natgillin/translations-raw huggingface dataset:
For liste 2-papirer med variabel kuponrente og gældsinstrumenter med flere typer rentebetaling gælder samme regler som for liste 1-papirer , medmindre andet fastsættes af ECB ( 72 ) .
For tier two assets with variable rate coupons and debt instruments with more than one type of coupon payment , the same rules apply as for tier one assets , unless otherwise determined by the ECB ( 72 ) .
De nationale centralbanker anvender samme tærskelprocent ( hvis en sådan anvendes ) i margin calls for liste 2-papirer som i margin calls for liste 1-papirer .
The national central banks apply the same trigger point ( if applicable ) for the execution of margin calls for tier two assets as for tier one assets .
Desuden kan de nationale centralbanker fastsætte rammer ( limits ) for modtagelse af liste 2-papirer , kræve yderligere garantier og til enhver tid beslutte at slette enkelte aktiver i deres fortegnelse over liste 2-papirer .
In addition , national central banks may apply limits to their acceptance of tier two assets , may require additional guarantees and may at any time decide to remove individual assets from their tier two lists .
Ved værdiansættelse af de underliggende aktiver i tilbageførselsforretninger anvender Eurosystemet følgende principper : --- For hvert omsætteligt aktiv , der er et belånbart liste 1 - eller liste 2-papir , angiver Eurosystemet en enkelt referencekilde , hvorfra kursinformation hentes .
When determining the value of underlying assets used in reverse transactions , the Eurosystem applies the following principles : --- for each marketable asset eligible in tier one or tier two , the Eurosystem specifies a single reference price source .
For aktiver , der noteres eller handles på flere markeder , inde bærer dette , at kun kursinformation fra ét af disse markeder benyttes for det relevante aktiv . --- For hvert referencemarked definerer Eurosystemet den mest repræsentative kurs , der skal anvendes til beregning af kursværdier .
This also implies that for assets listed , quoted or traded on more than one market , only one of these markets is used as a price source for the relevant asset , --- for each reference market , the Eurosystem defines the most representative price to be used for the calculation of market values .
--- I mangel af en repræsentativ kurs for et bestemt aktiv på den sidste bankdag inden værdiansættelsesdagen anvendes den seneste handelskurs . Hvis der ikke foreligger en handelskurs , definerer den nationale centralbank en kurs på grundlag af aktivets seneste kurs i referencemarkedet .
If more than one price is quoted , the lowest of these prices ( normally the bid price ) is used , --- the value of marketable assets is calculated on the basis of the most representative price on the business day preceding the valuation date , --- in the absence of a representative price for a particular asset on the business day preceding the valuation date , the last trading price is used .
--- På grund af forskelle i de nationale retssystemer og den operationelle praksis kan behandlingen af betalingsstrømmene i forbindelse med aktiver ( fx rentebetalinger ) , der modtages i en tilbageførselsforretnings løbetid , variere mellem de nationale centralbanker .
If no trading price is available , the national central bank will define a price , taking into account the last price identified for the asset in the reference market , --- the market value of a debt instrument is calculated including accrued interest , --- depending on differences in national legal systems and operational practices , the treatment of income flows ( e.g. coupon payments ) related to an asset which are received during the life of a reverse transaction may differ between national central banks .
De nationale centralbanker tilstræber , at den økonomiske effekt af behandlingen af betalingsstrømme svarer til , at betalingen overføres til modparten på betalingsdagen ( 73 ) . --- For ikke-omsættelige liste 2-papirer angiver den nationale centralbank , som har medtaget aktiverne i sin fortegnelse over liste 2-papirer , særlige værdiansættelsesprincipper .
The national central banks aim to ensure that the economic effect of the treatment of income flows is equivalent to a situation in which the income is transferred to the counterparty on the payment day ( 73 ) , --- for non-marketable tier two assets , the national central bank which has included the assets in its tier two list specifies separate valuation principles .
( 72 ) For visse liste 2-papirer med rentetilpasning , hvor rentetilpasningen sker entydigt og klart i henhold til markedsstandarderne og med forbehold af ECBs godkendelse , er den relevante løbetid tilpasningsløbetiden .
( 72 ) For some tier two assets with interest rate resetting features , in which the resetting is done in an unequivocal and clear manner following market standards and subject to the ECB 's approval , the relevant maturity is that given by the resetting maturity .
