natgillin/translations-raw huggingface dataset:
Ç Ýêäïóç çëåêôñïíéêïý ÷ ñÞìáôïò èá ðñÝðåé íá ðåñéïñéóôåß óôá  ðéóôùôéêÜ éäñýìáôá üðùò ïñßæïíôáé óôï ¢ ñèñï 1 ôçò Ðñþôçò ÔñáðåæéêÞò ÓõíôïíéóôéêÞò Ïäçãßáò , åöüóïí ôï ¢ ñèñï 19.1 ôïõ Êáôáóôáôéêïý ôïõ ÅÓÊÔ åðéôñÝðåé óôçí ÅÊÔ íá åðéâÜëëåé ôçí ôÞñçóç åëÜ ÷ éóôùí áðïèåìáôéêþí ìüíï óôá åí ëüãù éäñýìáôá , óôï Ôñßôï ÓôÜäéï ôçò ÏÍÅ .
These considerations have been largely taken into account in the European Commission 's proposals for Directives on the taking-up , the pursuit and the prudential supervision of the business of electronic money institutions and amending Directive 77/780 / EEC on the co-ordination of laws , regulations and administrative provisions relating to the taking-up and pursuit of the business of credit institutions , which were published on 15 October 1998 .
Ôïí Áýãïõóôï ôïõ 1998 ç ÅÊÔ äçìïóßåõóå ôçí ¸ êèåóç ãéá ôï çëåêôñïíéêü ÷ ñÞìá , âáóéæüìåíç óôçí áíÜëõóç ðïõ åß ÷ å äéåîá ÷ èåß õðü ôçí áéãßäá ôïõ ÅÍÉ .
In August 1998 the ECB published the « Report on electronic money » , building on the analysis conducted under the aegis of the EMI .
Aó ÷ ïëåßôáé åðßóçò ìå ôï æÞôçìá ôïõ íïìéêïý êáèåóôþôïò ôùí åêäïôþí çëåêôñïíéêïý ÷ ñÞìáôïò êáé ôï ñüëï ôçò åðïðôåßáò ôùí óõóôçìÜôùí ðëçñùìþí êáé äéáêáíïíéóìïý , êáèþò êáé ìå ôï èÝìá ôïõ ðñïëçðôéêïý åëÝã ÷ ïõ ó ÷ åôéêÜ ìå ôçí ôÞñçóç ôùí åëÜ ÷ éóôùí ðñïûðïèÝóåùí .
It also tackles the question of the status of the issuer of electronic money and the role of the oversight of payment and settlement systems and prudential supervision with regard to the minimum requirements .
15 Ïêôùâñßïõ 1998 ) ó ÷ åôéêÜ ìå ôçí áíÜëçøç , ôçí Üóêçóç êáé ôïí ðñïëçðôéêü Ýëåã ÷ ï ôçò äñáóôçñéüôçôáò éäñõìÜôùí çëåêôñïíéêïý ÷ ñÞìáôïò êáé ó ÷ åôéêÜ ìå ôçí ôñïðïðïßçóç ôçò Ïäçãßáò 77/780 / ÅÏÊ ðåñß ôïõ óõíôïíéóìïý ôùí íïìïèåôéêþí , êáíïíéóôéêþí êáé äéïéêçôéêþí äéáôÜîåùí ðïõ áöïñïýí ôçí áíÜëçøç êáé ôçí Üóêçóç äñáóôçñéüôçôáò ðéóôùôéêïý éäñýìáôïò .
-- the issuance must be subject to solid and transparent legal arrangements , technical security , protection against criminal abuse and monetary statistics reporting ; -- issuers of electronic money must be legally obliged to redeem electronic money against central bank money at par at the request of the holder of the electronic money ;
Ç ÅÊÔ , óôçí áðü 18 Éáíïõáñßïõ 1999 ÃíùìïäüôçóÞ ôçò ó ÷ åôéêÜ ìå áõôÜ ôá ó ÷ Ýäéá Ïäçãéþí åîÝôáóå ôá áêüëïõèá âáóéêÜ æçôÞìáôá :  ¼ ëïé ïé åêäüôåò çëåêôñïíéêïý ÷ ñÞìáôïò ðñÝðåé íá õðï ÷ ñåïýíôáé äéÜ íüìïõ íá åîáñãõñþíïõí ôï çëåêôñïíéêü ÷ ñÞìá óôçí ïíïìáóôéêÞ ôïõ áîßá .
and -- the possibility must exist for the ECB to impose reserve requirements on all issuers of electronic money . ECB Annual Report -* 1998
Ïé 11 ÷ þñåò ðïõ îåêßíçóáí ôç äéáäéêáóßá Ýíôáîçò ôï ÌÜñôéï ôïõ 1998 1 áðïäÝ ÷ èçêáí ôçí ðñüóêëçóç ôçò ÅÊÔ íá êáôáñôßóïõí ðñüãñáììá ìå óêïðü íá ðåñéãñÜøïõí ôá äéêÜ ôïõò óõóôÞìáôá ðëçñùìþí êáé äéáêáíïíéóìïý ÷ ñåïãñÜöùí , óýìöùíá ìå ôçí áíôßóôïé ÷ ç ðåñéãñáöÞ ãéá ôéò ÷ þñåò ôçò ÅÅ , ðïõ ðåñéëáìâÜíåôáé óôçí ÊõáíÞ Âßâëï .
