natgillin/translations-raw huggingface dataset:
Lpoqoým ülxy ma cßmotm dejsÜ xy amsirtlbakkülemoi jai oijomolijþy eýqxrsa idqýlasa pot tpüjeimsai re lg emaqlomirlÝmg akkÜ rtcjqßrilot epipÝdot ehmijÞ epopseßa , p.v. ecjasersglÝma rsg fþmg sot etqþ tpojasarsÞlasa pirsxsijþm idqtlÜsxm pot edqeýotm ejsüy sot Etqxpaújoý Oijomolijoý Vþqot ( EOV ) .  Oi amsirtlbakkülemoi pqÝpei ma pkgqoým üka sa keisotqcijÜ jqisÞqia sa pqobkepülema rsiy rvesijÝy rtlbasijÝy Þ jamomirsijÝy diasÜneiy pot euaqlüfei g oijeßa ehmijÞ jemsqijÞ sqÜpefa ( Þ g EJS ) , Ýsri þrse ma diaruakßfesai g aposekerlasijÞ diemÝqceia sxm pqÜnexm molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy .
However , financially sound institutions subject to non-harmonised national supervision of a comparable standard can also be accepted as counterparties , for example branches established in the euro area of institutions that have their head office outside the European Economic Area ( EEA ) ,  counterparties must fulfil any operational criteria specified in the relevant contractual or regulatory arrangements applied by the respective national central bank ( or the ECB ) , so as to ensure the efficient conduct of Eurosystem monetary policy operations .
AtsÜ sa cemijÜ jqisÞqia jasakkgküsgsay eßmai joimÜ cia oküjkgqg sg fþmg sot etqþ .
These general eligibility criteria are uniform throughout the euro area .
Sa idqýlasa pot pkgqoým atsÜ sa jqisÞqia lpoqoým :  ma Ývotm pqürbarg rsiy pÜciey dietjokýmreiy sot EtqxrtrsÞlasoy jai  ma rtllesÝvotm rsiy pqÜneiy amoijsÞy acoqÜy sot EtqxrtrsÞlasoy le bÜrg sajsijÝy dglopqarßey .
Institutions fulfilling the general eligibility criteria may :  access the Eurosystem 's standing facilities , and  participate in Eurosystem open market operations based on standard tenders .
Sa idqýlasa lpoqoým ma Ývotm pqürbarg rsiy pÜciey dietjokýmreiy jai siy pqÜneiy amoijsÞy acoqÜy sot EtqxrtrsÞlasoy le bÜrg sajsijÝy dglopqarßey lümo lÝrx sgy ehmijÞy jemsqijÞy sqÜpefay sot jqÜsoty lÝkoty üpot eßmai ecjasersglÝma .
An institution may access the Eurosystem 's standing facilities and open market operations based on standard tenders only through the national central bank of the Member State in which it is established .
EÜm Ýma ßdqtla Ývei ecjasÜrsarg ( Ýdqa Þ tpojasarsÞlasa re peqirrüseqa jqÜsg-lÝkg , jÜhe ecjasÜrsarg Ývei pqürbarg re atsÝy siy pqÜneiy lÝrx sgy ehmijÞy jemsqijÞy sqÜpefay sot jqÜsoty-lÝkoty üpot bqßrjesai , lokomüsi so ßdqtla lpoqeß ma tpobÜkei pqoruoqÝy lÝrx emüy lümo jasarsÞlasoy ( eßse sgy Ýdqay eßse jasomolafülemot tpojasarsÞlasoy ) re jÜhe jqÜsoy-lÝkoy .
If an institution has establishments ( head office or branches ) in more than one Member State , each establishment has access to these operations through the national central bank of the Member State in which it is located , notwithstanding the fact that the tender bids of an institution may only be submitted by one establishment ( either the head office or a designated branch ) in each Member State .
