natgillin/translations-raw huggingface dataset:
En rapport om styring af likviditetsrisiko for grænseoverskridende bankkoncerner i EU blev færdig i 1. kvartal 2007 og udgjorde et aktuelt input til Europa-Kommissionens arbejde med regulering af likviditetsrisiko.
A report on liquidity risk management for crossborder banking groups in the EU was finalised in the first quarter of 2007 and provided a timely contribution to the European Commission’s regulatory work in the area of liquidity risk.
Rapporten blev også forelagt Baselkomiteen for Banktilsyn og CEBS som bidrag til deres arbejde på området.
The report was also submitted to the Basel Committee on Banking Supervision and CEBS as input into their work on the subject.
I samarbejde med Banktilsynskomiteen vil ECB forsætte sit arbejde inden for dette vigtige område.
Looking ahead, the ECB, in cooperation with the BSC, will continue its work in this important area.
I den forbindelse vil Banktilsynkomiteen analysere den nuværende praksis med hensyn til EU-bankers stresstest af likviditetsrisiko samt deres likviditetsberedskab.
In this context, the BSC will analyse current practices regarding EU banks’ liquidity risk stress-testing and contingency funding plans.
Endvidere arbejder ECB med de potentielle konjunkturmedløbende effekter af kapitalkravsdirektivet.
Work is also under way at the ECB in relation to the potential procyclical effects of the CRD.
I henhold til direktivet er Europa-Kom-missionen, i samarbejde med medlemslandene og under hensyntagen til bidrag fra ECB, bemyndiget til regelmæssigt at kontrollere, om minimumskapitalkravene har en væsentlig indflydelse på den økonomiske konjunktur samt til i så fald at foreslå korrigerende foranstaltninger.
Under the CRD, the European Commission, in cooperation with the Member States, and taking into account the contribution of the ECB, has been given a mandate to periodically monitor whether the minimum capital requirements have significant effects on the economic cycle, and to propose remedial measures if this is found to be the case.
I den forbindelse samarbejder Banktilsynskomiteen og CEBS om at udvikle et sæt analysemetoder til vurdering af den konjunkturmedløbende virkning af de nye kapitalkrav.
To this end, the BSC and CEBS are jointly developing an analytical framework for assessing the potential procyclical impact of the new regulatory capital framework.
2.3 VÆRDIPAPIRER
2.3 SECURITIES
En strømlinet version af rapporten blev offentliggjort i oktober 2007 som en særlig del af ECBs rapport om EU-bankstrukturer.
A streamlined version of the report was published in October 2007 as a special feature in the ECB’s “EU banking structures” report.
Den fokuserer på regulering af likviditet, udviklingen inden for grænseoverskridende bankers styring af likviditetsrisiko samt de mulige konsekvenser for finansiel stabilitet.
It focuses on issues relating to liquidity regulation and to developments in the organisation of crossborder banks’ liquidity risk management, as well as the potential implications for financial stability.
Rapportens hovedkonklusioner kan opsummeres som følger: For det første indebærer den fragmenterede lovgivning vedrørende likviditetsrisiko i EU, efter de grænseoverskridende bankers opfattelse, ikke unødige restriktioner, hvad angår koncerners likviditetsstyring på tværs af nationale grænser.
The main findings of the report can be summarised as follows. First, crossborder banks do not perceive that the fragmentation of liquidity risk regulation in the EU imposes undue restrictions on the management of intragroup liquidity across borders.
Ifølge bankerne kan andre regler om ordninger mellem hjemlandets og værtslandets myndigheder og høje grænser for risikoeksponering imidlertid hindre effektiv likviditetsstyring.
However, banks indicated that other regulations related to homehost arrangements and large exposure limits may pose potential obstacles to efficient liquidity risk management.
For det andet anerkender de grænseoverskridende banker fordelene ved centralbankernes initiativer til at imødegå problemer i forbindelse med internationale likviditetsstrømme og grænseoverskridende sikkerhedsstillelse, men de bemærker samtidig, at der stadig kan være visse forhindringer for likviditetspooling og grænseoverskridende sikkerhedsstillelse.
Second, while crossborder banks acknowledge the utility of initiatives taken by central banks to address problems related to international liquidity flows and the crossborder use of collateral, they note that certain hurdles regarding the pooling of liquidity and the crossborder use of collateral may remain.
For det tredje bekræftes tendensen til centralisering af politikker og procedurer for likviditetsstyring og decentralisering af den daglige likviditetsstyring, selv om der stadig er forskelle mellem de grænseoverskridende bankers likviditetsstyring.