The 11 countries which started the process towards accession in March 19981 accepted the ECB 's invitation to set up a project to produce a description of their payment and securities settlement systems in line with those of the EU countries included in the Blue Book .
Ç ÅÊÔ ðñïôßèåôáé íá äçìïóéåýóåé áõôÝò ôéò ðåñéãñáöÝò ìáæß ìå ôá óõíáöÞ óôáôéóôéêÜ óôïé ÷ åßá , óå ÓõìðëÞñùìá ôçò ÊõáíÞò Âßâëïõ åíôüò ôïõ 1999 .
The intention of the ECB is to publish these descriptions , together with the related statistical data , in an Addendum to the Blue Book in the course of 1999 .
Ãéá ôéò ÷ þñåò ôçò ÅÅ , áõôÞ ç ðëçñïöüñçóç åðéôåý ÷ èçêå ÷ Üñç óôçí Ýêäïóç  Ôá óõóôÞìáôá ðëçñùìþí óôçí ÅõñùðáúêÞ ¸ íùóç  ( ÊõáíÞ Âßâëï ) , ðïõ áðïôåëåß ðåñéãñáöéêü ïäçãü ãéá ôá óõóôÞìáôá ðëçñùìþí êáé äéáêáíïíéóìïý óôá 15 êñÜôçìÝëç êáé äçìïóéåýèçêå áðü ôï ÅÍÉ ôïí Áðñßëéï ôïõ 1996 .
For the EU countries , this information has been made available in « Payment systems in the European Union » ( the « Blue Book ") , which is a descriptive guide to the payment and settlement systems in the 15 Member States , published by the EMI in April 1996 .
ÓôáôéóôéêÜ óõìðëçñþìáôá , ðïõ ðåñéëáìâÜíïõí óôïé ÷ åßá ãéá ôï 1995 , 1996 êáé 1997 äçìïóéåýèçêáí ôïí ÉáíïõÜñéï ôïõ 1997 , 1998 êáé 1999 , áíôßóôïé ÷ á .
Statistical addenda , incorporating figures for 1995 , 1996 and 1997 , were published in January 1997 , January 1998 and January 1999 respectively .
Ï ìç ÷ áíéóìüò êéíçôïðïßçóçò óå ECU äåí Ý ÷ åé åíåñãïðïéçèåß áðü ôï 1986 . Ôï 1998 äåí ÷ ñçóéìïðïéÞèçêå ï ìç ÷ áíéóìüò ÐÂ × ïýôå ï ìç ÷ áíéóìüò Âñá ÷ õðñüèåóìçò ÍïìéóìáôéêÞò ÓôÞñéîçò .
Administration of EMS mechanisms and Community loans of the VSTF mechanism in 1998 , nor of the Short-Term Monetary Support mechanism .
Ï ôåëåõôáßïò åßíáé áíåíåñãüò áðü ôï 1974 .
The latter has not been activated since 1974 .
ÊáôÜ ôçí Ýíáñîç ôïõ Ôñßôïõ Óôáäßïõ ôçò ÏÍÅ , ôï ÅÍÓ áíôéêáôáóôÜèçêå áðü ôï íÝï ìç ÷ áíéóìü óõíáëëáãìáôéêþí éóïôéìéþí , êáëïýìåíï ÌÓÉ ÉÉ ( âë . ÊåöÜëáéï ÉÉ , ÔìÞìá 2.1 ) .
At the start of Stage Three of EMU the EMS was replaced by the new exchange rate mechanism referred to as ERM II ( see Chapter II , Section 2.1 ) .
2 ôçò ÓõíèÞêçò , ç ÅÊÔ áíÝëáâå ôá êáèÞêïíôá ôïõ ÅÍÉ ðïõ ó ÷ åôßæïíôáé ìå ôç äéá ÷ åßñéóç ôùí ìç ÷ áíéóìþí ôïõ Åõñùðáúêïý Íïìéóìáôéêïý ÓõóôÞìáôïò ( ÅÍÓ ) - äçë . ôïõ ìç ÷ áíéóìïý Ðïëý Âñá ÷ õðñüèåóìçò × ñçìáôïäüôçóçò ( ÐÂ ×) , ôïõ ìç ÷ áíéóìïý Âñá ÷ õðñüèåóìçò ÍïìéóìáôéêÞò ÓôÞñéîçò , ôçò äçìéïõñãßáò ECU óå åöáñìïãÞ ôçò Óõìöùíßáò ôïõ ÅÍÓ êáé ôçò äéá ÷ åßñéóçò ôùí äáíåéïëçðôéêþí êáé äáíåéïäïôéêþí ðñÜîåùí ðïõ óõíÜðôåé ç Êïéíüôçôá âÜóåé ôïõ ìç ÷ áíéóìïý Ìåóïðñüèåóìçò ÏéêïíïìéêÞò Åíßó ÷ õóçò .
