Et sådant scenario kan medføre omfattende forstyrrelser på de finansielle markeder som helhed ( systemisk risiko ) , hvilket også kan påvirke resten af økonomien .
Such a scenario could lead to widespread disturbances in the financial markets as a whole ( systemic risk ) which could also affect the broader economy .
For så vidt angår værdipapirclearing - og - afviklingssystemer , er der endvidere risiko for tab eller manglende tilgængelighed af værdipapirer i depot som følge af depotbankens insolvens eller forsømmelighed eller en anden ugunstig situation , som banken befinder sig i ( depotrisiko ) .
In the case of securities clearing and settlement systems , there is also the risk of the loss or unavailability of securities held in custody caused by the insolvency or negligence of the custodian bank , or by any other adverse situation in which it finds itself ( custody risk ) .
Det har også betydning for en deltagers mulighed for at levere værdipapirer , når det er nødvendigt .
This too has an impact on the ability of a participant to deliver securities when needed .
Betalingssystemer og værdipapirclearing - og - afviklingssystemer skal ikke kun være sikre , de skal også være effektive og praktiske for både brugerne og økonomien som helhed .
Besides being secure , payment and securities clearing and settlement systems should also be efficient and practical , both for their users and for the economy as a whole .
Det er dog altid nødvendigt at finde et kompromis mellem at minimere omkostninger og leve op til andre mål , fx sikkerhed .
However , there is always a trade-off between minimising costs and meeting other objectives , such as safety .
ECB har ikke hidtil haft behov for at benytte sig af de lovgivningsmæssige beføjelser i ESCBstatuttens artikel 22 .
So far , the ECB has not had need for recourse to the regulatory powers provided for by Article 22 of the Statute of the ESCB .
Omfanget af beføjelserne i statuttens artikel 22 drøftes nærmere i artiklen Eurosystemets rolle i betalings - og clearingsystemer i ECBs Månedsoversigt for april 2002 .
For a more detailed discussion of the scope of the ECB 's regulatory powers under Article 22 of the Statute , see the Article entitled « The role of the Eurosystem in payment and clearing systems » in the April 2002 issue of the ECB 's Monthly Bulletin .
For at vejlede deltagerne i betalingssystemer og værdipapirclearing - og - afviklingssystemer i deres valg udarbejder centralbanker og tilsynsmyndigheder minimumsstandarder og henstillinger vedrørende sikkerhed og effektivitet , som fremmer konkurrencen mellem dels betalingssystemerne dels værdipapirclearingog - afviklingssystemerne , og de bidrager til at undgå arbitrage .
and securities clearing and settlement systems in making their choices , which , in turn , fosters competition between payment systems and among securities clearing and settlement systems , and helps to avoid regulatory arbitrage .
I overensstemmelse med disse overvejelser og det mandat , som EF-traktaten og ESCB-statutten tildeler , er det eurosystemets politiske mål at opnå sikre og effektive systemer .
In line with these considerations and the mandate given by the EC Treaty and the Statute of the ESCB , the policy objectives of the Eurosystem are geared towards ensuring safe and efficient systems .
I den forbindelse er det eurosystemets opgave : -* at stille betalings - og værdipapirafviklingsfaciliteter til rådighed -* at overvåge systemerne for at sikre effektivitet og sikkerhed .
To this end , the Eurosystem : -* provides payment and securities settlement facilities ; -* oversees the systems with a view to ensuring their efficiency and security .
3.3.1 Betalings - og værdipapirafviklingsfaciliteter I overensstemmelse med den traktatbestemte opgave om at fremme betalingssystemernes smidige funktion stiller eurosystemet en lang række betalings - og værdipapirafviklingsfaciliteter til rådighed , hvoraf det vigtigste er Target-systemet .
1 P rov i s i o n o f p ay m e n t a n d s e c u r i t i e s s e t t l e m e n t f a c i l i t i e s In line with its statutory task to promote the smooth functioning of payment systems , the Eurosystem provides a wide range of payment and securities settlement facilities , the most important of which is the TARGET system .
Target ( Trans-European Automated Real-time Gross settlement Express Transfer system ) Eurosystemet har udviklet Target til håndtering af store betalinger i euro i realtid over hele euroområdet .
TA R G E T ( Tr a n s - E u ro p e a n A u t o m a t e d R e a l - t i m e G ro s s s e t t l e m e n t E x p re s s Tr a n s f e r s y s t e m ) The Eurosystem has developed TARGET to process large-value payments in euro in real time throughout the euro area .