( 73 ) De nationale centralbanker kan beslutte , at de som underliggende aktiver i tilbageførselsforretninger ikke vil acceptere gældsinstrumenter med betalingsstrømme ( fx rentebetalinger ) eller aktier med en hvilken som helst form for udbetaling ( eller med en hvilken som helst anden rettighed , der kan påvirke deres egnethed som underliggende aktiv ) , der forfalder i perioden indtil udløbet af den pengepolitiske operation ( se afsnit 6.2 og 6.3 ) .
( 73 ) National central banks may decide not to accept as underlying assets in reverse transactions debt instruments with an income flow ( e.g. a coupon payment ) or equities with a payment of any kind ( or with any other right attached to them which may affect their suitability as underlying assets ) occurring in the period up to the maturity date of the monetary policy operation ( see Sections 6.2 and 6.3 ) .
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Underliggende aktiver skal kunne benyttes på tværs af grænserne i hele euroområdet til afvikling af alle typer operationer , hvor Eurosystemet tilfører likviditet mod sikkerhedsstillelse i belånbare aktiver .
Underlying assets must be usable on a cross-border basis in the whole euro area for the settlement of all types of operations in which the Eurosystem provides liquidity against eligible assets .
Det drejer sig om korrespondentcentralbankmodellen ( CCBM ) , hvor de nationale centralbanker over for hinanden ( og ECB ) fungerer som depot institutioner (» korrespondentbanker «) med hensyn til de aktiver , de modtager i deres lokale registreringsinstitution eller afviklingssystem .
This is the correspondent central banking model ( CCBM ) , under which national central banks act as custodians (' correspondents ') for each other ( and for the ECB ) in respect of assets accepted in their local depository or settlement system .
Særlige løsninger kan anvendes i forbindelse med ikke-omsættelige aktiver eller liste 2-papirer med begrænset likviditet og særlige karakteristika , der ikke kan overføres gennem et værdipapirafviklingssystem ( 74 ) .
Specific solutions may be used for non-marketable assets or tier two assets with restricted liquidity and special features which cannot be transferred through an SSS ( 74 ) .
CCBM kan bruges til sikkerhedsstillelse i forbindelse med alle former for kreditoperationer i Eurosystemet .
The CCBM may be used to collateralise all kinds of Eurosystem credit operations .
Foruden CCBM kan godkendte links mellem værdipapirafviklingssystemer benyttes til grænseoverskridende overførsel af værdipapirer ( 75 ) .
In addition to the CCBM , eligible links between SSSs can be used for the cross-border transfer of securities ( 75 ) .
Korrespondentcentralbank modellen Korrespondentcentralbankmodellen er illustreret i figur 3 nedenfor .
Correspondent central banking model The correspondent central banking model is illustrated in Chart 3 below .
CCBMs nøjagtige procedure afhænger af , om de belånbare aktiver er øremærket til bestemte transaktioner , eller om de indgår i en pulje af underliggende aktiver ( 76 ) .
The precise procedure of the CCBM depends on whether the eligible assets are earmarked for each individual transaction or whether they are held in a pool of underlying assets ( 76 ) .
( 74 ) Nærmere oplysninger herom findes i brochuren om korrespondentcentralbankmodellen på ECBs websted ( www.ecb.int ) .
( 74 ) Details are provided in the « Correspondent Central Banking Model brochure » , which is available on the ECB 's website ( www.ecb.int ) .
( 75 ) Belånbare aktiver kan anvendes gennem en centralbanks konto i et værdipapirafviklingssystem i et andet land end det , hvor den pågældende centralbank ligger , hvis Eurosystemet har godkendt brugen af denne konto .
( 75 ) Eligible assets may be used through an account of a central bank in an SSS located in a country other than that of the central bank in question if the Eurosystem has approved the use of such an account .
Siden august 2000 har Central Bank and Financial Services Authority of Ireland været godkendt til at åbne en sådan konto i Euroclear .
Since August 2000 , the Central Bank and Financial Services Authority of Ireland has been authorised to open such an account in Euroclear .
Denne konto kan benyttes til alle belånbare aktiver i Euroclear , dvs . inkl .
This account can be used for all eligible assets held in Euroclear , i.e. including eligible assets transferred to Euroclear through eligible links .
belånbare aktiver overført til Euroclear gennem godkendte links . 76 ) Se brochuren om korrespondentcentralbankmodellen for at få nærmere oplysninger .
76 ) See the « Correspondent Central Banking Model brochure » for further explanations .
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--- I et system med øremærkning er proceduren følgende : Så snart modpartens bud på kredit er accepteret af den nationale centralbank i den medlemsstat , hvor modparten er etableret ( dvs . » hjemmecentralbanken «) , instruerer modparten ( evt .