Under Article 109l ( 2 ) of the Treaty the ECB took over the tasks of the EMI related to the administration of the mechanisms of the European Monetary System ( EMS ) -- the Very Short-Term Financing ( VSTF ) mechanism , the Short-Term Monetary Support mechanism , the creation of ECUs for the purpose of implementing the EMS Agreement and the administration of borrowing and lending operations concluded by the Community under the Medium-Term Financial Assistance mechanism .
4.1 Ìç ÷ áíéóìïß ôïõ ÅÍÓ Ç ÅÊÔ äéåíÞñãçóå ðñÜîåéò ðïõ óõíäÝïíôáé ìå ôç äçìéïõñãßá , áîéïðïßçóç êáé áðüäïóç åðßóçìùí ECU ìÝ ÷ ñé ôï ôÝëïò Äåêåìâñßïõ 1998 . Ôá åðßóçìá ECU åêäßäïíôáí ãéá ôéò ÅèíÊÔ ôçò ÅÅ Ýíáíôé óõíåéóöïñÜò ôïõ 20 % ôùí áêáèÜñéóôùí äéáèåóßìùí ôïõò óå ÷ ñõóü êáé äïëÜñéá ÇÐÁ ìÝóù áíáêõêëïýìåíùí ðñÜîåùí áíôáëëáãÞò íïìéóìÜôùí ( swaps ) .
4.2 Community loans In accordance with Article 109l ( 2 ) of the Treaty and Article 11 of Council Regulation ( EEC ) No. 1969/88 of 24 June 1988 , the ECB continued the administration of the borrowing and lending operations concluded by the Community under the Medium-Term Financial Assistance mechanism .
Áõôü åðÝôñåøå ôéò áíáãêáßåò ðñïóáñìïãÝò ïýôùò þóôå : ðñþôïí , íá äéáóöáëßæåôáé üôé ç óõíåéóöïñÜ êÜèå ÅèíÊÔ ôçò ÅÅ óôçí ÅÊÔ åîáêïëïõèåß íá áíôéðñïóùðåýåé ôïõëÜ ÷ éóôïí ôï 20 % ôùí äéáèåóßìùí ôçò óå ÷ ñõóü êáé äïëÜñéá ÇÐÁ óôï ôÝëïò ôïõ ìçíüò ðïõ ðñïçãåßôáé ôçò çìåñïìçíßáò áíáíÝùóçò êáé , äåýôåñïí , íá ëáìâÜíïíôáé õðüøç ïé ìåôáâïëÝò ôçò ôéìÞò ôïõ ÷ ñõóïý êáé ôçò óõíáëëáãìáôéêÞò éóïôéìßáò ôïõ äïëáñßïõ ÇÐÁ Ýíáíôé ôïõ åðßóçìïõ ECU .
It verifies the maturity dates laid down in the borrowing and lending contracts for the payment of interest and repayment of the principal and reports to the European Commission on the operations carried out for the account of the EU . In 1998 the ECB continued to receive from borrowers , namely Greece and Italy , and to pay to creditors vis-à-vis the Community the sums due in respect of capital , interest , commission and expenses on outstanding loans .
Óýìöùíá ìå ôï ¢ ñèñï 23.2 ôïõ Êáôáóôáôéêïý ôïõ ÅÍÉ êáé ôï ¢ ñèñï 20 ôçò Óõìöùíßáò ãéá ôï ÅÍÓ , êáôáñãÞèçêå ï ìç ÷ áíéóìüò äçìéïõñãßáò ECU Ýíáíôé ÷ ñõóïý êáé äïëáñßùí ÇÐÁ ìÝ ÷ ñé ôçí ðñþôç çìÝñá ôïõ ôñßôïõ óôáäßïõ ôçò ÏÍÅ .
Following the final repayment made by Greece in March 1998 , no balance remained outstanding for Greece at the end of 1998 . The following table shows the total of outstanding Community lending operations as at 31 December 1997 and 1998 .
¼ ðùò ðñïâëÝðåôáé óôï ¢ ñèñï 23.3 ôïõ Êáôáóôáóôéêïý ôïõ ÅÍÉ , êÜèå 4.2 ÊïéíïôéêÜ äÜíåéá Óýìöùíá ìå ôï ¢ ñèñï 109 Ë ðáñÜãñ .
4.1 EMS mechanisms The ECB carried out operations associated with the creation , utilisation and remuneration of official ECUs until the end of December 1998 .
2 ôçò ÓõíèÞêçò êáé ôï ¢ ñèñï 11 ôïõ Êáíïíéóìïý Óõìâïõëßïõ ( ÅÏÊ ) 1969/88 ôçò 24çò Éïõíßïõ 1988 , ç ÅÊÔ óõíÝ ÷ éóå íá äéåõèýíåé ôéò äáíåéïëçðôéêÝò êáé äáíåéïäïôéêÝò åñãáóßåò ðïõ äéåîÜãïíôáé áðü ôçí Êïéíüôçôá ìÝóù ôïõ ìç ÷ áíéóìïý Ìåóïðñüèåóìçò ÏéêïíïìéêÞò Åíßó ÷ õóçò .
Official ECUs were issued to the NCBs of the EU against the contribution of 20 % of their gross gold holdings and US dollar reserves through revolving swaps . Contributions were compulsory for the EU NCBs participating in the exchange rate mechanism ( ERM ) and voluntary for the remaining EU NCBs .
