natgillin/translations-raw huggingface dataset:
PRIMÆRE OG LANGFRISTEDE MARKEDSOPERATIONER
The normal trade days for the main and the longerterm refinancing operations are specified in Table 2.
STRUKTURELLE MARKEDSOPERATIONERStrukturelle markedsoperationer i form af standardauktioner udføres ikke efter en på forhåndfastlagt kalender.
The ECB aims to ensure that counterparties in all Member States can participate in the main and the longerterm refinancing operations.
De udføres og afvikles dog
Therefore, when
De primære og langfristede markedsoperationerudføres i henhold til en vejledende kalender, deroffentliggøres af eurosystemet.3 Kalenderen of-
In a fixed rate tender, the ECB specifies the interest rate in advance and participating counterparties bid the amount of money they want to transact at the fixed interest rate.1 In a variable rate tender, counterparties bid the amounts of money and the interest rates at which they want to enter into transactions with the national central banks.2
I valutaswapauktioner til variable swappoint afgiver modparterne bud på det beløb i hovedstolsvalutaen og de swappoint,som de ønsker at indgå handel om.Kalenderen over eurosystemets auktioner findes på ECBs websted (www.ecb.europa.eu) samt eurosystemets websteder (seappendiks 5).
In fixed rate foreign exchange swap tenders, the ECB fixes the swap points of the operation and the counterparties offer the amount of currency kept fixed that they wish to sell (and buy back) or buy (and sell back) at that rate.In variable rate foreign exchange swap tenders, the counterparties bid the amount of the currency kept fixed and the swap point quotation at which they wish to enter into the operation.The calendar for the Eurosystem’s tender operations can be found on the ECB’s website (www.ecb.europa.eu.), as well as on the Eurosystem websites (see Appendix 5).
fentliggøres mindst tre måneder inden begyndelsen af det år, for hvilket kalenderen er gældende.De normale handelsdage for de primære og langfristede markedsoperationer er angivet i tabel 2.ECB tilstræber at sikre, at modparter i alle med-
MAIN AND LONGER-TERM REFINANCING OPERATIONSThe main and the longerterm refinancing operations are executed according to
Sidste onsdag i hver kalendermåned1)
The last Wednesday of each calendar month 1)
1)På grund af julen fremskyndes operationen for december normalt en uge, dvs. til den foregående onsdag i måneden.
1) Owing to the Christmas period, the December operation is brought forward, normally by one week, i.e. to the preceding Wednesday of the month.
Rentesatsen/kursen/antallet af swappoint vedauktioner til fast rente).
• the intended operation volume (normally only in the case of longerterm refinancing operations);
normalt kun på dage, som er NCB-bankdagealle medlemsstater.
However, they are normally conducted and settled only on days which are NCB business days 4 in all Member States.
Laveste/højeste accepterede rente/kurs/swappoint (hvis det er relevant).
• the minimum/maximum accepted interest rate/price/swap point (if applicable);
Operationens startdato og udløbsdato (hvisdet er relevant) eller instrumentets valørdatoog indfrielsesdato (ved udstedelse af gældsbeviser).
• the start date and maturity date of the operation (if applicable), or the value date and maturity date of the instrument (in the case of the issuance of debt certificates); cates);
Kun de nationale centralbanker i medlemsstater, hvor handelsdagen, afviklingsdagenog forfaldsdagen er NCB-bankdage, deltager idisse operationer.
Only national central banks of Member States in which the trade day, the settlement day and the reimbursement day are NCB business days participate in such operations.
De involverede valutaer og hovedstolsvalutaen (ved valutaswaps).
5.1.3 ANNOUNCEMENT OF TENDER OPERATIONS the currencies involved and the currency, the amount of which is kept fixed (in the case of foreign exchange swaps);
Spotkursen, der anvendes ved beregning afbud (ved valutaswaps).
• the reference spot exchange rate to be used for the calculation of bids (in the case of foreign exchange swaps);
Højeste budbeløb (hvis det er relevant).
