natgillin/translations-raw huggingface dataset:
Der er dog stadig visse forskelle i rentespænd mellem landene, navnlig for langfristede obligationer. Disse forskelle kan overvejende forklares veden international risikofaktor.
However, some cross-country differences in yield spreads remain, notably for longerterm bonds, and are largely explained by an international risk factor.
Likviditetsforskelle spiller kun en rolle i forbindelse med sidstnævnte faktor.
Liquidity differentialsonly play a role in conjunction with this latter factor.
Erhvervsobligationsmarkedet, der udvikler sig dynamisk, udviser en forholdsvis højgrad af integration, mens faktorer vedrørende det land, hvor en obligation udstedes, kun tegner sigfor en marginal del af rentespændene for erhvervsobligationer.
The dynamically developing corporatebond market exhibits a relatively high level of integration, while factors related to the countrywhere a bond is issued account for only a marginal part of corporate bond yield spreads.
Forskningsnetværkets arbejde i de første to år udmøntede sig i en identifikation af tre nøglepolitikområder: i) forbedring af de strukturelle træk ved clearing- og afviklingssystemer, der hæmmeryderligere integration, ii) aktiv brug af konkurrencepolitikken til at forebygge en praksis, der diskriminerer mod udenlandske leverandører af finansielle tjenesteydelser, og iii) fjernelse af de resterende forskelle i nationale finansielle bestemmelser, som gør paneuropæisk levering af finansielle tjenesteydelser dyrere end nødvendigt.
The work done by the research network in its first two years helped to identify three key policyareas: (i) addressing the structural features of clearing and settlement systems that arehampering further integration, (ii) actively using competition policy to prevent practices thatdiscriminate against foreign financial service providers and (iii) removing the remainingdifferences in national financial regulations that make the panEuropean provision of financialservices more costly than necessary.
Efter den vellykkede afslutning af første fase besluttede ECB og CFS, at netværkets aktiviteterskulle fortsætte indtil 2007.
Following the successful conclusion of the first phase, the ECB and the CFS decided that theactivities of the network would continue until 2007.
Netværket er blevet udvidet til at omfatte de nye EU-lande i andenfase.
The scope of the network has beenextended to the new EU Member States for this second phase.
Mulige forskningsområder i anden fase er handlingsplanen for finansielle tjenesteydelsersindledende virkning på det europæiske finansielle systems funktion samt en række områder, somikke blev behandlet i første fase.
Possible areas for study in thissecond phase are the initial effects of the FSAP on the functioning of the European financialsystem, as well as a number of areas that were not addressed in the first phase.
Netværkets prioritetsområder er blevet udvidet til at omfatte treområder, der ikke blev behandlet i første fase: i) forholdet mellem finansiel integration og finansiel stabilitet, ii) tiltrædelse af EU, finansiel udvikling og finansiel integration, og iii) modernisering af det finansielle system og økonomisk vækst i Europa.1
The mainpriorities of the network have been broadened to include three areas not addressed in the firstphase: (i) the relationship between financial integration and financial stability, (ii) EUaccession, financial development and financial integration, and (iii) financial systemmodernisation and economic growth in Europe.1
port, som blev offentliggjort i marts 2004, ogsom også indeholdt anbefalinger til ESCB.
some recommendations addressed to the ESCB.
Styrelsesrådet vurderede ACIs anbefalinger ogbetragtede dem generelt positivt.
Moreover, nationalrules applicable to the debt instruments willcontinue to apply.
Med hensyn tilanbefalingerne til ESCB blev det besluttet, at ESCB under visse betingelser teknisk ville støtteaktiviteterne i forbindelse med indførelsen af et
The initiative’s promotersset out their recommendations in a reportpublished in March 2004, which also included
Step-mærke i de to første år efter lanceringen.Ansvaret for Step-mærket vil dog påhvile Stepmarkedsudvalget.
The Governing Council assessed the ACI’srecommendations and took an overallfavourable attitude towards them.
I så fald vil den eneste konsekvensvære, at ACI annullerer Step-mærkningen af ud-
With respectto the recommendations addressed to the ESCB, it was decided that under certain
et fælles eurobetalingsområde inden udgangen af2010.
The EPC is responsible for definingthe SEPA objectives and the overall strategy,but the implementation may differ dependingon local conditions.
Styrelsesrådet besluttedeogså at handle på baggrund af anbefalingen omat udarbejde og offentliggøre statistik over renteog mængder, forudsat at dataindsamlingsprocessens effektivitet kontrolleres.
Such atechnical contribution to the labelling processwould not lead to the ESCB taking any action,such as prohibition or suspension of issuance,in the event of an issuer not complying with theconvention’s requirements.
