natgillin/translations-raw huggingface dataset:
Hvis en national centralbank afoperationelle årsager ikke kan handle med alledisse modparter i hver enkelt operation, udvælges modparter i den pågældende medlemsstatefter en rotationsordning med henblik på at sikrelige adgang for alle.
If, for operational reasons, a national central bank cannot deal in each operation with all of its fine-tuning counterparties, the selection of counterparties in this Member State will be based on a rotation scheme in order to ensure equitable access.
I overensstemmelse med de kontraktmæssige oglovgivningsmæssige bestemmelser, som denpågældende nationale centralbank (eller ECB)anvender, kan og vil eurosystemet pålægge modparterne gebyrer eller suspendere dem fra at deltage i markedsoperationer, hvis de ikke opfylderderes forpligtelser i medfør af de nedenforbeskrevne kontraktmæssige eller lovgivningsmæssige bestemmelser, som de nationale centralbanker (eller ECB) anvender.
In accordance with the provisions of the contractual or regulatory arrangements applied by the respective national central bank (or by the ECB), the Eurosystem can and will impose financial penalties on counterparties, or suspend counterparties’ participation in open market operations, if counterparties fail to comply with their obligations under the contractual or regulatory arrangements applied by the national central banks (or by the ECB) as set out below.
ECBs styrelsesråd kan beslutte, hvorvidt ECBunder særlige omstændigheder selv kan udførefinjusterende bilaterale markedsoperationer.Hvis ECB selv udfører bilaterale markedsoperationer, skal ECB udvælge modparter i henhold tilen rotationsordning blandt de modparter i euroområdet, der har adgang til ekstraordinære auktioner og bilaterale markedsoperationer, medhenblik på at sikre lige adgang for alle.
The Governing Council of the ECB can decide whether, under exceptional circumstances, fine-tuning bilateral operations may be carried out by the ECB itself. If the ECB were to carry out bilateral operations, the selection of counterparties would in such cases be made by the ECB according to a rotation scheme among those counterparties in the euro area which are eligible for quick tenders and bilateral operations in order to ensure equitable access.
SANKTIONER I TILFÆLDE AF MODPARTERNES MANGLENDE OPFYLDELSE AF DERES FORPLIGTELSER
2.3 SANCTIONS IN THE EVENT OF NON-COMPLIANCE WITH COUNTERPARTY OBLIGATIONS
Dette gælder for overtrædelse af auktionsreglerne (hvis en modpart ikke kan overføre tilstrækkelig sikkerhed til afvikling af det likviditetsbeløb, den er blevet tildelt i en likviditetstilførende operation, eller hvis den ikke kanlevere et tilstrækkeligt kontantbeløb til afviklingaf det beløb, den er blevet tildelt i en likviditetsopsugende operation) og reglerne for bilateraletransaktioner (hvis en modpart ikke kan leveretilstrækkelig belånbar sikkerhed, eller hvis denikke kan levere et tilstrækkeligt kontantbeløb tilafvikling af det beløb, som er aftalt i en bilateraltransaktion).
This relates to cases of infringement of tender rules (if a counterparty is unable to transfer a sufficient amount of underlying assets to settle the amount of liquidity it has been allotted in a liquidity-providing operation, or if it is unable to deliver a sufficient amount of cash to settle the amount it has been allotted in a liquidityabsorbing operation), and of bilateral transaction rules (if a counterparty is unable to deliver a sufficient amount of eligible underlying assets, or if it is unable to deliver a sufficient amount of cash to settle the amount agreed in bilateral transactions).