• the maximum bid limit (if any);
Eurosystemets standardauktioner annonceresgennem elektroniske nyhedstjenester.
Eurosystem standard tenders are publicly announced by means of wire services.
Desudenkan de nationale centralbanker sende meddelelseom auktionen direkte til modparter, der ikke haradgang til elektroniske nyhedstjenester.
In addition, national central banks may announce the tender operation directly to counterparties without access to wire services.
Denoffentlige auktionsmeddelelse indeholder normalt følgende oplysninger:
The public tender announcement message normally contains the following information:
Laveste tildelingskvotient (hvis det er relevant).
• the minimum individual allotment amount (if any);
Auktionens referencenummer.
• the reference number of the tender operation;
Auktionsdatoen.
• the date of the tender operation;
Tildelingsmetoden (hollandsk eller amerikansk auktion som defineret i afsnit 5.1.5).
• the type of operation (provision or absorption of liquidity and the type of monetary policy instrument to be used);
Ved "NCB-bankdage" forstås i dette dokument de dage, hvor dennationale centralbank i en bestemt medlemsstat er åben for udførelse af eurosystemets pengepolitiske operationer.
Throughout this document, the term “NCB business day” refers to any day on which the national central bank of a specific Member State is open for the purpose of conducting Eurosystem monetary policy operations.
I nogle medlemsstater kan visse af den nationale centralbanks filialer værelukket på NCB-bankdage på grund af nationale eller regionalehelligdage.
In some Member States, branches of the national central bank may be closed on NCB business days owing to local or regional bank holidays.
I sådanne tilfælde skal den relevante nationale centralbank på forhånd oplyse modparterne om de foranstaltninger,der skal træffes i forbindelse med transaktioner, som omfatter depågældende filialer.
In such cases, the relevant national central bank is responsible for informing the counterparties in advance of the arrangements to be made for transactions involving those branches.
Det tilsigtede operationsbeløb (normalt kunved langfristede markedsoperationer).
• the maturity of the operation;
budbeløb gælder for hver enkelt af de angivnerentesatser, kurser eller antal swappoint i modpartens bud.
The minimum bid amount is applied to each individual interest rate/price/swap point level.
I de langfristede markedsoperationer definererhver enkelt national centralbank et laveste budbeløb i intervallet 10.000-1.000.000 euro.
For the longerterm refinancing operations, each national central bank defines a minimum bid amount in the range from €10,000 to €1,000,000.
Bud,der overstiger det definerede laveste budbeløb,angives som multipla af 10.000 euro.
Bids exceeding the defined minimum bid amount must be expressed as multiples of €10,000.
Det lavestebudbeløb gælder for hver enkelt af de angivnerentesatser i modpartens bud.
The minimum bid amount is applied to each individual interest rate level.
Med henblik på at øge gennemsigtigheden af definjusterende markedsoperationer annoncerereurosystemet normalt ekstraordinære auktionerpå forhånd.
With a view to enhancing transparency in its fine-tuning operations, the Eurosystem normally announces quick tenders publicly in advance.
Ekstraordinære auktioner annonceres eftersamme procedurer som standardauktioner.
The announcement of quick tenders follows the same procedures as those for standard tenders.
I enekstraordinær auktion, som ikke er offentliggjortpå forhånd, kontaktes de udvalgte modparterdirekte af de nationale centralbanker.
In a quick tender which is not announced publicly in advance, the selected counterparties are contacted directly by the national central banks.
I en ekstraordinær auktion, som er offentliggjort, kan dennationale centralbank kontakte de udvalgte modparter direkte.
In a quick tender, which is announced publicly, the national central bank may contact the selected counterparties directly.
Et eventuelthøjeste budbeløb fremgår altid af den offentliggjorte auktionsmeddelelse.
Any such maximum bid limit is always specified in the public tender announcement message.
