natgillin/translations-raw huggingface dataset:
Renter, hvis rentetilpasningsperiode er over 1 år, anses for faste, ogden relevante løbetid i forbindelse med haircuts er gældsfordringens restløbetid.
Since August 2000, the Central Bank and Financial Services Authority of Ireland has been authorised to open such an account with Euroclear.
I systemer med øremærkning kan de nationalecentralbanker tillade ombytning af underliggende aktiver.
This account can be used for all eligible assets held in Euroclear, i.e. including eligible assets transferred to Euroclear through eligible links.52 See footnote 50 in this chapter.
ECB kan til enhver tid beslutte at fjerne individuelle gældsinstrumenter fra listen overbelånbare omsættelige aktiver.47
A mechanism has been developed by the national central banks (and by the ECB) to ensure that all eligible assets issued/deposited in the euro area may be used on a crossborder basis.
De risikostyringsinstrumenter, der anvendes iforbindelse med en gældsfordring med fleretyper rentebetaling, afhænger alene af rentebetalingerne i gældsfordringens restløbetid.Hvis der er flere typer rentebetaling i gældsfordringens restløbetid, behandles de reste-
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.
47Hvis et gældsinstrument anvendes i en af eurosystemets kreditoperationer på det tidspunkt, hvor det slettes på listen overomsættelige aktiver, skal det fjernes så hurtigt som muligt.48 Haircuts anvendt til gældsfordringer med faste rentebetalingeranvendes også til gældsfordringer med rentebetalinger, der erindekseret til inflationen.
Specific solutions can be used for nonmarketable assets, i.e. credit claims and RMBDs, which cannot be transferred through an SSS.50The CCBM may be used to collateralise all kinds of Eurosystem credit operations. In addition to the CCBM, eligible links between SSSs can be used for the crossborder transfer of marketable assets.51
De nationale centralbanker anvender sammetærskelprocent (hvis en sådan anvendes) imargin calls for omsættelige og ikkeomsættelige aktiver.
Use of eligible assets deposited in country B by a counterparty established in country A in order to obtain credit from the national central bank of country A.
OMSÆTTELIGE AKTIVER•For hvert belånbart omsætteligt aktiv definerer eurosystemet den mest repræsentativekursinformation, der skal anvendes til beregning af kursværdien.
Transfer instructions bank. 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.
Eurosystemets modparter kan anvende belånbareaktiver på tværs af grænserne, dvs. de kan opnålikviditet fra den nationale centralbank i denmedlemsstat, hvor de er etableret, ved hjælp afaktiver, som befinder sig i en anden medlemsstat.
In a pooling system, the counterparty is able at any time to provide the correspondent central bank with marketable assets for the account of the home central bank.
Underliggende aktiver skal kunne benyttespå tværs af grænserne i hele euroområdet tilafvikling af alle typer operationer, hvor eurosystemet tilfører likviditet mod sikkerhedsstillelsei belånbare aktiver.
Once the home central bank has been informed by the correspondent central bank that the marketable assets have been received, it will add these marketable assets to the pool account of the counterparty.
Værdien af et omsætteligt aktiv beregnes pågrundlag af den mest repræsentative kurs påden sidste bankdag inden værdiansættelsesdagen.
The CCBM is available to counterparties (both for marketable and nonmarketable assets) from 9 a.m. to 4 p.m.
Hvis flere kurser noteres, anvendes denlaveste (normalt budkursen).
ECB time (CET) on each Eurosystem business day.
I mangel af enrepræsentativ kurs for et bestemt aktiv på densidste bankdag inden værdiansættelsesdagen,anvendes den seneste handelskurs.
A counterparty wishing to make use of the CCBM must advise the national central bank from which it wishes to receive credit – i.e. its home central bank – before 4 p.m.
Et gældsinstruments kursværdi eller teoretiske værdi beregnes inkl. vedhængende renter.
Instructions or deliveries not respecting this deadline will only be considered for credit given on the following business day.