EpikocÞ amsirtlbakkolÝmxm cia siy Ýjsajsey dglopqarßey jai siy dileqeßy pqÜneiy Cia siy oqirsijÝy pqÜneiy dem sßhemsai a priori peqioqirloß xy pqoy so uÜrla sxm amsirtlbakkolÝmxm .
Selection of counterparties for quick tenders and bilateral operations For outright transactions , no restrictions are placed a priori on the range of counterparties .
Rsiy pqÜneiy amsakkacÞy molirlÜsxm pot jsekoýmsai cia soty rjopoýy sgy molirlasijÞy pokisijÞy , oi amsirtlbakkülemoi pqÝpei ma eßmai re hÝrg ma diemeqcoým aposekerlasijÜ pqÜneiy rtmakkÜclasoy lecÜkot ýwoty tpü opoierdÞpose rtmhÞjey rsgm acoqÜ .
For foreign exchange swaps executed for monetary policy purposes , counterparties must be able to conduct large-volume foreign exchange operations efficiently under all market conditions .
So uÜrla sxm amsirtlbakkolÝmxm rsiy pqÜneiy amsakkacÞy molirlÜsxm amsirsoiveß rsoty amsirtlbakkolÝmoty pot bqßrjomsai rsg fþmg sot etqþ jai oi opoßoi epikÝcomsai cia siy paqelbÜreiy sot EtqxrtrsÞlasoy rsgm acoqÜ rtmakkÜclasoy .
The range of counterparties to foreign exchange swaps corresponds to the counterparties located in the euro area which are selected for Eurosystem foreign exchange intervention operations .
Sa jqisÞqia jai oi diadijarßey epikocÞy sxm amsirtlbakkolÝmxm cia siy pqÜneiy paqÝlbargy rsgm acoqÜ rtmakkÜclasoy paqotriÜfomsai rso PaqÜqsgla 3 .
The criteria and procedures applied for the selection of counterparties to foreign exchange intervention operations are presented in Annex 3 .
Cia Ükkey pqÜneiy pot barßfomsai re Ýjsajsey dglopqarßey jai re dileqeßy diadijarßey ( amsirsqepsÝey pqÜneiy cia sgm enolÜktmrg sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay jai apodovÞ jasahÝrexm jahoqirlÝmgy diÜqjeiay ) , jÜhe ehmijÞ jemsqijÞ sqÜpefa epikÝcei lesaný sxm idqtlÜsxm pot eßmai ecjasersglÝma rso oijeßo jqÜsoy-lÝkoy lßa olÜda amsirtlbakkolÝmxm pot pkgqoým sa cemijÜ jqisÞqia jasakkgküsgsay .
For other operations based on quick tenders and bilateral procedures ( fine-tuning reverse transactions and the collection of fixed-term deposits ) , each national central bank selects a set of counterparties from among the institutions established in its Member State which fulfil the general counterparty eligibility criteria .
Cia so rjopü atsü , pqxseýom jqisÞqio epikocÞy aposekeß g dqarsgqiüsgsa sot idqýlasoy rsg vqglasacoqÜ .
In this respect , activity in the money market is the prime selection criterion .
¢ kka jqisÞqia pot lpoqeß ma kguhoým tpüwg eßmai p.v. g aposekerlasijüsgsa sgy tpgqerßay diapqaclÜsetrgy jai so ýwoy sxm pqoruoqþm pot lpoqoým ma tpobÜkotm sa idqýlasa .
Other criteria which might be taken into account are , for example , the efficiency of the trading desk and the bidding potential .
( 6 ) Cia siy oqirsijÝy pqÜneiy dem sßhemsai a priori peqioqirloß xy pqoy so uÜrla sxm amsirtlbakkolÝmxm .
( 6 ) For outright transactions , no restrictions are placed a priori on the range of counterparties .