5.1.4MODPARTERNES AFGIVELSE AF BUD
5.1.4 PREPARATION AND SUBMISSION OF BIDS BY COUNTERPARTIES
Modparternes bud skal følge den model, som denationale centralbanker har udarbejdet for denrelevante operation.
Counterparties’ bids must be in a form that follows the pro forma example provided by the national central banks for the relevant operation.
Buddene indsendes til dennationale centralbank i en medlemsstat, hvorinstituttet er beliggende (hovedkontor ellerfilial).
The bids must be submitted to the national central bank of a Member State in which the institution has an establishment (head office or branch).
Et institut kan kun afgive bud gennem énenhed (hovedkontoret eller en bestemt filial) ihver medlemsstat.
The bids of an institution may only be submitted by one establishment (either the head office or a designated branch) in each Member State.
De kontraktmæssige eller lovgivningsmæssigebestemmelser, som den pågældende nationalecentralbank anvender, giver mulighed for atpålægge gebyrer, hvis en modpart ikke er i standtil at overføre tilstrækkelig sikkerhed eller tilstrækkelige kontanter til afvikling af det beløb,som modparten er blevet tildelt i en auktion.
Counterparties are expected always to be in a position to cover the amounts allotted to them with a sufficient amount of eligible underlying assets.8 The contractual or regulatory arrangements applied by the respective national central bank allow the imposition of penalties if a counterparty is unable to transfer a sufficient amount of underlying assets or cash to settle the amount it has been allotted in a tender operation.
I auktioner til fast rente skal modparterne i deresbud angive det beløb, de ønsker at handle medden nationale centralbank.5
In fixed rate tenders, counterparties must state in their bids the amount of money that they are willing to transact with the national central banks.5
Hvis det samledebudbeløb ved den laveste accepterede rente (dvs.den marginale rente) overstiger det resterendetildelingsbeløb, fordeles restbeløbet blandt buddene på pro rata-basis i forholdet resterende tildelingsbeløb/samlet budbeløb til den marginalerente (se boks 5).
Procedures the ratio of the amount to be allotted to the aggregate amount bid (see Box 4).
Det beløb, der tildeles denenkelte modpart, afrundes til nærmeste euro.
The amount allotted to each counterparty is rounded to the nearest euro.
eller antal swappoint er lavere end et eventueltfastsat minimum eller højere end et eventueltfastsat maksimum.
However, the ECB may decide to allot a minimum amount/ratio to each bidder in fixed rate tenders.
Endvidere kan de nationalecentralbanker afvise bud, der er ufuldstændigeeller ikke følger modellen for den relevante operation.
Bids are revocable up to the tender submission deadline.
Hvis et bud afvises, underretter denpågældende nationale centralbank modpartenom sin beslutning inden tildelingen af beløb iauktionen.
Bids submitted after the deadline specified in the tender announcement message are invalid.
AUKTIONER TIL FAST RENTEVed tildeling af budbeløb i en auktion til fastrente summeres buddene fra modparterne.
The national central banks discard all the bids of a counterparty if the aggregate amount bid exceeds any maximum bid limit established by the ECB.
Hvisdet samlede budbeløb overstiger det samlede tildelingsbeløb, sker tildelingen på pro rata-basis iforholdet tildelingsbeløb/samlet budbeløb (seboks 4).
The national central banks also discard any bid which is below the minimum bid amount or which is below any minimum or above any maximum accepted interest rate/price/swap point.
Det beløb, der tildeles den enkelte modpart, afrundes til nærmeste euro.
Furthermore, the national central banks may discard bids which are incomplete or which do not follow the pro forma example.
ECB kan dogbeslutte at tildele hver budgiver i auktioner tilfast rente et mindstebeløb eller beløb efter enmindstekvotient.
If a bid is discarded, the respective national central bank informs the counterparty about its decision prior to the tender allotment.
Ved tildeling af beløb i likviditetsopsugendeauktioner til variabel rente (der kan benyttes vedudstedelse af gældsbeviser og modtagelse aftidsindskud fra modparter) opstilles buddene istigende orden efter den budte rentesats (ellerfaldende orden efter den budte kurs).
