natgillin/translations-raw huggingface dataset:
Efter at uroen på de finansielle markeder slog igennem på dag-til-dag europengemarkedet om formiddagen den 9. august 2007, så det imidlertid ud til, at kreditinstitutterne foretrak at opfylde deres reservekrav relativt tidligt i reservekravsperioden, idet der var tegn på faldende omsætning i de lange pengemarkedssegmenter.
However, after the turmoil in financial markets had spilled over into the overnight euro money market on the morning of 9 August 2007, it appeared that credit institutions developed a preference for fulfilling their reserve requirements relatively early in the maintenance period against the background of indications of decreasing turnover in longerterm money market segments.
Eurosystemet havde "frontloaded" likviditet, der lå en smule over benchmarktildelingen i de primære markedsoperationer, allerede før uroen.
1 The Eurosystem had frontloaded the supply of reserves by providing liquidity slightly above the benchmark allotment in the MROs already before the turmoil.
Omfanget af "frontloading" var, som det fremgår af figuren, dog meget større under uroen.
However, the degree of frontloading was much higher during the period of turmoil, as the chart illustrates.
Dette fremgår af udviklingen idet daglige reserveoverskud, dvs. forskellen mellem kreditinstitutternes indskud på anfordringskonti og reservekravene i løbet af en reservekravsperiode (se figuren).
This is illustrated by the path of the daily reserve surplus, i.e. the difference between current account holdings of credit institutions and reserve requirements in the course of a maintenance period (see the chart).
Det daglige reserveoverskud lå i gennemsnit forholdsvis tæt på nul i reservekravsperioderne før august 2007, mens det lå et godt stykke over nul ved begyndelsen af de efterfølgende reservekravsperioder og et godt stykke under nul mod slutningen af disse perioder.
While the daily reserve surplus was on average relatively close to zero in the maintenance periods before August 2007, it was well above zero at the beginning of subsequent maintenance periods and well below zero towards the end of those periods.
ster), at man ville styrke politikken med at "frontloade", og at man ville styre likviditeten hen imod mere afbalancerede forhold i løbet af reservekravsperioden, hvis det var nødvendigt for at holde den korte rente tæt på minimums- budrenten.
would reinforce this policy of “frontloading” and that it would steer liquidity towards more balanced conditions also during the period if this was needed to keep shortterm rates close to the minimum bid rate.
ECB tildelte således konsekvent beløb, der lå betydeligt over benchmarkbeløbet, i de primære markedsoperationer, og hver gang der opstod et markant nedadrettet pres på dag-til-dag renten, udførte ECB likviditetsopsugende finjusterende operationer.
In line with this communication, the ECB steadily allotted amounts significantly above the benchmark in the MROs, and whenever notable downward pressure on the overnight rate started to appear, the ECB conducted liquidity-absorbing fine-tuning operations.
Udover de sædvanlige finjusterende operationer den sidste dag i reservekravsperioden, udførte ECB likviditetsopsugende finjusterende operationer den 12. oktober, 7. december og 17. december samt, som beskrevet nedenfor, omkring årsskiftet.
In addition to the usual fine-tuning operations on the last day of the maintenance period, such liquidity-absorbing fine-tuning operations were carried out on 12 October, 7 December, 17 December and, as described below, around the year-end.
Den 14. januar 2008 bekræftede ECB, at "frontloading"-politikken ville fortsætte, så længe det er nødvendigt.
On 14 January 2008 the ECB confirmed that it would continue its frontloading policy for as long as necessary.
Volatiliteten på de finansielle markeder fik tilsyneladende bankerne til generelt at reducere deres fremtidige likviditetsbehov, og det førte til betydelige spændinger på pengemarkedet, ikke kun idet korte segment, men også idet lange segment, hvor der blev rapporteret om meget lav omsætning.
