natgillin/translations-raw huggingface dataset:
Satsüvqoma , pqÝpei ma doheß g dÝotra pqorovÞ rsiy diauoqÝy pot tpÜqvotm lesaný sxm jqasþm-lekþm sgy fþmgy sot etqþ xy pqoy sg dolÞ sxm vqglasopirsxsijþm soty rtrsglÜsxm .
At the same time , due attention has to be paid to existing differences in financial structure across Member States .
Cia erxseqijoýy jtqßxy rjopoýy sot EtqxrtrsÞlasoy , cßmesai koipüm diÜjqirg lesaný dýo jasgcoqiþm peqiotriajþm rsoiveßxm pot eßmai jasÜkkgka cia siy pqÜneiy molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy .
A distinction is therefore made , essentially for purposes internal to the Eurosystem , between two categories of assets eligible for Eurosystem monetary policy operations .
Oi dýo atsÝy jasgcoqßey eßmai cmxrsÝy xy « pqþsg bahlßda » jai « deýseqg bahlßda » :  G pqþsg bahlßda aposekeßsai apü elpoqeýrila vqeücqaua pot pkgqoým joimÜ cia ükg sg fþmg sot etqþ jqisÞqia jasakkgküsgsay , sa opoßa oqßfei g EJS .  G deýseqg bahlßda aposekeßsai apü pqürhesa peqiotriajÜ rsoiveßa , elpoqeýrila jai lg , sa opoßa Ývotm idiaßseqg rglarßa cia siy ehmijÝy vqglasopirsxsijÝy acoqÝy jai sa ehmijÜ sqapefijÜ rtrsÞlasa jai sa jqisÞqia jasakkgküsgsay sxm opoßxm jahoqßfomsai apü siy ehmijÝy jemsqijÝy sqÜpefey , tpü som üqo üsi pkgqoým sa ekÜvirsa jqisÞqia jasakkgküsgsay pot oqßfei g EJS .
These two categories are referred to as  tier-one  and  tier-two  respectively :  tier-one consists of marketable debt instruments fulfilling uniform euro area-wide eligibility criteria specified by the ECB , and  tier-two consists of additional assets , marketable and non-marketable , which are of particular importance to national financial markets and banking systems and for which eligibility criteria are established by the national central banks , subject to the minimum eligibility criteria established by the ECB .
Sa rtcjejqilÝma jqisÞqia jasakkgküsgsay sgy deýseqgy bahlßday pot euaqlüfomsai apü siy amsßrsoivey ehmijÝy jemsqijÝy sqÜpefey tpüjeimsai rsgm Ýcjqirg sgy EJS .
The specific eligibility criteria for tier two applied by the respective national central banks are subject to approval by the ECB .
Dem cßmesai diÜjqirg lesaný sxm dýo bahlßdxm ürom auoqÜ sgm poiüsgsa sxm peqiotriajþm rsoiveßxm Þ sgm jasakkgküsgsÜ soty cia sa diÜuoqa eßdg pqÜnexm molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy ( le sg lümg diauoqÜ üsi sa peqiotriajÜ rsoiveßa sgy deýseqgy bahlßday dem vqgrilopoioýmsai rtmÞhxy apü so Etqxrýrsgla re oqirsijÝy pqÜneiy ) .
No distinction is made between the two tiers with regard to the quality of the assets and their eligibility for the various types of Eurosystem monetary policy operations ( except for the fact that tier-two assets are not normally used by the Eurosystem in outright transactions ) .
Sa peqiotriajÜ rsoiveßa pot cßmomsai apodejsÜ rsiy pqÜneiy molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy lpoqoým epßrgy ma vqgrilopoighoým jai xy aruÜkeia cia sgm paqovÞ emdogleqÞriay pßrsxrgy ( 34 ) .
The assets eligible for Eurosystem monetary policy operations can also be used as underlying assets for intraday credit ( 34 ) .
Sa peqiotriajÜ rsoiveßa sgy pqþsgy jai deýseqgy bahlßday tpüjeimsai rsa lÝsqa ekÝcvot jimdýmxm pot dietjqimßfomsai rsgm emüsgsa 6.4 .