¼ ðùò ðñïâëÝðåôáé óôç Óõìöùíßá ãéá ôï ÅÍÓ êáé óôç Óõìöùíßá ìåôáîý ôùí êåíôñéêþí ôñáðåæþí ôùí êñáôþí-ìåëþí ôçò ÅõñùðáúêÞò ÏéêïíïìéêÞò Êïéíüôçôáò ôçò 9çò Öåâñïõáñßïõ 1970 , üðùò éó ÷ ýïõí . 1
1 As laid down in the EMS Agreement and the Agreement between central banks of the Member States of the European Economic Community of 9 February 1970 , as amended .
Ðßíáêáò 14
Table 14
Áíåîüöëçôá äÜíåéá ðïõ Ý ÷ ïõí óõíïìïëïãçèåß óå ãåñìáíéêÜ ìÜñêá 1997 1998 -- 2.900 2.900
Outstanding loans denominated in Deutsche Mark 1997 Greece Italy Total Source : ECB .
Áíåîüöëçôá äÜíåéá ðïõ Ý ÷ ïõí óõíïìïëïãçèåß óå ECU 1997 500 1.475 1.975 1998 -- 1.000 1.000
Outstanding loans denominated in ECUs 1997 500 1,475 1,975 1998 -- 1,000 1,000
Óýíïëï áíåîüöëçôùí äáíåßùí ( éóüôéìï óå ECU ) 1997 500 3.447 3.947 1998 -- 2.483 2.483
Total outstanding loans expressed in ECUs 1997 500 3,447 3,947 1998 -- 2,483 2,483 1998 -- 2,900 2,900
ÅëëÜäá Éôáëßá Óýíïëï ÐçãÞ : EKT . -- 3.900 3.900
-- 3,900 3,900 ECB Annual Report -* 1998
Ôï 1998 ç ÅÊÔ óõíÝ ÷ éóå íá ëáìâÜíåé áðü ôéò ÷ þñåò ðïõ äáíåéïäïôÞèçêáí , äçë .
Co-operation in the field of banking supervision and financial stability from foreign exchange trading .
äéåíÞñãçóå ç ÅëëÜäá ôï ÌÜñôéï ôïõ 1998 , äåí õðÜñ ÷ åé áíåîüöëçôï õðüëïéðï ãéá ôç ÷ þñá áõôÞ óôï ôÝëïò ôïõ 1998 . Óôïí áêüëïõèï ðßíáêá öáßíåôáé ôï óýíïëï ôùí áíåîüöëçôùí êïéíïôéêþí äáíåßùí , üðùò åß ÷ áí äéáìïñöùèåß óôéò 31 Äåêåìâñßïõ ôïõ 1997 êáé ôïõ 1998 .
The reduction of government debt owing to fiscal consolidation under Monetary Union might boost the issuance of private bonds and , possibly , the securities activities of banks .
ÁõôÞ ç äñáóôçñéüôçôá  ðïõ áóêÞèçêå ìå ôç âïÞèåéá ôçò ÅðéôñïðÞò ÔñáðåæéêÞò Åðïðôåßáò  áíôéêáôÝóôçóå ôï óõìâïõëåõôéêü êáèÞêïí ðïõ åß ÷ å áíáëÜâåé ôï ÅÍÉ âÜóåé ôïõ ¢ ñèñïõ 109 ÓÔ ðáñáãñ . 2 ôçò ÓõíèÞêçò .
This activity -- performed with the assistance of the Banking Supervision Committee -- has replaced the consultative task carried out by the EMI under Article 109f ( 2 ) of the Treaty .
5.1 Ç åðßðôùóç ôçò ÍïìéóìáôéêÞò ¸ íùóçò óôá ôñáðåæéêÜ óõóôÞìáôá ôçò ÅÅ Åíüøåé ôçò Ýíáñîçò ôïõ Ôñßôïõ Óôáäßïõ , äéåíåñãÞèçêå Ýñåõíá ãéá íá åîåôáóôåß ðïéåò åßíáé ïé ðéèáíÝò óõíÝðåéåò ôçò ÍïìéóìáôéêÞò ¸ íùóçò ãéá ôá ôñáðåæéêÜ óõóôÞìáôá ôçò ÅÅ ìåóïðñüèåóìá êáé ìáêñïðñüèåóìá , êáèþò êáé ìå ðïéïõò ôñüðïõò ðñïåôïéìÜæïíôáé ïé ßäéåò ïé ôñÜðåæåò ôçò ÅÅ .
5.1 The impact of Monetary Union on the EU banking systems In view of the start of Stage Three a survey has been carried out to review the possible effects of Monetary Union on the EU banking systems in the medium to long term and the ways in which EU banks are preparing themselves .
óôñáôçãéêÞò áíôßäñáóçò : ( 1 ) âåëôßùóç ôùí õðçñåóéþí êáé ôùí äéáäéêáóéþí ( ð .
Monetary Union will affect banking activities in various ways .