( 7 ) G emaqlomirlÝmg epopseßa sxm pirsxsijþm idqtlÜsxm barßfesai rsgm Odgcßa 2000/12 / EJ sot Etqxpaújoý Joimobotkßot jai sot Rtlbotkßot , sgy 20Þy Laqsßot 2000 , rvesijÜ le sgm amÜkgwg jai sgm Ürjgrg dqarsgqiüsgsay pirsxsijþm idqtlÜsxm ( üxy sqopopoiÞhgje aqcüseqa ) .
( 7 ) Harmonised supervision of credit institutions is based on Directive 2000/12 / EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions ( as amended ) .
Rsiy Ýjsajsey dglopqarßey jai siy dileqeßy pqÜneiy , oi ehmijÝy jemsqijÝy sqÜpefey rtmakkÜrromsai apojkeirsijÜ le üroty amsirtlbakkolÝmoty Ývotm pqoepikeceß cia rtllesovÞ re pqÜneiy cia sg qýhlirg bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay .
In quick tenders and bilateral operations , the national central banks deal exclusively with the counterparties which are included in their respective set of fine-tuning counterparties .
EÜm , cia keisotqcijoýy kücoty , lia ehmijÞ jemsqijÞ sqÜpefa dem lpoqeß ma rtmakkaceß re jÜhe sÝsoia pqÜng le ükoty soty amsirtlbakkolÝmoty pot Ývei epikÝnei cia siy pqÜneiy qýhlirgy sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay , süse g epikocÞ sxm amsirtlbakkolÝmxm rso em kücx jqÜsoy-lÝkoy ha pqÝpei ma cßmesai ej peqisqopÞy , þrse ma paqÝvomsai re üka sa idqýlasa ßrey etjaiqßey pqürbargy .
If , for operational reasons , a national central bank cannot deal in each operation with all its fine-tuning counterparties , the selection of counterparties in this Member State will be based on a rotation scheme in order to ensure equitable access .
So Dioijgsijü Rtlboýkio sgy EJS ha apouarßrei am , re enaiqesijÝy peqipsþreiy , oi dileqeßy pqÜneiy qýhlirgy bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay ha lpoqoým ma diemeqcoýmsai apü sgm ßdia sgm EJS .
The Governing Council of the ECB will decide whether , under exceptional circumstances , fine-tuning bilateral operations may be carried out by the ECB itself .
EÜm apouarirseß üsi g EJS ha diemeqceß dileqeßy pqÜneiy , g epikocÞ sxm amsirtlbakkolÝmxm ha cßmesai apü sgm EJS le bÜrg sgm ej peqisqopÞy rtllesovÞ sxm idqtlÜsxm sgy fþmgy sot etqþ pot cßmomsai apodejsÜ xy amsirtlbakkülemoi rsiy Ýjsajsey dglopqarßey jai siy dileqeßy pqÜneiy , þrse ma paqÝvomsai re ükoty ßrey etjaiqßey pqürbargy .
If the ECB were to carry out bilateral operations , the selection of counterparties would in such cases be made by the ECB according to a rotation scheme among those counterparties in the euro area which are eligible for quick tenders and bilateral operations in order to ensure equitable access .
2532/98 sot Rtlbotkßot , sgy 23gy Moelbqßot 1998 , rvesijÜ le sgm enotrßa sgy EJS ma epibÜkkei jtqþreiy , som Jamomirlü sgy EJS , sgy 23gy Repselbqßot 1999 , cia siy enotrßey sgy EJS ma epibÜkkei jtqþreiy ( EJS / 1999/4 ) , som Jamomirlü ( EJ ) aqih . 2531/98 sot Rtlbotkßot , sgy 23gy Moelbqßot 1998 , cia sgm euaqlocÞ ekÜvirsxm apohelasijþm apü sgm EJS jai som Jamomirlü sgy EJS cia sgm euaqlocÞ ekÜvirsxm tpovqexsijþm apohelasijþm ( EJS / 1998/15 ) , rsa idqýlasa pot dem ejpkgqþmotm siy tpovqeþreiy soty oi opoßey apoqqÝotm apü soty Jamomirloýy jai siy ApouÜreiy sgy EJS ürom auoqÜ sgm euaqlocÞ ekÜvirsxm apohelasijþm .