Tier-one and tier-two assets are subject to the risk control measures specified in Section 6.4 .
Oi amsirtlbakkülemoi sot EtqxrtrsÞlasoy lpoqoým ma vqgrilopoiÞrotm sa apodejsÜ peqiotriajÜ rsoiveßa re diartmoqiajÞ bÜrg , dgkadÞ ma vqglasodosghoým apü sgm ehmijÞ jemsqijÞ sqÜpefa sot jqÜsoty-lÝkoty üpot eßmai ecjasersglÝmoi , pqoruÝqomsay xy aruÜkeia peqiotriajÜ rsoiveßa etqirjülema re Ükko jqÜsoy lÝkoy ( bkÝpe Emüsgsa 6.6 ) .
Eurosystem counterparties may use eligible assets on a cross-border basis , i.e. they may obtain funds from the national central bank of the Member State in which they are established by making use of assets located in another Member State ( see Section 6.6 ) .
PeqiotriajÜ rsoiveßa sgy pqþsgy bahlßday G EJS jasaqsßfei jai sgqeß jasÜkoco le sa peqiotriajÜ rsoiveßa sgy pqþsgy bahlßday .
Tier-one assets The ECB establishes and maintains a list of tier one-assets .
O jasÜkocoy atsüy diasßhesai rso joimü ( 35 ) .
This list is available to the public ( 35 ) .
Sa pirsopoigsijÜ vqÝoty pot ejdßdei g EJS sanimoloýmsai xy peqiotriajÜ rsoiveßa pqþsgy bahlßday .
Debt certificates issued by the ECB are listed as tier-one assets .
Sa pirsopoigsijÜ vqÝoty pot enÝdxram oi ehmijÝy jemsqijÝy sqÜpefey pqim tiohesgheß so etqþ rsa amsßrsoiva jqÜsg-lÝkg epßrgy tpÜcomsai rsa peqiotriajÜ rsoiveßa sgy pqþsgy bahlßday .
Debt certificates issued by the national central banks prior to the adoption of the euro in their respective Member State are also included in the tier-one list .
Rsa koipÜ peqiotriajÜ rsoiveßa sgy pqþsgy bahlßday euaqlüfomsai sa ajükotha jqisÞqia jasakkgküsgsay ( bkÝpe jai Pßmaja 4 ) :  PqÝpei ma eßmai vqeücqaua le : a ) pqojahoqirlÝmo porü jeuakaßot , jai b ) sojoleqßdio so opoßo ma lgm rtmepÜcesai aqmgsijÞ saleiajÞ qoÞ .
The following eligibility criteria are applied to other tier one assets ( see also Table 4 ) :  they must be debt instruments having : ( a ) a predefined principal amount ; and ( b ) a coupon that cannot result in a negative cash flow .
EpipkÝom , so sojoleqßdio pqÝpei ma eßmai eßse : i ) lgdemijü sojoleqßdio , eßse ii ) sojoleqßdio rsaheqoý episojßot , eßse iii ) sojoleqßdio jtlaimülemot episojßot rtmdedelÝmo le Ýma episüjo amauoqÜy .
In addition , the coupon should be one of the following : ( i ) a zero coupon ; ( ii ) a fixed rate coupon ;
So sojoleqßdio lpoqeß ma rtmdÝesai le lesabokÞ sgy aniokücgrgy sgy pirsokgpsijÞy ijamüsgsay sot ejdüsg .
or ( iii ) a floating rate coupon linked to an interest rate reference .
ApodejsÜ cßmomsai enÜkkot jai sa silaqihlopoiglÝma olükoca .
The coupon may be linked to a change in the rating of the issuer itself .
Sa vaqajsgqirsijÜ atsÜ pqÝpei ma tpÜqvotm re üko so diÜrsgla lÝvqi sgm apürberg sgy enaruakifülemgy tpovqÝxrgy ( 36 )  PqÝpei ma eßmai twgkÞy poiüsgsay .