De nationale centralbanker (og ECB) har udvikleten mekanisme, der sikrer, at alle belånbare aktiver, som er udstedt/deponeret i euroområdet, kananvendes på tværs af grænserne. Det drejer sigom korrespondentcentralbankmodellen (CCBM),hvor de nationale centralbanker over for hinanden(og ECB) fungerer som depotinstitutioner ("kor-
When the counterparties foresee a need to use the CCBM late in the day, they should, where possible, deliver the assets in advance (i.e. pre-deposit them).
49De nationale centralbanker kan beslutte, at de som underliggendeaktiver i tilbageførselsforretninger ikke vil acceptere gældsinstrumenter med betalingsstrømme (fx rentebetalinger), der forfalder i perioden indtil udløbet af den pengepolitiske operation(se afsnit 6.2.3).
In addition to the CCBM, eligible links between EU SSSs can be used for the crossborder transfer of marketable assets.
På grund af forskelle i de nationale retssystemer og den operationelle praksis kan behandlingen af betalingsstrømmene i forbindelsemed aktiver (fx rentebetalinger), der modta-
A further ad hoc variant based on the charge in favour of the correspondent central bank acting as the agent for the home central bank has been implemented to allow the crossborder use of RMBDs.
Foruden CCBM kan kvalificeredelinks mellem værdipapirafviklingssystemerbenyttes til grænseoverskridende overførsel afomsættelige aktiver.51
Chart 4 Links between securities settlement systems
Anvendelse af belånbare aktiver deponeret i land B af en modpart i land A med henblik på at opnå kredit fra den nationale centralbank i land A.
Use of eligible assets issued in the SSS of country B held by a counterparty established in country A through a link between the SSSsin countries A and B in order to obtain credit from the national central bank of country A.
Information om sikkerhed
Information oncollateral
Sikkerhed
Credit
Information om sikkerhed
Transfer instructions
Modpart A
Counterparty A on their own account with their home SSS and have no need for a custodian.
ECBGennemførelsen af pengepolitikken i euroområdet
The CCBM and the links between SSSs perform this function in different ways.
Anvendelse af belånbare aktiver, som er udstedt af værdipapirafviklingssystemet (VPS) i land B og befinder sig hos en modpart i land A, gennem et link mellem værdipapirafviklingssystemerne i land A og B med henblik på at opnå kredit fra den nationale centralbank i land A.
Notwithstanding the provisions of Section 6.2.1, such assets may be deposited/registered (issued), held and settled outside the EEA and may, as stated above, be denominated in currencies other than the euro.
Modpart A
Any such assets used by a counterparty must be owned by the counterparty.
CCBM er åben for modparter (både med hensyntil omsættelige og ikkeomsættelige aktiver) frakl. 9.00 til kl. 16.00 ECB-tid (CET) på alle euro-
Counterparties that are branches of credit institutions located outside the EEA or Switzerland cannot use such assets as collateral.
Anvender en modpartsådanne aktiver, skal de være modpartens ejendom.
Minimum reserves the ability of the Eurosystem to operate efficiently as a supplier of liquidity.
Modparter, der er filialer af kreditinstitutter etableret uden for EØS eller Schweiz, kan ikkeanvende sådanne aktiver som sikkerhed.
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.
Hvad angår eurosystemet, varetager CCBM oglinkene mellem EUs værdipapirafviklingssystemer samme funktion, idet begge giver modparterne mulighed for at anvende sikkerhed på tværsaf grænserne.
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.
Begge systemer sætter med andreord modparterne i stand til at stille sikkerhed iform af aktiver for at opnå kredit fra deres hjemmecentralbank, også selv om disse aktiver erudstedt i et værdipapirafviklingssystem i etandet land.
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 2and Regulation (EC) No 1745/2003 of the European Central Bank on the application of minimum reserves (ECB/2003/9).3The application of Regulation ECB/2003/9 ensures that the terms and conditions of the Eurosystem’s minimum reserve system are uniform throughout the euro area.
CCBM og linkene mellem værdipapirafviklingssystemer varetager denne funktionpå forskellig måde.
Pursuant to Article 19.1 of the Statute of the ESCB, the ECB requires credit institutions established in Member States to hold minimum reserves.
I CCBM er der tale om grænseoverskridende forbindelser mellem de nationale centralbanker, der fungerer som depotinstitutioner for hinanden.