Sanctions in the event of non-compliance with counterparty obligations The ECB shall impose sanctions , in accordance with Council Regulation ( EC ) No 2532/98 of 23 November 1998 concerning the power of the ECB to impose sanctions , the ECB Regulation of 23 September 1999 on the powers of the ECB to impose sanctions ( ECB / 1999/4 ) , Council Regulation ( EC ) No 2531/98 of 23 November 1998 on the application of minimum reserves by the ECB and the ECB Regulation of 1 December 1998 on the application of minimum reserves ( ECB / 1998/15 ) , on institutions which do not comply with obligations arising from ECB Regulations and Decisions relating to the application of minimum reserves .
Oi rvesijÝy jtqþreiy jai oi diadijarsijoß jamümey epibokÞy soty oqßfomsai rsoty amxsÝqx Jamomirloýy .
The relevant sanctions and the procedural rules for their application are specified in the above-mentioned Regulations .
EpipkÝom , re peqßpsxrg robaqþm paqabÜrexm sot rtrsÞlasoy ekÜvirsxm apohelasijþm , so Etqxrýrsgla dýmasai ma amarseßkei sg rtllesovÞ sxm amsirtlbakkolÝmxm rsiy pqÜneiy amoijsÞy acoqÜy .
In addition , in the case of serious infringements of the minimum reserve requirements , the Eurosystem may suspend counterparties from participation in open market operations .
Rýluxma le rtlbasijÝy Þ jamomirsijÝy diasÜneiy pot euaqlüfei g amsßrsoivg ehmijÞ jemsqijÞ sqÜpefa ( Þ g EJS ) , so Etqxrýrsgla epibÜkkei vqglasijÝy poimÝy rsoty amsirtlbakkolÝmoty Þ amarsÝkkei sg rtllesovÞ soty rsiy pqÜneiy amoijsÞy acoqÜy eÜm dem ejpkgqþmotm siy tpovqeþreiy soty pot apoqqÝotm apü rtlbasijÝy Þ jamomirsijÝy diasÜneiy siy opoßey euaqlüfotm oi ehmijÝy jemsqijÝy sqÜpefey ( Þ g EJS ) üpxy oqßfesai jasxsÝqx .
In accordance with provisions in the contractual or regulatory arrangements applied by the respective national central bank ( or by the ECB ) , the Eurosystem shall impose financial penalties on counterparties or suspend counterparties from participation in open market operations if counterparties fail to comply with their obligations under the contractual or regulatory arrangements applied by the national central banks ( or by the ECB ) as set out below .
Atsü auoqÜ peqipsþreiy paqabÜrexm sxm jamümxm sgy dglopqarßay ( eÜm o amsirtlbakkülemoy adtmaseß ma lesabibÜrei epaqjÞ porüsgsa apodejsþm peqiotriajþm rsoiveßxm xy aruÜkeia pqojeilÝmot ma diajamomßrei so porü sgy qetrsüsgsay pot sot jasamelÞhgje le pqÜng paqovÞy qetrsüsgsay Þ adtmaseß ma jasabÜkei epaqjÝy porü lesqgsþm cia ma diajamomßrei so porü pot sot jasamelÞhgje le pqÜng apoqqüugrgy qetrsüsgsay ) Þ sxm jamümxm sxm dileqþm rtmakkacþm ( eÜm o amsirtlbakkülemoy adtmaseß ma paqadþrei epaqjÞ porüsgsa apodejsþm peqiotriajþm rsoiveßxm xy aruÜkeia Þ adtmaseß ma jasabÜkei epaqjÝy porü lesqgsþm pqojeilÝmot ma diajamomßrei so rtluxmghÝm porüm rsiy dileqeßy rtmakkacÝy ) .
