natgillin/translations-raw huggingface dataset:
Áðü ôéò óçìáíôéêüôåñåò íÝåò ðôõ ÷ Ýò ôçò  ÃåíéêÞò ôåêìçñßùóçò  ðïõ äçìïóßåõóå ç ÅÊÔ ôï ÓåðôÝìâñéï 1998 , óå ó ÷ Ýóç ìå ôçí ðñïçãïýìåíç Ýêäïóç ôïõ ÅÍÉ , åßíáé ïé ëåðôïìÝñåéåò ãéá ôá êñéôÞñéá åðéëïãÞò êáé ôá ìÝôñá åëÝã ÷ ïõ ôïõ êéíäýíïõ ðïõ èá éó ÷ ýïõí ãéá ôá óôïé ÷ åßá åíåñãçôéêïý ðïõ ãßíïíôáé äåêôÜ óôéò ðñÜîåéò íïìéóìáôéêÞò ðïëéôéêÞò ôïõ ÅõñùóõóôÞìáôïò , ï êáèïñéóìüò ôùí äéáäéêáóéþí ðïõ èá éó ÷ ýïõí ãéá ôéò
The most relevant new features of the version of the « General documentation » published by the ECB in September 1998 , as compared with the earlier version published by the EMI , are the details of the eligibility criteria and risk control measures to be applied to assets eligible for the monetary policy operations of the Eurosystem , the specification of procedures to be applied for cross-border transactions in the context of the correspondent central banking model ( CCBM ) , the establishment of the conditions for access to the deposit facility , the definition
1.1 Ôï óýóôçìá åë Ü ÷ éóôùí ë áðïèåìáôéêþí Óôéò 7 Éïõëßïõ 1998 ôï Äéïéêçôéêü Óõìâïýëéï ôçò ÅÊÔ áðïöÜóéóå üôé ç ÅÊÔ èá áðáéôåß áðü ôá ÷ ñçìáôïðéóôùôéêÜ éäñýìáôá ðïõ åßíáé åãêáôåóôçìÝíá óôá êñÜôç-ìÝëç ôçò æþíçò ôïõ åõñþ íá ôçñïýí åëÜ ÷ éóôá áðïèåìáôéêÜ áðü ôçí Ýíáñîç ôïõ Ôñßôïõ Óôáäßïõ .
1.1 The minimum reserve system On 7 July 1998 the Governing Council of the ECB decided that the ECB would require credit institutions established in euro area Member States to hold minimum reserves as from the start of Stage Three .
¼ óïí áöïñÜ ôç óôáèåñïðïéçôéêÞ ëåéôïõñãßá , ç êáèéÝñùóç ôïõ  óõóôÞìáôïò ôïõ ìÝóïõ üñïõ  ( óýìöùíá ìå ôï ïðïßï ôá åëÜ ÷ éóôá áðïèåìáôéêÜ èá ðñÝðåé íá ôçñïýíôáé êáôÜ ìÝóï üñï êáôÜ ôç äéÜñêåéá ìéáò ìçíéáßáò ðåñéüäïõ ôÞñçóçò êáé ü ÷ é óå çìåñÞóéá âÜóç ) åíéó ÷ ýåé ôçí åõåëéîßá ôçò êáèçìåñéíÞò äéá ÷ åßñéóçò ôçò ñåõóôüôçôáò áðü ôá ðéóôùôéêÜ éäñýìáôá , åðéôñÝðïíôÜò ôïõò íá åêìåôáëëåýïíôáé åõêáéñßåò âñá ÷ õðñüèåóìïõ arbitrage óôçí áãïñÜ ÷ ñÞìáôïò .
As regards the stabilisation function , the introduction of an averaging provision ( implying that reserve requirements have to be fulfilled on average over a monthly maintenance period and not on a daily basis ) enhances the flexibility of the credit institutions » day-to-day liquidity management , allowing them to exploit short-term arbitrage opportunities in the money market .