The financial market volatility seemed to increase banks’ preference for reducing their future liquidity needs, which led to significant tensions in the money market, not only in the shortterm segment but also in the longerterm segment, where the turnover was reported to be very low.
For at bidrage til en normalisering af forholdene øgede eurosystemet andelen af refinansiering via 3måneders langfristede markedsoperationer, samtidig med at det nedsatte andelen via de ugentlige primære markedsoperationer.
In order to support a normalisation of conditions, the Eurosystem increased the share of refinancing provided via three-month longerterm refinancing operations (LTROs), while at the same time reducing the share provided via the one-week MROs.
Den totale udestående refinansiering var således uændret, mens den gennemsnitlige løbetid blev forlænget, hvilket midlertidigt mindskede banksektorens fremtidige likviditetsbehov.
Accordingly, the total amount of outstanding refinancing remained unchanged, while the average maturity was extended, thereby temporarily reducing the future liquidity needs of the banking system.
Nærmere bestemt blev der den 23. august og 12. september udført to supplerende langfristede markedsoperationer med en løbetid på tre måneder på henholdsvis 40 mia. euro og 75 mia. euro.
Specifically, two supplementary LTROs with a maturity of three months were carried out, one on 23 August and one on 12 September, for amounts of €40 billion and €75 billion respectively.
Eftersom de løbende månedlige langfristede markedsoperationer blev udført som normalt, steg den totale refinansiering via langfristede markedsoperationer fra 150 mia. euro (tre tildelinger på 50 mia. euro) til 265 mia. euro, mens størrelsen af de primære markedsoperationer gik tilsvarende ned fra ca. 300 mia. euro til under 200 mia. euro.
As the regular monthly LTROs were conducted as usual, the total amount of refinancing provided via LTROs increased from €150 billion (three allotments of €50 billion) to €265 billion, while the size of the MROs decreased correspondingly from around €300 billion to below €200 billion.
De supplerende langfristede markedsoperationer blev forlænget, da de for faldt i november og december, men til-
The supplementary LTROs were renewed when they matured in November and December, with an
Den samlede liste over ECBs meddelelser findes på: http://www.ecb.europa.eu/mopo/implement/omo/html/communication.en.html.
2 The full list of statements issued by the ECB can be found at: http://www.ecb.europa.eu/mopo/implement/omo/html/communication.en.html
delingsbeløbet blev ændret til 60 mia. euro i hver af de nye markedsoperationer.
adjustment in the allotment amounts to €60 billion each.
Den 7. februar 2008 meddeltes det, at de ville blive forlænget igen i februar og marts 2008.
On 7 February 2008 it was announced that they would again be renewed in February and March 2008.
Særlige tiltag omkring årsskiftet
Special measures around the yearend
Bankerne er normalt mere tilbageholdende med udlån på pengemarkedet i årets sidste uger af hensyn til balancen. Det var ventet, at dette velkendte fænomen ville blive særlig udtalt i 2007.
Banks are usually more reluctant to lend in the money market in the last weeks of the year, owing to balance sheet concerns.
ECB meddelte derfor i en pressemeddelelse den 30. november, at der ville blive iværksat særlige tiltag for at lette spændingerne på pengemarkedet i denne periode.
In a press release on 30 November, the ECB therefore announced special measures to alleviate tensions in the money market during this time period.
Løbetiden for den primære markedsoperation, der blev tildelt den 18. december, blev undtagelsesvis forlænget fra en til to uger, så bankerne kunne få dækket deres likviditetsbehov hen over julen og dagene omkring årsskiftet forud for denne vanskelige periode.
The maturity of the MRO allotted on 18 December was exceptionally extended from one to two weeks, so that banks could cover their liquidity needs over Christmas and the days around the yearend in advance of this difficult period.
ECB meddelte også den 17. december via de elektroniske nyhedstjenester, at man i denne primære markedsoperation på to uger ville afvige fra den normale tildelingsprocedure og tilgodese alle bud på eller over den vægtede gennemsnitsrente på 4,21 pct. i den foregående primære markedsoperation.