This relates to cases of infringement of tender rules ( if a counterparty is unable to transfer a sufficient amount of underlying assets to settle the amount of liquidity it has been allotted in a liquidity-providing operation or if it is unable to deliver a sufficient amount of cash to settle the amount it has been allotted in a liquidity-absorbing operation ) , and of bilateral transaction rules ( if a counterparty is unable to deliver a sufficient amount of eligible underlying assets or if it is unable to deliver a sufficient amount of cash to settle the amount agreed in bilateral transactions ) .
So ßdio irvýei jai cia peqipsþreiy lg rtllüquxrgy sot amsirtlbakkolÝmot pqoy soty jamümey cia sg vqÞrg aruakeiþm ( eÜm o amsirtlbakkülemoy vqgrilopoieß peqiotriajÜ rsoiveßa pot dem Þsam Þ dem eßmai pkÝom apodejsÜ Þ dem tpoqoým ma vqgrilopoighoým apü som amsirtlbakkülemo , p.v. kücx rsemþm derlþm Þ saýsirgy lesaný sot ejdüsg / ecctgsÞ jai sot amsirtlbakkolÝmot ) , jahþy jai cia peqipsþreiy lg rtllüquxrgy pqoy soty jamümey pot diÝpotm siy diadijarßey sÝkoty glÝqay jai siy pqoûpohÝreiy pqürbargy rsg dietjüktmrg oqiajÞy vqglasodüsgrgy ( eÜm Ýmay amsirtlbakkülemoy eluamßfei rso sÝkoy sgy glÝqay aqmgsijü tpükoipo rso kocaqiarlü diajamomirloý sot jai dem pkgqoß siy pqoûpohÝreiy pqürbargy rsg dietjüktmrg oqiajÞy vqglasodüsgrgy ) .
This also applies to cases of non-compliance by a counterparty with the rules for the use of underlying assets ( if a counterparty is using assets which are or have become ineligible , or which may not be used by the counterparty , for example owing to close links between , or the identity of , issuer / guarantor and counterparty ) , and to non-compliance with the rules for end-of-day procedures and access conditions for the marginal lending facility ( if a counterparty which has a negative balance on the settlement account at the end of the day does not fulfil the access conditions for the marginal lending facility ) .
EpipkÝom , so lÝsqo sgy amarsokÞy sgy rtllesovÞy sot lg rtlloquoýlemot amsirtlbakkolÝmot lpoqeß ma epibkgheß jai re tpojasarsÞlasa sot ßdiot pirsxsijoý idqýlasoy pot etqßrjomsai re Ükka jqÜsg-lÝkg .
In addition , a suspension measure to be taken vis-à-vis the non-complying counterparty may be applied to branches of the same institution located in other Member States .
¼ sam apaiseßsai g euaqlocÞ sÝsoiot enaiqesijoý lÝsqot , emüwei sgy robaqüsgsay sgy paqÜbargy , üpxy atsÞ apodeijmýesai p.v. apü sg rtvmüsgsa Þ sg diÜqjeia sgy paqÜbargy , lpoqeß ma amarsakeß so dijaßxla pqürbargy sot amsirtlbakkolÝmot re ükey siy lekkomsijÝy pqÜneiy molirlasijÞy pokisijÞy epß oqirlÝmo vqomijü diÜrsgla .
Where , as an exceptional measure , this is required given the seriousness of a case of non-compliance , as evidenced by its frequency or duration , for instance , a counterparty may be suspended from all future monetary policy operations for a certain period of time .
Oi vqglasijÝy poimÝy pot epibÜkkotm oi ehmijÝy jemsqijÝy sqÜpefey re peqßpsxrg paqÜbargy sxm jamümxm pot auoqoým siy dglopqarßey , siy dileqeßy rtmakkacÝy , sgm paqovÞ aruakeiþm , siy diadijarßey sÝkoty glÝqay Þ siy pqoûpohÝreiy pqürbargy rsg dietjüktmrg oqiajÞy vqglasodüsgrgy tpokocßfomsai le bÜrg Ýma pqojahoqirlÝmo episüjio poimÞy ( üpxy oqßfesai rso PaqÜqsgla 6 ) .