ACI er i øjeblikketved at gennemføre Step-projektet under hensyntagen til Styrelsesrådets beslutninger.
In such a case, theonly consequence would be that the ACI wouldwithdraw the STEP label from the issuanceprogramme.
Eurosystemets aktivitetervedrørende e-betalinger omfatter fremme afsamarbejde og konsensusdannelse på e-beta-lingsmarkedet, overvågning af markedets udvikling, forbedring af dets sikkerhed og forbedringaf relateret statistisk information.
Eurosystemactivities related to e-payments comprisepromoting cooperation and consensus-buildingin the e-payments market, monitoring itsdevelopment, fostering its security andimproving related statistical information.
I 2004 var ECB fortsat ansvarlig for observatoriet for elektroniske betalingssystemers (ePSOs) websted.5ECB holdt en konference med titlen "Epayments without frontiers" i november 2004 ogsendte inden da et dokument i offentlig høring.Selv om der er gjort visse fremskridt, er der stadig behov for en betydelig indsats for at tilvejebringe sikre, brugervenlige og effektive grænseoverskridende e-betalingsordninger.
In2004 the ECB continued to operate the websiteof the e-Payment Systems Observatory (ePSO)5. It held a conference entitled“E-payments without frontiers” in November2004, prior to which an issues paper waspublished for public comments.
Det gælderisær elektroniske detailbetalingstransaktioner,hvor operationelle karakteristika, gebyrer ogregler stadig er meget forskellige.
Although someprogress has been made overall, considerableeffort is still needed to achieve secure, userfriendly and efficient crossborder e-paymentschemes.
Alle betalinger skal være mindst lige så sikreog effektive som betalinger, der gennemføres ide bedste nationale betalingssystemer.
All payments shouldreach a level of safety and efficiency at leastas high as in the best-performing nationalpayment systems.
ECB deltager som observatør i European Payments Council (EPC), som blev oprettet af den europæiske banksektor til styring af dette projekt.
The ECB participates as anobserver in the European Payments Council(EPC), set up by the European banking industryto steer this project.
I hele2004 har eurosystemet fortsat samarbejdet tætmed markedsdeltagerne via Contact Group on Euro Payments Strategy.
Throughout 2004 the Eurosystem continued to cooperate closelywith market participants through the Contact Group on Euro Payments Strategy.
Det har også arbejdettæt sammen med Europa-Kommissionen, i det Europa-Kommisionen og eurosystemet har suppleret hinanden i arbejdet med oprettelsen af detfælles eurobetalingsområde.
It alsoworked closely with the European Commissionin view of the complementary roles playedby the Commission and the Eurosystem infacilitating the SEPA.
BETALINGSKORTSYSTEMEREurosystemet lægger stor vægt på betalingskortsom et af de vigtigste kontantfri betalingsinstrumenter, især i forbindelse med grænseoverskridende betalinger.
CARD PAYMENT SCHEMESThe Eurosystem attaches great importance topayment cards as one of the most prominentcashless payment instruments, in particular in across-border context.
ECB har gennemført en undersøgelse for at få flere oplysninger om struktureni kortbetalingsvirksomhed i Europa og om deforskellige måder, hvorpå kortbetalinger håndteres og afvikles.
The ECB carried out asurvey to gain more information on thestructure of the card payment business in
ECB harogså holdt en rundbordskonference om betalingskort med deltagelse af de vigtigste interessenter og aktører på området.
In a third progress report on the SEPA, the Governing Council formally assessed the banking sector’s achievements in this area.4
Dets websted findes på www.e-pso.info.
Its website can be found at www.e-pso.info.
med kort, lovgivningsramme og bekæmpelse afsvindel.
Thelong-term plan of the new group is to use acommon technological platform.
i et Occasional Paper fra 2004.7Indikatorernebruges til at vurdere fremskridtet i integrationenpå de forskellige finansielle markeder.
Europe and on the different ways in which cardpayments are processed and settled.
Boks 13indeholder yderligere oplysninger om integrationen på euroområdets kreditmarked.
The surveycovered aspects related to governance, issuingand acquiring, the general technicalinfrastructure, as well as risk management andthe legal set-up.
ECB agterfortsat at måle fremskridtet i den finansielle integration fremover.
The ECB also organised a Payment Card Roundtable, which broughttogether the major stakeholders and players inthis field.
ECB fremmer integration og reform af værdipapirclearing og værdipapirafvikling gennem deltagelse i ekspertgruppen for rådgivning og overvågning i forbindelse med clearing- ogafviklingssystemer (Clearing and Settlement Advisory and Monitoring Experts Group –CESAME), som Kommissionen oprettede i2004.
