natgillin/translations-raw huggingface dataset:
(I pct.; årligt gennemsnit) der følger efter en modparts misligholdelse.
(percentages; annual averages) daily basis and applies appropriate risk control measures.
Ikke-omsættelige aktiver Andre omsættelige aktiver Asset-backed securities Erhvervsobligationer Covered bonds udstedt af banker Uncovered bonds udstedt af banker Regionale statsobligationer Statsobligationer
non-marketable assetsother marketable assetsasset-backed securitiescorporate bondscovered bank bondsuncovered bank bondsregional government securitiescentral government securities
Der er således stadig uudnyttet potentiale i denne supplerende kilde til sikkerhedsstillelse.
On 24 May 2007 the Governing Council adopted the following two minor adjustments to the collateral framework during 2007:
– Kalenderen for udfasning af omsættelige liste 2-papirer, der kan anvendes til sikkerhedsstillelse i eurosystemets kreditoperationer, blev ændret.2
The calendar for the phasing-out of marketable tier two assets eligible as collateral for Eurosystem credit operations was amended.2
Eurosystemet anvender et sæt procedurer, regler og teknikker, der tilsammen udgør eurosystemets rammer for kreditvurdering, for at sikre, at de høje kreditstandarder for sikkerhed overholdes.
To ensure that its high credit standards for collateral are met, the Eurosystem relies on a set of procedures, rules and techniques that together constitute the Eurosystem credit assessment framework (ECAF).
Grænseværdien for kreditkvaliteten af aktiver, der er belånbare i eurosystemets kreditoperationer, er defineret som en kreditvurdering på mindst "single A".4 Eurosystemets rammer for kreditvurdering omfatter en række alternative kilder til kreditvurdering.
The credit quality threshold for the collateral eligible for Eurosystem credit operations is defined within the ECAF in terms of a “single A” credit assessment.4The ECAF foresees a number of alternative credit assessment sources.
Godkendelse i hele euroområdet af ikke-omsættelige aktiver som sikkerhedsstillelse i eurosystemets kreditoperationer pr. 1. januar 2007 faldt sammen med eurosystemets modparters første, men dog stadig begrænsede, anvendelse af interne ratingbaserede systemer som en ny metode til kreditvurdering.
The euro area-wide introduction of non-marketable assets as eligible collateral in Eurosystem credit operations as of 1 January 2007 was combined with the first, but still limited, use of internal ratings-based systems by Eurosystem counterparties as a new source of credit assessment.
Som følge af den begrænsede anvendelse af interne ratingbaserede systemer var de fleste af de gældsfordringer, der kunne belånes pr. 1. januar 2007, og som herefter blev stillet som sikkerhed i eurosystemet, tilgodehavender hos enheder i den offentlige sektor.
As a consequence of the limited use of internal ratings-based systems, most of the credit claims that were newly eligible as of 1 January 2007 and were submitted thereafter to the Eurosystem were claims on public sector entities for which an implicit credit assessment is derived from the credit assessment of the country where the debtor or guarantor of the credit claim is established.
En implicit kreditvurdering af disse enheder udledes af kreditvurderingen af det land, hvor gældsfordringens debitor eller garant er hjemmehørende.
A number of additions related to the ECAF were introduced in 2007. Following a decision by the Governing Council on 19 October 2007,
RISIKOSTYRING Eurosystemet afbøder risikoen for modparters misligholdelse i en kreditoperation ved at kræve, at modparterne stiller tilstrækkelig sikkerhed. Trods dette krav kan eurosystemet imidlertid stadig være udsat for en række finansielle risici, hvis en modpart misligholder sine forpligtelser.
Marketable assets which were issued prior to 31 May 2007 and are traded on non-regulated markets that currently fulfil the Eurosystem’s requirements for safety and accessibility, but not for transparency, will remain eligible until 31 December 2009 and will become ineligible thereafter.As a result of the completion of the single collateral framework on 1 January 2007, the Eurosystem has specified that, with the exception of international or supranational institutions, issuers of marketable assets eligible for Eurosystem credit operations must be established either in the EEA or in one of the four non-EEA G10 countries (Canada, Japan, Switzerland and the United States).