Third, despite the remaining differences in the liquidity risk management of crossborder banks, the trend towards the centralisation of liquidity management policies and procedures,
I 2007 fokuserede de offentlige myndigheder overordnet set på korrekt gennemførelse i med-
The ECB also participated with observer status in the work of the European Securities Market Expert Group (ESME), established by the European Commission as an advisory body for the securities sector.
lemslandene af både direktivet om markeder for finansielle instrumenter og gennemsigtighedsdirektivet samt på vurdering af behovet for yderligere lovgivning.
In general, public authorities focused their attention in 2007 on the correct implementationby Member States of both the Markets in Financial Instruments Directive and the Transparency Directive, as well as on the assessment of the need for further regulatory intervention.
Mere specifikt deltog ECB aktivt, i internationale og europæiske fora, i debatten om regulering af hedgefonde som følge af deres voksende rolle idet finansielle system og de mulige konsekvenser for finansiel stabilitet.
More specifically, the ECB actively participated in international and European fora in the debate on possible regulatory measures for hedge funds, given their increasing role in the financial system and the possible implications for financial stability.
I kølvandet på en rapport om højt gearede institutter fra Forum for Finansiel Stabilitet (FSF) bekræftedes den internationale enighed om den nuværende indirekte tilgang. Den indirekte tilgang indebærer, at hedgefondenes modparter – hovedsagelig banker – og investorer nøje overvåger hedgefondene.
Following a report on highly leveraged institutions prepared by the Financial Stability Forum (FSF), the international consensus on the prevailing indirect regulatory approach, based on the close scrutiny of hedge funds by their counterparties – mainly banks – and investors, was confirmed.
ECB støtter fuldt ud denne tilgang samt markedsdeltagernes fokus på bedste praksis.
The indirect approach, together with the pursuit of best practices by market participants, is fully supported by the ECB.
FSF overvåger nøje gennemførelsen af sine anbefalinger over for tilsynsmyndigheder, modparter, investorer og hedgefondsektoren og har allerede aflagt rapport til G10-centralbankcheferne og -finansministrene om fremskridtene på dette område.
The FSF is closely monitoring the implementation of its recommendations to supervisory authorities, counterparties, investors and the hedge fund industry, and has already reported to the G10 governors and ministers of finance on the progress made so far in this field. field.
3 FINANSIEL INTEGRATION gration, styrkelse af EUs rammer for grænseoverskridende banker og SEPA-initiativet (Single Euro Payments Area) og dets konsekvenser for finansiel integration.
The Eurosystem has a keen interest in financial integration in Europe, as a well-integrated financial system enhances the smooth and effective transmission of monetary policy impulses in the euro area and has implications for the Eurosystem’s task of safeguarding financial stability.
Endelig giver det tredje kapitel en oversigt over eurosystemets bidrag idet forløbne kalenderår til øget integration og udvikling af de finansielle markeder i Europa.
Furthermore, financial integration, a priority objective of the EU, can help to promote the development of the financial system, thereby raising the potential for economic growth.
Eurosystemet er stærkt interesseret i finansiel integration i Europa, da et velintegreret finansielt system fremmer en smidig og effektiv pengepolitisk transmission i euroområdet og har betydning for, at eurosystemet kan opretholde finansiel stabilitet.
are generally chosen on the basis of their importance to the EU’s financial integration agenda and their relevance to the pursuit of the ECB’s tasks.
Finansiel integration bidrager også til, at betalings- og værdipapirafviklingssystemerne kan fungere effektivt og problemfrit.
The second chapter of the first report covers the following topics: monetary policy and financial integration, strengthening the EU framework for crossborder banks, and the Single Euro Payments Area (SEPA) initiative and its implications for financial integration.
Finansiel integration, som er et prioriteret fællesskabsmål, kan endvidere bidrage til at fremme udviklingen af det finansielle system og øge potentialet for økonomisk vækst.
Finally, the third chapter provides an overview of the Eurosystem’s contribution over the past calendar year towards achieving more integrated and developed financial markets in Europe.
Eurosystemet skelner mellem fire typer af aktiviteter i sin indsats for at fremme finansiel integration i Europa: i) oplysning om og overvågning af den finansielle integration, ii) katalysering af aktiviteter i den private sektor gennem kollektiv handling, iii) rådgivning om lovgivnings- og tilsynsmæssige rammer for det finansielle system og direkte regelfastsættelse samt iv) levering af centralbankydelser, der også fremmer finansiel integration.