Furthermore , inflation-indexed bonds are eligible . These features must be maintained until the redemption of the obligation ( 36 ) ,  they must meet high credit standards .
JasÜ sgm aniokücgrg sgy poiüsgsay sxm vqeocqÜuxm , g EJS kalbÜmei tpüwg , lesaný Ükkxm , sg diabÜhlirg sot ejdüsg Þ sgy Ýjdorgy apü soty oßjoty aniokücgrgy , siy ecctÞreiy ( 37 ) pot paqÝvomsai apü oijomolijþy eýqxrsoty ecctgsÝy ( 38 ) jahþy jai oqirlÝma herlijÜ jqisÞqia pot diaruakßfotm idiaßseqa atnglÝmg pqorsarßa sxm jolirsþm sxm vqeocqÜuxm ( 39 ) . ( 34 ) EpipkÝom , g EJS lpoqeß ma episqÝwei rsiy ehmijÝy jemsqijÝy sqÜpefey ma hexqÞrotm oqirlÝma eßdg peqiotriajþm rsoiveßxm sa opoßa dem eßmai apodejsÜ cia siy pqÜneiy molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy xy jasÜkkgka cia pqÜneiy emdogleqÞriay pßrsxrgy ( bkÝpe tporgleßxrg 49rso paqüm jeuÜkaio ) .
In the assessment of the credit standard of debt instruments , the ECB takes into account , inter alia , available ratings by market agencies , guarantees ( 37 ) provided by financially sound guarantors , ( 38 ) as well as certain institutional criteria which would ensure particularly high protection of the instrument holders ( 39 ) , ( 34 ) In addition , the ECB may allow the national central banks to consider as eligible for intraday credit certain types of assets which are not eligible as underlying assets for Eurosystem monetary policy operations ( see footnote 17 in this chapter ) .
35 ) O jasÜkocoy atsüy dglorieýesai jai emgleqþmesai jahgleqimÜ rsgm irsorekßda sgy EJS ( www.ecb.int ) .
( 35 ) This list is published and updated daily on the ECB 's website ( www.ecb.int ) .
( ( 36 ) Sa vqeücqaua pot paqÝvotm dijaiþlasa epß sot jeuakßot Þ / jai epß sxm süjxm enaqsþlema apü sa dijaiþlasa jolirsþm Ükkxm vqeocqÜuxm sot ßdiot ejdüsg ( Þ , rso pkaßrio dolglÝmgy Ýjdorgy , enaqsþlema apü Ükker reiqÝy sgy ßdiay Ýjdorgy ) dem peqikalbÜmomsai rsgm pqþsg bahlßda .
( 36 ) Debt instruments affording rights to the principal and / or the interest that are subordinated to the rights of holders of other debt instruments of the same issuer ( or , within a structured issue , subordinated to other tranches of the same issue ) are excluded from tier-one .
( 37 ) Oi apodejsÝy ecctÞreiy pqÝpei ma eßmai Ümet üqxm jai aiqÝrexm jai ma jasapýpsotm re pqþsg fÞsgrg .
( 37 ) Eligible guarantees must be unconditional and callable upon first demand .
PqÝpei ma eßmai Ýcjtqey rýluxma le so dßjaio pot diÝpei sgm eccýgrg jai ma eßmai apaisgsÝy jai ejsekersÝy jasÜ so dßjaio liay vþqay sgy fþmgy sot etqþ .
They must be effective under the law governing the guarantee and enforceable under the law of a euro area country .
( 38 ) Oi ecctgsÝy pqÝpei ma eßmai ecjasersglÝmoi rsom EOV .
( 38 ) Guarantors must be established in the EEA .
( 39 ) Vqeücqaua ejdohÝmsa apü pirsxsijÜ idqýlasa pot dem pkgqoým atrsgqþy sa jqisÞqia sot ¢ qhqot 22 ( 4 ) sgy Odgcßay cia soty OREJA ( Odgcßa 88/220 / EOJ , sqopopoigsijÞ sgy Odgcßay 85/611 / EOJ ) cßmomsai apodejsÜ rsgm pqþsg bahlßda , lümo euürom cia jÜhe Ýjdorg Ývei doheß diabÜhlirg ( apü oßjoty aniokücgrgy ) apü sgm opoßa pqojýpsei , jasÜ sgm Üpowg sot EtqxrtrsÞlasoy , üsi sa vqeücqaua eßmai twgkÞy poiüsgsay .