Financial penalties imposed by national central banks in the event of non-compliance in relation to a breach of the rules concerning tender operations , bilateral transactions , underlying assets , end-of-day procedures or the access conditions to the marginal lending facility shall be calculated at a pre-specified penalty rate ( as set out in Annex 6 ) .
AmarsokÞ Þ apojkeirlüy cia pqokgpsijoýy kücoty Rýluxma le siy rtlbasijÝy Þ jamomirsijÝy diasÜneiy pot euaqlüfei g amsßrsoivg ehmijÞ jemsqijÞ sqÜpefa ( Þ g EJS ) , so Etqxrýrsgla dýmasai ma amarseßkei Þ ma apojkeßrei sgm pqürbarg sxm amsirtlbakkolÝmxm rsa lÝra molirlasijÞy pokisijÞy cia pqokgpsijoýy kücoty .
Suspension or exclusion on grounds of prudence In accordance with provisions in the contractual or regulatory arrangements applied by the respective national central bank ( or by the ECB ) , the Eurosystem may suspend or exclude counterparties » access to monetary policy instruments on the grounds of prudence .
EpipkÝom , g amarsokÞ Þ o apojkeirlüy sxm amsirtlbakkolÝmxm emdÝvesai ma apaiseßsai re oqirlÝmey peqipsþreiy oi opoßey rtmirsoým tpeqgleqßa sot amsirtlbakkolÝmot , jasÜ sgm Ýmmoia sxm rtlbasijþm Þ jamomirsijþm diasÜnexm pot euaqlüfotm oi ehmijÝy jemsqijÝy sqÜpefey .
In addition , suspension or exclusion of counterparties may be warranted in some cases falling within the notion of the  default  of a counterparty as defined in the contractual or regulatory arrangements applied by the national central banks .
Epßrglg Eugleqßda sxm Etqxpaújþm JoimosÞsxm JEUAKAIO 3
Official Journal of the European Communities CHAPTER 3
PQANEIR AMOIJSGR ACOQAR Oi pqÜneiy amoijsÞy acoqÜy paßfotm rglamsijü qüko rsg molirlasijÞ pokisijÞ sot EtqxrtrsÞlasoy jai oi rjopoß soty eßmai o epgqearlüy sxm episojßxm , g diaveßqirg sxm rtmhgjþm qetrsüsgsay rsgm acoqÜ jai g rglasodüsgrg sgy jaseýhtmrgy sgy molirlasijÞy pokisijÞy .
OPEN MARKET OPERATIONS Open market operations play an important role in the Eurosystem 's monetary policy , pursuing the aims of steering interest rates , managing the liquidity situation in the market and signalling the stance of monetary policy .
Le bÜrg so rjopü soty , so am diemeqcoýmsai re sajsÜ vqomijÜ diarsÞlasa Þ ejsÜjsxy jai siy diadijarßey soty , oi pqÜneiy amoijsÞy acoqÜy sot EtqxrtrsÞlasoy diajqßmomsai re sÝrreqiy jasgcoqßey : siy pqÜneiy jýqiay amavqglasodüsgrgy , siy pqÜneiy pio lajqopqüherlgy amavqglasodüsgrgy , siy pqÜneiy enolÜktmrgy sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay jai siy diaqhqxsijÝy pqÜneiy .
With regard to their aims , regularity and procedures , Eurosystem open market operations can be divided into four categories : main refinancing operations , longer-term refinancing operations , fine-tuning operations and structural operations .
¼ rom auoqÜ sa lÝra pot vqgrilopoioýmsai , oi amsirsqepsÝey pqÜneiy aposekoým so barijü lÝro amoijsÞy acoqÜy sot EtqxrtrsÞlasoy jai lpoqoým ma vqgrilopoighoým jai rsiy sÝrreqiy jasgcoqßey pqÜnexm amoijsÞy acoqÜy , emþ sa pirsopoigsijÜ vqÝoty lpoqoým ma vqgrilopoioýmsai cia diaqhqxsijÝy pqÜneiy le rjopü sgm apoqqüugrg qetrsüsgsay .