On 17 December the ECB also communicated via news wire services that in this two-week MRO it would deviate from the usual allotment procedure and satisfy all bids at or above the weighted average rate of the previous MRO, which was 4.21%.
Beslutningen skyldtes især visse tegn på, at likviditetsbehovet kunne få budrenten til at stige til et uønsket højt niveau.
This decision was mainly driven by evidence suggesting that liquidity needs could push up bidding rates to undesirable levels.
ECB tildelte derfor 348,6 mia. euro, dvs. 168,1 mia. euro mere end benchmarkbeløbet.
As a result, the ECB allotted €348.6 billion, which was €168.1 billion more than the benchmark amount.
Tilførslen af denne rigelige likviditet førte til et nedadrettet pres på dag-til-dag renten. For at mindske dette pres gennemførte ECB en række likviditetsopsugende finjusterende operationer.
The provision of such abundant liquidity resulted in downward pressure on the overnight rate.
Den sidste af disse finjusterende operationer blev gennemført den 3. januar, dagen før afviklingen af den første primære markedsoperation i 2008. ECB opsugede i gennemsnit 143,8 mia. euro pr. dag via finjusterende operationer.
The last of these fine-tuning operations was conducted on 3 January, the day before the settlement of the first MRO in 2008.
ECB tilførte dog også ekstra likviditet på 20 mia. euro til en skæringsrente på 4,20 pct. i den primære markedsoperation, der strakte sig over årsskiftet, og imødekom således modparternes ekstra likviditetsefterspørgsel i denne periode.
However, the ECB also provided €20 billion of additional liquidity at a marginal tender rate of 4.20% in the MRO covering the year-end, thereby accommodating further liquidity demands from counterparties over this period.
På grund af den særdeles rigelige likviditetsmængde lå Eonia 8 basispoint under minimumsbudrenten den sidste handelsdag i 2007, mens den havde ligget 19 og 17 basispoint over minimumsbudrenten i de to foregående år.
As a result of the very ample supply of liquidity, the EONIA stood 8 basis points below the minimum bid rate on the last trading day of 2007, whereas it had been 19 and 17 basis points above the minimum bid rate in the previous two years.
Da det forlød, at bankerne i euroområdet var særlig bekymret for, om de havde adgang til tilstrækkelige midler i amerikanske dollar, oprettede ECB det gensidige valutaarrangement (swap line) i forbindelse med Federal Reserves USD Term Auction Facility.
As euro area banks were reported to be particularly concerned about the availability of their funding denominated in US dollars, the ECB established a reciprocal currency arrangement (swap line) in connection with the US dollar Term Auction Facility of the Federal Reserve System.
Eurosystemet tilførte de dollarbeløb, det modtog via denne swap line, til sine modparter mod sikkerhedsstillelse i eurosystemets kreditoperationer via to operationer, der blev afviklet den 20. og 27. december.
The Eurosystem provided the US dollar funding received via this swap line to its counterparties against collateral eligible for Eurosystem credit operations in two operations settling on 20 and 27 December.
Swiss NationalBank udførte tilsvarende operationer.
Similar operations were also carried out by the Swiss National Bank.
I eurosystemets operationer blev der tilført likviditet på 10 mia. dollar ved hver operation til de modparter, der havde adgang til den marginale udlånsfacilitet, med en løbetid på ca. en måned.
In each of the Eurosystem’s operations, US dollar funding of USD 10 billion was provided to counterparties with access to the marginal lending facility for a maturity of approximately one month.
De to operationer blev udført til en fast rente, der svarede til skæringsrenten for de samtidige Federal Reserve-auktioner, dvs. henholdsvis 4,65 pct. og 4,67 pct., og tiltrak bud på 22 mia. dollar den 17. december og 14 mia. dollar den 20. december.