ðïéüôçôá õðçñåóéþí , ðñïóùðéêïý êáé ðëçñïöïñéáêÞò õðïäïìÞò , êáèþò êáé óõóôÞìáôá äéá ÷ åßñéóçò êéíäýíùí êáé åóùôåñéêïý åëÝã ÷ ïõ ) , ( 2 ) ìåôáâïëÝò ôïõ öÜóìáôïò ôùí ðñïúüíôùí ( üðùò óôñïöÞ áðü åêôåëåóôéêÝò åñãáóßåò ðñïò óõìâïõëåõôéêÝò õðçñåóßåò , åðáíåîÝôáóç ôïõ öÜóìáôïò ðñïúüíôùí , êáèþò êáé áíÜðôõîç åíáëëáêôéêþí ðçãþí åóüäùí , ð .
The reduction in foreign exchange activities of those currencies replaced by the euro is the most obvious effect . Therefore , it is expected that banks will try to increase their money and securities market activities to even out lower revenues
ìÝóù ãåùãñáöéêÞò åðÝêôáóçò ) êáé ( 3 ) óõã ÷ ùíåýóåéò , óôñáôçãéêÝò óõììá ÷ ßåò êáé óõìöùíßåò óõíåñãáóßáò . Ôï ðñüóöáôï êýìá óõã ÷ ùíåýóåùí êáé åîáãïñþí óôïí ôñáðåæéêü ôïìÝá ôçò ÅÅ äåß ÷ íåé óáöþò üôé ôá ðéóôùôéêÜ éäñýìáôá åðáíåîåôÜæïõí ôç óôñáôçãéêÞ ôïõò .
ECB Annual Report -* 1998 assess the extent to which this process has been triggered by Monetary Union since similar activities can be observed in other markets ( e.g. in the United States ) .
ÃåíéêÜ , ðáñüëï ðïõ âñá ÷ õðñüèåóìá ôá ôñáðåæéêÜ óõóôÞìáôá ôçò ÅÅ èá ìðïñïýóáí íá õðïóôïýí ðßåóç ãéá ðïëëïýò ëüãïõò ( üðùò ç áíáãêáßá äéáäéêáóßá ðñïóáñìïãÞò ëüãù ôçò ÍïìéóìáôéêÞò ¸ íùóçò , ïé ÷ ñçìáôïïéêïíïìéêÝò êñßóåéò óôéò áíáäõüìåíåò áãïñÝò , ôï ðñüâëçìá ôçò ðñïóáñìïãÞò ãéá ôï ¸ ôïò 2000 , ê .
All in all , although in the short term the EU banking systems might be under pressure for a number of reasons ( the adjustment process made necessary by Monetary Union , financial crises in emerging markets , the Year 2000 compliance problem , etc .) , in the longer term the adaptation process should result in a stronger and fitter EU banking sector .
) , óå ðéï ìáêñïðñüèåóìï ïñßæïíôá ç äéáäéêáóßá ðñïóáñìïãÞò èá ðñÝðåé íá êáôáëÞîåé óôç äçìéïõñãßá éó ÷ õñüôåñïõ êáé áðïôåëåóìáôéêüôåñïõ ôñáðåæéêïý ôïìÝá óôçí ÅÅ . 5.2 Ôá ôñáðåæéêÜ óõóôÞìáôá óôçí ÅÅ êáé ïé ÷ ñçìáôïïéêïíïìéêÝò êñßóåéò óôéò áíáäõüìåíåò áãïñÝò Ç ÷ ñçìáôïïéêïíïìéêÞ êñßóç óôçí Áóßá ðïõ îÝóðáóå óôá ìÝóá ôïõ 1997 óõíÝ ÷ éóå íá åðéâáñýíåé ôï äéåèíÝò ÷ ñçìáôïðéóôùôéêü óýóôçìá ôï 1998 .
5.2 The EU banking systems and financial crises in emerging markets The Asian financial crisis that erupted in the middle of 1997 continued to burden the international financial system in 1998 .
ÅîÜëëïõ , Ýíá íÝï êýìá ÷ ñçìáôïïéêïíïìéêÞò áíáôáñá ÷ Þò åîáðïëýèçêå ôïí Áýãïõóôï ôïõ 1998 , ïðüôå ç ÑùóéêÞ ÊõâÝñíçóç áíÞããåéëå óçìáíôéêÞ õðïôßìçóç ôïõ ñïõâëßïõ êáé óôÜóç ðëçñùìþí , ðñïêáëþíôáò ìáæéêÞ  öõãÞ êåöáëáßùí  áðü ôéò áíáäõüìåíåò áãïñÝò ðáãêïóìßùò . ¸ ãéíå åðßóçò öáíåñü üôé ôá ðñïâëÞìáôá åîõðçñÝôçóçò ôïõ ÷ ñÝïõò ôïõò ôá ïðïßá áíôéìåôùðßæïõí ïé ÷ þñåò ôçò Áóßáò ðïõ åðëÞãçóáí ðåñéóóüôåñï ( ÔáúëÜíäç ,
Moreover , a new wave of financial turbulence was triggered in August 1998 , when the announcement by the Russian Government of a substantial devaluation of the rouble and a debt moratorium triggered a massive « capital flight » away from emerging markets world-wide .