This implies that branches in the euro area of entities with no registered office in the euro area are also subject to the Eurosystem’s minimum reserve system.
Anvendes links, er der taleom grænseoverskridende forbindelser mellemværdipapirafviklingssystemerne, som åbnersamlekonti hos hinanden.
However, branches located outside the euro area of credit institutions established in the euro area are not subject to this system.
Aktiver, der er deponeret hos en korrespondentcentralbank, kan kunanvendes som sikkerhed i eurosystemets kreditoperationer.
The amount of minimum reserves to be held by each institution is determined in relation to its reserve base.
Aktiver, som modparterne har gennem et link, kan anvendes til eurosystemets kreditoperationer og til et hvilket som helst andetformål, som modparten måtte ønske.
The Eurosystem’s minimum reserve system enables counterparties to make use of averaging provisions, implying that compliance with reserve requirements is determined on the basis of the average of the end-of-calendar-day balances on the counterparties’ reserve accounts over a maintenance period.
Gennemlinks mellem værdipapirafviklingssystemer ejermodparterne aktiverne på deres konto i dereshjemlands værdipapirafviklingssystem, så derikke er brug for en depotinstitution.
Institutions’ holdings of required reserves are remunerated at the rate on the Eurosystem’s main refinancing operations.
6.7 ACCEPT AF SIKKERHED DENOMINERET I EN ANDEN VALUTA END EURO I NØDSITUATIONER
The Eurosystem’s minimum reserve system primarily pursues the following monetary functions:
54Et link mellem to værdipapirafviklingssystemer består af enrække procedurer og arrangementer vedrørende grænseoverskridende overførsel af værdipapirer mellem de to værdipapirafviklingssystemer.
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. fluctuations.
Et link udgøres af en samlekonto, der åbnes af etværdipapirafviklingssystem (det investerende værdipapirafviklingssystem) i et andet værdipapirafviklingssystem (det udstedende værdipapirafviklingssystem). Et direkte link indebærer, atder ikke er noget mellemled mellem de to værdipapirafviklingssystemer.
Institutions will be automatically exempt 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.
Et relayed link er en kontraktbaseret ogteknisk ordning, der giver to værdipapirafviklingssystemer, somikke er indbyrdes direkte forbundet, mulighed for at foretagetransaktioner og overførsler gennem et tredje værdipapirafviklingssystem, der fungerer som mellemled.55En ajourført liste over godkendte links findes på ECBs websted(www.ecb.europa.eu).56Se publikationen "Standards for the use of EU securities settlement systems in ESCB credit operations", Det Europæiske Monetære Institut, januar 1998, på ECBs websted (www.ecb.europa.eu).
According to Council Regulation (EC) No 2531/98 and Regulation ECB/2003/9, the ECB may also exempt institutions from their obligations under the Eurosystem’s minimum reserve system on a nondiscriminatory basis if they are subject to reorganisation measures or the freezing of funds and/or other measures imposed by the European Community or by a Member State under Article 60(2) of the Treaty restricting the use of their funds or in respect of which the ECB’s Governing Council issued a decision
ECBGennemførelsen af pengepolitikken i euroområdet
This may be helpful in improving
GENERELLE BETRAGTNINGER sætningerne for eurosystemet som beskrevet iartikel 105, stk. 1, i traktaten og artikel 2 i statutten for ESCB, herunder bl.a. princippet om ikkeat give anledning til nævneværdig uønsket flytning af indskud til institutter inden for eller udenfor euroområdet, som ikke er underlagt reservekrav.
7.3 DETERMINATION OF MINIMUM RESERVES suspending or excluding their access to open market operations or the Eurosystem’s standing facilities or if the purposes of the Eurosystem’s minimum reserve system would not be met by imposing these obligations on those particular institutions.
INSTITUTTER, DER ER UNDERLAGT RESERVEKRAV
• the institution is prohibited from exercising active banking functions in competition with other credit institutions; and/or
ECB pålægger kreditinstitutterne at holdemindstereserver på konti hos de nationale centralbanker inden for rammerne af eurosystemetsreservekravssystem.
RESERVE BASE AND RESERVE RATIOSThe reserve base of an institution is defined in relation to elements of its balance sheet.