Ðñþôïí , ç õðï ÷ ñÝùóç ôÞñçóçò áðïèåìáôéêþí éó ÷ ýåé ãéá üëá ôá ðéóôùôéêÜ éäñýìáôá ( üðùò áõôÜ ïñßæïíôáé óôï ¢ ñèñï 1 ôçò Ðñþôçò ÓõíôïíéóôéêÞò ÔñáðåæéêÞò Ïäçãßáò ) ðïõ åßíáé åãêáôåóôçìÝíá óôç æþíç ôïõ åõñþ .
First , the reserve requirement applies to all credit institutions ( as defined in Article 1 of the First Banking Co-ordination Directive ) which are established in the euro area .
Äåýôåñïí , ç õðï ÷ ñÝùóç ôÞñçóçò áðïèåìáôéêþí ãéá êÜèå ìåìïíùìÝíï ðéóôùôéêü ßäñõìá õðïëïãßæåôáé âÜóåé åíüò óõíôåëåóôÞ , ï ïðïßïò ïñßæåôáé óå 2 % êáé åöáñìüæåôáé åðß ôùí óôïé ÷ åßùí ðáèçôéêïý ôïõ éäñýìáôïò ðïõ Ý ÷ ïõí ôç ìïñöÞ êáôáèÝóåùí ìßáò çìÝñáò , êáôáèÝóåùí ïñéóìÝíçò äéÜñêåéáò Þ õðü ðñïåéäïðïßçóç ìÝ ÷ ñé 2 åôþí , ÷ ñåïãñÜöùí ïñéóìÝíçò äéÜñêåéáò ìÝ ÷ ñé 2 åôþí êáé ôßôëùí ôçò ÷ ñçìáôáãïñÜò .
Second , the reserve requirement of each individual credit institution is calculated by applying a reserve ratio , which has been set at 2 %, to its liabilities in the form of overnight deposits , deposits with an agreed maturity or period of notice of up to two years , debt securities issued with an agreed maturity of up to two years and money market paper .
ÅÜí êÜðïéï ðéóôùôéêü ßäñõìá äåí ìðïñåß íá ðñïóêïìßóåé áðïäåéêôéêÜ óôïé ÷ åßá ùò ðñïò ôéò õðï ÷ ñåþóåéò ôïõ Ýíáíôé Üëëùí éäñõìÜôùí õðáãüìåíùí óôï óýóôçìá åëÜ ÷ éóôùí áðïèåìáôéêþí , ïé ïðïßåò Ý ÷ ïõí ôç ìïñöÞ ÷ ñåïãñÜöùí äéÜñêåéáò ìÝ ÷ ñé 2 åôþí êáé ôßôëùí ôçò ÷ ñçìáôáãïñÜò , ôï åí ëüãù ßäñõìá èá ìðïñåß íá áöáéñåß Ýíá ðÜãéï ðïóïóôü , ôï ïðïßï ïñßóôçêå óå 10 % êáôÜ ôçí Ýíáñîç ôïõ Ôñßôïõ Óôáäßïõ , ôùí ðñïáíáöåñüìåíùí õðï ÷ ñåþóåùí .
If a credit institution cannot provide evidence of its liabilities in the form of debt securities with an agreed maturity of up to two years and money market paper vis-à-vis other institutions subject to minimum reserve requirements , this institution is allowed to apply a standardised deduction , which was set at 10 % at the start of Stage Three , to the aforementioned liabilities .
ÐñïêåéìÝíïõ íá êáèïñéóôåß ôï ôåëéêü ðïóü ôùí áðáéôïýìåíùí áðïèåìáôéêþí , êÜèå ðéóôùôéêü ßäñõìá èá äéêáéïýôáé íá áöáéñÝóåé Ýíá åöÜðáî ðïóü ßóï ìå 100.000 åõñþ áðü ôï ðïóü ðïõ ðñïêýðôåé .
