natgillin/translations-raw huggingface dataset:
Forskellen er, at den justerede kursværdi af alle aktiverne i puljen på genberegningsdatoerne skal dække den samlede værdi af alle modpartens udestående transaktioner med dennationale centralbank. Margin call på 1.178.398 euro den 30. juli 2004 er i dette eksempel det samme som i eksemplet på et system med øremærkning.
The main difference is that, on the revaluation dates, the adjusted market value of all the assets in the pool has to cover the total amount of all of the counterparty’s outstanding operations with the national central bank.
Modparten leverer aktiv A til en nominel værdiaf 1.300.000 euro, hvilket efter fradrag af et haircut på 3,5 pct. i kursværdien baseret på en kurs på100,55 betyder, at der igen er tilstrækkelig sikkerhed.
The counterparty delivers €1,300,000 of Asset A in nominal value terms, which – after deducting a 3.5% haircut from the market value based on a price of 100.55% – restores sufficient collateral coverage.
Desuden kan modparten den 4. august 2004, når den primære markedsoperation, der blev indledtden 28. juli 2004, slutter, beholde aktiverne i sit sikkerhedsdepot.
Moreover, on 4 August 2004, when the main refinancing operation entered into on 28 July 2004 matures, the counterparty may keep the assets on its pledge account.
Et aktiv kan også ombyttes medet andet aktiv som vist i eksemplet, hvor aktiv A til en nominel værdi af 51,9 mio. euro ombyttesmed aktiv C til en nominel værdi af 75,5 mio. euro for at dække den tilførte likviditet og de vedhængende renter i alle markedsoperationer.
An asset can also be exchanged for another asset as shown in the example, where €51.9 million of Asset A in nominal value are replaced with €75.5 million of Asset C in nominal value to cover the liquidity provided and the accrued interest under all refinancing operations.
3Hvis den nationale centralbank skal betale en margin til modparten i forbindelse med den anden transaktion, kan en sådan margin i vissetilfælde modregnes i den margin, som modparten betaler til den nationale centralbank i forbindelse med den første transaktion. Dermedfinder kun én marginbetaling sted.
3 If a margin had to be paid to the counterparty by the national central bank in relation to the second transaction, such a margin could, in certain cases, be netted out with the margin paid to the national central bank by the counterparty in relation to the first transaction.
Udestående transaktioner
Liquidity provided
Justeret kursværdi
Accrued interest
Nedre tærskelværdi
Total amount to be covered
Øvre tærskelværdi
Lower trigger amount
Samlet dækningsværdi
Upper trigger amount
Vedhængende renter
Adjusted market value
ECBGennemførelsen af pengepolitikken i euroområdet
1) In a pooling system, the lower trigger amount is the lowest threshold for margin calls.
Øvre tærskel-
Glossary
Vedhængende renter værdi2)
Eurosystem: the European Central Bank (ECB) and the national central banks of the Member States of the euro area.
I praksis kræver de fleste nationale centralbanker yderligere sikkerhed, når sikkerhedspuljens kursværdi efter fradrag af haircut falder under den samlede dækningsværdi.2)I et system med pooling er den øvre tærskelværdi ikke relevant, da modparten konstant vil tilstræbe en overskydende sikkerhedsstillelsefor at minimere de operationelle transaktioner.
Fixed rate tender: a tender procedure where the interest rate is specified in advance by the central bank and participating counterparties bid the amount of money they want to transact at the fixed interest rate.
Afviklingsagent (settlement agent): En institution, der administrerer afviklingsprocessen (dvs.fastlæggelse af betalingspositioner, overvågning af udvekslingen af betalinger osv.) for betalingssystemer, værdipapirafviklingssystemer eller andre arrangementer, der kræver afvikling.
Floating rate instrument: a financial instrument for which the coupon is periodically reset relative to a reference index to reflect changes in short or medium-term market interest rates. Floating rate instruments have either pre-fixed coupons or post-fixed coupons.
Afviklingsdag (settlement date): Den dag, hvor en transaktion afvikles.
Foreign exchange swap: the simultaneous spot purchase/sale and forward sale/purchase of one currency against another.
Afvikling kan ske på handelsdagen (afvikling samme dag) eller en eller flere dage efter handelsdagen (afviklingsdagen angives som handelsdag (H) + afviklingsforskydning).
The Eurosystem executes open market monetary policy operations in the form of foreign exchange swaps where the national central banks (or the ECB) buy (or sell) euro spot against a foreign currency and at the same time sell (or buy) it back in a forward transaction.