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 , whereas debt certificates may be used for structural absorption operations .
EpipkÝom , so Etqxrýrsgla diahÝsei Ükka sqßa lÝra cia sgm enolÜktmrg sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay : siy oqirsijÝy pqÜneiy , siy pqÜneiy amsakkacÞy molirlÜsxm jai sgm apodovÞ jasahÝrexm jahoqirlÝmgy diÜqjeiay .
In addition , the Eurosystem has three other instruments available for the conduct of fine-tuning operations : outright transactions , foreign exchange swaps and the collection of fixed-term deposits .
Rsiy emüsgsey pot ajokothoým paqotriÜfomsai kepsoleqþy sa idiaßseqa vaqajsgqirsijÜ sxm diauüqxm lÝrxm amoijsÞy acoqÜy pot vqgrilopoieß so Etqxrýrsgla .
In the following sections , specific features of the different types of open market instruments used by the Eurosystem are presented in detail .
AmsirsqepsÝey pqÜneiy CemijÜ a ) Eßdoy lÝrot Xy amsirsqepsÝey pqÜneiy mooýmsai rtmakkacÝy lÝrx sxm opoßxm so Etqxrýrsgla acoqÜfei Þ pxkeß apodejsÜ peqiotriajÜ rsoiveßa le rtluxmßa epamacoqÜy Þ diemeqceß pirsxsijÝy pqÜneiy Ýmamsi aruÜkeiay tpü loquÞ apodejsþm peqiotriajþm rsoiveßxm .
Reverse transactions General considerations ( a ) T y p e o f i n s t r u m e n t Reverse transactions refer to operations where the Eurosystem buys or sells eligible assets under repurchase agreements or conducts credit operations against eligible assets as collateral .
Oi amsirsqepsÝey pqÜneiy vqgrilopoioýmsai cia siy pqÜneiy jýqiay amavqglasodüsgrgy jai siy pqÜneiy pio lajqopqüherlgy amavqglasodüsgrgy .
Reverse transactions are used for the main refinancing operations and the longer-term refinancing operations .
EpipkÝom , so Etqxrýrsgla lpoqeß ma vqgrilopoieß siy amsirsqepsÝey pqÜneiy cia diaqhqxsijÝy pqÜneiy , jahþy jai cia pqÜneiy enolÜktmrgy sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay .
In addition , the Eurosystem can use reverse transactions for structural and fine-tuning operations .
b ) MolijÞ uýrg Oi ehmijÝy jemsqijÝy sqÜpefey lpoqoým ma diemeqcoým amsirsqepsÝey pqÜneiy eßse le sg loquÞ rtluxmiþm epamacoqÜy ( dgkadÞ g jtqiüsgsa sot peqiotriajoý rsoiveßot lesabibÜfesai rsom pirsxsÞ , emþ oi rtlbakkülemoi rtluxmoým ma amsirsqÝwotm sg rtmakkacÞ le sgm amalesabßbarg sxm peqiotriajþm rsoiveßxm rsom oueikÝsg re jÜpoia lekkomsijÞ vqomijÞ rsiclÞ ) eßse le sg loquÞ dameßxm Ýmamsi emevýqot ( dgkadÞ paqÝvesai ejsekersüy sßskoy elpqÜclasgy aruÜkeiay epß sxm peqiotriajþm rsoiveßxm , akkÜ , tpü sgm aßqerg sgy ejpkÞqxrgy sgy emovijÞy tpovqÝxrgy , g jtqiüsgsa sxm peqiotriajþm rsoiveßxm paqalÝmei rsom oueikÝsg ) .