Det gælder den kreditrisiko, der knytter sig til sikkerhedsstillelsen, samt markeds- og likviditetsrisici for ugunstige forskydninger i prisen på sikkerheden i løbet af den likvidationsperiode,
Assets issued after 1 January 2007 by entities domiciled outside the EEA or the non-EEA G10 countries are not eligible, irrespective of whether a guarantee by an entity established in the EEA is available.
Omsættelige aktiver udstedt før 31. maj 2007 og handlet på ikkeregulerede markeder, der på nuværende tidspunkt opfylder eurosystemets krav om sikkerhed og tilgængelighed, men ikke om gennemsigtighed, vil fortsat kunne belånes indtil 31.december 2009, men ikke senere.
However, assets issued before 1 January 2007 will remain eligible until 31 December 2011 and will only become ineligible after that date.“Single A” means a minimum longterm rating of “A-” by Fitch or Standard & Poor’s, “A3” by Moody’s or “AL” by DBRS. RISK MANAGEMENT ISSUESThe Eurosystem mitigates the risk of a counterparty default in a Eurosystem credit operation by requiring counterparties to submit adequate collateral.
Som et resultat af færdiggørelsen af den samlede liste over sikkerhedsstillelse den 1. januar 2007 har eurosystemet angivet, at udstedere, med undtagelse af internationale eller overnationale institutioner, af omsættelige aktiver, der kan belånes i forbindelse med eurosystemets kreditoperationer, skal være etableret enten i EØS eller i et af fire G10-lande uden for EØS (Canada, Japan, Schweiz og USA).
However, despite this requirement, the Eurosystem may still be exposed to a number of financial risks if a counterparty defaults.
Aktiver udstedt efter 1. januar 2007 af enhedermed hjemsted uden for EØS eller G10-lande uden for EØS, kan ikke belånes, selv om der foreligger en garanti fra en enhed i EØS.
These include the credit risk associated with the collateral accepted, and the market and liquidity risks of adverse movements in the price of the collateral during the liquidation period after a counterparty default.
Aktiver udstedt før 1. januar 2007 vil fortsat kunne belånes indtil 31.december 2011 og vil først derefter ikke kunne belånes.
In order to reduce these risks to acceptable levels, the Eurosystem maintains high credit standards for assets accepted as collateral, valuates collateral on a
En række tilføjelser til eurosystemets rammer for kreditvurdering blev indført i 2007. På grundlag af en beslutning, som Styrelsesrådet traf den 19. oktober 2007, benyttes kreditvurderingsbureauet DBRS pr. 1. januar 2008 som et ekstra eksternt kreditvurderingsbureau inden for eurosystemets rammer for kreditvurdering.
the rating agency DBRS is used, as of 1 January 2008, as an additional external credit assessment institution source within the ECAF.
Styrelsesrådet vedtog også i 2007, at covered bonds udstedt af banker, der nøje opfylder kriterierne fastlagt i artikel 22, stk. 4, i direktivet om institutter for kollektiv investering i værdipapirer (investeringsinstitutter), og udstedt efter 1. januar 2008 skal være underlagt de samme krav til kreditvurdering som andre omsættelige aktiver.
The Governing Council also decided in 2007 that covered bank bonds complying strictly with the criteria set out in Article 22(4) of the Directive on undertakings for collective investment in transferable securities (UCITS Directive) and issued after 1 January 2008 will be subject to the same credit assessment requirements as other marketable assets.
FORVALTNING AF VALUTARESERVER ECBs valutareserveportefølje blev oprindeligt skabt ved overførsel af valutareserveaktiver fra de nationale centralbanker i euroområdet.