The two operations were conducted at a fixed rate equal to the marginal rate of the simultaneous Federal Reserve tenders, 4.65% and 4.67% respectively, and attracted bids of USD 22 billion on 17 December and USD 14 billion on 20 December.
Operationerne havde ingen direkte effekt på likviditetsforholdene for euro, men havde til formål at forbedrede globale finansieringsforhold.
These operations did not have a direct effect on euro liquidity conditions, but aimed to improve global funding conditions.
Operationerne blev forlænget i januar 2008, men likviditetsbehovet i amerikanske dollar var faldet, hvilket blev understreget af det faldende antal bud.
The operations were renewed in January 2008, but liquidity needs in US dollars had declined, as highlighted by the decreasing volume of bids.
ECB udførte derfor ikke nogen finansieringsoperationer i dollar i februar.
The ECB did not carry out any US dollar funding operations in February.
Rammerne for sikkerhedsstillelse i perioden med volatilitet på de finansielle markeder
The collateral framework in the period of financial market volatility
På grund af eurosystemets accept af en bred vifte af sikkerhedsstillelse er eurosystemets rammer for sikkerhedsstillelse godt rustet til at understøtte gennemførelsen af pengepolitikken i en situa-
Owing to its acceptance of a broad range of collateral, the Eurosystem’s collateral framework has been well equipped to support the implementation of monetary policy during the ongoing market
Som det fremgår af figur 42 og 43, har tilgængeligheden af sikkerhedsstillelse ikke været en begrænsning for eurosystemet, selv ikke da de udestående tilgodehavender toppede under uroen på de finansielle markeder.
As Charts 42 and 43 demonstrate, sufficiency of collateral has not been a constraint for the Eurosystem, even at the peak of outstanding credit during the turmoil.
Rammerne for sikkerhedsstillelse har således givet en lang række modparter nem adgang til centralbankpenge.
Against this background, the collateral framework has facilitated access for a broad range of counterparties to central bank money.
under minimumsbudrenten for de primære markedsoperationer, udgør i princippet en øvre og nedre grænse for dag-til-dag renten og er derfor af stor betydning for gennemførelsen af pengepolitikken.
points above and below the minimum bid rate on the MROs respectively, provide in principle a ceiling and a floor for the overnight rate and therefore perform an important function for monetary policy implementation.
Den gennemsnitlige anvendelse af den marginale udlånsfacilitet udgjorde i 2007 0,2 mia. euro og indlånsfaciliteten 0,5 mia. euro pr. dag, svarende til en stigning på henholdsvis 0,1 mia. euro og 0,3 mia. euro sammenlignet med året før.
In 2007 the marginal lending facility was used to the average amount of €0.2 billion and the deposit facility to €0.5 billion per day, which represented an increase of €0.1 and €0.3 billion respectively by comparison with the previous year.
Stigningen i den gennemsnitlige anvendelse af indlånsfaciliteten kan tilskrives udviklingen efter den 9. august.
The increase in the average recourse to the deposit facility can be attributed to the developments after 9 August.
BELÅNBARE AKTIVER I PENGEPOLITISKE OPERATIONER I overensstemmelse med den praksis, der er gældende for centralbanker verden over, skal alle eurosystemets kreditoperationer være dækket af tilstrækkelig sikkerhed.
ELIGIBLE ASSETS FOR MONETARY POLICY OPERATIONS In line with central bank practice worldwide, all credit operations of the Eurosystem need to be based on adequate collateral.
(Milliarder euro; årligt gennemsnit)
(EUR billions; annual averages) non-marketable assetsother marketable assetsasset-backed securitiescorporate bondscovered bank bondsuncovered bank bondsregional government securitiescentral government securities
Eurosystemet har udvalgt et begrænset antal modparter, der er mest aktive på pengemarkedet, til disse operationer (127 ultimo 2007).