Afviklingskonto (settlement account): En konto, som en direkte deltager i et Target2 har hos centralbanken med henblik på afvikling af betalinger.
Gross settlement system: a transfer system in which the settlement of funds or the transfer of securities occurs on an instruction-by-instruction basis.
Amerikansk auktion (American auction): Se auktion med flere rentesatser.
Haircut: see valuation haircut.
Auktion (tender procedure): En procedure, hvor centralbanken tilfører markedet likviditet elleropsuger likviditet fra markedet på grundlag af konkurrerende bud afgivet af modparter.
In-house credit assessment system (ICAS): a credit quality assessment source provided for in the Eurosystem credit assessment framework (ECAF) that currently comprises the four credit assessment systems operated by the Deutsche Bundesbank, the Banco de España, the Banque de France and the Oesterreichische Nationalbank.
De foreurosystemet mest fordelagtige bud accepteres først og så fremdeles, indtil hele det beløb, der skaltilføres eller opsuges, er nået.
Initial margin: a risk control measure that may be applied by the Eurosystem in reverse transactions, implying that the collateral required for a transaction is equal to the credit extended to the counterparty plus the value of the initial margin.
Auktion med en enkelt rentesats (hollandsk auktion) (single rate auction (Dutch auction)): Enauktion, hvor tildelingsrenten (eller tildelingskursen eller antal swappoint ved tildelingen), der anvendes på alle accepterede bud, er lig med den marginale rente (eller den marginale kurs eller detmarginale antal swappoint).
Internal ratingsbased (IRB) system: a credit quality assessment source provided for in the Eurosystem credit assessment framework (ECAF) that comprises the internal systems of those counterparties whose credit assessments may be used by credit institutions for the determination of risk weight exposures according to the Capital Requirements Directive.
Auktion til fast rente (fixed rate tender): En auktion, hvor renten er fastsat af centralbanken påforhånd, og de deltagende modparter afgiver bud på det ønskede beløb til den faste rente.
It may be extended by central banks to even out mismatches in payment settlements and can take the form of: (i) a collateralised overdraft, or (ii) a lending operation against a pledge or in a repurchase agreement.
Auktion til variabel rente (variable rate tender): En auktionsprocedure, hvor modparterneafgiver bud både på det beløb, de ønsker at handle med centralbanken, og den rentesats, til hvilkende ønsker at indgå transaktionen.
Inverse floating rate instrument: a structured note where the rate of interest paid to the holder of the note varies inversely with changes in a certain reference interest rate.
Begivenhed, der fører til misligholdelse (default event): En begivenhed, der nævnes i eurosystemets rammer for kreditvurdering, og som er omfattet af definitionen i Europa-Parlamentets og Rådets direktiv 2006/48/EF af 14. juni 2006 om adgang til at optage og udøve virksomhed somkreditinstitut (omarbejdning) og Europa-Parlamentets og Rådets direktiv 2006/49/EF af 14. juni2006 om kravene til investeringsselskabers og kreditinstitutters kapitalgrundlag (omarbejdning)(samlet benævnt "kapitalkravsdirektivet").
Link between securities settlement systems: a link consists of all the procedures and arrangements which exist between two securities settlement systems (SSSs) for the transfer of securities between the two SSSs concerned through a book-entry process.
Bilateral procedure (bilateral procedure): En procedure, hvor centralbanken handler direkte meden eller kun få modparter uden brug af auktionsprocedurer.
Longerterm refinancing operation: a regular open market operation executed by the Eurosystem in the form of a reverse transaction.
Bilaterale procedurer omfatter ogsåoperationer udført via børser eller mæglere.
Longerterm refinancing operations are executed through monthly standard tenders and normally have a maturity of three months.
Bruttoafviklingssystem (gross settlement system): Et afviklingssystem, hvor afvikling eller overførsel af værdipapirer sker pr. ordre.
Lumpsum allowance: a fixed amount which an institution deducts in the calculation of its reserve requirement within the minimum reserve framework of the Eurosystem.
Depotinstitution (custodian): En institution, der opbevarer og varetager administrationen af værdipapirer og andre finansielle aktiver på andres vegne.
Under special circumstances, the published calendar may be amended, depending, among other things, on changes in the schedule of Governing Council meetings.