ECB pålægger sanktioner, i overensstemmelsemed Rådets forordning (EF) nr. 2532/98 af 23.november 1998 om Den Europæiske Centralbanks beføjelser til at pålægge sanktioner3, Den Europæiske Centralbanks forordning (EF) nr.2157/1999 af 23. september 1999 om Den Europæiske Centralbanks beføjelser til at pålæggesanktioner (ECB/1999/4)4, Rådets forordning(EF) nr. 2531/98 af 23. november 1998 om Den
The ECB shall impose sanctions, in accordance with Council Regulation (EC) No 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions,3
Europæiske Centralbanks anvendelse afmindstereserver5 med senere ændringer og Den
European Central Bank Regulation (EC) No 2157/1999 of 23 September 1999 on the powers of the European Central Bank to impose sanctions (ECB/1999/4),4
Europæiske Centralbanks forordning (EF) nr.1745/2003 af 12. september 2003 om anvendelseaf mindstereserver (ECB/2003/9)6, på institutter,
(EC) No 2531/98 of 23 November 1998 concerning the application of minimum reserves
Det gælder også for en modparts manglendeoverholdelse af reglerne om anvendelse afunderliggende aktiver (hvis en modpart anvender aktiver, der ikke er eller ikke længere erbelånbare, eller som ikke kan anvendes af modparten, fx på grund af en snæver forbindelse ellersammenfald mellem udsteder/garant og modpart) og for manglende overholdelse af reglerne iforbindelse med procedurer ultimo dagen ogbetingelserne for adgang til den marginaleudlånsfacilitet (hvis en modpart med en negativsaldo ultimo dagen på afviklingskontoen ikkeopfylder betingelserne for adgang til den marginale udlånsfacilitet).
This also applies to cases of non-compliance by a counterparty with the rules for the use of underlying assets (if a counterparty is using assets which are or have become ineligible, or which may not be used by the counterparty, e.g. owing to close links between, or the identity of, issuer/guarantor and counterparty), and to non-compliance with the rules for end-of-day procedures and access conditions for the marginal lending facility (if a counterparty which has a negative balance on the settlement account
De relevante sanktioner og proceduren for deres anvendelse er beskrevet iovennævnte forordninger.
on institutions which do not comply with obligations arising from ECB Regulations and
Endvidere kan en suspensionsforanstaltningover for en overtrædende modpart udvides til atomfatte filialer af samme institut i andre medlemsstater.
In addition, a suspension measure taken vis-à-vis a non-complying counterparty may be applied to branches of the same institution located in other Member States.
En modpart kan suspenderes fra allefremtidige pengepolitiske operationer i et nærmere fastsat tidsrum, såfremt dette ekstraordinært er påkrævet, fx på grund af overtrædelsenshyppighed eller varighed.
Where, as an exceptional measure, this is required on account of the seriousness of a case of non-compliance, as evidenced by its frequency or duration, for instance, a counterparty may be suspended from all future monetary policy operations for a certain period of time.
Gebyrer pålagt af nationale centralbanker formanglende overholdelse af reglerne i forbindelsemed auktioner, bilaterale transaktioner, underliggende aktiver, procedurer ultimo dagen ellerbetingelserne for adgang til den marginaleudlånsfacilitet beregnes ud fra en på forhåndfastsat sats (som beskrevet i appendiks 6).
Financial penalties imposed by national central banks in the event of non-compliance in relation to a breach of the rules concerning tender operations, bilateral transactions, underlying assets, end-of-day procedures or the access conditions to the marginal lending facility are calculated at a pre-specified penalty rate (as set out in Appendix 6).
SUSPENSION ELLER EKSKLUSION AF FORSIGTIGHEDSHENSYN ELLER VED MISLIGHOLDELSE
2.4 SUSPENSION OR EXCLUSION ON GROUNDS OF PRUDENCE OR EVENTS OF DEFAULT
I overensstemmelse med de kontraktmæssige oglovgivningsmæssige bestemmelser, som denpågældende nationale centralbank (eller ECB)anvender, kan eurosystemet af forsigtighedshensyn suspendere eller ekskludere modpartersadgang til pengepolitiske instrumenter.
In accordance with the provisions in the contractual or regulatory arrangements applied by the respective national central bank (or by the ECB), the Eurosystem may suspend or exclude counterparties’ access to monetary policy instruments on the grounds of prudence.