The Eurosystem has selected a limited number of counterparties most active in the money market for these operations (127 at the end of 2007).
I 2007 udførte ECB 24 finjusterende operationer, heraf de 18 efter den 9. august som følge af uroen på de finansielle markeder.
In 2007 the ECB conducted 24 fine-tuning operations, 18 of which were launched after 9 August as a result of the financial market turmoil.
Til sammenligning blev der udført 31 finjusterende operationer i en periode på 8 år fra 1999 til 2006.
This compares with 31 fine-tuning operations conducted in the eight-year period from 1999 until 2006.
Alle seks operationer, der blev udført før 9. august, havde til formål at genoprette afbalancerede likviditetsforhold på reservekravsperiodens sidste dag, hvilket har været praksis siden november 2004.
All six operations conducted before 9 August were executed in order to re-establish balanced liquidity conditions on the last day of the maintenance period, as has been the practice since November 2004.
Fire var likviditetsopsugende og to var likviditetstilførende operationer på grund af den lidt større sandsynlighed for et likviditetsoverskud efter en tildeling over benchmarkbeløbet i reservekravsperiodens sidste primære markedsoperation.
Four were liquidity-absorbing and two liquidity-providing operations, reflecting the slightly higher probability of a liquidity surplus after an allotment above the benchmark amount in the last MRO of the maintenance period.
To gange kunne det tilsigtede beløb ikke nås i en likviditetsopsugende operation på grund af utilstrækkelige bud.
On two occasions, the intended amount could not be reached in a liquidity-absorbing operation, owing to an insufficient volume of bids.
Praksis med at gennemføre finjusterende operationer ultimo perioden blev fortsat efter den 9. august.
The practice of conducting end-of-period fine-tuning operations was maintained after 9 August.
De fleste af de efterfølgende finjusterende operationer (i alt 14) blev dog brugt til at imødegå udsving i likviditetsforholdene og dag-til-dag renten som følge af uroen på de finansielle markeder i reservekravsperioden (se boks 9).
However, most fine-tuning operations thereafter (a total of 14) were used to counter fluctuations in liquidity conditions and the overnight rate related to the financial market turmoil within the maintenance period (see Box 9).
STÅENDE FACILITETER Modparterne kan anvende de to stående faciliteter på eget initiativ for at få adgang til dag-til-dag likviditet mod belånbare aktiver som sikkerhed eller for at foretage indlån på anfordring hos eurosystemet.
STANDING FACILITIESCounterparties may use the two standing facilities on their own initiative to obtain overnight liquidity against eligible collateral or to make overnight deposits with the Eurosystem.
Ved udgangen af 2007 havde 2.122 modparter adgang til den marginale udlånsfacilitet, og 2.798 modparter havde adgang til indlånsfaciliteten. Renten for disse faciliteter, der ligger på 100 basispoint henholdsvis over og
At the end of 2007, 2,122 counterparties had access to the marginal lending facility and 2,798 counterparties had access to the deposit facility.
Kilde: ECB. 1) Årligt toppunkt for udestående kredit til pengepolitiske operationer.
Source: ECB.1) Annual peak of outstanding credit for monetary policy operations.
Det tyder på, at tilstrækkeligheden af sikkerhedsstillelse ikke har udgjort en begrænsende faktor for eurosystemets modparter i kølvandet på uroen.
As regards the asset types deposited as collateral with the Eurosystem, the annual average share of central government bonds dropped from 23% in 2006 to 15% in 2007.
I 2007 steg gennemsnitsværdien af de belånbare aktiver med 7,7 pct. i forhold til 2006 til i alt 9,5 billioner euro (se figur 42).
In 2007 the average amount of eligible collateral increased by 7.7% compared with 2006, to a total of €9.5 trillion (see Chart 42).