MONITORING FINANCIAL INTEGRATIONThe ECB has been developing variousindicators to measure the degree of financialintegration in the euro area.
Her bidrager ECB til koordinering af private og offentlige initiativer og samarbejder medmarkedet med henblik på at fjerne de tekniskehindringer, som er påvist af Giovannini-gruppen,et panel af finansielle eksperter, der rådgiver Kommissionen om spørgsmål vedrørende den finansielle sektor. Endvidere har ECB holdt et fællesmøde med sammenslutningen af europæiskeværdipapircentraler (European Central Securities Depositories Association) og den central- ogøsteuropæiske sammenslutning af værdipapircentraler (Central and Eastern European Central Securities Depositories Association) med fokuspå integration af EUs clearing- og afviklingsvirksomhed.
A set of suchindicators was included in an ECB Occasional Paper published in 2004.7 The indicators serveas a basis for evaluating the progress ofintegration in various financial markets.Box 13 provides further information on theintegration of the euro area credit market.
ECB vil se positivt på yderligereskridt mod oprettelsen af en fælles europæisksammenslutning af værdipapircentraler.
The ECB intends to continue measuring progress infinancial integration in the future.
Konsolideringen af den europæiske værdipapirinfrastruktur fortsatte i 2004 med fusionen mellem den finske og den svenske værdipapircentral.
SECURITIES CLEARING AND SETTLEMENTINFRASTRUCTUREIn April 2004 the European Commissionreleased a communication on clearing andsettlement for public consultation, outliningthe actions that it intends to take to foster European integration and efficiency in thisarea.
Den nye koncerns langsigtede plan er atanvende en fælles teknologisk platform.
The Eurosystem responded positively tothis consultation.6
OVERVÅGNING AF DEN FINANSIELLE INTEGRATIONECB har udviklet forskellige indikatorer til måling af den finansielle integration i euroområdet.ECB har beskrevet en række af disse indikatorer
Furthermore, the ECBheld a joint meeting with the European Central Securities Depositories Association and the Central and Eastern European Central Securities Depositories Association, whichfocused on the integration of the EU clearingand settlement industry.
En sammenligning af renteniveauet i de forskellige lande giver en vigtig indikation af integrationen på bankmarkedet.
The comparison of interest rates across countries provides an important indication ofintegration in the retail banking market.
Efterhånden som integrationen gennemføres, forventes renteforskellenemellem de samme bankprodukter i forskellige lande at blive mindre.
As integration increases, interest rate differentials forsimilar banking products can be expected to decrease across countries.
Forskellene i produkter oginstitutioner gør det dog vanskeligt at undersøge i praksis, om renteforskellene rent faktisk mindskes.
However, differences inproducts and institutions make it difficult to verify in practice whether differentials actually dodecrease.
Det gælder især inden for detailbankvirksomhed, hvor markederne i euroområdet stadig erovervejende lokale.
This is especially true in retail banking, as markets remain predominantly local in theeuro area.
Foruden de geografiske hindringer kan forskellene mellem landene tilskrivesmange andre årsager, fx økonomiske, strukturelle og institutionelle faktorer.
Apart from geographical barriers, there are many other reasons for cross-countrydifferentials, such as economic, structural and institutional factors.
Disse faktorer vedrører fx forskelle i regulering, konkurrence, forholdet mellem bank og kunde samt den overordnede udvikling i det finansielle system.
These factors relate, forexample, to differences in regulation, competition, bank-customer relationships and theoverall development of the financial system.
ECBs harmoniserede rentestatistik kan anvendes til at måle integrationen på euroområdets kreditmarked.
The ECB’s harmonised interest rate statistics can be used to measure integration in the euroarea credit market.
Ved fortolkning af dataene skal det dog bemærkes, at de nationale serier inden for hverrentekategori stadig kan være meget heterogene.
However, when interpreting the data, it should be borne in mind that, withineach interest rate category, there might still be considerable heterogeneity among nationalseries.
Det skyldes fx aggregeringen af de forskelligeinstrumenter inden for de i øjeblikket gældende løbetidsbånd og aggregeringen af sikret og usikretudlån inden for samme kategori.
This is due, for example, to the aggregation of various instruments within the currentlydefined maturity bands and the aggregation of secured and unsecured loans within the samecategory.
Under hensyntagen til de datamæssige begrænsninger indikereradskillige integrationsmål, som er baseret på rentespredning i eurolandene, at graden af integration varierer betydeligt mellem de forskellige markedssegmenter.
Taking into account the data limitations, several measures of integration based on thedispersion of interest rates across euro area countries indicate that the degree of integrationvaries significantly across different market segments.