Target sikrer lige vilkår for markedsdeltagerne og fungerer som en mekanisme til rettidig og sikker udførelse af de pengepolitiske operationer mellem de nationale centralbanker i eurosystemet og kreditinstitutterne .
TARGET provides a level playing field for market participants and a tool through which the monetary policy-related transactions between the NCBs of the Eurosystem and credit institutions can be carried out in a timely and secure manner .
Det er det eneste system , der udfører grænseoverskridende betalinger i euro , og som er direkte tilgængeligt for alle pengepolitiske modparter .
It is the only payment system carrying out cross-border payments in euro which is directly accessible to all monetary policy counterparties .
Systemet gør det således muligt for europengemarkedet at fungere som et fælles marked og muliggør en fælles pengepolitik .
It thus enables the euro money market to function as a single market and makes a single monetary policy possible .
Det nuværende system Target , som har en decentraliseret struktur , blev sat i drift 4 . januar 1999 .
T h e c u r re n t s y s t e m TARGET began live operations on 4 January 1999 and has a decentralised structure .
Systemet består for tiden af 16 nationale realtidsbruttoafviklingssystemer og ECBs betalingsmekanisme ( EPM ) , som er indbyrdes forbundet .
It currently comprises and interlinks 16 national RTGS systems and the ECB payment mechanism ( EPM ) .
De 16 nationale realtidsbruttoafviklingssystemer er systemerne i eurolandene samt i Danmark , Sverige , Storbritannien og , siden marts 2005 , Polen .
The 16 national RTGS systems are the systems of the 12 euro area countries plus Denmark , Sweden , the United Kingdom and , since March 2005 , Poland .
Slovenien kommer med i 2007 .
Slovenia is set to join in 2007 .
ECBs retningslinje om Target12 fastsætter reglerne for selve systemets funktion , herunder dets nationale komponenter .
The ECB Guideline on TARGET12 lays down the rules governing the operation of the system , including its national components .
Retningslinjen indeholder også bestemmelser om en række fælles minimumskrav ( fx adgangskriterier , valutaenhed , principper for prisfastsættelse , åbningstid , betalingsregler , uigenkaldelighed , endelighed og intradag kredit ) , som alle nationale realtidsbruttoafviklingssystemer , der deltager i Target , skal følge .
It also contains provisions on a number of minimum common features ( e.g. access criteria , currency unit , pricing rules , time of operation , payment rules , irrevocability , finality and intraday credit ) with which each national RTGS system participating in TARGET must comply .
En multilateral aftale , der afspejler Target-retningslinjen , er blevet indgået mellem eurosystemet og de nationale centralbanker uden for euroområdet .
A multilateral agreement that mirrors the TARGET Guideline has been concluded between the Eurosystem and the non-euro area NCBs .
12 Den Europæiske Centralbanks retningslinje 2001/401 af 26 .
TARGET must be used for all payments directly resulting from or made in connection with : 12
april 2001 om et Trans-European Automated Real-Time Gross settlement Express Transfer system ( TARGET ) ( ECB / 2001/3 ) , ( EFT L 140 , 24.5.2001 , s. 72 ) , ændret ved retningslinje ECB / 2003/6 af 4 . april 2003 ( EUT L 113 , 7.5.2003 , s. 74 ) .
Guideline ECB / 2001/3 of 26 April 2001 on a Trans-European Automated Real-time Gross settlement Express Transfer system ( TARGET ) ( OJ L 140 , 24.5.2001 , p. 72 ) , as last amended by Guideline ECB / 2003/6 of 4 April 2003 ( OJ L 113 , 7.5.2003 , p. 74 ) .
Target skal anvendes til afvikling af alle betalinger , som følger direkte af eller foretages i forbindelse med : a ) b ) c ) eurosystemets pengepolitiske operationer afvikling af eurodelen af valutaoperationer , som involverer eurosystemet afvikling i systemer til store betalinger , som håndterer overførsler i euro .
the Eurosystem 's monetary policy operations ; the settlement of the euro leg of foreign exchange operations involving the Eurosystem ;
For andre betalinger som fx interbankbetalinger og kommercielle betalinger gælder det , at markedsdeltagerne frit kan vælge , om de vil benytte Target eller et andet betalingssystem .
the settlement operations of large-value systems handling euro transfers . For other payments , such as interbank and commercial payments in euro , market participants are free to use TARGET or another payment system .
I 2005 blev 89 pct . af den samlede omsætning for store betalinger i euro afviklet via Target .
In 2005 , 89 % of the total turnover of large-value payments in euro were carried out via TARGET .
Ved udgangen af 2004 var der over 10.000 deltagere , og omkring 50.000 institutter kan nås via Target .