Áöüôïõ åêäçëþèçêå ç êñßóç óôçí Áóßá , ôá ÷ ñçìáôïäïôéêÜ áíïßãìáôá ôùí ôñáðåæþí ôçò ÅÅ Ýíáíôé ôçò Áóßáò Ý ÷ ïõí ìåéùèåß óçìáíôéêÜ , åí ìÝñåé áíôáíáêëþíôáò äéáãñáöÝò ÷ ñåþí , åíþ ôá áíïßãìáôá ðñïò ôç Ñùóßá êáé ÷ þñåò ôçò ËáôéíéêÞò ÁìåñéêÞò óõíÝ ÷ éóáí íá áõîÜíïíôáé êáôÜ ôï ðñþôï åîÜìçíï ôïõ 1998 .
Since the outbreak of the Asian crisis , the exposure of EU banks towards Asia has decreased significantly , partly reflecting credit write-offs , while exposure towards Russia and countries in Latin America continued to grow during the first half of 1998 .
5.3 Ìáêñïðñïë çðôéêÞ áíÜëõóç ë Ç ìáêñïðñïëçðôéêÞ áíÜëõóç , ðïõ åîåôÜæåé ôçí åõñùóôßá ôùí ôñáðåæéêþí óõóôçìÜôùí , èåùñåßôáé üëï êáé ðéï óðïõäáßá , õðü ôï öùò ðáëáéüôåñùí óõóôçìéêþí ôñáðåæéêþí ðñïâëçìÜôùí êáé ôùí ðñüóöáôùí ÷ ñçìáôïïéêïíïìéêþí êñßóåùí óôéò áíáäõüìåíåò áãïñÝò .
involved in the exercise . A key finding was that the analysis should be based on close co-operation between supervisory authorities and NCBs .
Óôï ðëáßóéï áõôü , óõìöùíÞèçêå üôé ôá ðñþôá âÞìáôá ðñïò ôç ìáêñïðñïëçðôéêÞ áíÜëõóç ãéá ïëüêëçñç ôçí ÅÅ ðñÝðåé íá ãßíïõí ôï 1999 , ìå ôç óõíåñãáóßá ôùí åðïðôéêþí áñ ÷ þí ôçò ÅÅ , ôùí ÅèíÊÔ êáé ôçò ÅÊÔ .
First , the preliminary work conducted in this area focused on methodological aspects , including the role of the various authorities
5.4 ÁíÜë õóç ôùí óõóôçìÜôùí ë áîéïëüãçóçò êéíäýíùí Óõíå ÷ ßóôçêå ôï Ýñãï óôïí ôïìÝá ôùí óõóôçìÜôùí áîéïëüãçóçò êéíäýíùí , ôá ïðïßá ÷ ñçóéìïðïéïýí ïé áñ ÷ Ýò ôñáðåæéêÞò åðïðôåßáò ãéá íá åíôïðßæïõí Ýãêáéñá ôá ðéóôùôéêÜ éäñýìáôá ðïõ åíäÝ ÷ åôáé íá áíôéìåôùðßæïõí áõîçìÝíï êßíäõíï ÷ ñåùêïðßáò .
5.4 Analysis of risk assessment systems Work has continued in the area of the risk assessment systems that are used by banking supervisors to identify , at an early stage , 112
Ç óõíåñãáóßá áíáìÝíåôáé íá óõíå ÷ éóôåß ôï 1999 .
This co-operation is expected to continue in 1999 .
ÓõìâïõëåõôéêÝò ë åéôïõñãßåò Áðü ôçí 1ç Éáíïõáñßïõ 1999 , ç ãíþìç ôçò ÅÊÔ æçôåßôáé âÜóåé ôçò Áðüöáóçò ôïõ Óõìâïõëßïõ 98/415 / ÅÊ ôçò 29çò Éïõíßïõ 1998 , ç ïðïßá ðåñéÝ ÷ åé äéáôÜîåéò ðáñüìïéåò ìå áõôÝò ôçò Áðüöáóçò ôïõ Óõìâïõëßïõ 93/717 / ÅÏÊ ôçò 22áò Íïåìâñßïõ 1993 .
Advisory functions As from 1 January 1999 the ECB is consulted under Council Decision 98/415 / EC of 29 June 1998 , which contains provisions similar to those of Council Decision 93/717 / EEC of 22 November 1993 .
Áðü ôéò äéáâïõëåýóåéò ðïõ áêïëïýèçóáí , ïé 16 áöïñïýóáí ðñïôåéíüìåíåò íïìéêÝò ðñÜîåéò ôçò Êïéíüôçôáò êáé ïé 46 ðñïôåéíüìåíåò äéáôÜîåéò ôçò åèíéêÞò íïìïèåóßáò ðïõ åìðßðôïõí óôçí áñìïäéüôçôá ôïõ ÅÍÉ / ÅÊÔ .
Of the ensuing consultations , 16 concerned proposed Community legal acts and 46 concerned draft national legislative provisions falling within the field of competence of the EMI / ECB .
1 Éäéáßôåñï åíäéáöÝñïí åß ÷ áí ïé äéáâïõëåýóåéò ðïõ áöïñïýóáí ôçí ðñïóáñìïãÞ ôùí êáôáóôáôéêþí ôùí ÅèíÊÔ , þóôå íá ðëçñïýí ôéò ðñïûðïèÝóåéò ôçò ÓõíèÞêçò , êáèþò êáé Üëëåò äéáâïõëåýóåéò ó ÷ åôéêÜ ìå ôçí êáèéÝñùóç ôïõ åõñþ êáé ôç ìåôÜâáóç óå áõôü .