FOREIGN RESERVE MANAGEMENTThe ECB’s foreign reserve portfolio was originally set up through transfers of foreign reserve assets from the euro area NCBs.
Over tid afspejler porteføljesammensætningen udviklingen i markedsværdien af de investerede aktiver samt ECBs valuta- og guldoperationer.
Over time, the composition of the portfolio reflects changes in the market value of the invested assets, as well as foreign exchange and gold operations of the ECB.
Hovedformålet med ECBs valutareserver er at sikre, at eurosystemet på ethvert tidspunkt har tilstrækkelige likvide ressourcer til sine valutaoperationer med ikke-EU valutaer.
The main purpose of the ECB’s foreign reserves is to ensure that, whenever needed, the Eurosystem has a sufficient amount of liquid resources for its foreign exchange policy operations involving non-EU currencies.
Hovedprincipperne for forvaltningen af ECBs valutareserver er likviditet, sikkerhed og afkast i nævnte rækkefølge.
The objectives for the management of the ECB’s foreign reserves are, in order of importance, liquidity, security and return.
ECBs valutareserveportefølje består af amerikanske dollar, japanske yen, guld og SDR.
In 2007 the Eurosystem did not undertake any interventions in the foreign exchange market for policy reasons.
Dollar og yenreserverne forvaltes aktivt af ECB og de nationale centralbanker i euroområdet på vegne af ECB. Fra og med januar 2006 blev der indført en "currency specialisation model" for at forbedre effektiviteten af eurosystemets investeringsoperationer. Det betyder, at de enkelte nationale centralbanker som hovedregel kun får tildelt én andel i enten dollar- eller yenporteføljen, om end to nationale centralbanker for øjeblikket forvalter to.5 I januar 2007 deltes to nationale
The ECB’s foreign exchange transactions were exclusively related to investment activity.
I 2007 udførte eurosystemet ingen interventioner på valutamarkedet af hensyn til politikformål. ECBs valutatransaktioner var udelukkende forbundet med investeringsaktiviteter.
In the context of the financial market volatility in 2007, the Eurosystem also conducted two operations in connection with the US dollar Term Auction Facility of the Federal Reserve System, on both occasions providing an amount of USD 10 billion to the Eurosystem’s counterparties (for more details, see Box 9).
Desuden udførte ECB ingen valutaoperationer i valutaer fra lande uden for euroområdet, som deltager i ERM2.
The US dollar and Japanese yen reserves are actively managed by the ECB and the euro area NCBs, as agents for the ECB.
Den stående aftale mellem ECB og IMF om at gøre det lettere for IMF at iværksætte SDR-transaktioner på ECBs vegne med andre foreskrevne indehavere blev anvendt i 18 tilfælde i 2007.
As of January 2006 a “currency specialisation model” has been in operation to increase the efficiency of the Eurosystem’s investment operations.
Yderligere to aftaler om delt forvaltning trådte i kraft i januar 2008 i forbindelse med CentralBank ofCyprus' og Bank Xentrali ta' Malta/Central Bank of Maltas indtræden i eurosystemet (se kapitel 3).
Two further pooling arrangements came into effect in January 2008 with the entry of the Central Bank of Cyprus and the Central Bank of Malta into the Eurosystem (see Chapter 3).
ECB solgte i alt ca. 79 tons guld i løbet af 2007 i fuld overensstemmelse med CentralBank Gold Agreement af 27. september 2004, som ECB har undertegnet.
During 2007 the ECB carried out gold sales amounting to around 79 tonnes of gold in total.
Det meste af provenuet fra salget af guld blev tillagt yenporteføljen og i mindre omfang dollarporteføljen.
These sales were in full conformity with the Central Bank Gold Agreement dated 27 September 2004, to which the ECB is a signatory.
Nærmere oplysninger findes i artiklen "Portfolio management at the ECB" i Månedsoversigten for april 2006.
For more details, see the article entitled “Portfolio management at the ECB” in the April 2006 issue of the ECB’s Monthly Bulletin.