( 39 ) Debt instruments issued by credit institutions which do not comply strictly with the criteria set out in Article 22 ( 4 ) of the UCITS Directive ( Directive 88/220 / EEC amending Directive 85/611 / EEC ) are accepted in tier-one only if each issue as such is awarded a rating ( by a rating agency ) which indicates , in the view of the Eurosystem , that the debt instrument meets high credit standards .
G jasakkgküsgsa vqeocqÜuoxm pot ejdßdomsai so pkaßrio pqocqÜllasoy ejdürexm jqßmesai le bÜrg sgm aniokücgrg jÜhe lelomxlÝmgy Ýjdorgy rso pkaßrio sot pqocqÜllasoy .
The eligibility of debt instruments issued under an issuance programme is assessed on the basis of an individual rating for each particular issue within that programme .
 PqÝpei ma eßmai lesabibÜrila lÝrx kocirsijþm eccqauþm .  PqÝpei ma Ývotm jasaseheß / jasavxqgheß ( ejdoheß ) rsom EOV re lia jemsqijÞ sqÜpefa Þ re jemsqijü apohesÞqio sßskxm amsapojqimülemo rsa ekÜvirsa pqüstpa pot Ývei herpßrei g EJS .
 they must be transferable in book-entry form ,  they must be deposited / registered ( issued ) in the EEA with a central bank or with a central securities depository ( CSD ) which fulfils the minimum standards established by the ECB .
PqÝpei ma diajqasoýmsai ( diajamomßfomsai ) rsg fþmg sot etqþ lÝrx kocaqiarloý rso Etqxrýrsgla Þ re RDS pot pkgqoß sa pqüstpa sgy EJS ( Ýsri þrse g rýrsarg jai g ejpoßgrg sot emevýqot ma tpÜcomsai rso dßjaio liay vþqay sgy fþmgy sot etqþ ) .
They must be held ( settled ) in the euro area through an account with the Eurosystem or with an SSS which fulfils the standards established by the ECB ( so that perfection and realisation are subject to the law of a euro area country ) .
EÜm so jemsqijü apohesÞqio sßskxm üpot ejdßdesai so peqiotriajü rsoiveßo jai so RDS üpot diajqaseßsai dem satsßfomsai , süse lesaný sxm dýo rtrsglÜsxm pqÝpei ma tpÜqvei rýmderg ecjejqilÝmg apü sgm EJS ( 40 )  G omolarsijÞ soty anßa pqÝpei ma eßmai diastpxlÝmg re etqþ ( 41 ) .
If the CSD where the asset is issued and the SSS where it is held are not identical , then the two institutions have to be connected by a link approved by the ECB ( 40 ) .
 PqÝpei eßse ma Ývotm ejdoheß eßse ma eßmai ecctglÝma apü pqürxpa ecjasersglÝma rsom EOV ( 42 ) .  PqÝpei ma eßmai eirgclÝma Þ ma aposekoým amsijeßlemo diapqaclÜsetrgy re oqcamxlÝmg acoqÜ , üpxy atsÞ oqßfesai rsgm odgcßa peqß Epemdtsijþm Tpgqeriþm ( 43 ) , Þ ma eßmai eirgclÝma Þ ma tußrsamsai diapqaclÜsetrg re oqirlÝmey lg oqcamxlÝmey acoqÝy pot jahoqßfei g EJS ( 44 ) .
 they must be denominated in euro ( 41 ) ,  they must be issued ( or , alternatively , guaranteed ) by entities established in the EEA ( 42 ) ,  they must be listed or quoted on a regulated market as defined in the Investment Services Directive ( 43 ) , or listed , quoted or traded on certain non-regulated markets as specified by the ECB ( 44 ) .