1 Consultations concerning the adaptation of the statutes of NCBs to meet the requirements of the Treaty , as well as others on the introduction of and changeover to the euro , were particularly relevant .
Óôï Ðëáßóéï 6 ðéï êÜôù óõíïøßæïíôáé ïé äéáäéêáóßåò äéáâïýëåõóçò êáôÜ ôéò ïðïßåò ôï ÅÍÉ / ÅÊÔ åîÝäùóå ãíùìïäïôÞóåéò ôï 1998 .
Box 6 below summarises the consultation procedures in which the EMI / ECB delivered opinions in 1998 .
Óýìöùíá ìå ôï ¢ ñèñï 105 ðáñÜãñ 4 , ôçò ÓõíèÞêçò êáé ôï ¢ ñèñï 4 ôïõ Êáôáóôáôéêïý ôïõ ÅÓÊÔ , ôï Óõìâïýëéï ôçò ÅÅ Þ ïé áñìüäéåò åèíéêÝò áñ ÷ Ýò , êáôÜ ðåñßðôùóç , ïöåßëïõí íá æçôïýí ôç ãíþìç ôçò ÅÊÔ ãéá êÜèå ðñïôåéíüìåíç êïéíïôéêÞ Þ åèíéêÞ íïìïèåôéêÞ ñýèìéóç ðïõ åìðßðôåé óôçí áñìïäéüôçôá ôçò ÅÊÔ .
Article 105 ( 4 ) of the Treaty and Article 4 of the Statute of the ESCB require that the ECB be consulted by the EU Council or the responsible national authorities , as appropriate , on any proposed Community or national legislation within the ECB 's field of competence .
Ôá üñéá êáé ïé ðñïûðïèÝóåéò ãéá íá æçôçèåß ç ãíþìç ôïõ ÅÍÉ åðß íïìïó ÷ åäßùí ôùí åèíéêþí áñ ÷ þí ðñïâëÝðïíôáí óôçí Áðüöáóç ôïõ Óõìâïõëßïõ 93/71 / ÅÏÊ ôçò 22áò Íïåìâñßïõ 1993 , ç ïðïßá éó ÷ ýåé êáé ãéá ôçí ÅÊÔ âÜóåé ôïõ ¢ ñèñïõ 109 Ë ðáñÜãñ . 2 , óå óõíäõáóìü ìå ôï ¢ ñèñï 109 ÓÔ ðáñáãñ .
The limits and conditions of consultations on draft legislation by national authorities for the EMI were set out in Council Decision 93/717 / EEC of 22 November 1993 , which also applied to the ECB under Article 109l ( 2 ) in conjunction with Article 109f ( 6 ) of the Treaty .
Óôï ¢ ñèñï 1 áõôÞò ôçò Áðüöáóçò ïñßæåôáé üôé :  Ïé áñ ÷ Ýò ôùí êñáôþíìåëþí æçôïýí ôç ãíþìç ôïõ ÅÍÉ ãéá êÜèå ó ÷ Ýäéï íïìïèåôéêÞò äéÜôáîçò ðïõ åìðßðôåé óôï ðåäßï ôçò áñìïäéüôçôÜò ôïõ äõíÜìåé ôïõ ¢ ñèñïõ 109 ÓÔ ôçò ÓõíèÞêçò , éäßùò ó ÷ åôéêÜ ìå :
Article 1 of this Decision states that : « The authorities of the Member States shall consult the EMI on any draft legislative provisions within its field of competence pursuant to Article 109f of the Treaty and in particular on :
1 Ìßá áßôçóç ( Íï .
rules applicable to financial institutions insofar as they influence the stability of financial institutions and markets ." 1
20 ) áðïóýñèçêå åðåéäÞ êáëýöèçêå áðü ôçí áßôçóç Íï . 10 , åíþ äýï áéôÞóåéò ( Íï .
One consultation ( No. 20 ) was withdrawn as it duplicated consultation No. 10 , and two consultations ( Nos .
54 êáé 55 ) óõã ÷ ùíåýèçêáí , åðåéäÞ áöïñïýóáí ôï ßäéï èÝìá .
54 and 55 ) were combined as they covered the same issue .
ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998 Ðë áßóéï 6 ë
Consultation procedures in 1998 No. 1 2 3 4 5 6 7 8 9 Originator Austria Austria Italy Belgium Spain Finland Italy Belgium France Subject Introduction of the euro Introduction of the euro Codified law on finance Protective measures for deposits and financial instruments Statute of the Banco de España Statute of Suomen Pankki Statute of the Banca d' Italia Introduction of the euro Issuance and putting into circulation of banknotes and coins in the overseas territories of Mayotte and Saint-Pierre-et-Miquelon and protection of payment and securities settlement systems Margin collateral in connection with the clearing and settlement of securities transactions Introduction of the euro
Äéáäéêáóßåò äéáâïýëåõóçò êáôÜ ôï 1998 á / á 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Áéôþí Áõóôñßá Áõóôñßá Éôáëßá ÂÝëãéï Éóðáíßá Öéëáíäßá Éôáëßá ÂÝëãéï Ãáëëßá Äáíßá Ðïñôïãáëßá Ãáëëßá Éôáëßá Óõìâïýëéï ÅÅ Óõìâïýëéï ÅÅ Óõìâïýëéï ÅÅ Óõìâïýëéï ÅÅ Éñëáíäßá Ïëëáíäßá Éñëáíäßá ÂÝëãéï Éôáëßá Çí .