Den er fx tilsyneladende højerefor lån til husholdninger til boligkøb og kortfristede lån til ikkefinansielle selskaber og lavere forkassekreditter til ikkefinansielle selskaber og lån til husholdninger til forbrug.
For instance, it seems to be higher forloans to households for house purchase and for shortterm loans to nonfinancial corporations,and lower for bank overdrafts to nonfinancial corporations and for loans to households forconsumption.
4OVERVÅGNINGAF MARKEDETSINFRASTRUKTUR til at sikre Targets funktion gennem risikostyring.
One of the statutory roles of the Eurosystem isto exercise oversight over payment andclearing systems.
Deres vurdering af Target-operatørernesstatusrapport om risikosituationen i Target vargenerelt positiv.
The oversight aims to ensurethat the general organisation of payment flowswithin the economy is efficient and safe.
Gennemgangen af private systemer for store betalinger i euro viste ingen størremangler.
The Eurosystem also takes a general interest inother infrastructures which are used for thetransfer of securities, such as securitiesclearing and settlement systems, becausefailures during the settlement of collateralcould jeopardise the implementation ofmonetary policy and the smooth functioning ofpayment systems.
En af eurosystemets traktatbestemte roller er atovervåge betalings- og clearingsystemerne medhenblik på at sikre, at betalingsstrømmene i økonomien er organiseret på en effektiv og sikkermåde. Endvidere har eurosystemet en overordnetinteresse i andre infrastrukturer, der benyttes tiloverførsel af værdipapirer, fx værdipapirclearing og -afviklingssystemer, da fejl i afviklingen af sikkerheder kan påvirke pengepolitikkensgennemførelse og betalingssystemernes smidigefunktion.
These issues will be followed upby TARGET overseers and operators. The TARGET overseers acknowledged theimportant role played by TARGET operators inensuring the safe operation of TARGETthrough risk management.
4.1OVERVÅGNING AF SYSTEMER OG INFRASTRUKTURER FOR STORE BETALINGER I EURO
4.1OVERSIGHT OF LARGE-VALUE EUROPAYMENT SYSTEMS ANDINFRASTRUCTURES
EURO 1 Overvågningen af Euro 1 rettede sig mod operatøren EBA Clearings (EBAs) plan om at videreudvikle den såkaldte Flexible Settlement Mechanism, som giver bankerne mulighed for atafvikle deres Step2-positioner i Euro 1 uden direkte at blive medlemmer/aktionærer i Euro 1.Step2 er EBAs detailbetalingssystem. Med forbehold af godkendelse fra ECB, der er ansvarligfor overvågningen af Euro 1, ønsker EBA at udvide denne funktion, som i øjeblikket er begrænset til PFP-deltagere (pre-fund participants) i Euro 1, således at alle Euro 1-medlemmer kanoverføre centralbankpenge til Euro 1 via Targetog dermed øge deres behandlingskapacitet i Euro1.
EURO 1Oversight of EURO 1 focused on plans by EBAClearing (EBA), the operator of EURO 1, tofurther develop the Flexible Settlement Mechanism, allowing banks to settle their STEP 2 positions in EURO 1 without becomingdirect members/shareholders of EURO 1.STEP 2 is EBA’s retail payment system.Subject to the ECB’s approval as overseer,EBA envisages extending this function, whichis specifically limited at present to “pre-fundparticipants” in EURO 1, to allow all EURO 1members to transfer central bank money to EURO 1 via the TARGET system in order toincrease their processing capacity in EURO 1.
Eurosystemets overvågningsrolle omfatter allesystemer for betalinger i euro, inklusive eurosystemets egne systemer.
The oversight role of the Eurosystem extends toall euro payment systems, including thosemanaged by the Eurosystem itself.
Eurosystemet anvendersamme overvågningsstandarder for sine egne systemer og private systemer, nemlig Core Principles for systemisk vigtige betalingssystemer,som blev vedtaget af Styrelsesrådet i 2001 somgrundlag for overvågning af systemisk vigtigebetalingssystemer.
The Eurosystem applies the same oversightstandards to both its own systems and those thatare privately operated. These standards are the Core Principles for Systemically Important Payment Systems adopted by the Governing Council in 2001 as the basis for its oversightpolicy on systemically important paymentsystems.
CONTINUOUS LINKED SETTLEMENT (CLS)I CLS-systemet afvikles valutatransaktioner på PvP-basis (Payment versus Payment), hvorvedvalutaafviklingsrisikoen reduceres kraftigt.