VARIABLE RATE TENDERS IN EUROIn the allotment of liquidity-providing variable rate tenders in euro, bids are listed in descending order of offered interest rates.
Bud medden laveste rente (højeste kurs) accepteres først.Derefter accepteres bud med en stadig højererente (lavere kurs), indtil hele det beløb, der skalopsuges, er nået.
Bids with the highest interest rate levels are satisfied first and subsequently bids with successively lower interest rates are accepted until the total liquidity to be allotted is exhausted.
Hvis det samlede budbeløb vedden højeste accepterede rente (laveste accepterede kurs) (dvs. den marginale rente eller kurs)overstiger det resterende tildelingsbeløb, fordeles restbeløbet blandt buddene på pro rata-basis iforholdet resterende tildelingsbeløb/samlet budbeløb til den marginale rente eller kurs (se boks5).
If, at the lowest interest rate level accepted (i.e. the marginal interest rate), the aggregate amount bid exceeds the remaining amount to be allotted, the remaining amount is allocated pro rata among the bids according to the ratio of the remaining amount to be allotted to the total amount bid at the marginal interest rate (see Box 5).
Ved udstedelse af gældsbeviser afrundes detbeløb, der tildeles den enkelte modpart, til nærmeste multiplum af gældsbevisernes påly- dendeværdi.
The amount allotted to each counterparty is rounded to the nearest euro.
Ved andre likviditetsopsugende operatio-
In the allotment of liquidityabsorbing variable rate tenders (which may be used for the issuance
AUKTIONER TIL VARIABEL RENTE I EUROVed tildeling af beløb i likviditetstilførende auktioner til variabel rente i euro opstilles buddene ifaldende orden efter den budte rentesats.
FIXED RATE TENDER OPERATIONSIn the allotment of a fixed rate tender, the bids received from counterparties are added together.
TILDELING AF BELØB I AUKTIONER TIL FAST RENTE
ALLOTMENT OF FIXED RATE TENDERS
Tildelingsprocenten er: all% = n ai i =1
The percentage of allotment is: all% = n
Det beløb, der tildeles modpart i, er: alli
The amount allotted to the ith counterparty is: all
=det samlede antal modparter
) i i where:A n a i all%
=det samlede beløb, der tildeles modpart i alli
= total amount allotted= total number of counterparties= bid amount of the ith counterparty= percentage of allotment= total amount allotted to the ith counterparty alli
TILDELING AF BELØB I AUKTIONER MED VARIABEL RENTE I EURO
ALLOTMENT OF VARIABLE RATE TENDERS IN EURO(the example refers to bids quoted in the form of interest rates)
Tildelingsprocenten ved den marginale rente er:
The allotment to the ith counterparty at the marginal interest rate is: all ( r
Tildelingsbeløbet til modpart i til den marginale rente er:
The total amount allotted to the ith counterparty is: m−1
Det samlede beløb, der tildeles modpart i, er: hvor: A
∑ alli s i m i s=1 where:A r s
=det samlede tildelingsbeløb=rente s budt af modparterne=det samlede antal modparter rs n
= total amount allotted= sth interest rate bid by the counterparties= total number of counterparties n a(r
=modpart i's budbeløb til rente s (rs=det samlede budbeløb til rente s (r
= amount bid at the sth interest rate (r
Derefter accepteres bud med stadig højere ner afrundes det beløb, som tildeles den enkeltemodpart, til nærmeste euro.
= interest rate before the marginal interest rate (last interest rate at which bids are rm−1 completely satisfied): ed): r
ECB kan beslutte at tildele alle accepterede budgivere i auktioner til variabel rente et mindstebeløb.