ECBs investeringsaktiviteter er organiseret med henblik på at forhindre anvendelse af insiderviden om pengepolitiske centralbankforanstaltninger i forbindelse med investeringsbeslutninger.
The ECB’s investment activities are organised in such a way as to ensure that no insider information about central bank policy actions may be used when making investment decisions.
En række regler og procedurer – "kinesiske mure" – adskiller de forretningsenheder, som deltager i de operationelle investeringsaktiviteter, fra andre forretningsenheder.
A set of rules and procedures, known as the Chinese wall, separates the business units involved in operational investment activities from other business units.
I årets løb blev obligationer med variabel rente føjet til listen over investeringsmuligheder, som forvalterne af denne portefølje har til rådighed.
The value of the ECB’s net foreign reserve assets 6at current exchange rates and market confidence level.
Endvidere blev listen over godkendte udstedere af covered bonds og usikrede "senior bonds" yderligere udvidet.
The portfolio is invested in euro-denominated assets.
Listen over instrumenter til investering af ECBs valutareserveaktiver blev i 2007 udvidet, så den også omfatter renteswaps.
Most of the increase in market value was due to the investment in the own funds portfolio of the provision against foreign exchange rate, interest rate and gold price risks established by the ECB in 2005.
Desuden er pilotprojektet vedrørende automatisk værdipapirudlån for ECBs dollarportefølje godt i gang og forventes gennemført i løbet af 2008.
Investment returns also contributed positively to the increase in market value.
RISIKOSTYRING De finansielle risici, som ECB er eksponeret for i forbindelse med sine investeringsaktiviteter, overvåges og måles nøje for at holde dem inden for de rammer, som ECBs besluttende organer har fastlagt.
prices increased from €42.3 billion at end-2006 to €42.8 billion at end-2007, of which €32.1 billion was in foreign currencies – the Japanese yen and the US dollar – and €10.7 billion was in gold and SDRs.
Der er til dette formål etableret en detaljeret grænsestruktur og daglig overvågning af, at grænserne overholdes.
Applying the exchange rates of end-2007, US dollardenominated assets represented 79.7% of the foreign currency reserves, while those denominated in Japanese yen accounted for 20.3%.
Løbende rapportering sikrer, at alle interessenter er tilstrækkeligt informeret om omfanget af sådanne risici.
The most substantial change in 2007 was therefore in the market value of gold and SDRs, which rose to €10.7 billion from €10.3 billion in 2006, mostly as a result of the appreciation of gold by around 18% measured in euro-denominated terms.
FORVALTNING AF EGENPORTEFØLJE ECBs egenportefølje består af den investerede modpost til ECBs indbetalte kapital og det til enhver tid indestående i den almindelige reservefond samt hensættelser til dækning af valutakurs, rente- og guldprisrisici.
In the course of the year, floating rate notes were added to the investment options available for the management of this portfolio.
Formålet med denne portefølje er at sikre ECB indtægter, som kan bidrage til at dække driftsudgifterne.
In addition, the list of eligible issuers of covered bonds and senior unsecured bonds was further extended.
Forvaltningen heraf skal maksimere den forventede indtjening i henhold til en "nulunderskudsbegrænsning" på et bestemt konfidensniveau.
In 2007 the list of eligible instruments in which the ECB’s foreign reserves can be invested was extended to include interest rate swaps.
Porteføljen investeres i eurodenominerede aktiver.
In addition, the pilot project set up to establish an automatic securities lending programme for the ECB’s US dollar assets is well advanced and is expected to be implemented in the course of 2008.
I 2007 styrkede ECB yderligere risikostyringen gennem en forbedring og opgradering af it systemerne. Denne styrkelse betyder, at mange opgaver med overvågning, måling og rapportering af risiko kan automatiseres inden for en robust og fleksibel infrastruktur.