Depotkonto (safe custody account): En værdipapirkonto administreret af centralbanken, hvorkreditinstitutter kan anbringe værdipapirer, som vurderes egnede til sikkerhedsstillelse i centralbankoperationer.
Margin call: a procedure related to the application of variation margins, implying that if the value, as regularly measured, of the underlying assets falls below a certain level, the central bank requires counterparties to supply additional assets (or cash).
Disse institutioner skal formelt anerkendes og valideres af de nationale tilsynsmyndigheder.
Marginal interest rate: the interest rate at which the total tender allotment is exhausted.
Ekstraordinær auktion (quick tender): Den auktionsprocedure, som eurosystemet benytter iforbindelse med finjusterende operationer, når der ønskes en hurtig påvirkning af likviditetsforholdene i markedet.
Marginal lending facility: a standing facility of the Eurosystem which counterparties may use to receive overnight credit from a national central bank at a pre-specified interest rate against eligible assets.
Ekstraordinære auktioner udføres normalt med en tidsramme på 90 minutterog retter sig sig normalt mod en begrænset kreds af modparter.
Marginal swap point quotation: the swap point quotation at which the total tender allotment is exhausted.
Euroområdet (euro area): Området, som omfatter de EU-medlemsstater, der har indført euroensom fælles valuta i overensstemmelse med traktaten, og hvor ECBs styrelsesråd har ansvaret for denfælles pengepolitik.
In the case of a repurchase agreement or swap, the maturity date corresponds to the repurchase date.
Europæiske System af Centralbanker, Det (European System of Central Banks (ESCB)): Den Europæiske Centralbank (ECB) og de nationale centralbanker i EUs medlemsstater.
Maximum bid limit: the limit on the largest acceptable bid from an individual counterparty in a tender operation.
Det bemærkes,at de nationale centralbanker i de medlemsstater, der ikke har indført den fælles valuta i overensstemmelse med traktaten, bevarer deres pengepolitiske beføjelser i henhold til national lovgivning ogsåledes ikke deltager i gennemførelsen af eurosystemets pengepolitik.
The Eurosystem may impose maximum bid limits in order to avoid disproportionately large bids from individual counterparties.
ECBGennemførelsen af pengepolitikken i euroområdet
Maximum bid rate: the upper limit to the interest rate at which counterparties may submit bids in variable rate tenders.
Eurosystemet (Eurosystem): Den Europæiske Centralbank (ECB) og de nationale centralbankeri medlemsstaterne i euroområdet. Eurosystemets besluttende organer er ECBs styrelsesråd og direktion.
Member State: as used in this document, an EU Member State which has adopted the single currency in accordance with the Treaty.
Eurosystemets bankdage (Eurosystem business day): De dage, hvor ECB og mindst én nationalcentralbank er åbne for udførelse af eurosystemets pengepolitiske operationer.
Minimum allotment amount: the lower limit of the amount to be allotted to individual counterparties in a tender operation. The Eurosystem may decide to allot a minimum amount to each counterparty in its tender operations.
Ved fastsættelsen af høje kreditstandarder skelner eurosystemet mellem omsættelige og ikkeomsættelige aktiver. I forbindelse med vurderingen af belånbareaktivers kreditstandard tager eurosystemet højde for kreditvurderingsoplysninger fra kreditvurderingssystemer tilhørende en af de følgende fire kilder: eksterne kreditvurderingsbureauer, denationale centralbankers interne kreditvurderingssystemer, modparternes interne ratingbaseredesystemer eller tredjemands ratingværktøjer.
Minimum allotment ratio: the lower limit, expressed in percentage terms, of the ratio of bids at the marginal interest rate to be allotted in a tender operation.
Eurosystemets benchmark for fastsættelse afmindstekravet for høje kreditstandarder (grænseværdi for kreditkvalitet) defineres som en "single A"-kreditvurdering.
The Eurosystem may decide to apply a minimum allotment ratio in its tender operations.
Eurosystemet anser en tabssandsynlighed (probability of default) på 0,10 pct.over et år for at svare til en "single A"-kreditvurdering.
Minimum bid rate: the lower limit to the interest rates at which counterparties may submit bids in variable rate tenders.
EØS-lande (Det Europæiske Økonomiske Samarbejdsområde) (EEA (European Economic Area)): EU-medlemsstaterne og Island, Liechtenstein og Norge.
Monetary financial institution (MFI): one of a class of financial institutions which together form the money-issuing sector of the euro area.