The Eurosystem distinguishes between four types of activity through which it contributes to enhancing European financial integration: i) raising awareness of and monitoring financial integration, ii) acting as a catalyst for private sector activities by facilitating collective action, iii) giving advice on the legislative and regulatory framework for the financial system and direct rule-making, and iv) providing central banking services that also foster financial integration.
ECB fortsatte sine aktiviteter inden for alle fire områder i 2007.
The ECB continued its activities in all four areas throughout 2007.
ECB og Center for Financial Studies fortsatte i 2007 deres samarbejde i forskningsnetværket vedrørende kapitalmarkeder og finansiel integration i Europa ved universitetet i Frankfurt am Main.
In 2007 the ECB also continued its involvement in the Research Network on Capital Markets and Financial Integration in Europe, run in cooperation with the Center for Financial Studies at the University of Frankfurt am Main.
Netværket fortsatte sin række af konferencer for akademikere, markedsdeltagere og politiske beslutningstagere, og de nationale centralbanker deltog aktivt. Den niende konference, der blev afholdt af CentralBank and Financial Services Authority of Ireland i Dublin den 8.-9. oktober 2007, fokuserede på kapitalforvaltning, kapitalfonde og internationale kapitalstrømme og deres betydning for finansiel integration og effektivitet.
The network continued its series of conferences with academics, market participants and policy-makers, with the active participation of NCBs.
Inden for rammerne af dette netværk tildeler ECB hvert år fem "Lamfalussy-stipen- dier" til unge forskere.
In the context of the network, the ECB awards each year five “Lamfalussy Fellowships” to young researchers.
En af årsagerne til ECBs interesse i at fremme forskning på dette område er, at finansiel integration forventes at få betydning for udviklingen af det finansielle system og for den økonomiske vækst. ECBs indsats for at skabe finansiel integration er derfor tæt knyttet til dens bredere analyse af faktorer, som bidrager til, at de finansielle systemer fungerer hensigtsmæssigt.
Given that financial integration is expected to have implications for the development of the financial system and for economic growth, the ECB’s work on financial integration is closely linked to its wider analysis of factors supporting the adequate functioning of financial systems.
Arbejdet fortsatte i 2007 med henblik på at fastlægge en begrebsmæssig ramme for måling af de finansielle systemers effektivitet.
Work in this area continued in 2007, with the aim of setting out a conceptual framework for measuring the development of the financial system.
OPLYSNING OM OG OVERVÅGNING AF DEN FINANSIELLE SEKTOR I marts 2007 begyndte ECB at udgive en ny årlig publikation, nemlig "Financial integration in Europe".
RAISING AWARENESS OF AND MONITORING FINANCIAL INTEGRATION In March 2007 the ECB published a new annual publication entitled “Financial integration in Europe”.
Det vigtigste formål med rapporten er at bidrage til at fremme finansiel integration i Europa og oplyse offentligheden om eurosystemets rolle i arbejdet med at støtte den finansielle integrationsproces. Rapporten er opdelt i tre kapitler. Idet første kapitel beskrives ECBs vurdering af status for finansiel integration i euroområdet.
The main purpose of this report is to contribute to the advancement of European financial integration and to raise public awareness of the Eurosystem’s role in supporting the financial integration process.
Vurderingen bygger på et sæt kvantitative indikatorer – nærmere beskrevet i et statistisk bilag – for mange vigtige aspekter af det finansielle system (fx penge, obligations-, aktie- og bankmarkedet samt markedsinfrastrukturer).
This assessment is based on a set of quantitative indicators – with detailed elaborations thereof in a statistical annex – covering many important aspects of the financial system (such as the money, bond, equity and banking markets, as well as market infrastructures) which are published semi-annually on the ECB’s website and annually in this new report.
Disse indikatorer offentliggøres halvårligt på ECBs websted og årligt i denne nye rapport.
The second chapter, entitled “Special features”, contains indepth analyses of selected issues. The topics
Det andet kapitel, "Special features", indeholder en dybdegående analyse af udvalgte emner, som generelt er valgt på grund af deres betydning for EUs dagsorden for finansiel integration og deres relevans for ECBs opgaver. Kapitlet omfatter følgende emner: pengepolitik og finansiel inte-
ACTING AS A CATALYST FOR PRIVATE SECTOR ACTIVITIES Progress in European financial integration depends to a large extent on private sector initiatives aiming to make use of the existing opportunities for crossborder business.
det i juli 2006 har eurosystemet bidraget til at støtte initiativet inden for to hovedområder.
