natgillin/translations-raw huggingface dataset:
( 33 ) Swappointbuddene opstilles i stigende orden , idet der tages hensyn til deres fortegn , der afhænger af fortegnet på rentespændet mellem den udenlandske valuta og euroen .
( 33 ) Swap point quotations are listed in increasing order taking into account the sign of the quotation , which depends on the sign of the interest rate differential between the foreign currency and the euro .
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er tildelingsprocenten ved det marginale antal swappoint : A -- all % ð∆m Þ = m -- 1 X s ¼ 1
The percentage of allotment at the marginal swap point quotation is : A -- all % ð∆m Þ = m -- 1 X s ¼ 1
að∆s Þ
að∆s Þ
að∆m Þ
að∆m Þ
er tildelingsbeløbet til modpart i ved de marginale antal swappoint : allð∆m Þi = all % ð∆m Þ Â að∆m Þi er det samlede beløb , der tildeles modpart i : alli = m -- 1 X s ¼ 1
The allotment to the ith counterparty at the marginal swap point quotation is : allð∆m Þi = all % ð∆m Þ Â að∆m Þi The total amount allotted to the ith counterparty is : alli = m -- 1 X s ¼ 1
að∆s Þi þ allð∆m Þi
að∆s Þi þ allð∆m Þi
d ) A u k t i o n s t y p e I forbindelse med auktioner til variabel rente kan Eurosystemet benytte en auktionstype med enten en enkelt eller flere rentesatser .
( d ) Ty p e o f a u c t i o n For variable rate tenders , the Eurosystem may apply either single rate or multiple rate auction procedures .
Resultaterne af standardauktioner og ekstraordinære auktioner offentliggøres gennem elektroniske nyhedstjenester .
The results of standard and quick tenders are announced publicly by means of wire services .
--- Det samlede budbeløb fra Eurosystemets modparter .
--- the total amount bid by Eurosystem counterparties ;
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De nationale centralbanker bekræfter direkte de individuelle tildelingsresultater over for modparterne .
The national central banks will directly certify the individual allotment result to successful counterparties .
Bilaterale markedsoperationer a ) Generelle betragtninger De nationale centralbanker kan udføre markedsoperationer som bilaterale procedurer ( 34 ) .
Procedures for bilateral operations ( a ) G e n e r a l c o n s i d e r a t i o n s The national central banks may execute operations on the basis of bilateral procedures ( 34 ) .
De defineres bredt som alle procedurer , hvor Eurosystemet uden en auktion udfører en transaktion med en eller nogle få modparter .
They are defined in a broad sense as any procedures where the Eurosystem conducts a transaction with one or a few counterparties without a tender .
Der skelnes mellem to forskellige typer af bilaterale procedurer : Operationer , hvor modparterne kontaktes direkte af Eurosystemet , og operationer , der udføres via børser og mæglere .
In this respect , two different types of bilateral procedures can be distinguished : operations where counterparties are contacted directly by the Eurosystem , and operations executed through stock exchanges and market agents .
b ) D i r e k t e k o n t a k t m e d m o d p a r t e r n e Ifølge denne procedure kontakter de nationale centralbanker direkte en eller nogle få indenlandske modparter udvalgt efter kriterierne i afsnit 2.2 .
( b ) D i r e c t c o n t a c t w i t h c o u n t e r p a r t i e s In this procedure , the national central banks directly contact one or a few domestic counterparties , which are selected according to the criteria specified in Section 2.2 .
Hvis ECBs Styrelsesråd beslutter , at ECB ( eller en eller nogle få nationale centralbanker , der foretager operationerne på vegne af ECB ) under særlige omstændigheder selv kan udføre bilaterale markedsoperationer , tilpasses procedurerne for disse operationer i overensstemmelse hermed .