Faktisk/360 (actual/360): Den rentekonvention, der anvendes ved beregning af rente på et lån.Renten beregnes ud fra det faktiske antal kalenderdage, som lånet løber over, i forhold til et år på 360dage. Denne rentekonvention anvendes i eurosystemets pengepolitiske operationer.
These include central banks, resident credit institutions, as defined in Community law, and all other resident financial institutions whose business is to receive deposits and/or close substitutes for deposits from entities other than MFIs and, for their own account (at least in economic terms), to grant credit and/or invest in securities.
Finjusterende operation (fine tuning operation): En markedsoperation, der udføres på ad hocbasis af eurosystemet med det primære formål at imødegå uventede likviditetsudsving i markedet.
National central bank (NCB): as used in this document, a central bank of an EU Member State which has adopted the single currency in accordance with the Treaty.
Genkøbsforretning (repurchase agreement): En forretning, hvor et aktiv sælges, og sælger samtidig berettiges og forpligtes til at købe det tilbage til en bestemt pris på et givet tidspunkt i fremtideneller på anfordring.
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.
En sådan forretning svarer til lån mod sikkerhed med den forskel, at sælger ikkebeholder ejendomsretten til værdipapirerne.
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.
Eurosystemet anvender genkøbsforretninger med fastløbetid i sine tilbageførselsforretninger.
In addition, the issuance of debt certificates and outright transactions are available for structural operations, while foreign exchange swaps and the collection of fixed-term deposits are available for the conduct of fine-tuning operations.
Genkøbspris (repurchase price): Den pris, til hvilken køber er forpligtet til at sælge aktivernetilbage til sælger i en genkøbsforretning.
Outright transaction: a transaction whereby assets are bought or sold up to their maturity (spot or forward).
Genkøbsprisen svarer til summen af salgsprisen og rentenpå den tilførte likviditet i operationens løbetid.
Post-fixed coupon: a coupon on floating rate instruments which is determined on the basis of the values taken by the reference index on a certain date (or dates) during the coupon accrual period.
Gennemsnitsfacilitet (averaging provision): En facilitet, der giver modparterne mulighed for atopfylde deres reservekrav på grundlag af deres gennemsnitlige reservekravsindeståender i løbet afreservekravsperioden.
Pre-fixed coupon: a coupon on floating rate instruments which is determined on the basis of the values taken by the reference index on a certain date (or dates) before the start of the coupon accrual period.
Grænseoverskridende afvikling (cross-border settlement): Afvikling i et andet land end det ellerde lande, hvor en af eller begge handlens parter befinder sig.
Purchase price: the price at which purchased assets are sold or are to be sold to the buyer by the seller.
Haircut (valuation haircut): Et risikostyringsinstrument, der anvendes i forbindelse med underliggende aktiver i tilbageførselsforretninger.
Quick tender: the tender procedure used by the Eurosystem for fine-tuning operations when it is deemed desirable to have a rapid impact on the liquidity situation in the market.
Det indebærer, at centralbanken beregner værdien afde underliggende aktiver som aktivets kursværdi minus en vis procentdel (haircut).
Quick tenders are normally executed within a time frame of 90 minutes and are normally restricted to a limited set of counterparties.
Handelsdag (H) (trade date (T)): Den dag, hvor en handel (dvs. en aftale om en finansiel transaktion mellem to modparter) indgås.
Rating tools (RTs): a credit quality assessment source provided for in the Eurosystem credit assessment framework (ECAF) that comprises third-party applications that assess the credit quality of debtors by using, among other information, audited accounts.
Handelsdagen kan falde sammen med transaktionens afviklingsdag (afvikling samme dag) eller gå forud for afviklingsdagen med et bestemt antal bankdage(afviklingsdagen angives som H + afviklingsforskydning).
These applications need to be individually accepted by the Eurosystem before becoming part of the ECAF.
Hollandsk auktion (Dutch auction): Se auktion med en enkelt rentesats.
Repo operation: a liquidity-providing reverse transaction based on a repurchase agreement.
Højeste budbeløb (maximum bid limit): Den øvre grænse for de bud, der accepteres fra modparterne i en auktion.
Such an agreement is similar to collateralised borrowing, with the difference that ownership of the securities is not retained by the seller.
Eurosystemet kan fastsætte et højeste budbeløb for at hindre uforholdsmæssigthøje bud fra modparterne.
The Eurosystem uses repurchase agreements with a fixed maturity in its reverse transactions.