At the end of 2004 , there were more than 10,000 participants ; overall , some 50,000 institutions can be addressed through TARGET .
Target2 Targets nuværende opbygning blev fastlagt i 1994 med udgangspunkt i princippet om minimal harmonisering og indbyrdes forbindelse mellem de eksisterende infrastrukturer .
TA R G E T 2 The current structure of TARGET was decided on in 1994 and was based on the principles of minimum harmonisation and interconnection of existing infrastructures .
På denne måde kunne man sikre , at systemet ville fungere fra begyndelsen af tredje fase af ØMU .
This was the best way of ensuring that the system would be operational from the very start of Stage Three of EMU .
Da det imidlertid er nødvendigt at forbedre systemet på grund af den tiltagende finansielle integration i euroområdet , og da Target-brugernes forretningsmæssige behov bliver stadig mere ensartede , begyndte man forberedelserne til et nyt system ( Target2 ) i oktober 2002 .
However , in view of increasing financial integration within the euro area and the fact that the business needs of TARGET users are becoming even more similar , preparations for a new enhanced system ( TARGET2 ) started in October 2002 .
De skulle føre til , at Target2 sættes i drift i 2007 .
These preparations are aimed at TARGET2 starting operations in 2007 .
Anden generation af Target vil a ) på grund af det stærkt harmoniserede serviceniveau i højere grad opfylde deltagernes behov , b ) garantere omkostningseffektivitet og c ) være forberedt til hurtigt at blive tilpasset den fremtidige udvikling , herunder EUs og eurosystemets udvidelse .
The second generation of TARGET ( i ) will better meet customers » needs by providing an extensively harmonised service level , ( ii ) will help to ensure cost efficiency and ( iii ) will be prepared for swift adaptation to future developments , including the enlargement of the EU and the Eurosystem .
Samtidig er de nationale centralbanker fortsat ansvarlige for kreditinstitutternes konti og kundekontakten til kreditinstitutterne .
At the same time , the NCBs will remain responsible for the accounts of , and business relations with , the credit institutions .
Target2 kommer til at bestå af en fælles platform for de centralbanker , der beslutter at deltage og at afvikle deres nationale RTGS-platforme .
TARGET2 will provide for a single shared platform ( SSP ) for those central banks that decide to join it and give up their national RTGS platforms .
Alle centralbanker i eurosystemet skal deltage i Target2 .
All Eurosystem central banks will participate in TARGET2 .
Danmarks Nationalbank har bekræftet sin deltagelse , mens Sveriges Riksbank og Bank of England ikke ønsker at deltage i Target2 .
Danmarks Nationalbank has confirmed its participation , whereas Sveriges Riksbank and the Bank of England will not connect to TARGET2 .
Centralbankerne i nogle af de nye EU-lande vil først deltage , når de indfører euroen .
Central banks of some of the new EU Member States will only participate when they adopt the euro .
Afviklingsagent for private systemer Eurosystemet fungerer også som afviklingsagent for privatejede systemer , som det ikke selv driver .
S e t t l e m e n t a g e n t f o r p r i va t e s y s t e m s The Eurosystem also acts as settlement agent for payment systems that it does not operate itself .
ECB fungerer eksempelvis som afviklingsagent for EURO1-systemet , der drives af Euro Banking Association ( EBA ) , og visse nationale centralbanker afvikler for privatdrevne detailbetalings - og værdipapirafviklingssystemer .
For example , the ECB is the settlement agent for the EURO1 system operated by the Euro Banking Association ( EBA ) , and some NCBs settle for privately operated retail payment systems and securities settlement systems .
Funktionen som afviklingsagent , som ECB og visse nationale centralbanker udfører , sikrer , at afviklingen i disse betalingssystemer sker i centralbankpenge for at mindske risikoen for fejl med alvorlige systemiske konsekvenser for det finansielle system .
The function performed by the ECB and some NCBs as settlement agents ensures that these payment systems settle in central bank money to minimise the risk of failures with critical systemic consequences for the financial system .
Se ECB ( 2006 ) , Årsberetning 2005 , kapitel 2 , afsnit 2 .
See ECB ( 2006 ) , Annual Report 2005 , Chapter 2 , Section 2 .
Continuous Linked Settlement Det internationale afviklingssystem for valutahandler CLS ( Continuous Linked Settlement ) har været i drift siden 2002 . Det bruges til at afvikle valutahandler mellem de deltagende banker efter princippet om betaling mod betaling via konti hos CLS Bank i New York .