If the Governing Council of the ECB were to decide that , under exceptional circumstances , bilateral operations could also be executed by the ECB itself ( or by one or a few national central banks acting as the operating arm of the ECB ) , the procedures for such operations would be adapted accordingly .
c ) M a r ke d so p e r a ti o n e r , d e r u dfør e s v i a b ør s e r og m ægl e r e De nationale centralbanker kan udføre egentlige købs - eller salgsforretninger via børser og mæglere .
( c ) O p e r a t i o n s e x e c u t e d t h r o u g h s t o c k e x c h a n g e s a n d m a r k e t a g e n t s The national central banks can execute outright transactions through stock exchanges and market agents .
I forbindelse med disse operationer er der ikke fastsat begrænsninger på kredsen af modparter på forhånd , og procedurerne tilpasses efter markedskonventionerne for det gældsinstrument , der handles .
For these operations , the range of counterparties is not restricted a priori and the procedures are adapted to the market conventions for the debt instruments transacted . The Governing Council of the ECB will
ECBs Styrelses - ( 34 ) ECBs Styrelsesråd beslutter , hvorvidt ECB under særlige om stændigheder selv kan udføre finjusterende bilaterale markedsoperationer .
( 34 ) The Governing Council of the ECB will decide whether , under exceptional circumstances , fine-tuning bilateral operations may also be executed by the ECB itself .
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Den Europæiske Unions Tidende råd beslutter , hvorvidt ECB ( eller en eller nogle få nationale centralbanker , der foretager operationerne på vegne af ECB ) under særlige omstændigheder , selv kan udføre finjusterende egentlige købs - eller salgsforretninger via børser og mæglere .
Official Journal of the European Union decide whether , under exceptional circumstances , the ECB itself ( or one or a few national central banks acting as the operating arm of the ECB ) may execute fine-tuning outright operations through stock exchanges and market agents .
d ) A n n o n c e r i n g a f b i l a t e r a l e m a r k e d s o p e r a t i o n e r Bilaterale markedsoperationer annonceres normalt ikke på forhånd .
( d ) A n n o u n c e m e n t o f b i l a t e r a l o p e r a t i o n s Bilateral operations are normally not announced publicly in advance .
Tr a ns a k ti o ns da g e ECB kan beslutte at udføre finjusterende bilaterale markedsoperationer på enhver af Eurosystemets bankdage .
( e ) O p e r a t i n g d a y s The ECB may decide to conduct fine-tuning bilateral operations on any Eurosystem business day .
Afviklingen af betalinger i forbindelse med anvendelse af Eurosystemets stående faciliteter eller deltagelse i markedsoperationer sker via modparternes konti hos de nationale centralbanker ( eller konti hos afviklingsbanker , der deltager i Target ) .
Money transactions relating to the use of Eurosystem standing facilities or to participation in open market operations are settled on the counterparties » accounts with the national central banks ( or on the accounts of settlement banks participating in the TARGET system ) .
Det indebærer , at de underliggende aktiver enten skal være indsat på depotkonti hos de nationale centralbanker på forhånd eller skal afvikles på intradagbasis over for centralbankerne efter princippet levering mod betaling ( delivery versus payment ) .
This implies that underlying assets need either to have been pre-deposited in a safe custody account at the national central banks or to be settled on an intraday delivery-versus-payment basis with the said national central banks .
Af operationelle årsager anvender Eurosystemet dog undertiden andre afviklingsdage for disse operationer , især for egentlige købs - eller salgsforretninger ( finjusterende og strukturelle ) og valutaswaps ( se tabel 3 ) .
However , the Eurosystem may , for operational reasons , occasionally apply other settlement dates for these operations , in particular for outright transactions ( for fine-tuning as well as structural purposes ) and foreign exchange swaps ( see Table 3 ) .
( 35 ) En beskrivelse af standarderne for anvendelse af godkendte værdipapirafviklingssystemer i euroområdet og en ajourført liste over godkendte links mellem disse systemer findes på ECBs websted ( www.ecb.int ) .
( 35 ) The description of the standards for the use of eligible SSSs in the euro area and an updated list of the eligible links between these systems can be found on the ECB 's website ( www.ecb.int ) .