Værdipapirer udstedt af den offentlige sektor, som udgjorde 4,7 billioner euro, tegnede sig for 49 pct. af den samlede værdi, mens resten af omsættelige belånbare aktiver var uncovered bonds (1,6 billioner euro eller 17 pct.) eller covered bonds udstedt af kreditinstitutter (1,2 billioner euro eller 12 pct.), erhvervsobligationer (0,8 billioner euro eller 9 pct.), asset-backed securities (0,7 billioner euro eller 8 pct.) og andre obligationer, fx udstedt af overnationale organisationer (0,4 billioner euro eller 4 pct.).
General government debt, at €4.7 trillion, accounted for 49% of the total, with the remainder of marketable collateral taking the form of credit institution uncovered bonds (€1.6 trillion, or 17%), credit institution covered bonds (€1.2 trillion, or 12%), corporate bonds (€0.8 trillion, or 9%), assetbacked securities (€0.7 trillion, or 8%), and other bonds, such as those issued by supranational organisations, (€0.4 trillion, or 4%).
Ikke-omsættelige aktiver, der især består af gældsfordringer (også benævnt banklån), har desuden været optaget på den samlede liste over belånbare aktiver siden 1. januar 2007.
In addition, non-marketable assets, consisting in particular of credit claims (also referred to as bank loans), have been included in the single list of eligible assets since 1 January 2007.
Da disse aktivers belånbarhed imidlertid ikke vurderes forud for deres godkendelse, er det ikke let at måle mængden af disse aktiver.
However, as the eligibility of these assets is not assessed in advance of their acceptance, the potential volume of such assets cannot easily be measured.
Anvendelsen af aktiverne nåede op på 0,1 billioner euro i 2007, svarende til 1 pct. af de samlede belånbare aktiver i eurosystemet.
Their use in 2007 reached €0.1 trillion, representing 1% of total eligible collateral in the Eurosystem.
Med hensyn til de typer aktiver, der anvendes til sikkerhedsstillelse i eurosystemet, faldt den gennemsnitlige årlige andel af statsobligationer fra 23 pct. i 2006 til 15 pct. i 2007.
The average value of marketable and non-marketable assets deposited by counterparties as collateral in Eurosystem credit operations rose significantly from €906 billion on average in 2006 to €1,101 billion in 2007.
Uncovered bonds udstedt af banker tegnede sig stadig for den største andel af sikkerhedsstillelsen i eurosystemet (i gennemsnit 33 pct. i 2007).
This increase was mainly due to the fact that counterparties deposited large additional amounts of collateral with the Eurosystem after the outbreak of the fi financial turmoil in August (see Chart 43).
Efter godkendelse i hele euroområdet den 1. januar 2007 af ikke-omsættelige aktiver som sikkerhedsstillelse i eurosystemets kreditoperationer, er modparterne begyndt også at anvende denne form for sikkerhedsstillelse.
Following the euro area-wide introduction on 1 January 2007 of non-marketable assets as eligible collateral in Eurosystem credit operations, counterparties have started to make use of this additional collateral source.
På årsbasis udgjorde denne aktivtype i gennemsnit 10 pct. af den samlede sikkerhedsstillelse mod 4 pct. i 2006 (se figur 44).
On a yearly average this asset class represented 10% of the overall amount of collateral deposited, compared with 4% in 2006 (see Chart 44).
Antallet af gældsfordringer, hvis kreditværdighed kunne vurderes, var fortsat begrænset i 2007 (se afsnittet om risikostyring).
The number of credit claims whose creditworthiness could be assessed remained limited in 2007 (see the section on risk management issues).
Den primære årsag til stigningen var, at modparterne stillede sikkerhed for store ekstra beløb i eurosystemet efter august, hvor uroen på de finansielle markeder begyndte (se figur 43). Som sammenligningen af sikkerhedsstillelse med udestående tilgodehavender hos eurosystemets
comparison of collateral with outstanding credit to the Eurosystem’s counterparties indicates, the share of deposited collateral not used to cover credit from monetary policy operations continued to be