( b ) L e g a l n a t u r e The national central banks may execute reverse transactions either in the form of repurchase agreements ( i.e. the ownership of the asset is transferred to the creditor , while the parties agree to reverse the transaction through a re-transfer of the asset to the debtor at a future point in time ) or as collateralised loans ( i.e. an enforceable security interest is provided over the assets but , assuming fulfilment of the debt obligation , the ownership of the asset is retained by the debtor ) .
PeqaisÝqx diasÜneiy rvesijÜ le siy amsirsqepsÝey pqÜneiy pot barßfomsai re rtluxmßey epamacoqÜy pqobkÝpomsai rsiy rtlbasijÝy qthlßreiy pot euaqlüfei g oijeßa ehmijÞ jemsqijÞ sqÜpefa ( Þ g EJS ) .
Further provisions for reverse transactions based on repurchase agreements are specified in the contractual arrangements applied by the respective national central bank ( or the ECB ) .
Oi qthlßreiy cia siy amsirsqepsÝey pqÜneiy pot barßfomsai re dÜmeia Ýmamsi emevýqot kalbÜmotm tpüwg siy diÜuoqey diadijarßey jai diastpþreiy pot apaisoýmsai cia sg rýrsarg jai sgm em rtmeveßa ejpoßgrg sgy rvesijÞy elpqÜclasgy aruÜkeiay ( p.v. emevýqot ) , üpxy irvýotm rýluxma le so dßjaio jÜhe vþqay .
Arrangements for reverse transactions based on collateralised loans take account of the different procedures and formalities required to enable the establishment and subsequent realisation of a relevant interest in the collateral ( e.g. a pledge ) which apply in different jurisdictions .
c ) Tpok o c i r l ü y sü j o t G diauoqÜ lesaný sgy silÞy acoqÜy jai sgy silÞy epamacoqÜy re lia rtluxmßa epamacoqÜy amsirsoiveß rsom süjo pot oueßkesai epß sot vqglasijoý poroý sot dameßot cia sg diÜqjeia sgy pqÜngy , dgkadÞ g silÞ epamacoqÜy peqikalbÜmei som amsßrsoivo süjo pot ha jasabkgheß .
( c ) I n t e r e s t t e r m s The difference between the purchase price and the repurchase price in a repurchase agreement corresponds to the interest due on the amount of money borrowed or lent over the maturity of the operation , i.e. the repurchase price includes the respective interest to be paid .
Cia som pqordioqirlü sot episojßot re lßa amsirsqepsÝa pqÜng le sg loquÞ dameßot Ýmamsi emevýqot euaqlüfesai jahoqirlÝmo episüjio epß sot poroý sgy pßrsxrgy cia sg diÜqjeia sgy pqÜngy .
The interest rate on a reverse transaction in the form of a collateralised loan is determined by applying the specified interest rate on the credit amount over the maturity of the operation .
So episüjio pot euaqlüfesai rsiy amsirsqepsÝey pqÜneiy amoijsÞy acoqÜy sot EtqxrtrsÞlasoy eßmai so apkü episüjio le bÜrg siy pqaclasijÝy glÝqey jai Ýsoy 360 gleqþm ( actual / 360 ) .
The interest rate applied to Eurosystem reverse open market operations is a simple interest rate with the day-count convention  actual / 360 .
PqÜneiy jýqiay amavqglasodüsgrgy Oi pqÜneiy jýqiay amavqglasodüsgrgy eßmai oi rglamsijüseqey pqÜneiy amoijsÞy acoqÜy pot diemeqceß so Etqxrýrsgla jai aposekoým barijü Ünoma cia sgm epidßxng rjopþm üpxy o epgqearlüy sxm episojßxm , g diaveßqirg sxm rtmhgjþm qetrsüsgsay rsgm acoqÜ jai g rglasodüsgrg sgy jaseýhtmrgy sgy molirlasijÞy pokisijÞy .
Main refinancing operations The main refinancing operations are the most important open market operations conducted by the Eurosystem , playing a pivotal role in pursuing the aims of steering interest rates , managing the liquidity situation in the market and signalling the stance of monetary policy .