Desuden kan suspension eller eksklusion afmodparter være berettiget i visse tilfælde, derfalder ind under begrebet "misligholdelse", somdefineret i de kontraktmæssige og lovgivningsmæssige bestemmelser, som de nationale centralbanker anvender.
In addition, a suspension or exclusion of counterparties may be warranted in some of the cases which fall within the notion of the “default” of a counterparty as defined in the contractual or regulatory arrangements applied by the national central banks.
MARKEDSOPERATIONER rende tilbageførselsforretninger, der udføres somgenkøbsforretninger, er angivet i de kontraktmæssige bestemmelser, som den pågældendenationale centralbank (eller ECB) anvender.
Further provisions for reverse transactions based on repurchase agreements are specified in the contractual arrangements applied by the respective national central bank (or the ECB).
Iaftaler om tilbageførselsforretninger, der udføressom lån mod sikkerhed, tages der højde for deforskellige procedurer og formaliteter, der kræves for at fastslå og efterfølgende realisere enrelevant ret over sikkerheden (fx pantsætning,overdragelse eller pant), der gælder i de forskellige retssystemer.
Arrangements for reverse transactions based on collateralised loans take account of the different procedures and formalities required to enable the establishment and subsequent realisation of a relevant interest in the collateral (e.g. a pledge, an assignment or a charge) which apply in different jurisdictions.
Markedsoperationer spiller en vigtig rolle i eurosystemets pengepolitik.
Open market operations play an important role in the Eurosystem’s monetary policy.
De anvendes til at styrerenten og likviditetsforholdene i markedet ogsignalere den pengepolitiske stramhedsgrad.Med hensyn til formål, regelmæssighed og procedurer kan eurosystemets markedsoperationerinddeles i fire kategorier: Primære markedsoperationer, langfristede markedsoperationer, finjusterende markedsoperationer og strukturellemarkedsoperationer.
They are used for steering interest rates, managing the liquidity situation in the market and signalling the stance of monetary policy. With regard to their aims, regularity and procedures, Eurosystem open market operations can be divided into four categories: main refinancing operations, longerterm refinancing operations, fine-tuning operations and structural operations.
Eurosystemets vigtigsteinstrument i markedsoperationerne er tilbageførselsforretninger, som kan benyttes til alle firekategorier af markedsoperationer, mens gældsbeviser anvendes til strukturelle, likviditetsopsugende operationer.
As for the instruments used, reverse transactions are the main open market instrument of the Eurosystem and can be employed in all four categories of operations, whereas debt certificates may be used for structural absorption operations.
Strukturelle operationer kanogså udføres ved hjælp af egentlige købs- ogsalgsforretninger.
Structural operations may also be conducted by means of outright transactions i.e. purchases and sales.
Eurosystemet benytter endvidere to andre instrumenter til finjusterende markedsoperationer: valutaswaps og modtagelse aftidsindskud fra modparter.
In addition, the Eurosystem has two other instruments available for the conduct of fine-tuning operations: foreign exchange swaps and the collection of fixed-term deposits.
I de følgende afsnitbeskrives eurosystemets forskellige instrumenter til brug for markedsoperationer nærmere.
In the following sections, specific features of the different types of open market instruments used by the Eurosystem are presented in detail.
TILBAGEFØRSELSFORRETNINGER
3.1 REVERSE TRANSACTIONS
3.1.1GENERELLE BETRAGTNINGER
3.1.1 GENERAL CONSIDERATIONS
De primære markedsoperationer er eurosystemets vigtigste markedsoperationer. De spiller enafgørende rolle med henblik på at styre renten oglikviditetsforholdene i markedet og signalerepengepolitikkens stramhedsgrad.
The interest rate on a reverse transaction in the form of a collateralised loan is determined by applying the specified interest rate on the credit amount over the maturity of the operation.