> r m−1 m for a liquidity-providing tender for a liquidityabsorbing tender r > r m m−1 all% ( r )
VALUTASWAPAUKTIONER TIL VARIABLE SWAPPOINTVed tildeling af beløb i likviditetstilførende valutaswapauktioner til variable swappoint opstil-lesbuddene i stigende orden efter antal swappoint.9
= allotment to the ith counterparty at the sth interest rate= total amount allotted to the ith counterparty alli of debt certificates and the collection of fixed-term deposits), bids are listed in ascending order of offered interest rates (or descending order of offered prices).
Det beløb, der tildeles den enkelte modpart,afrundes til nærmeste euro.
The amount allotted to each counterparty is rounded to the nearest euro.
antal swappoint, indtil hele tildelingsbeløbet ihovedstolsvalutaen er nået.
Swap point quotations are listed in ascending 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.
Hvis det samledebudbeløb ved det højeste accepterede antalswappoint (dvs. det marginale antal swappoint)overstiger det resterende tildelingsbeløb, fordeles restbeløbet blandt buddene på pro rata-basis iforholdet resterende tildelingsbeløb/samlet budbeløb ved det marginale antal swappoint (se boks
If, for the maturity of the swap, the foreign currency interest rate is higher than the corresponding interest rate for the euro, the swap point quotation is positive (i.e. the euro is quoted at a premium to the foreign currency). Conversely, if the foreign currency interest rate is lower than the corresponding interest rate for the euro, the swap point quotation is negative (i.e. the euro is quoted at a discount to the foreign currency).
Ved tildeling af beløb i likviditetsopsugendevalutaswapauktioner til variable swappointopstilles buddene i faldende orden efter antalswappoint. Bud med det højeste antal swappointaccepteres først.
VARIABLE RATE FOREIGN EXCHANGE SWAP TENDERSIn the allotment of liquidity-providing variable rate foreign exchange swap tenders, bids are listed in ascending order of swap point quotations.9 The bids with the lowest swap point quotations are satisfied first and subsequently successively higher swap point quotations are accepted until the total amount of the fixed currency to be allotted is exhausted.
Derefter accepteres bud medstadig lavere antal swappoint, indtil hele det
If, at the highest swap point quotation accepted (i.e. the
TILDELING AF BELØB I VALUTASWAPAUKTIONER TIL VARIABLE SWAPPOINT
ALLOTMENT OF VARIABLE RATE FOREIGN EXCHANGE SWAP TENDERS
Tildelingsprocenten ved det marginale antal swappoint er:
The percentage of allotment at the marginal swap point quotation is: m−1
Tildelingsbeløbet til modpart i ved det marginale antal swappoint er:
The allotment to the ith counterparty at the marginal swap point quotation is: all (Δ
Det samlede beløb, der tildeles modpart i, er: hvor: A
The total amount allotted to the ith counterparty is: m-1 a(Δ
Tildelingsprocenten (ved auktioner til fastrente).
• the date of the tender operation;
beløb i hovedstolsvalutaen, som skal opsuges, ernået.
• the total amount bid by Eurosystem counterparties;
Hvis det samlede budbeløb ved det højesteaccepterede antal swappoint (dvs. det marginaleantal swappoint) overstiger det resterende tildelingsbeløb, fordeles restbeløbet blandt buddenepå pro rata-basis i forholdet resterende tildelingsbeløb/samlet budbeløb ved det marginale antalswappoint (se boks 6).
If, at the lowest swap point quotation accepted (i.e. the marginal swap point quotation), the aggregate amount bid exceeds the remaining amount to be allotted, the remaining amount is allocated pro rata among the bids according to the ratio of the remaining amount to be allotted to the total amount bid at the marginal swap point quotation (see Box 6).
Den marginale rente/den marginale kurs/detmarginale antal swappoint og tildelingsprocenten ved den marginale rente/den marginalekurs/det marginale antal swappoint (ved auktioner til variabel rente).
• the currencies involved (in the case of foreign exchange swaps);
Minimumsbudrente, maksimumsbudrente ogden vægtede, gennemsnitlige tildelingsrente(ved auktioner med flere rentesatser).