CONTINUOUS LINKED SETTLEMENT SYSTEMThe Continuous Linked Settlement (CLS)system settles foreign exchange transactionson a payment versus payment basis, thuseliminating foreign exchange settlement riskto a very large extent.
Iøjeblikket afvikles transaktioner i 15 internationale valutaer, herunder – siden december 2004 –Hongkong-dollaren, den newzealandske dollar,den koreanske won og den sydafrikanske rand.
It currently settlestransactions in 15 internationally tradedcurrencies, including, since December 2004,the Hong Kong dollar, the New Zealand dollar,the Korean won and the South African rand.
TARGET OG ANDRE SYSTEMER FOR STORE BETALINGER I EURORammerne for overvågning af Target er blevetvidereudviklet med definitionen af metodologiske minimumskrav, som alle NCBer og ECB skaloverholde i forbindelse med overvågning af Target.
TARGET AND OTHER LARGE-VALUE EUROPAYMENT SYSTEMSThe oversight framework for TARGET hasbeen further developed through the definitionof minimum methodological requirements withwhich all NCBs and the ECB should complyin conducting TARGET oversight.
De ansvarlige for overvågningen af Target erogså begyndt at se på Target2 med henblik påovervågning.
TARGEToverseers have also started looking at TARGET2 from an oversight perspective.
I december 2004 udgjordebetalinger i euro, som blev afviklet gennem CLS,i gennemsnit 309 mia. euro om dagen og 22 pct.af de samlede betalinger værdimæssigt (betalinger i amerikanske dollar tegnede sig for 46 pct.).
In December 2004 CLS processed an average of69,000 trades per day with an average daily value of USD 960 billion.8
Hver handel indebærer to transaktioner – en i hver valuta.
8Each trade consists of two transactions, one in each currencyinvolved.
Idecember 2004 afviklede CLS således transaktioner til en gennemsnitlig daglig værdi svarende til 1.920 mia. amerikanske dollar.
Thus, in December 2004 CLS settled transactions withan average daily value equivalent to USD 1,920 billion.
I 2004 blev systemerne for store betalinger i eurovurderet i forhold til Core Principles på grundlagaf forholdene medio 2003.
In 2004 large-value euro payment systems wereassessed against the Core Principles on thebasis of the situation in mid-2003.
De overordnede resultater blev offentliggjort i maj 2004.
The overallresults were published in May 2004.
Det konstateredes, at alle dele af Target viste en høj gradaf overensstemmelse med Core Principles.
It wasfound that all TARGET components achieve ahigh degree of compliance with the Core Principles.
Deansvarlige for overvågning af Target anerkendte Target-operatørernes vigtige rolle med hensyn
A small number of enhancements tobe made were identified in the areas of
gamle meddelelsesnetværk med den internetbaserede infrastruktur SWIFTNet.
Oversightattention focused on SWIFT’s resilience tocrises, internal risk management processes andthe replacement of SWIFT’s old messagingnetwork with SWIFTNet, an internet-basedtechnology infrastructure.
Euroens andel faldt en smule i forhold til 2003som følge af det højere antal valutaer, som blevafviklet i CLS, samt værdireguleringer.
Theshare of the euro decreased slightly bycomparison with 2003 as a result of the highernumber of currencies settled in CLS as well asvaluation effects.
ECB har to funktioner i forbindelse med CLS,dels overvågning af systemet, dels som udbyderaf afviklingsydelser.
The ECB performs a dual role with regard to CLS. It is involved in the oversight of thesystem and it provides settlement services.
ECB deltager i samarbejdetom overvågning af CLS, der udføres af centralbankerne i de lande i og uden for G10, hvis valutaer afvikles i systemet, med Federal Reserve System som hovedansvarlig for overvågningen.
The ECB participates in the cooperative oversightof CLS, which is performed by the G10 andnon-G10 central banks of the currencies settledin the system, with the Federal Reserve Systemacting as lead overseer.
I2004 fokuserede ECB primært på at styrke CLS'modstandsdygtighed yderligere og sikre udvikling af objektive rammer for optagelse af nye valutaer.
In 2004 the ECBdevoted most of its oversight attention tofurther strengthening the resilience of CLS andto ensuring the development of an objectiveframework for adding new currencies.
KORRESPONDENTBANKVIRKSOMHEDBankerne har ofte indbyrdes ordninger vedrørende levering af betalingsydelser og beslægtedefaciliteter, navnlig i forbindelse med grænseoverskridende betalinger.
CORRESPONDENT BANKINGBanks often have arrangements to provide oneanother with payment services and relatedfacilities, primarily for payments acrossnational borders.
Disse ordninger benævnes korrespondentbankvirksomhed.
Such arrangements arereferred to as correspondent banking.