T h e C o n t i n u o u s L i n ke d S e t t l e m e n t s y s t e m The Continuous Linked Settlement ( CLS ) system has been operating since 2002 to settle foreign exchange transactions between member banks on a payment versus payment basis in the books of the CLS Bank , which is based in New York .
Federal Reserve , den amerikanske centralbank , er hovedansvarlig for overvågningen af systemet .
The US Federal Reserve is the main overseer of the system .
ECB stiller regnskabsfaciliteter til rådighed for CLS-systemet og fungerer som overvågningsorgan for euroen , der er den næstvigtigste valuta i CLS-systemet .
The ECB provides account facilities for the CLS system and is the overseer for the euro which is the second most important currency in the CLS system .
Detailbetalingssystemer Eurosystemet er engageret i detailbetalingssystemer på mange forskellige måder .
R e t a i l p ay m e n t s y s t e m s The Eurosystem 's involvement in retail payment systems is diverse .
Adskillige nationale centralbanker i euroområdet har en lang tradition for at drive detailbetalingssystemer . Det gælder fx Banca d' Italia , Nationale Bank van België / Banque Nationale de Belgique og Deutsche Bundesbank .
Several euro area NCBs , for example the Banca d' Italia , the Nationale Bank van België / Banque Nationale de Belgique and the Deutsche Bundesbank , have a long tradition of operating in retail payment systems .
De tilbyder et neutralt og åbent net , som pengeinstitutterne kan deltage i uanset omsætningsstørrelse .
They offer neutral and open networks in which banks can participate , irrespective of the size of their business .
Eurosystemets fortsatte engagement i detailbetalingssystemer afhænger overvejende af banksektorens bestræbelser på at tilbyde en effektiv detailbetalingsinfrastruktur for euroen i fremtiden .
The degree of Eurosystem involvement in retail payment systems will largely depend on the efforts of the banking sector to provide an efficient retail payments infrastructure for the euro in the future .
Korrespondentcentralbankmodellen Da der ikke fandtes nogen egnede markedsbaserede faciliteter til mobilisering af grænseoverskridende aktiver , udviklede eurosystemet i 1999 den såkaldte korrespondentcentralbankmodel ( CCBM ) for sine egne operationer .
T h e c o r re s p o n d e n t c e n t r a l b a n k i n g m o d e l In the absence of adequate market facilities for the cross-border mobilisation of assets throughout the euro area , the Eurosystem has set up a correspondent central banking model ( CCBM ) for its own operations .
Systemet skal sikre , at alle betalingssystemdeltagere og pengepolitiske modparter kan stille sikkerhed i forbindelse med eurosystemets kreditoperationer , uanset hvor sikkerheden befinder sig .
This system ensures that all payment system participants and monetary counterparties are able to provide collateral for Eurosystem credit operations , irrespective of where the collateral is located .
I den forbindelse agerer de nationale centralbanker korrespondentbank for hinanden .
To this end , each NCB acts as a custodian for the other NCBs .
Modellen var tænkt som en midlertidig løsning , indtil markedet havde udviklet alternative løsninger . Det var ikke hensigten at konkurrere med markedsinitiativer om at tilbyde grænseoverskridende tjenester til brug ved markedsoperationer .
The CCBM was developed as an interim solution , until such time as the market developed alternatives , and was not intended to compete with market initiatives to provide cross-border services for market operations .
Værdipapircentralaktiviteter De nationale centralbanker i eurosystemet har traditionelt spillet en operationel rolle i forbindelse med afviklingen af værdipapirer .
Central securities depository activities Eurosystem NCBs have traditionally played an operational role in the settlement of securities .
Skønt forskellige opgaver nu er blevet overført til private virksomheder , fungerer nogle af de nationale centralbanker stadig som værdipapircentral eller registrator for visse statspapirer og andre værdipapirtyper .
Although various tasks have now been transferred to private entities , some of the NCBs still act as a central securities depository ( CSD ) or registrar for some government and other securities .
3.3.2 Overvågning af betalings - og værdipapirafviklingssystemer Overvågningen af betalingssystemer bidrager til at udstikke standarder for betalingssystemernes sikkerhed og til at sikre , at de anvendes rigtigt .
2 O ve r s i g h t o f p ay m e n t a n d s e c u r i t i e s s e t t l e m e n t s y s t e m s Payment systems oversight sets standards for the security of payment systems and ensures that they are applied correctly .
Overvågningen bygger på en kombination af moralsk og reguleringsmæssigt pres , og hovedformålet er at beskytte systemernes funktion .
Based on a combination of moral suasion and regulatory pressure , the main purpose of oversight is to protect the functioning of the payment systems .