EnÜkkot , g EJS lpoqeß ma kÜbei tpüwg sg qetrsüsgsa sgy acoqÜy pqojeilÝmot ma apouamheß cia sgm jasakkgküsgsa sxm epilÝqoty vqeocqÜuxm .
Furthermore , market liquidity may be taken into account by the ECB when determining the eligibility of individual debt instruments .
Ajülg jai am peqikalbÜmomsai rsom jasÜkoco sgy pqþsgy bahlßday , o amsirtlbakkülemoy dem lpoqeß ma pqorjolßrei xy aruÜkeia vqeücqaua pot Ývei ejdþrei Þ ecctÜsai o ßdioy Þ opoiodÞpose Ükko pqürxpo le so opoßo diasgqeß rsemoýy derloýy ( 45 ) jasÜ sgm Ýmmoia sgy Odgcßay 2000/12 / EJ rvesijÜ le sgm amÜkgwg jai sgm Ürjgrg dqarsgqiüsgsay pirsxsijþm idqtlÜsxm ( 46 ) ( 47 ) .
In spite of their inclusion in the tier one list , a counterparty shall not submit as underlying assets debt instruments issued or guaranteed by the counterparty , or by any other entity with which the counterparty has close links ( 45 ) , as defined in Directive 2000/12 / EC relating to the taking up and pursuit of the business of credit institutions ( 46 ) ( 47 ) .
Ajülg jai am peqikalbÜmomsai rsom jasÜkoco sgy pqþsgy bahlßday , oi ehmijÝy jemsqijÝy sqÜpefey lpoqoým le apüuarÞ soty ma lg dÝvomsai xy aruÜkeia sa paqajÜsx vqeücqaua :  vqeücqaua pot jahßrsamsai kgnipqüherla pqim apü sgm gleqolgmßa kÞnexy sgy pqÜngy molirlasijÞy pokisijÞy cia sgm opoßa vqgrilopoioýmsai xy aruÜkeia ( 48 ) jai  Vqeücqaua pot apouÝqotm pqürodo ( dgkadÞ pkgqxlÞ sojoleqidßot ) jasÜ so diÜrsgla Ýxy sgm gleqolgmßa kÞnexy sgy pqÜngy molirlasijÞy pokisijÞy cia sgm opoßa vqgrilopoioýmsai xy aruÜkeia .
In spite of their inclusion in the tier-one list , national central banks may decide not to accept the following instruments as underlying assets :  debt instruments falling due for repayment before the maturity date of the monetary policy operation for which they are being used as underlying assets ( 48 ) , and  debt instruments with an income flow ( e.g. a coupon payment ) occurring in the period until the maturity date of the monetary policy operation for which they are being used as underlying assets .
¼ ka sa peqiotriajÜ rsoiveßa sgy pqþsgy bahlßday lpoqoým ma vqgrilopoighoým re diartmoqiajÞ bÜrg , pqÜcla pot rglaßmei üsi Ýmay amsirtlbakkülemoy lpoqeß ma kÜbei pßrsxrg apü sgm ehmijÞ jemsqijÞ sqÜpefa sot jqÜsoty-lÝkoty üpot eßmai ecjasersglÝmoy vqgrilopoiþmsay peqiotriajÜ rsoiveßa pqþsgy bahlßday etqirjülema re Ükko jqÜsoy-lÝkoy ( bkÝpe Emüsgsa 6.6 ) .
All tier-one assets may be used in a cross-border context , implying that a counterparty can receive credit from the national central bank of the Member State in which the counterparty is established by making use of tier-one instruments located in another Member State ( see Section 6.6 ) .
Sa peqiotriajÜ rsoiveßa sgy pqþsgy bahlßday cßmomsai apodejsÜ cia ükey siy pqÜneiy molirlasijÞy pokisijÞy pot barßfomsai re aruÜkeia , dgkadÞ cia amsirsqepsÝey jai oqirsijÝy pqÜneiy amoijsÞy acoqÜy jai rso pkaßrio sgy dietjüktmrgy oqiajÞy vqglasodüsgrgy .