RISK MANAGEMENT ISSUESThe financial risks to which the ECB is exposed in its investment activities are closely monitored and measured in order to keep them within the levels specified by the ECB’s decisionmaking bodies.
Der er desuden udviklet en modelbaseret "performance attribution"ramme, der gør det muligt at tillægge porteføljeperformance til eksponering for individuelle risikofaktorer.
For this purpose, a detailed limit structure is in place and limits are monitored daily.
Endelig stod ECB – i erkendelse af,
Regular reporting ensures that
Valutareserveaktiverne beregnes som officielle reserveaktiver, plus indeståender i fremmed valuta hos residenter, minus på forhånd aftalte nettotræk på valutabeholdningen på et senere tidspunkt på grund af genkøbsforretninger og terminsforretninger.
Net foreign reserve assets are calculated as official reserve assets, plus deposits in foreign currency with residents, minus future predetermined net drains on foreign currency holdings owing to repos and forward transactions.
Mere detaljerede oplysninger om datakilder findes på http:// www.ecb.europa.eu/stats/external/reserves/templates/html/index. en.html.
For detailed information on the data sources, see http://www.ecb.europa.eu/stats/external/reserves/templates/html/index.en.html
Værdien af porteføljen til gældende markedspriser steg fra 7,5 mia. euro ultimo 2006 til 9,3 mia. euro ultimo 2007.
OWN FUNDS MANAGEMENT The ECB’s own funds portfolio consists of the invested counterpart of the ECB’s paid-up capital, as well as amounts held from time to time in its general reserve fund and its provision against foreign exchange rate, interest rate and gold price risks.
Det meste af stigningen i markedsværdien kan tilskrives investeringen i egenporteføljen af ECBs hensættelser i 2005 til dækning af valutakurs, rente- og guldprisrisici.
The purpose of this portfolio is to provide the ECB with income to help to cover its operating expenses.
Afkast af investeringer bidrog også positivt til stigningen i markedsværdien.
The objective of its management is to maximise expected returns, subject to a no-loss constraint at a certain
at kreditrisikostyringsteknikker spiller en stadig større rolle blandt centralbankerne – i spidsen for en særlig arbejdsgruppe under Markedsoperationskomiteen, som udførte en sammenlignende analyse af porteføljekreditrisikomodeller, der anvendes af eurosystemets centralbanker.
Finally, in recognition of the fact that credit risk management techniques are gaining in importance within the central bank community, the ECB chaired a special Task Force of the Market Operations Committee, which carried out a comparative analysis of portfolio credit risk models used by Eurosystem central banks.
Resultaterne af denne analyse blev publiceret i ECBs Occasional Papers.7
The results of this analysis were published in the ECB’s Occasional Paper Series.7
En af de indikatorer, der benyttes til at overvåge markedsrisici, er Value-at-Risk (VaR), som er et skøn over det maksimale tab på en aktivportefølje, dermed en given sandsynlighed kan forventes efter en nærmere angivet periode.
One of the indicators used to monitor market risk is Value-at-Risk (VaR), which defines the loss for a portfolio of assets that will not be exceeded at the end of a specified period of time with a given probability.
Denne indikators værdi afhænger af en række parametre, der benyttes til beregningen, især konfidensniveau, tidshorisont og den tidsperiode, der anvendes til at estimere volatiliteten i aktivpriserne. Det kan illustreres ved følgende eksempel: Hvis man til beregning af denne indikator for ECBs investeringsportefølje anvender et konfidensniveau på 95 pct., en horisont på et år og en tidsperiode på et år som grundlag for volatiliteten i aktivpriserne, er resultatet en VaR på 3.500 mio. euro. Hvis den samme indikator beregnes med en tidsperiode på fem år i stedet for ét, er resultatet en VaR på 4.800 mio. euro.
The value of this indicator depends on a series of parameters used for the calculation, in particular the confidence level, the length of the time horizon and the sample used to estimate asset price volatility.