INSTRUMENTTYPETilbageførselsforretninger er operationer, hvoreurosystemet køber eller sælger belånbare aktiver som led i genkøbsforretninger eller foretagerudlån mod sikkerhed i belånbare aktiver.
TYPE OF INSTRUMENTReverse transactions refer to operations where the Eurosystem buys or sells eligible assets under repurchase agreements or conducts credit operations against eligible assets as collateral.
Tilbageførselsforretninger anvendes til primære markedsoperationer og langfristede markedsoperationer.
Reverse transactions are used for main refinancing operations and longerterm refinancing operations.
De er likviditetstilførende tilbageførselsforretninger.
The main refinancing operations are the most important open market operations conducted by the Eurosystem, playing a pivotal role in pursuing the aims of steering interest rates, managing the liquidity situation in the market and signalling the stance of monetary policy.
De har normalt en løbetid på en uge.2
• liquidity-providing reverse they are operations;
JURIDISK STATUSDe nationale centralbanker kan udføre tilbageførselsforretninger i form af enten genkøbsforretninger (dvs. ejendomsretten til et aktiv overgår til kreditor, mens parterne aftaler at tilbageføre aktivet til debitor på et senere tidspunkt)eller lån mod sikkerhed (dvs. der skabes en retsgyldig sikkerhedsret over aktivet, som forbliverdebitors ejendom, idet det antages, at gældsforpligtelsen opfyldes). Yderligere forhold vedrø-
LEGAL NATUREThe national central banks may execute reverse transactions either in the form of repurchase agreements (i.e. the ownership of the asset is transferred to the creditor, while the parties agree to reverse the transaction through a
De udføres decentralt af de nationale centralbanker.
• they are executed through standard tenders (as specified in Section 5.1);
Alle modparter, der opfylder de overordnedeadgangskriterier (som beskrevet i afsnit 2.1)kan afgive bud ved de langfristede markedsoperationer.
• they are executed in a decentralised manner by the national central banks;
De udføres som standardauktioner (sombeskrevet i afsnit 5.1).
• they are executed through standard tenders (as specified in Section 5.1); all counterparties fulfilling the general eligibility criteria (as specified in Section 2.1) may submit bids for the longerterm refinancing operations; and
Alle modparter, der opfylder de overordnedeadgangskriterier (som beskrevet i afsnit 2.1)kan afgive bud ved de primære markedsoperationer.
• all counterparties fulfilling the general eligibility criteria (as specified in Section 2.1) may submit bids for the main refinancing operations; and marketable and nonmarketable assets (as specified in Chapter 6) are eligible as underlying assets for the longerterm refinancing operations.
3.1.4FINJUSTERENDE MARKEDSOPERATIONER GENNEMFØRT SOM TILBAGEFØRSELSFORRETNINGER
3.1.4 FINE-TUNING REVERSE OPERATIONS marketable and nonmarketable assets (as specified in Chapter 6) are eligible as underlying assets for the main refinancing operations.
Både omsættelige og ikkeomsættelige aktiver (som beskrevet i kapitel 6) kan benyttessom underliggende aktiver i primære markedsoperationer.
3.1.3 LONGER-TERM REFINANCING OPERATIONS
Eurosystemet kan udføre finjusterende markedsoperationer i form af tilbageførselsforretninger.Finjusterende markedsoperationer har til formålat kontrollere likviditetsforholdene i markedetog styre renten, især med henblik på at udjævnerentevirkningen af uventede likviditetsudsving imarkedet.
Fine-tuning operations aim to manage the liquidity situation in the market and to steer interest rates, in particular in order to smooth the effects on interest rates caused by unexpected liquidity fluctuations in the market.
Finjusterende markedsoperationerkan udføres den sidste dag i reservekravsperioden for at udligne likviditetsmæssige ubalancer,som kan være opbygget siden tildelingen vedden sidste primære markedsoperation.