• the percentage of allotment (in the case of fixed rate tenders);
Operationens startdato og udløbsdato (hvisdet er relevant) eller instrumentets valørdatoog indfrielsesdato (ved udstedelse af gældsbeviser).
• the spot exchange rate (in the case of foreign exchange swaps);
AUKTIONSTYPEI forbindelse med auktioner til variabel rente kaneurosystemet benytte en auktionstype med entenen enkelt eller flere rentesatser.
TYPE OF AUCTIONFor variable rate tenders, the Eurosystem may apply either single rate or multiple rate auction procedures.
I en auktion meden enkelt rentesats (hollandsk auktion) anvendessamme rente/kurs/antal swappoint ved tildeling afdet samlede tildelingsbeløb.
In a single rate auction (Dutch auction), the allotment interest rate/price/swap point applied for all satisfied bids is equal to the marginal interest rate/price/swap point (i.e. that at which the total allotment is exhausted).
Denne svarer til denmarginale rente/den marginale kurs/det marginaleantal swappoint (dvs. det punkt, hvor tildelingsbeløbet nås).
In a multiple rate auction (American auction), the allotment interest rate/price/swap point is equal to the interest rate/price/swap point offered for each individual bid.
I en auktion med flere rentesatser(amerikansk auktion) anvendes forskellige renter/kurser/antal swappoint svarende til renterne/kurserne/antallet af swappoint i de enkelte bud.
5.1.6 ANNOUNCEMENT OF TENDER RESULTS the marginal interest rate/price/swap point accepted and the percentage of allotment at the marginal interest rate/price/swap point (in the case of variable rate tenders);
5.1.6OFFENTLIGGØRELSE AF AUKTIONSRESULTATER
ECBThe implementation of monetary policy in the euro area November 2008
Bevisernes pålydende værdi (ved udstedelseaf gældsbeviser).
• the minimum individual allotment amount (if any);
Udstedelsens ISIN-kode (ved udstedelse afgældsbeviser).
• the denomination of the certificates (in the case of the issuance of debt certificates); and
Resultaterne af standardauktioner og ekstraordinære auktioner offentliggøres gennem elektroniske nyhedstjenester.
• the ISIN code of the issue (in the case of the issuance of debt certificates). cates).
Desuden kan de nationalecentralbanker sende meddelelse om tildelingsresultaterne direkte til modparter, der ikke haradgang til elektroniske nyhedstjenester.
In this case, the ECB (or the national central bank(s) acting as the operating arm of the ECB) would directly contact one or a few counterparties in the euro area, selected according to the criteria specified in Section 2.2.
Denoffentlige meddelelse om auktionsresultaterneindeholder normalt følgende oplysninger:
The transactions would nevertheless be settled in a decentralised manner through the national central banks.
Auktionens referencenummer.
5.2 PROCEDURES FOR BILATERAL OPERATIONS
De nationale centralbanker bekræfter direkte deindividuelle tildelingsresultater over for modparterne.
GENERAL CONSIDERATIONSThe national central banks may execute operations on the basis of bilateral procedures.10
GENERELLE BETRAGTNINGER
5.3.2 SETTLEMENT OF OPEN MARKET OPERATIONS
Det samlede budbeløb fra eurosystemetsmodparter.
Money transactions are settled only after (or at the moment of) the final transfer of the assets underlying the operation.
10ECBs styrelsesråd kan beslutte, hvorvidt ECB under særligeomstændigheder også selv kan udføre finjusterende bilateralemarkedsoperationer.
11 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.europa.eu).
ANNONCERING AF BILATERALE MARKEDSOPERATIONERBilaterale markedsoperationer annonceres normalt ikke på forhånd.
Settlement date for operations based on standard tenders
TRANSAKTIONSDAGEECB kan beslutte at udføre finjusterende bilaterale markedsoperationer på enhver af eurosystemets bankdage.
Settlement date for operations based on quick tenders or bilateral procedures