Following the successful launch of the STEP market in July 2006, the Eurosystem has continued to contribute to the initiative in two main areas.
For det første vil ECB og ni nationale centralbanker i euroområdet frem til juni 2008 yde teknisk bistand til Step-sekretariatet i forbindelse med Step-mærkningsprocessen, om end det endegyldige ansvar for at tildele og tilbagetrække Stepmærker ligger hos Step-sekretariatet.
First, the ECB and nine euro area NCBs will continue to provide technical assistance to the STEP Secretariat in the STEP labelling process until June 2008. However, the ultimate responsibility for granting and withdrawing the STEP label rests with the STEP Secretariat.
For det andet offentliggør ECB regelmæssigt statistikker over renter og mængder på Step-markedet på sit websted.
Second, the ECB regularly publishes statistics on yields and volumes in the STEP market on its website.
Step-statistikkerne forventes at spille en vigtig rolle i at fremme integrationen af markedet ved at skabe større gennemsigtighed.
The STEP statistics are expected to play an important role in fostering the integration of this market by contributing to greater transparency.
Siden September 2006 har ECB udgivet Stepstatistikker over månedlige udeståender, og siden april 2007 har ECB udgivet Step- rentestatistikker vedrørende udvalgte dataleverandører.
Since September 2006 the ECB has published STEP statistics on monthly outstanding amounts, and since April 2007 it has released STEP statistics on yields on a daily basis for selected data providers.
Ifølge planen vil der blive udgivet daglige statistikker vedrørende alle dataleverandører fra 2008.
It is planned to publish daily statistics for all data providers from 2008.
RÅDGIVNING OM LOVGIVNINGS- OG TILSYNSMÆSSIGE RAMMER FOR DET FINANSIELLE SYSTEM OG DIREKTE REGELFASTSÆTTELSE ECB og eurosystemet bidrager løbende til udviklingen af EUs lovgivnings- og tilsynsmæssige rammer ved at yde rådgivning om den vigtigste politiske udvikling og kommende initiativer.
ADVICE ON THE LEGISLATIVE AND REGULATORY FRAMEWORK FOR THE FINANCIAL SYSTEM AND DIRECT RULE-MAKINGThe Eurosystem regularly contributes to the development of the EU legislative and regulatory framework by providing advice on the main policy developments and initiatives under way.
rolle som katalysator i kraft af sin løbende dialog med banker og andre interessenter og en forstærket koordinering med Europa-Kommissionen.
The Eurosystem strengthened its catalyst role by maintaining a constant dialogue with banks and other stakeholders and by intensifying coordination efforts with the European Commission.
I juli 2007 gav eurosystemet udtryk for sin holdning til alle relevante emner i den femte statusrapport om SEPA, som omhandler status for og anbefalinger vedrørende SEPA-instrumenter og -infrastrukturer, indeholder eurosystemets synspunkter om gennemførelsesforanstaltninger og migrering til SEPA, samt omhandler de lovgivningsmæssige rammer for SEPA og styring af de dermed forbundne ordninger og rammer.
In July 2007 the Eurosystem stated its position on all relevant topics in its fifth SEPA progress report, which addresses the status of and recommendations on SEPA instruments and infrastructures, presents the Eurosystem’s views on the implementation measures and migration towards the SEPA, and deals with the legal framework for the SEPA and the governance of the related schemes and frameworks.
Eurosystemet har samarbejdet tæt med Europa-Kom-missionen, navnlig i forbindelse med betalingstjenestedirektivet5, som blev vedtaget af Europa-Parlamentet den 24. april 2007 og af Rådet den 15. oktober 2007.
The Eurosystem worked very closely with the European Commission, especially in supporting the adoption of the Payment Services Directive (PSD) 5, which was approved by the European Parliament on 24 April 2007 and by the EU Council on 15 October 2007.
ECB og Kommissionen udsendte en fælles udtalelse, der hilste vedtagelsen af betalingstjenestedirektivet velkommen som et afgørende skridt mod realiseringen af SEPA.
The ECB and the Commission issued a joint statement welcoming the adoption of the PSD as a decisive step towards the realisation of the SEPA.
Hvad angår gennemførelsen af SEPA, deltager de nationale centralbanker direkte i de nationale myndigheders arbejde med migreringen til SEPA.
With regard to the SEPA implementation process, the NCBs are directly involved in the work of the national bodies responsible for migration to the SEPA.