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TABEL 3 Normale afviklingsdage for Eurosystemets markedsoperationer ( 1 ) Afviklingsdag for operationer , der udfores som ekstraordinære auktioner eller bilaterale procedurer H Ifølge markedskonventionerne for de handlede aktiver --- H , H + 1 eller H + 2 H
TABLE 3 Normal settlement dates for Eurosystem open market operations ( 1 ) Settlement date for operations based on quick tenders or bilateral procedures T According to market convention for underlying assets --- T , T + 1 or T + 2 T
Afviklingsdag for operationer , der udfores som standardauktioner H + 1 ( 2 ) ---
Settlement date for operations based on standard tenders T + 1 ( 2 ) ---
( 2 ) Hvis den normale afviklingsdag for primære eller langfristede markedsoperationer falder på en helligdag , kan ECB beslutte at anvende en anden aviklingsdag med mulighed for afvikling samme dag som handelsdagen .
( 2 ) If the normal settlement date for the main or the longer-term refinancing operation with a bank holiday , the ECB may decide to apply a different settlement date , with the option of same-day settlement .
Procedurerne ultimo dagen er angivet i dokumentationsgrundlaget for de nationale RTGS-systemer og Targetsystemet .
The end-of-day procedures are specified in documentation related to the national RTGS systems and the TARGET system .
( 36 ) Sidste frist for at anmode om adgang til Eurosystemets stående faciliteter forlænges med yderligere 30 minutter på Eurosystemets sidste bankdag i en reservekravsperiode .
( 36 ) The deadline for requesting access to the Eurosystem 's standing facilities is postponed by an additional 30 minutes on the last Eurosystem business day of a minimum reserve maintenance period .
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Med henblik på at beskytte Eurosystemet mod tab i forbindelse med pengepolitiske operationer , at sikre lige behandling af modparterne og at øge den operationelle effektivitet skal de underliggende aktiver opfylde visse kriterier for at kunne benyttes i Eurosystemets pengepolitiske operationer .
With the aims of protecting the Eurosystem from incurring losses in its monetary policy operations , ensuring the equal treatment of counterparties and enhancing operational efficiency , underlying assets have to fulfil certain criteria in order to be eligible for Eurosystem monetary policy operations .
Harmoniserede belånbarhedskriterier i euroområdet vil bidrage til at sikre lige behandling og operationel effektivitet .
It is recognised that the harmonisation of eligibility criteria throughout the euro area would contribute to ensuring equal treatment and operational efficiency .
Der skelnes derfor , hovedsagelig på grund af interne forhold i Eurosystemet , mellem to kategorier af belånbare aktiver , som kan anvendes i Eurosystemets pengepolitiske operationer , nemlig » liste 1 « og » liste 2 «:
A distinction is therefore made , essentially for purposes internal to the Eurosystem , between two categories of assets eligible for Eurosystem monetary policy operations .
Der skelnes ikke mellem de to lister , for så vidt angår aktivernes kvalitet og anvendelse i de forskellige pengepolitiske operationer ( dog anvender Eurosystemet normalt ikke liste 2-papirer i forbindelse med egentlige købs - eller salgsforretninger ) .
No distinction is made between the two tiers with regard to the quality of the assets and their eligibility for the various types of Eurosystem monetary policy operations ( except for the fact that tier two assets are not normally used by the Eurosystem in outright transactions ) .
Aktiver , der kan benyttes i Eurosystemets pengepolitiske operationer , kan også anvendes som underliggende aktiver i forbindelse med tildeling af intradag kredit .
The assets eligible for Eurosystem monetary policy operations can also be used as underlying assets for intraday credit .
Liste 1 - og liste 2-papirer er underlagt risikostyring som beskrevet i afsnit 6.4 .
Tier one and tier two assets are subject to the risk control measures specified in Section 6.4 .