--- in an earmarking system , as soon as its bid for credit is accepted by the national central bank of the Member State in which the counterparty is established ( i.e. the « home central bank ') , the counterparty instructs ( via its own custodian , if necessary ) the SSS in the country in which its securities are held to transfer them to the central bank of that country for the account of the home central bank .
via sin egen depot - institution ) værdipapirafviklings systemet i det land , hvor værdipapirerne opbevares , om at overføre disse til hjemmecentralbankens konto hos centralbanken i det pågældende land . Når hjemmecentralbanken af korrespondentcentralbanken er blevet underrettet om , at sikkerheden er modtaget , overføres midlerne til modparten .
Once the home central bank has been informed by the correspondent central bank that the collateral has been received , it transfers the funds to the counterparty .
Hvis afviklingsfristerne kræver det , kan modparterne forhåndsdeponere aktiver på hjemmecentralbankens konto hos korrespondent central bankerne ved hjælp af CCBM-procedurerne . --- I et system med pooling er proceduren følgende : Modparten kan til enhver tid levere værdipapirer til hjemmecentralbankens konto hos korrespondentcentralbanken .
Where necessary to meet settlement deadlines , counterparties may be able to pre-deposit assets with correspondent central banks for the account of their home central bank using the CCBM procedures , --- in a pooling system , the counterparty is at any time able to provide the correspondent central bank with securities for the account of the home central bank .
Når hjemmecentralbanken af korrespondentcentralbanken er blevet underrettet om , at værdipapirerne er indgået , indsættes værdipapirerne på modpartens puljekonto . CCBM er åben fra kl .
Once the home central bank has been informed by the correspondent central bank that the securities have been received , it will add these securities to the pool account of the counterparty ,
9.00 til kl . 16.00 ECB-tid ( CET ) på alle Eurosystemets bankdage .
The CCBM is available to counterparties from 9 a.m. to 4 p.m. ECB time ( C.E.T. ) on each Eurosystem business day .
16.45 ECB-tid ( CET ) . Instrukser eller deponering efter disse tidsfristers udløb behandles først med henblik på kredit den følgende bankdag .
Instructions or deliveries not respecting this deadline will only be considered for credit given on the following business day .
Foruden gennem CCBM kan grænseoverskridende overførsel af værdipapirer ske gennem godkendte links mellem EUs værdipapirafviklingssystemer .
In addition to the CCBM , eligible links between EU SSSs can be used for the cross-border transfer of securities .
FIGUR 4 Links mellem værdipapirafviklingssystemer
CHART 4 Links between securities settlement system
Før disse links kan benyttes til overførsel af sikkerhed i forbindelse med Eurosystemets kreditoperationer , skal de vurderes og godkendes på grundlag af standarderne for anvendelse af EUs værdipapirafviklingssystemer ( 77 ) ( 78 ) geprüft und zugelassen werden .
Before these links can be used to transfer collateral for Eurosystem credit operations , they have to be assessed and approved against the standards for the use of EU SSSs ( 77 ) ( 78 ) .
( 77 ) En ajourført liste over godkendte links findes på ECBs websted ( www.ecb.int ) .
( 77 ) The updated list of eligible links can be found on the ECB 's website ( www.ecb.int ) .
( 78 ) Se » Standards for the use of EU securities settlement systems in ESCB credit operations «, januar 1998 .
( 78 ) See the « Standards for the use of EU securities settlement systems in ESCB credit operations » , January 1998 .
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Hvad angår Eurosystemet , varetager CCBM og linkene mellem EUs værdipapirafviklingssystemer samme funktion , idet begge giver modparterne mulighed for at anvende sikkerhed på tværs af grænserne . Begge systemer sætter med andre ord modparterne i stand til at stille sikkerhed i form af aktiver for at opnå kredit fra deres hjemmecentralbank , også selv om disse aktiver er udstedt i et værdipapirafviklingssystem i et andet land .
From a Eurosystem perspective , the CCBM and the links between EU SSSs fulfil the same role of allowing counterparties to use collateral on a cross-border basis , i.e. both enable counterparties to use collateral to obtain credit from their home central bank , even if this collateral was issued in an SSS of another country .
Aktiver , der er deponeret hos en korrespondentcentralbank , kan kun anvendes som sikkerhed i Eurosystemets kreditoperationer .
Assets deposited with a correspondent central bank can only be used to collateralise Eurosystem credit operations .
Aktiver , som modparterne har gennem et link , kan anvendes til Eurosystemets kreditoperationer og til et hvilket som helst andet formål , som modparten måtte ønske .