Den retlige ramme for dettesystem er fastsat i artikel 19 i statutten for ESCB,Rådets forordning (EF) nr. 2531/98 af 23.november 1998 om Den Europæiske Central-banks2anvendelse af mindstereserver og Den Europæiske Centralbanks forordning (EF) nr.1745/2003 om anvendelse af mindstereserver(ECB/2003/9).3Med forordning ECB/2003/9sikres det, at betingelserne for eurosystemetsreservekravssystem er ensartede i hele euroområdet.
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).5 For institutions subject to full reporting requirements, the balance sheet data referring to the end of a given calendar month are used to determine the reserve base for the maintenance period starting in the calendar month two months later. For example, the reserve base calculated from the balance sheet of the end of February would be used to calculate the reserve requirements to be fulfilled by counterparties in the maintenance period beginning in April.
Omvendt er filialer uden for euroområdet af kreditinstitutter etableret i euroområdet ikke underlagtdette krav.
• the institution is under a legal obligation to have all its deposits earmarked for purposes related to regional and/or international development assistance.
Størrelsen af det enkelte instituts mindstereserver fastsættes i forhold til dets reservekravsgrundlag.
The reporting framework for the ECB’s money and banking statistics includes the possibility of relieving small institutions of some of the reporting burden.
Det indebærer, at opfyldelsen af reservekravene vurderes på grundlag afde gennemsnitlige indeståender ultimo dagen påmodparternes reservekravskonti målt over enreservekravsperiode. Institutternes reservekravsindeståender forrentes med renten på eurosystemets primære markedsoperationer.
For these institutions, the balance sheet data reported for a specific quarter are used to determine, with a lag of two months, the reserve base for the consecutive three reserve maintenance periods.
Institutter fritages automatisk fra reservekravenefra starten af den reservekravsperiode, hvorideres tilladelse inddrages eller opgives, ellerhvori en juridisk myndighed eller en anden kompetent myndighed i en deltagende medlemsstattræffer afgørelse om at indlede en afviklingsprocedure vedrørende instituttet.
The lists are available to the public on the ECB’s website (www.ecb.europa.eu).The reporting framework for the ECB’s money and banking statistics is presented in Appendix 4.
Skabelse eller forøgelse af et strukturelt likviditetsunderskud Eurosystemets reservekravssystem bidragertil at skabe eller forøge et strukturelt likviditetsunderskud. Det kan sætte eurosystemet istand til at operere mere smidigt som udbyderaf likviditet.
The ECB establishes and maintains a list of institutions subject to the Eurosystem’s minimum reserve system. 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 or the freezing of funds and/or other measures imposed by the European Community or by a Member State under Article 60(2) of the Treaty restricting the use of their funds or in respect of which the ECB’s Governing Council issued a decision suspending or excluding their access to open market operations or the Eurosystem’s standing facilities.4 Counterparties may rely on these lists in deciding whether their liabilities are owed to another institution that is itself subject to reserve requirements.
Dette kapitel tjener kun til orientering.EFT L 318 af 27.11.98, side 1.EUT L 250 af 02.10.03, side 10.
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.
I forbindelse med anvendelse af mindstereserverskal ECB handle i overensstemmelse med mål-
For example, the list published at the end of February would be valid for the calculation of the reserve base for the maintenance period beginning in April.
Instituttet er udelukkende bemyndiget til atvaretage særlige funktioner.
A. Liabilities included in the reserve base and to which the positive reserve ratio is applied
på dets balance. Balancedata rapporteres til denationale centralbanker inden for de overordnederammer af ECBs penge- og bankstatistik (seafsnit 7.5).5 For institutter, der er fuldt rapporteringspligtige, anvendes balancedata for slutningen af en given kalendermåned til opgørelse afreservekravsgrundlaget for den reservekravsperiode, der starter to kalendermåneder senere.
• Overnight deposits• Deposits with an agreed maturity of up to and including two years• Deposits redeemable at notice of up to and including two years Debt securities issued• Debt securities with an original maturity of up to and including two years
Detreservekravsgrundlag, der opgøres ud fra balancen ultimo februar, anvendes fx til opgørelse afde reservekrav, som modparterne skal opfylde iden reservekravsperiode, der starter i april.