Følgende belånbarhedskriterier gælder for andre liste 1-papirer ( se også tabel 4 ) :
The following eligibility criteria are applied to other tier one assets ( see also Table 4 ) :
--- De skal være gældsinstrumenter med a ) en fast , ubetinget hovedstol og b ) en kuponrente , som ikke kan give en negativ betalingsstrøm .
--- they must be debt instruments having : ( a ) a fixed , unconditional principal amount ; and ( b ) a coupon that cannot result in a negative cash flow .
Disse karakteristika skal være gældende , indtil forpligtelsen indfries ( 39 ) . ( 38 ) Denne fortegnelse offentliggøres og ajourføres dagligt på ECBs websted ( www.ecb.int ) .
These features must be maintained until the redemption of the obligation ( 39 ) , ( 38 ) This list is published and updated daily on the ECB 's website ( www.ecb.int ) .
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--- De skal have en høj kreditkvalitet . ECBs bedømmelse af gældsinstrumenters kredit kvalitet bygger bl .
--- they must meet high credit standards .
a. på foreliggende ratings foretaget af kreditvurderingsbureauer , garantier stillet af økonomisk velfunderede garanter ( 40 ) samt visse institutionelle kriterier , som vil sikre indehaverne af instrumenterne særlig høj beskyttelse ( 41 ) .
In the assessment of the credit standard of debt instruments , the ECB takes into account , inter alia , available ratings by market agencies , guarantees provided by financially sound guarantors ( 40 ) , as well as certain institutional criteria which would ensure particularly high protection of the instrument holders ( 41 ) .
En garanti anses for acceptabel , hvis garanten ubetinget og uigenkaldeligt har garanteret udsteders forpligtelser med hensyn til betaling af hovedstol , rente og andre skyldige beløb i forbindelse med gældsinstrumenterne til gældsinstrumenternes indehavere , indtil disse forpligtelser er helt opfyldt .
A guarantee will be deemed acceptable if the guarantor has unconditionally and irrevocably guaranteed the obligations of the issuer in relation to the payment of principal , interest and any other amounts due under the debt instruments to the holders thereof until they are discharged in full .
Garantien skal være underlagt lovgivningen i et EU-land . Den skal være juridisk gyldig og bindende og skal kunne gøres gældende ( 42 ) over for garanten .
The guarantee must be governed by the law of an EU Member State and be legally valid , binding and enforceable ( 42 ) against the guarantor .
Inden det garanterede aktiv kan anses for belånbart , skal der indsendes en juridisk bekræftelse af garantiens juridiske gyldighed , bindende effekt og retsgyldighed ( 43 ) . Bekræftelsens form og indhold skal kunne accepteres af Eurosystemet ( 44 ) .
A legal confirmation concerning the legal validity , binding effect and enforceability of the guarantee ( 43 ) will have to be submitted in form and substance acceptable to the Eurosystem ( 44 ) before the asset supported by the guarantee can be considered eligible .
Kravet om en juridisk bekræftelse gælder ikke garantier for gældsinstrumenter med en individuel rating eller garantier stillet af offentlige enheder , der kan opkræve skatter .
The need for a legal confirmation does not apply to guarantees given in respect of debt instruments with an individual asset rating or to guarantees given by public entities entitled to levy taxes ,
--- De skal kunne overføres elektronisk .
--- they must be transferable in book-entry form ,
--- De skal være deponeret / registreret ( udstedt ) i EØS hos en centralbank eller værdipapircentral , der opfylder ECBs minimumsstandarder .
--- they must be deposited / registered ( issued ) in the EEA with a central bank or with a central securities depository ( CSD ) which fulfils the minimum standards established by the ECB .
Hvis der ikke er sammenfald mellem den værdipapircentral , som har udstedt aktivet , og det værdipapirafviklingssystem , hvor det opbevares , skal de to institutioner forbindes med et link godkendt af ECB ( 45 ) .
If the CSD where the asset is issued and the SSS where it is held are not identical , then the two institutions have to be connected by a link approved by the ECB ( 45 ) ,
--- De skal være denomineret i euro ( 46 ) .