Assets held through a link can be used for Eurosystem credit operations as well as for any other purpose selected by the counterparty .
Gennem links mellem værdipapir afviklingssystemer ejer modparterne aktiverne på deres konto i deres hjemlands værdipapirafviklingssystem , så der ikke er brug for en depot institution .
Using links between SSSs , the counterparties hold the assets on their own account with their home SSS and have no need for a custodian .
KAPITEL 7 7 .
CHAPTER 7 7 .
RESERVEKRAV ( 79 ) Generelle betragtninger ECB pålægger kreditinstitutterne at holde mindstereserver på konti hos de nationale centralbanker inden for rammerne af Eurosystemets reservekravssystem .
MINIMUM RESERVES ( 79 ) General considerations The ECB requires credit institutions to hold minimum reserves on accounts with the national central banks within the framework of the Eurosystem 's minimum reserve system .
Den retlige ramme for dette system er fastsat i artikel 19 i statutten for ESCB , Rådets forordning ( EF ) nr. 2531/98 af 23 . november 1998 om Den Europæiske Centralbanks ( 80 ) anvendelse af mindstereserver og Den Europæiske Centralbanks forordning ( EF ) nr. 1745/2003 om anvendelse af mindstereserver ( ECB / 2003/9 ) ( 81 ) .
The legal framework for this system is laid down in Article 19 of the Statute of the ESCB , Council Regulation ( EC ) No 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank ( 80 ) and Regulation ( EC ) No 1745/2003 of the European Central Bank on the application of minimum reserves ( ECB / 2003/9 ) ( 81 ) .
Med Den Europæiske Centralbanks forordning ( EF ) nr. 1745/2003 om anvendelse af mindstereserver ( ECB / 2003/9 ) sikres det , at betingelserne for Eurosystemets reservekravssystem er ensartede i hele euroområdet .
The application of Regulation ( EC ) No 1745/2003 of the European Central Bank on the application of minimum reserves ( ECB / 2003/9 ) ensures that the terms and conditions of the Eurosystem 's minimum reserve system are uniform throughout the euro area .
Størrelsen af det enkelte instituts mindstereserver fastsættes i forhold til dets reservekravs grundlag .
The amount of minimum reserves to be held by each institution is determined in relation to its reserve base .
Eurosystemets reservekravssystem har følgende pengepolitiske hovedfunktioner : --- Stabilisering af pengemarkedsrenterne Gennemsnitsfaciliteten i Eurosystemets reservekravssystem skal tjene til at stabilisere pengemarkedsrenterne ved at give institutterne et incitament til at udjævne virkningerne af midlertidige likviditetsudsving .
The Eurosystem 's minimum reserve system primarily pursues the following monetary functions : --- Stabilisation of money market interest rates The averaging provision of the Eurosystem 's minimum reserve system aims to contribute to the stabilisation of money market interest rates by giving institutions an incentive to smooth the effects of temporary liquidity fluctuations .
--- Skabelse eller forøgelse af et strukturelt li kviditetsunderskud Eurosystemets reservekravssystem bidrager til at skabe eller forøge et strukturelt likviditetsunderskud .
--- Creation or enlargement of a structural liquidity shortage The Eurosystem 's minimum reserve system contributes to creating or enlarging a structural liquidity shortage .
Det kan sætte Eurosystemet i stand til at operere mere smidigt som udbyder af likviditet .
This may be helpful in order to improve the ability of the Eurosystem to operate efficiently as a supplier of liquidity .
I forbindelse med anvendelse af mindstereserver skal ECB handle i overensstemmelse med målsætningerne for Eurosystemet som beskrevet i artikel 105 , stk . 1 , i traktaten og artikel 2 i statutten for ESCB , herunder bl .
In the application of minimum reserves , the ECB is bound to act in pursuance of the objectives of the Eurosystem as defined in Article 105 ( 1 ) of the Treaty and Article 2 of the Statute of the ESCB , which implies , inter alia , the principle of not inducing significant undesirable delocation or disintermediation .
Institutter , der er underlagt reservekrav I henhold til artikel 19.1 i statutten for ESCB pålægger ECB kreditinstitutter , der er beliggende i medlemsstater , at holde mindstereserver .
Institutions subject to minimum reserves Pursuant to Article 19.1 of the Statute of the ESCB , the ECB requires credit institutions established in Member States to hold minimum reserves .
( 79 ) Dette kapitel tjener kun til orientering .
( 79 ) The content of this chapter is provided for information purposes only .