Hovedparten af denne markedsrisiko skyldes valuta og guldprisrisici.
Most of this market risk is due to currency and gold price risk.
Den lave renterisiko afspejler den fortsat forholdsvis lave modificerede varighed på ECBs investeringsporteføljer.
The low levels of interest rate risk reflect the fact that the modified duration of the ECB’s investment portfolios remained relatively low.
I 2007 blev 89 pct. af den samlede omsætning i systemerne for store betalinger i euro afviklet via Target.
TARGET functioned smoothly in 2007 and continued to settle an increasing number of euro payments.
Lanceringen af Target2 den 19. november 2007 forløb også gnidningsfrit (se afsnit 2.2 i dette kapitel).
This is in line with the Eurosystem’s policy objective of promoting settlement in central bank money as a uniquely safe means of payment.
Omkring 9.300 banker, inkl. filialer og datterselskaber, benytter Target til at iværksætte betalinger på egne eller kunders vegne.
In 2007 89% of the total value of payments in euro large-value payment systems were executed via TARGET.
I alt kan omkring 52.000 institutter, især deltagernes filialer, nås via Target ved hjælp af en identifikationskode (Bank Identifier Code).
The launch of TARGET2 on 19 November 2007 also went very smoothly (see Section 2.2 of this chapter).
Det er eurosystemets lovbestemte opgave at fremme betalingssystemernes smidige funktion. Det vigtigste instrument til at udføre denne opgave – udover overvågningsfunktionen (se afsnit 4 i kapitel 4) – er faciliteter, der kan sikre effektive og robuste clearing- og betalingssystemer. Derfor har eurosystemet etableret Trans-European Automated Real-time Gross settlement Express Transfer system, kaldet Target, til store, tidskritiske betalinger i euro.
The Eurosystem has the statutory task of promoting the smooth operation of payment systems.
Det teknisk decentraliserede Target-system erstattes lidt efter lidt af Target2-systemet, der bygger på en fælles teknisk platform for alle deltagere.
The technically decentralised TARGET system is being progressively replaced by the TARGET2 system, which is based on a single technical platform that is shared by all participants.
Den første landegruppe gik over til Target2 den 19. november 2007.
A first group of countries migrated to TARGET2 on 19 November 2007.
TARGET-OPERATIONER I 2007 steg det daglige gennemsnit af betalinger behandlet i Target med 12,3 pct. antalsmæssigt og 15,6 pct. værdimæssigt. Tabel 12 viser en oversigt over betalinger i Target i 2007 i forhold til året før.
About 9,300 banks, including branches and subsidiaries, use TARGET to initiate payments on their own behalf or on their customers’ behalf.
Ændring (i pct.)
Volume (number of transactions)
Hvad angår styring af sikkerhedsstillelse, tilbyder eurosystemet og markedet en række kanaler, der gør det lettere at stille sikkerhed på tværs af landegrænser.
With regard to collateral management, the Eurosystem and the market offer a number of channels to facilitate the use of collateral across national borders.
Desuden er eurosystemet sammen med markedsdeltagerne i færd med at definere brugerkravene til værdipapirafvikling i centralbankpenge via en fælles europæisk teknisk platform med harmoniserede processer og procedurer (Target2-Securities).
Furthermore, the Eurosystem, together with market participants, is defining the user requirements for the provision of securities settlement services in central bank money through a single European technical platform with harmonised processes and procedures (TARGET2-Securities).
Et sådant initiativ vil sikre, at der ikke er forskel på indenlandsk og grænseoverskridende afvikling inden for euroområdet.
Such an initiative would ensure that there is no difference between conducting domestic and crossborder settlements within the euro area.
Samlet I alt Dagligt gennemsnit
Overall Total Daily average
I alt Dagligt gennemsnit
2.1 THE TARGET SYSTEM
I alt Dagligt gennemsnit
Total Daily average Inter-Member State Total Daily average
I alt Dagligt gennemsnit
Overall Total Daily average