Fine-tuning operations may be conducted on the last day of a reserve maintenance period to counter liquidity imbalances which may have accumulated since the allotment of the last main refinancing operation.
For atkunne handle hurtigt i tilfælde af en uventetudvikling i markedet tilstræbes en høj grad affleksibilitet med hensyn til valg af procedurer ogoperationelle karakteristika i forbindelse meddisse operationer.
The potential need for rapid action in the case of unexpected market developments makes it desirable to retain a high degree of flexibility in the choice of procedures and operational features in the conduct of these operations.
Eurosystemet udfører også regelmæssige markedsoperationer, der normalt har en løbetid på tremåneder, og som skal bidrage med yderligerelangfristet refinansiering til den finansielle sektor.Da formålet med disse operationer som regel ikkeer at sende signaler til markedet, lader eurosystemet normalt renten tilpasse sig efterspørgslenefter likviditet.
The Eurosystem also executes regular refinancing operations, normally with a three-month maturity, which are aimed at providing additional longerterm refinancing to the financial sector. In these operations, the Eurosystem does not, as a rule, intend to send signals to the market and therefore normally acts as a rate taker.
Langfristede markedsoperationerudføres således normalt som auktioner til variabelrente, og ECB angiver fra tid til anden mængdenaf likviditet, der skal tildeles ved de kommendeauktioner.
Accordingly, longerterm refinancing operations are usually executed in the form of variable rate tenders and, from time to time, the ECB indicates the operation volume to be allotted in forthcoming tenders.
Under særlige omstændigheder kaneurosystemet også udføre langfristede markedsoperationer i form af auktioner til fast rente.
Under exceptional circumstances, the Eurosystem may also execute longerterm refinancing operations through fixed rate tenders.
De kan udføres som likviditetstilførende ellerlikviditetsopsugende operationer.
• they can take the form of liquidity-providing or liquidityabsorbing operations;
De er likviditetstilførende tilbageførselsforretninger.
The operational features of the longerterm refinancing operations can be summarised as follows:
De udføres ikke med standardiseret frekvens.
• they are liquidity-providing reverse operations;
De udføres regelmæssigt hver måned.1
1 they are executed regularly each month;1
De har normalt en løbetid på tre måneder.2
• they normally have a maturity of three
Likviditetstilførende, finjusterende tilbageførselsforretninger udføres normalt som ekstraordinære auktioner, men anvendelse af bilaterale procedurer er ikke udelukket (se kapitel 5).
The main and the longerterm refinancing operations are executed in accordance with the Eurosystem’s pre-announced tender operations calendar (see also Section 5.1.2), which can be found on the ECB’s website (www.ecb.europa.eu), as well as on the Eurosystem websites (see Appendix 5).The maturity of the main and the longerterm refinancing operations may occasionally vary depending on, inter alia, bank holidays in Member States.
De udføres normalt decentralt af de nationalecentralbanker (ECBs styrelsesråd kan beslutte, hvorvidt ECB under særlige omstændigheder selv kan udføre finjusterende bilaterale markedsoperationer).
• liquidity-providing fine-tuning reverse transactions are normally executed through quick tenders, although the possibility of using bilateral procedures is not excluded (see Chapter 5); all counterparties fulfilling the general eligibility criteria (as specified in Section 2.1) may submit bids for structural reverse operations; and
EGENTLIGE KØBS- ELLER SALGSFORRETNINGER
• marketable and nonmarketable assets (as specified in Chapter 6) are eligible as underlying assets for structural reverse operations.
Eurosystemet kan ifølge kriterierne og procedurerne i afsnit 2.2 udvælge et begrænsetantal modparter, der kan deltage i finjusterende operationer.
liquidityabsorbing fine-tuning reverse transactions are executed, as a rule, through bilateral procedures (as specified in Section 5.2);
Både omsættelige og ikkeomsættelige aktiver (som beskrevet i kapitel 6) kan benyttessom underliggende aktiver i finjusterendemarkedsoperationer, der gennemføres som tilbageførselsforretninger.