ECB Annual Report -* 1998 No. 12 13 14 15 16 17 18 19 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 , 55 56 57 58 59 60 61 62 63 64
128 ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998
ECB Annual Report -* 1998 115
Ðáñáêïë ïýèçóç ôçò óõììüñöùóçò ìå ôçí áðáãüñåõóç ë íïìéóìáôéêÞò ÷ ñçìáôïäüôçóçò êáé ðñïíïìéáêÞò ðñüóâáóçò 1998 , ç ðáñáêïëïýèçóç êáôÜ ðüóïí ïé ÅèíÊÔ åêðëçñþíïõí ôéò õðï ÷ ñåþóåéò ôïõò ãßíåôáé ðëÝïí áðü ôçí ÅÊÔ .
Monitoring of compliance with the prohibition on monetary financing and on privileged access their obligations .
Ôï 1998 ïé ÅèíÊÔ üëùí ôùí êñáôþí-ìåëþí åîáêïëïýèçóáí íá ðëçñïýí ôéò ðñïûðïèÝóåéò ôçò ÓõíèÞêçò .
In 1998 the NCBs of all Member States continued to respect the Treaty requirements .
Óýìöùíá ìå ôïí Êáíïíéóìü ôïõ Óõìâïõëßïõ ( ÅÊ ) 3603/93 , ç áðüêôçóç ôßôëùí ôïõ Äçìïóßïõ óôç äåõôåñïãåíÞ áãïñÜ äåí ðñÝðåé íá ÷ ñçóéìïðïéåßôáé ãéá ôçí êáôáóôñáôÞãçóç ôïõ ¢ ñèñïõ 104 ôçò ÓõíèÞêçò .
According to Council Regulation ( EC ) No. 3603/93 , the acquisition of debt instruments of the public sector in the secondary market must not be used to circumvent the objective of Article 104 of the Treaty .
Ïé áãïñÝò ðïõ ðñáãìáôïðïßçóáí ïé ÅèíÊÔ óôç äéÜñêåéá ôïõ 1998 èåùñÞèçêáí óýìöùíåò ìå ôç ÓõíèÞêç .
The NCBs » purchases during 1998 were deemed to be in compliance with the Treaty .
Ç ÅÊÔ Ý ÷ åé áíáëÜâåé ôï êáèÞêïí íá ðáñáêïëïõèåß ôç óõììüñöùóç ôùí ÅèíÊÔ ìå ôéò áðáãïñåýóåéò ôùí ¢ ñèñùí 104 êáé 104á ôçò ÓõíèÞêçò êáé ôùí ó ÷ åôéêþí Êáíïíéóìþí ôïõ Óõìâïõëßïõ ( ÅÊ ) 3603/93 êáé 3604/93 .
The ECB has the task of monitoring the compliance of NCBs with the prohibitions referred to in Articles 104 and 104a of the Treaty and the related Council Regulations ( EC ) Nos . 3603/93 and 3604/93 .
Ôï ¢ ñèñï 104 áðáãïñåýåé óôçí ÅÊÔ êáé ôéò ÅèíÊÔ íá ðáñÝ ÷ ïõí äéåõêïëýíóåéò õðåñáíáëÞøåùí Þ Üëëïõ åßäïõò ðéóôùôéêÝò äéåõêïëýíóåéò óå êõâåñíÞóåéò êáé êïéíïôéêÜ üñãáíá êáé öïñåßò , êáèþò êáé íá áãïñÜæïõí ÷ ñåüãñáöá áðåõèåßáò áðü áõôïýò .
Article 104 prohibits the ECB and the NCBs from providing overdraft facilities or any other type of credit facility to governments and Community institutions or bodies , as well as from purchasing debt instruments directly from them .
Ôï ¢ ñèñï 104á áðáãïñåýåé ìÝôñá  åêôüò áí ëáìâÜíïíôáé ãéá ëüãïõò ðñïëçðôéêÞò åðïðôåßáò  ðïõ êáèéåñþíïõí ðñïíïìéáêÞ ðñüóâáóç ôïõ äçìüóéïõ ôïìÝá êáé ôùí êïéíïôéêþí ïñãÜíùí êáé öïñÝùí óôá ÷ ñçìáôïðéóôùôéêÜ éäñýìáôá .
Article 104a prohibits measures , not based on prudential considerations , which establish privileged access by governments and Community institutions or bodies to financial institutions .
Áðü ôçí 1ç Éïõíßïõ
As from 1 June 1998 the ECB continued to monitor the NCBs » fulfilment of
ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998 129
116 ECB Annual Report -* 1998
ÊåöÜë áéï IV ë
Chapter IV
Ôï ÅÓÊÔ áðïôåëåßôáé áðü ôçí ÅÊÔ êáé ôéò 15 ÅèíÊÔ .
The ESCB is composed of the ECB and the 15 NCBs .