Tier-one assets are eligible for all monetary policy operations which are based on underlying assets , i.e. reverse and outright open market transactions and the marginal lending facility .
( 40 ) PeqicqauÞ sxm pqosýpxm cia sg vqÞrg sxm apodejsþm RDV rsg fþmg sot etqþ , jahþy jai emgleqxlÝmoy jasÜkocoy sxm apodejsþm rtmdÝrexm lesaný atsþm sxm rtrsglÜsxm dglorieýomsai rsgm irsorekßda sgy EJS ( www.ecb.int ) .
( 40 ) The description of the standards for the use of eligible SSSs in the euro area and an updated list of the eligible links between these systems can be found on the ECB 's website ( www.ecb.int ) .
( 41 ) Apetheßay re etqþ Þ rsa ehmijÜ molßrlasa sgy fþmgy sot etqþ .
( 41 ) Expressed as such or in the national denominations of the euro .
( 42 ) G pqoûpüherg ma eßmai ecjasersglÝmoy rsom EOV o ejdüsgy dem irvýei pqojeilÝmot cia diehmÞ jai tpeqehmijÜ idqýlasa .
( 42 ) The requirement that the issuing entity be established in the EEA does not apply to international and supranational institutions .
( 43 ) Odgcßa 93/22 / EOJ sot Rtlbotkßot , sgy 10gy LaÀot 1993 , rvesijÜ le siy epemdtsijÝy tpgqerßey rsom solÝa sxm jimgsþm aniþm , Epßrglg Eugleqßda sxm Etqxpaújþm JoimosÞsxm , L 141 , 11 Iotmßot 1993 , rek . 27 ep .
( 43 ) Council Directive 93/22 / EEC of 10 May 1993 on investment services in the securities field , ( OJ L 141 , 11.6.1993 , p. 27 ) .
( 44 ) Vqeücqaua ejdohÝmsa apü pirsxsijÜ idqýlasa pot dem pknqpoým atrsgqþy rsa jqisÞqia sot Üqhqot 22 ( 4 ) sgy odgcßay cia soty OREJA ( odgcßa 88/220 / EEJ sqopopoigsijÞ sgy odgcßay 85/611 / EEJ ) cßmomsai dejsÜ rsgm pqþsg bahlßda lümo euürom eßmai eirgclÝma re oqcamxlÝmg acoqÜ üpxy oqßfesai rsgm odgcßa peqß Epemdtsijþm Tpgqeriþm ( odgcßa 93/22 / EEJ ) jai pkgqoým siy pqoûpohÝreiy sgy odgcßay 89/298 / EEJ sot Rtlbotkßot cia so rtmsomirlü sxm üqxm jasÜqsirgy , ekÝcvot jai jtjkouoqßay sot emgleqxsijoý deksßot pot pqÝpei ma dglorieýesai üsam apethýmesai rso joimü pqürjkgrg cia jimgsÝy anßey .
( 44 ) Debt instruments issued by credit institutions which do not comply strictly with the criteria set out in Article 22 ( 4 ) of the UCITS Directive ( Directive 88/220 / EEC amending Directive 85/611 / EEC ) are accepted in tier one only if they are listed or quoted on a regulated market as defined in the Investment Services Directive ( Directive 93/22 / EEC ) and comply with the requirements of the Prospectus Directive ( Directive 89/298 / EEC ) .
( 45 ) EÜm o amsirtlbakkülemoy vqgrilopoieß peqiotriajÜ rsoiveßa sa opoßa , kücxm saýsirgy le som ejdüsg / ecctgsÞ Þ kücx sgy ýpaqngy rsemþm derlþm , dem lpoqoým Þ dem lpoqoým pkÝom ma vqgrilopoighoým apü atsüm cia enaruÜkirg amenüukgsgy pßrsxrgy , tpovqeoýsai ma emgleqþrei alÝrxy sgm oijeßa ehmijÞ jemsqijÞ sqÜpefa .
( 45 ) In the event that a counterparty is using assets that , owing to an identity with the issuer / guarantor or the existence of close links , it may not or no longer use to secure an outstanding credit , it is obliged to immediately notify the relevant national central bank thereof .