--- they must be denominated in euro ( 46 ) ,
--- De skal være udstedt ( eller garanteret ) af enheder inden for EØS ( 47 ) .
--- they must be issued ( or , alternatively , guaranteed ) by entities established in the EEA ( 47 ) ,
--- De skal være noteret på et reguleret marked som defineret i Rådets direktiv 93/22 / EØF af 10 . maj 1993 om investeringsservice i forbindelse med værdipapirer ( 48 ) eller de skal være noteret eller handlet på visse ikke-regulerede markeder , som angivet af ECB ( 49 ) .
--- they must be listed or quoted on a regulated market as defined in Council Directive 93/22 / EEC of 10 May 1993 on investment services in the securities field ( 48 ) , or listed , quoted or traded on certain non-regulated markets as specified by the ECB ( 49 ) .
( 40 ) Garanter skal være etableret i EØS . ( 41 ) Gældsinstrumenter udstedt af kreditinstitutter , der ikke til fulde overholder kriterierne i artikel 22 , stk .
In spite of their inclusion in the tier one list , a counterparty shall not submit as underlying assets debt instruments issued or guaranteed by the counterparty , or by any other entity with which the counterparty ( 40 ) Guarantors must be established in the EEA .
december 1985 om samordning af love og administrative bestemmelser om visse institutter for kollektiv investering i værdipapirer ( investeringsinstitutter ) , EFT L 375 af 31.12.1985 , s. 3 , som ændret ved Rådets direktiv 88/220 / EØF af 22 . marts 1988 , EFT L 100 af 19.4.1988 , s. 31 , direktiv 2001/107 / EF af 21 .
( 41 ) Debt instruments issued by credit institutions which do not comply strictly with the criteria set out in Article 22 ( 4 ) of Council Directive 85/611 / EEC of 20 December 1985 on the coordination of laws , regulations and administrative provisions relating to undertakings for collective investment in transferable securities ( UCITS ) , OJ L 375 , 31.12.1985 , p. 3 , as amended by Council Directive 88/220 / EEC of 22 March 1988 , OJ L 100 , 19.4.1988 , p. 31 , Directive 2001/107 / EC of 21 January 2002 , OJ L 41 , 13.2.2002 , p. 20 , and Directive 2001/108 / EC of 21 January 2002 , OJ L 41 , 13.2.2002 , p. 35 , are accepted in tier one only if each issue as such is awarded a rating ( by a rating agency ) which indicates , in the view of the Eurosystem , that the debt instrument meets high credit standards .
Belånbarheden af gældsinstrumenter udstedt som led i et emissionsprogram vurderes på grundlag af programmets rating .
The eligibility of debt instruments issued under an issuance programme is assessed on the basis of the rating of the programme .
( 42 ) Kravet om retsgyldighed er underlagt de konkursretlige og billighedsretlige regler samt lignende regler og retsprincipper , der måtte gælde for garanten og berøre kreditorernes rettigheder over for garanten generelt .
( 42 ) The requirement of enforceability is subject to any insolvency or bankruptcy laws , general principles of equity and other similar laws and principles applicable to the guarantor and affecting creditors » rights against the guarantor generally .
( 43 ) Hvis garanten er etableret i et andet retssystem end det , som garantien hører under , skal det også fremgå af den juridiske bekræftelse , at garantien er gældende og retsgyldig i henhold til den lovgivning , der gælder for garantens etablering .
( 43 ) If the guarantor is established in another jurisdiction than the one of the law governing the guarantee , the legal confirmation shall also confirm that the guarantee is valid and enforceable under the law governing the establishment of the guarantor .
( 44 ) Den juridiske bekræftelse skal indsendes til gennemsyn i den NCB , der indberetter et bestemt aktiv , for hvilket der er stillet garanti med henblik på optagelse på fortegnelsen over belånbare aktiver .
( 44 ) The legal confirmation should be submitted for review to the NCB that is reporting a certain asset supported by a guarantee for inclusion in the list of eligible assets .