Højeste budrente (maximum bid rate): Den øvre grænse for den rente, til hvilken modparternekan afgive bud i auktioner til variabel rente.
Repurchase date: the date on which the buyer is obliged to sell back assets to the seller in relation to a transaction under a repurchase agreement.
Indlån med opsigelsesvarsel (deposits redeemable at notice): Denne kategori omfatter opsparingsindskud med et fast opsigelsesvarsel, der skal overholdes, før midlerne kan hæves.
Repurchase price: the price at which the buyer is obliged to sell back assets to the seller in relation to a transaction under a repurchase agreement.
Det er i vissetilfælde muligt at hæve et fast beløb i en given periode eller hæve midlerne tidligere mod et strafgebyr.
The repurchase price equals the sum of the purchase price and the price differential corresponding to the interest on the extended liquidity over the maturity of the operation.
Indlånsfaciliteten (deposit facility): En stående facilitet i eurosystemet, som modparterne kananvende til at foretage indlån på anfordring i en national centralbank, og som forrentes til en påforhånd fastsat rentesats.
Reserve account: an account with the national central bank on which a counterparty’s reserve holdings are maintained. The counterparties’ settlement accounts with the national central banks may be used as reserve accounts.
Værdien af de aktiver, der stilles som sikkerhed i forbindelse med entransaktion skal svare til den kredit, der ydes modparten, plus initialmarginen.
Reserve base: the sum of the balance sheet items which constitute the basis for calculating the reserve requirement of a credit institution.
Instrumenter med variabel rente har enten kuponrente, der fastsættes påforhånd eller kuponrente, der fastsættes ved forfald.
Reserve ratio: the ratio defined by the central bank for each category of balance sheet items included in the reserve base. The ratios are used to calculate reserve requirements.
Internt kreditvurderingssystem (In-house credit assessment system): En kreditvurderingskilde,der anvendes inden for eurosystemets rammer for kreditvurdering, og som på nuværende tidspunkt består af de fire kreditvurderingssystemer, der drives af Deutsche Bundesbank, Banco de España, Banque de France og Oesterreichische Nationalbank.
Within the minimum reserve framework of the Eurosystem, the reserve requirement of a credit institution is calculated by multiplying the reserve ratio for each category of items in the reserve base with the amount of those items on the institution’s balance sheet. In addition, institutions deduct a lumpsum allowance from their reserve requirement.
Disse systemer skal formeltanerkendes og valideres af de nationale tilsynsmyndigheder.
Residual maturity: the time remaining until the maturity date of a debt instrument.
Centralbankerne kan yde intradag kredit for at udligne forskelle i afregningsbeløb, og kreditten ydes i form af i)overtræk mod sikkerhed eller ii) lån mod pant eller via en genkøbsforretning.
RTGS (real-time gross settlement) system: a settlement system in which processing and settlement take place on an order-by-order basis without netting continuously in real time. See also TARGET2.
Korrespondentbankvirksomhed (correspondent banking): En ordning, hvor et kreditinstitutudfører betalinger og andre ydelser for et andet kreditinstitut.
Securities settlement system (SSS): a system which permits the holding and transfer of securities or other financial assets, either free of payment (FOP) or against payment (delivery versus payment).
Korrespondentcentralbankmodellen (correspondent central banking model (CCBM)): Enmekanisme oprettet af eurosystemet for at give modparterne mulighed for at anvende aktiver somsikkerhed på tværs af grænserne. I CCBM fungerer de nationale centralbanker som depotinstitutioner for hinanden.
Settlement agent: an institution which manages the settlement process (e.g. the determination of settlement positions, the monitoring of payment exchanges, etc.) for transfer systems or other arrangements requiring settlement.
Det indebærer, at hver national centralbank administrerer en værdipapirkontofor hver af de andre nationale centralbanker og for ECB. CCBM er også tilgængeligt for modparteri visse nationale centralbanker i EU-lande uden for euroområdet.
The settlement might take place on the same day as the trade (same-day settlement) or one or several days after the trade (the settlement date is specified as the trade date (T) + the settlement lag).
Kreditinstitut (credit institution): En institution, der er omfattet af definitionen i artikel 4, stk. 1,i Europa-Parlamentets og Rådets direktiv 2006/48/EF af 14. juni 2006 om adgang til at optage ogudøve virksomhed som kreditinstitut (omarbejdning).
Single rate auction (Dutch auction): an auction in which the allotment interest rate (or price/swap point) applied for all satisfied bids is equal to the marginal interest rate.