Sa peqiotriajÜ rsoiveßa aposilþmsai le lgdemijÞ anßa jasÜ sgm epülemg gleqolgmßa aposßlgrgy jai pihamüm ma emeqcopoigheß o lgvamirlüy jÜktwgy diauoqþm aposßlgrgy ( bkÝpe PaqÜqsgla 6 ) .
The assets are valued at zero at the next valuation date and a margin call may be triggered ( see Annex 6 ) .
( 46 ) So Üqhqo 1 ( 26 ) sgy odgcßay 2000/12 / EJ sot Etqxpaújoý Joimobotkßot jai sot Rtlbotkßot , sgy 20Þy Laqsßot 2000 , rvesijÜ le sgm amÜkgwg jai Ürjgrg dqarsgqiosÞsxm pirsxsijoý idqýlasoy . Epßrsglg Eugleqßda L 126 sgy 25gy LaÀot 2000 , rek .
( 46 ) Article 1 ( 26 ) of 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 ( OJ L 126 .
, amauÝqei epß kÝnei sa enÞy : « Rsemoß derloß : g jasÜrsarg jasÜ sgm opoßa dýo Þ peqirrüseqa utrijÜ Þ molijÜ pqürxpa rtmdÝomsai lÝrx : a ) rtllesovÞy , dgkadÞ sgy Ülergy Þ di » emüy derloý ekÝcvot , jasovÞy sot 20 % Þ Ümx sxm dijaixlÜsxm wÞuot Þ sot jeuakaßot liay epiveßqgrgy Þ b ) derloý ekÝcvot , dgkadÞ lÝrx sot derloý pot tpÜqvei lesaný liay lgsqijÞy epiveßqgrgy jai liay htcasqijÞy , re ükey siy peqipsþreiy pot amauÝqotm oi paqÜcqauoi 1 jai 2 sot Üqhqot 1 sgy odgcßay 83/349 / EOJ Þ lÝrx liay rvÝrgy sgy ßdiay uýrexy , lesaný opoiotdÞpose utrijoý Þ molijoý pqorþpot jai liay epiveßqgrgy .
26.5.2000 , p. 1 ) , reads as follows :  Close links shall mean a situation in which two or more natural or legal persons are linked by : ( a ) participation , which shall mean the ownership , direct or by way of control , of 20 % or more of the voting rights or capital of an undertaking , or ( b ) control , which shall mean the relationship between a parent undertaking and a subsidiary , in all the cases referred to in Article 1 ( 1 ) and ( 2 ) of Directive 83/349 / EEC , or a similar relationship between any natural or legal person and an undertaking ; any subsidiary undertaking of a subsidiary undertaking shall also be considered a subsidiary of the parent undertaking which is at the head of those undertakings .
JÜhe htcasqijÞ epiveßqgrg liay Ükkgy htcasqijÞy epiveßqgrgy hexqeßsai jai atsÞ xy htcasqijÞ sgy lgsqijÞy epiveßqgrgy pot eßmai epijeuakÞy sxm em kücx epiveiqÞrexm .
A situation in which two or more natural or legal persons are permanently linked to one and the same person by a control relationship shall also be regarded as constituting a close link between such persons .
Hexqeßsai epßrgy üsi dgliotqceß rsemoýy derloýy lesaný dýo Þ peqirrosÝqxm pqorþpxm utrijþm Þ molijþm lia jasÜrsarg jasÜ sgm opoßa sa pqürxpa atsÜ rtmdÝomsai rsaheqÜ le so atsü pqürxpo diÜ derloý ekÝcvot .»