B. Liabilities included in the reserve base and to which a zero reserve ratio is applied
Instituttets er juridisk forpligtet til at øremærke alle indskud til regional og/eller international udviklingsstøtte.
C. Liabilities excluded from the reserve base• Liabilities vis-à-vis other institutions subject to the Eurosystem’s minimum reserve system• Liabilities vis-à-vis the ECB and the participating national central banks
Balancen forultimo 1. kvartal – marts – benyttes fx til opgørelse af reservekravsgrundlaget i de reservekravsperioder, der starter i juni, juli og august.
Nominal value means the amount of principal that a debtor is contractually obliged to repay to a creditor.
Ifølge Rådets forordning (EF) nr. 2531/98 kan ECB medtage passiver som følge af accept afmidler samt passiver, der hidrører fra ikke-balan-ceførte poster, i institutternes reservekravsgrundlag.
This amendment had become necessary because Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and the consolidated accounts of banks and other financial institutions (OJ L 372, 31.12.1986, p.
I eurosystemets reservekravssystem erdog kun passivkategorierne "indlån" og "udstedte gældsinstrumenter" medtaget i reservekravsgrundlaget (se boks 9).
1) had been amended to the effect that certain financial instruments could be priced at fair value.
ECB offentliggør en liste over institutter, der erunderlagt eurosystemets reservekrav.
The ECB applies a uniform non-zero reserve ratio to most of the items included in the reserve base.
Den liste, der offentliggøres i slutningenaf februar, gælder fx for opgørelse af reservekravsgrundlaget i den reservekravsperiode, derstarter i april.
This reserve ratio is specified in the Regulation ECB/2003/9.
Passiver over for andre institutter, der er opførtpå listen over institutter, som er underlagt eurosystemets reservekrav, og passiver over for ECBog de deltagende nationale centralbanker medtages ikke i reservekravsgrundlaget.
The ECB sets a zero reserve ratio on the following liability categories: “deposits with an agreed maturity of over two years”, “deposits redeemable at notice of over two years”, “repos” and “debt securities with an original maturity of over two years” (see Box 9).
I den forbindelse skal udstederne af passivkategorien
The ECB may change the reserve ratio at any time.
BEREGNING AF MINDSTERESERVER
Changes in reserve ratios are announced
Listerne er offentligt tilgængelige på ECBs websted(www.ecb.europa.eu).Rapporteringsgrundlaget for ECBs penge- og bankstatistik erbeskrevet i appendiks 4.
See Regulation ECB/2003/9. Further information relating to the standardised deduction ratio can be found on the ECB’s website (www.ecb.europa.eu), as well as on the Eurosystem websites (see Appendix 5).
RESERVEKRAVSGRUNDLAG OG RESERVEKRAVSKOEFFICIENTERReservegrundlaget for det enkelte kreditinstitutfastsættes på grundlag af en række passivposter
The reserve ratios are determined by the ECB subject to the maximum limit specified in
A. Passiver i reservekravsgrundlaget med en positiv reservekravskoefficient
Reserve holdings on settlement accounts may be used for intraday settlement purposes.
•Dag-til-dag indskud•Tidsindskud med med oprindelig løbetid på til og med 2 år•Indlån med opsigelsesvarsel på til og med 2 år Udstedte gældsinstrumenter•Gældsinstrumenter med løbetid med en oprindelig løbetid på til og med 2 år
CALCULATION OF RESERVE REQUIREMENTSThe reserve requirement of each individual institution is calculated by applying, to the amount of eligible liabilities, the reserve ratios for the corresponding categories of liabilities.
B. Passiver i reservekravsgrundlaget med en reservekravskoefficient på 0 pct.
Each institution deducts an allowance of €100,000 from its reserve requirement in each Member State in which it has an establishment.
C. Passiver, der ikke medtages i reservekravsgrundlaget•Passiver over for andre institutter, der er underlagt eurosystemets reservekravssystem•Passiver over for ECB og de deltagende nationale centralbanker
An institution may apply to the national central bank in the Member State in which the institution is resident for permission to hold all its minimum reserves indirectly through an intermediary.