Den NCB , der indberetter et bestemt aktiv , er normalt NCBen i det land , hvor aktivet vil blive noteret eller handlet .
The NCB reporting a certain asset is normally the NCB of the country in which the asset will be listed , traded or quoted .
Spørgsmål vedrørende flere noteringer rettes til ECBs hotline for belånbare aktiver på Eligible-Assets.hotline@ecb.int .
In the event of multiple listings , any queries should be addressed to the ECB Eligible Assets Hotline at Eligible-Assets.hotline@ecb.int .
( 45 ) En beskrivelse af standarderne for anvendelse af godkendte værdipapirafviklingssystemer i euroområdet samt en ajourført liste over de godkendte links mellem disse systemer findes på ECBs websted ( www.ecb.int ) .
( 45 ) The description of the standards for the use of eligible SSSs in the euro area and an updated list of the eligible links between these systems can be found on the ECB 's website ( www.ecb.int ) .
( 46 ) Udtrykt i euro eller i euroens nationale denominationer .
( 46 ) Expressed as such or in the national denominations of the euro .
( 47 ) Kravet om , at udstederen skal være beliggende i EØS , gælder ikke internationale og overnationale institutioner .
( 47 ) The requirement that the issuing entity be established in the EEA does not apply to international and supranational institutions .
( 48 ) EFT L 141 af 11.6.1993 , s. 27 .
( 48 ) OJ L 141 , 11.6.1993 , p. 27 .
4 , i Rådets direktiv 85/611 / EØF af 20 . december 1985 om samordning af love og administrative bestemmelser om visse institutter for kollektiv investering i værdipapirer ( investeringsinstitutter ) med senere ændringer , accepteres kun som liste 1-papirer , hvis de er noteret på et reguleret marked som defineret i Rådets direktiv 93/22 / EØF af 10 .
( 49 ) Debt instruments issued by credit institutions which do not comply strictly with the criteria set out in Article 22 ( 4 ) of Council Directive 85/611 / EEC of 20 December 1985 on the coordination of laws , regulations and administrative provisions relating to undertakings for collective investment in transferable securities ( UCITS ) , as amended , are accepted in tier one only if they are listed or quoted on a regulated market as defined in Council Directive 93/22 / EEC of 10 May 1993 on investment services in the securities field .
maj 1993 om investeringsservice i forbindelse med værdipapirer . L 69/34
L 69/34 EN
26 , i Europa-Parlamentets og Rådets direktiv 2000/12 / EF af 20 . marts 2000 om adgang til at optage og udøve virksomhed som kreditinstitut , må ikke leveres som underliggende aktiver , selv om de er opført i fortegnelsen over liste 1-papirer ( 51 ) ( 52 ) .
has close links ( 50 ) , as defined in Article 1 ( 26 ) of Directive 2000/12 / EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions ( 51 ) , ( 52 ) .
De nationale centralbanker kan beslutte ikke at acceptere følgende instrumenter som underliggende aktiver , selv om de er opført i fortegnelsen over liste 1-papirer : --- Gældsinstrumenter med indfrielsesdato inden udløbet af den pengepolitiske operation , hvori de anvendes som underliggende aktiver ( 53 ) .
In spite of their inclusion in the tier one list , national central banks may decide not to accept the following instruments as underlying assets : --- debt instruments falling due for repayment before the maturity date of the monetary policy operation for which they are being used as underlying assets ( 53 ) , and
Det betyder , at alle Eurosystemets modparter skal kunne benytte sådanne aktiver til at opnå kredit hos den nationale centralbank i den medlemsstat , hvor de er beliggende , via links til deres nationale værdipapirafviklingssystem eller via andre godkendte ordninger ( se afsnit 6.6 ) .
This implies that all Eurosystem counterparties must be able to use such assets either through links with their domestic SSSs or through other eligible arrangements to receive credit from the national central bank of the Member State in which the counterparty is established ( see Section 6.6 ) .