( 80 ) EFT L 318 af 27.11.1998 , s. 1 .
( 80 ) OJ L 318 , 27.11.1998 , p. 1 .
( 81 ) EUT L 250 af 2.10.2003 , s. 10 .
( 81 ) OJ L 250 , 2.10.2003 , p. 10 .
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Institutter fritages automatisk fra reservekravene fra starten af den reservekravsperiode , hvori deres tilladelse inddrages eller opgives , eller hvori en juridisk myndighed eller en anden kompetent myndighed i en deltagende medlemsstat træffer afgørelse om at indlede en af viklingsprocedure vedrørende instituttet .
Institutions will be automatically exempted from reserve requirements from the start of the maintenance period within which their authorisation is withdrawn or surrendered , or within which a decision to submit the institution to winding-up proceedings is taken by a judicial authority or any other competent authority of a participating Member State .
I henhold til Rådets forordning ( EF ) nr. 2531/98 af 23 . november 1998 om Den Europæiske Centralbanks anvendelse af mindstereserver og Den Europæiske Centralbanks forordning ( EF ) nr. 1745/2003 om anvendelse af mindstereserver ( ECB / 2003/9 ) kan ECB også på et ikke-diskriminerende grundlag fritage institutter fra deres forpligtelser i medfør af Eurosystemets reservekravssystem , hvis formålet med systemet ikke opfyldes ved at pålægge dem disse forpligtelser .
According to Council Regulation ( EC ) No 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank and Regulation ( EC ) No 1745/2003 of the European Central Bank on the application of minimum reserves ( ECB / 2003/9 ) , the ECB may also exempt institutions from their obligations under the Eurosystem 's minimum reserve system on a non-discriminatory basis if the purposes of this system would not be met by imposing these obligations on those particular institutions .
--- Instituttet driver ikke aktiv bankvirksomhed i konkurrence med andre kreditinstitutter .
--- the institution is not exercising active banking functions in competition with other credit institutions ;
--- Instituttets indskud er udelukkende beregnet til regional og / eller international udviklingsstøtte .
and / or --- the institution has all its deposits earmarked for purposes related to regional and / or international development assistance .
ECB offentliggør en liste over institutter , der er underlagt Eurosystemets reservekrav .
The ECB establishes and maintains a list of institutions subject to the Eurosystem 's minimum reserve system .
ECB offentliggør ligeledes en liste over institutter , som er fritaget for dette krav af andre årsager , end at instituttet er under reorganisering ( 82 ) .
The ECB also makes public a list of any institutions exempt from their obligations under this system for reasons other than their being subject to reorganisation measures ( 82 ) .
Listerne , som gøres offentligt tilgængelige efter arbejdstids ophør på Eurosystemets sidste bankdag i hver kalendermåned , anvendes ved opgørelsen af reservekravsgrundlaget for den reservekravsperiode , der starter to kalendermåneder senere .
The lists , available to the public after close of business on the last Eurosystem business day of each calendar month , are valid for the calculation of the reserve base for the maintenance period beginning in the calendar month two months later .
Reser vekr avsgr undlag og re se r vekravskoe ffi ciente r Et instituts reservekravsgrundlag defineres i forhold til passivposter på dets balance .
Determination of minimum reserves ( a ) R e s e r v e b a s e a n d r e s e r v e r a t i o s The reserve base of an institution is defined in relation to elements of its balance sheet .
Balancedata rapporteres til de nationale centralbanker inden for de overordnede rammer af ECBs penge - og bankstatistik ( se afsnit 7.5 ) ( 83 ) .
The balance sheet data are reported to the national central banks within the general framework of the ECB 's money and banking statistics ( see Section 7.5 ) ( 83 ) .
Ifølge Rådets forordning ( EF ) nr. 2531/98 af 23 . november 1998 om Den Europæiske Centralbanks anvendelse af mindstereserver kan ECB medtage passiver som følge af accept af midler samt passiver , der hidrører fra ikke-balanceførte poster , i institutternes reservekravsgrundlag .
According to Council Regulation ( EC ) No 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank , the ECB is entitled to include liabilities resulting from the acceptance of funds together with liabilities resulting from off-balance-sheet items in the reserve base of institutions .
I Eurosystemets reservekravssystem er dog kun passivkategorierne » indlån « og » udstedte gældsinstrumenter « medtaget i reservekravsgrundlaget ( se boks 13 ) .
In the Eurosystem 's minimum reserve system , only the liability categories « deposits » and « debt securities issued » are actually included in the reserve base ( see Box 13 ) .