På europæisk plan fremlagde ECB et fælles sæt analysemetoder, der giver mulighed for at sammenligne nationale gennemførelsesplaner.
At the European level, the ECB provided an analytical framework which allowed comparisons between national implementation plans.
Eurosystemet stod for flere fora med henblik på at fremme den åbne dialog med banker, brugere og udbydere af infrastukturer og støttede lignende initiativer fra banker og Europa-Kom-missionen .
The Eurosystem hosted several fora to facilitate an open dialogue with banks, users and infrastructure providers, and supported similar initiatives by banks and the European Commission.
Eurosystemet informerede alle interessenter i brochurer og på ECBs og de nationale centralbankers websteder og står for en samlet oversigt over links til SEPA-relaterede oplysninger.
The Eurosystem provided information to all stakeholders in brochures and on the websites of the ECB and the NCBs, and is hosting a link directory which brings together SEPA-related information.
Aktiviteterne vedrørende EUs rammer for finansielt tilsyn fokuserede i 2007 på den brede gennemgang af Lamfalussy-proceduren, hvortil eurosystemet bidrog (se afsnit 2 i dette kapitel).
Activity with regard to the EU framework for financial supervision focused in 2007 on the broad-based review of the Lamfalussy framework, to which the Eurosystem contributed (see Section 2 of this chapter).
Som led i sin rådgivende funktion i overensstemmelse med traktatens artikel 105, stk. 4, yder ECB løbende rådgivning om Kommissionens forslag til niveau 2-lovgivning (se afsnit 2).
Furthermore, as part of its advisory role in accordance with Article 105(4) of the Treaty, the ECB regularly provides advice on Commission proposals for Level 2 legislation (see also Section 2).
Europa-Parlamentets og Rådets direktiv 2007/64/EF af 13. november 2007 om betalingstjenester idet indre marked og om ændring af direktiv 97/7/EF, 2002/65/EF, 2005/60/EF og 2006/48/EF og om ophævelse af direktiv 97/5/EF (EUT L 319, 5.12.2007, s. 1).
Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC (OJ L 319, 5.12.2007, p. 1).
ECB har støttet Step-initiativet (Short-Term European Paper) siden dets begyndelse i 2001.
Euro card schemes operating in Europe have needed to comply with the SEPA cards framework since the beginning of 2008, and the SEPA credit transfer was launched on 28 January 2008.
Siden den vellykkede realisering af Step-marke-
To mark this important milestone, the ECB, the European Commission
af realkreditmarkedet af flere grunde.
The ECB pays close attention to the further integration and development of mortgage markets for several reasons.
Realkreditmarkederne er relevant for den pengepolitiske transmission i euroområdet og kan have stor betydning for den finansielle stabilitet.
Mortgage markets are relevant for the transmission of monetary policy in the euro area and can have important implications for financial stability.
Desuden spiller realkreditobligationer en rolle i udførelsen af pengepolitikken via eurosystemets rammer for belånbare aktiver.
In addition, mortgage securities play a role in the implementation of monetary policy via the Eurosystem’s framework for eligible collateral.
Efter høringen om grønbogen offentliggjorde Kommissionen en hvidbog den 18. december 2007.
Following its Green Paper consultation, the European Commission published a White Paper on 18 December 2007.
Fjernelsen af det første sæt barrierer varetages af Clearing and Settlement Advisory Monitoring Expert Group (CESAME).
The removal of the first set of barriers is addressed within the context of the Clearing and Settlement Advisory Monitoring Expert Group (CESAME).
Afskaffelsen af de skattemæssige barrierer varetages af Fiscal Compliance Expert Group, mens Legal Certainty Group arbejder med de lovgivningsmæssige barrierer.
The fiscal barriers are being addressed by the Fiscal Compliance Expert Group, while the Legal Certainty Group is working on the legal barriers.
ECB deltog fortsat i CESAME og Legal Certainty Group.
The ECB continued to participate in CESAME and the Legal Certainty Group.
Endelig bidrog ECB fortsat til det globale arbejde på dette område i flere forskellige fora (fx Unidroit) for at sikre, at EU initiativer inden for clearing og afvikling af værdipapirer både supplerer og harmonerer med de internationale organers initiativer.
Finally, the ECB continued to contribute to several strands of work that are being pursued in this field on a global level (e.g. by Unidroit), with a view to ensuring that EU initiatives in the area of securities clearing and settlement both complement and are consistent with the approaches developed by international bodies.