( 47 ) This provision does not apply to : ( i ) close links between the counterparty and the public authorities of EEA countries ;
47 ) G diÜsang atsÞ dem irvýei pqojeilÝmot cia : i ) rsemoýy derloýy lesaný sot amsirtlbakkolÝmot jai sxm dglürixm aqvþm sxm vxqþm sot ( EOV , ii ) elpoqijÜ cqallÜsia üpot sgm emovijÞ ethýg uÝqei , ejsüy sot amsirtlbakkolÝmot , sokÜvirsom Ükko Ýma pqürxpo ( üvi pirsxsijü ßdqtla ) , iiivqeücqaua pot pkgqoým atrsgqþy sa jqisÞqia sot ¢ qhqot 22 ( 4 ) sgy Odgcßay cia soty OREJA ( Odgcßa 88/220 / EEJ sqopopoigsijÞ sgy Odgcßay 85/611 / EEJ ) Þ iv ) peqipsþreiy jasÜ siy opoßey sa vqeücqaua jakýpsomsai apü rtcjejqilÝmey molijÝy diaruakßreiy rtcjqßriley le ejeßmey sgy peqßpsxrgy .
( ii ) trade bills , for which at least one entity ( other than a credit institution ) is liable in addition to the counterparty ; ( iii ) debt instruments which comply strictly with the criteria set out in Article 22 ( 4 ) of the UCITS Directive ( Directive 88/220 / EEC amending Directive 85/611 / EEC ) ;
( 48 ) EÜm stvüm oi ehmijÝy jemsqijÝy sqÜpefey episqÝwotm sg vqÞrg sßskxm le diÜqjeia lijqüseqg sxm pqÜnexm molirlasijÞy pokisijÞy cia siy opoßey ha vqgrilopoioýmsai xy aruÜkeia , süse oi amsirtlbakkülemoi ha pqÝpei ma amsijahirsoým sa em kücx peqiotriajÜ rsoiveßa jasÜ sg kÞng soty Þ jai pqim apü sg kÞng soty .
or ( iv ) cases in which debt instruments are protected by specific legal safeguards comparable with ( iii ) . 48 ) If the national central banks were to allow the use of instruments with a maturity shorter than the monetary policy operations for ( which they serve as underlying assets , counterparties would be required to replace such assets at , or prior to , maturity .
EL
EN Tier-two assets ( 49 )
PeqiotriajÜ rsoiveßa sgy deýseqgy bahlßday ( 49 ) Ejsüy apü sa vqeücqaua pot pkgqoým sa jqisÞqia jasakkgküsgsay sgy pqþsgy bahlßday , oi ehmijÝy jemsqijÝy sqÜpefey lpoqoým ma hexqÞrotm apodejsÜ jai Ükka peqiotriajÜ rsoiveßa , atsÜ sgy deýseqgy bahlßday , sa opoßa Ývotm idiaßseqg rpotdaiüsgsa cia siy ehmijÝy vqglasopirsxsijÝy acoqÝy jai sa ehmijÜ sqapefijÜ rtrsÞlasa .
In addition to debt instruments fulfilling the eligibility criteria for tier-one , national central banks may consider as eligible other assets , tier-two assets , which are of particular importance to their national financial markets and banking systems .
Sa jqisÞqia jasakkgküsgsay cia sa peqiotriajÜ rsoiveßa sgy deýseqgy bahlßday jahoqßfomsai apü siy ehmijÝy jemsqijÝy sqÜpefey rýluxma le sa ekÜvirsa jqisÞqia jasakkgküsgsay pot amauÝqomsai paqajÜsx .
Eligibility criteria for tier-two assets are established by the national central banks in accordance with the minimum eligibility criteria stated below .
Sa eidijüseqa ehmijÜ jqisÞqia jasakkgküsgsay cia sa peqiotriajÜ rsoiveßa sgy deýseqgy bahlßday tpüjeimsai rsgm Ýcjqirg sgy EJS .
The specific national eligibility criteria for tier-two assets are subject to approval by the ECB .
Oi ehmijÝy jemsqijÝy sqÜpefey jasaqsßfotm jai sgqoým ehmijoýy jasakücoty apodejsþm peqiotriajþm rsoiveßxm sgy deýseqgy bahlßday .
The national central banks establish and maintain national lists of eligible tier-two assets .
Oi jasÜkocoi atsoß diasßhemsai rso joimü ( 50 ) .
These lists are available to the public ( 50 ) .