3.2 OUTRIGHT TRANSACTIONS these operations are normally executed in a decentralised manner by the national central banks (the Governing Council of the ECB can decide whether, under exceptional circumstances, bilateral fine-tuning reverse operations may be executed by the ECB);
INSTRUMENTTYPEEgentlige købs- eller salgsforretninger er operationer, hvor eurosystemet køber eller sælgerbelånbare aktiver direkte i markedet.
TYPE OF INSTRUMENTOutright open market transactions refer to operations where the Eurosystem buys or sells eligible assets outright on the market.
Sådanneoperationer udføres kun til strukturelle formål.
Such operations are executed only for structural purposes.
3.1.5STRUKTURELLE MARKEDSOPERATIONER GENNEMFØRT SOM TILBAGEFØRSELSFORRETNINGER
the Eurosystem may select, according to the criteria specified in Section 2.2, a limited number of counterparties to participate in fine-tuning reverse operations; and
Forretningerne udføres i overensstemmelse med markedskonventionerne fordet gældsinstrument, der anvendes i forretningen.
• marketable and nonmarketable assets (as specified in Chapter 6) are eligible as underlying assets for fine-tuning reverse operations.
Eurosystemet kan udføre strukturelle markedsoperationer i form af tilbageførselsforretningermed det formål at justere eurosystemets strukturelle nettostilling over for den finansielle sektor.
LEGAL NATUREAn outright transaction implies a full transfer of ownership from the seller to the buyer with no connected reverse transfer of ownership.
ANDRE OPERATIONELLE KARAKTERISTIKADe operationelle karakteristika ved købs- ellersalgsforretninger kan opsummeres som følger:
OTHER OPERATIONAL FEATURESThe operational features of Eurosystem outright transactions can be summarised as follows:
Deres løbetid er ikke standardiseret på forhånd.
The operational features of these operations can be summarised as follows:
De kan tilføre likviditet (køb) eller opsugelikviditet (salg).
• they are liquidity-providing operations;
De udføres som standardauktioner (sombeskrevet i afsnit 5.1).
• they can take the form of liquidity-providing (outright purchase) or liquidityabsorbing (outright sale) operations;
De udføres ikke med standardiseret frekvens.
• their frequency can be regular or non-regular;
De udføres som standardauktioner (sombeskrevet i afsnit 5.2).
• their maturity is not standardised a priori;
De udføres decentralt af de nationale centralbanker.
• their frequency is not standardised;
De udføres som hovedregel decentralt af denationale centralbanker.
Open market operations they are executed through bilateral procedures (as specified in Section 5.2);
I forbindelse med egentlige købs- eller salgsforretninger er der ikke på forhånd fastsatbegrænsninger på kredsen af modparter.
• they are normally executed in a decentralised manner by the national central banks;
Kun omsættelige aktiver (som beskrevet ikapitel 6) anvendes som underliggende aktiver i egentlige købs- eller salgsforretninger.
• no restrictions are placed a priori on the range of counterparties to outright transactions; and and are redeemed at maturity at the nominal amount.
Forskellen mellem emissionsværdien og indfrielsesværdien svarer til den rente,der er påløbet emissionsværdien til den aftalterentesats i løbet af bevisets løbetid.
The difference between the issue amount and the redemption amount equals the interest accrued on the issue amount, at the agreed interest rate, over the maturity of the certificate.
Denanvendte rentesats er en simpel rentesats, og derberegnes rente efter konventionen "faktisk/360".Beregningen af emissionsværdien fremgår afboks 1.
The interest rate applied is a simple interest rate based on the day-count convention “actual/360”. The calculation of the issue amount is shown in Box 1.
ECBs UDSTEDELSE AF GÆLDSBEVISER
• only marketable assets (as specified in Chapter 6) are used as underlying assets in outright transactions.