In order to determine the final reserve requirement , each credit institution is allowed to deduct a lumpsum allowance of Euros 100,000 from the resulting amount .
Ôñßôïí , èåùñåßôáé üôé Ýíá ðéóôùôéêü ßäñõìá ðëçñïß ôéò õðï ÷ ñåþóåéò ðïõ áðïññÝïõí áðü ôï óýóôçìá åëÜ ÷ éóôùí áðïèåìáôéêþí üôáí ï çìåñÞóéïò ìÝóïò üñïò ôùí áðïèåìáôéêþí ðïõ ôçñåß , üðùò õðïëïãßæåôáé ãéá ìéá ðåñßïäï ôÞñçóçò ðïõ ïñßæåôáé ùò ôï äéÜóôçìá áðü ôçí 24ç çìÝñá êÜèå ìçíüò ìÝ ÷ ñé ôçí 23ç çìÝñá ôïõ åðüìåíïõ , 1 åßíáé ôïõëÜ ÷ éóôïí ßóïò ìå ôá åëÜ ÷ éóôá áðáéôïýìåíá áðïèåìáôéêÜ .
Third , a credit institution complies with its obligations under the minimum reserve system if its average daily reserve holdings , as computed over a reserve maintenance period running from the 24th day of each month to the 23rd day of the following month , 1 is at least equal to its reserve requirement .
Ôçí 1ç Äåêåìâñßïõ 1998 , ôï Äéïéêçôéêü Óõìâïýëéï õéïèÝôçóå ôïí Êáíïíéóìü ôçò ÅÊÔ ó ÷ åôéêÜ ìå ôçí åöáñìïãÞ ôùí åëÜ ÷ éóôùí áðïèåìáôéêþí ( ÅÊÔ / 1998/15 ) , ï ïðïßïò êáôáãñÜöåé óå íïìéêÜ äåóìåõôéêü êåßìåíï ôá ÷ áñáêôçñéóôéêÜ ôïõ óõóôÞìáôïò åëÜ ÷ éóôùí áðïèåìáôéêþí ðïõ åöáñìüæåôáé áðü ôçí ÅÊÔ .
On 1 December 1998 the Governing Council adopted the ECB Regulation on the application of minimum reserves ( ECB / 1998/15 ) . This Regulation lays down in
Ç íïìéêÞ âÜóç ôïõ Êáíïíéóìïý áõôïý ôçò ÅÊÔ ðñïóäéïñßæåôáé óôï ¢ ñèñï 19 ôïõ Êáôáóôáôéêïý ôïõ ÅÓÊÔ , êáèþò êáé óôïí Êáíïíéóìü ôïõ Óõìâïõëßïõ ( ÅÊ ) 2531/98 ðïõ õéïèåôÞèçêå áðü ôï Óõìâïýëéï ECOFIN óôéò 23 Íïåìâñßïõ 1998 ó ÷ åôéêÜ ìå ôçí åöáñìïãÞ ôùí åëÜ ÷ éóôùí áðïèåìáôéêþí áðü ôçí ÅõñùðáúêÞ ÊåíôñéêÞ ÔñÜðåæá . 1.2 ÐñÜîåéò áíïéêôÞò áãïñÜò êáé ðÜãéåò äéåõêïëýíóåéò Ïé ðñÜîåéò áíïéêôÞò áãïñÜò áðïôåëïýí ôï êýñéï ìÝóï ðïõ ÷ ñçóéìïðïéåß ôï Åõñùóýóôçìá ðñïêåéìÝíïõ íá åðçñåÜæåé ôá åðéôüêéá , íá äéá ÷ åéñßæåôáé ôçí êáôÜóôáóç ôçò ñåõóôüôçôáò óôçí áãïñÜ êáé íá óçìáôïäïôåß ôçí êáôåýèõíóç ôçò íïìéóìáôéêÞò ðïëéôéêÞò .
a legally binding form the features of the minimum reserve system applied by the ECB . The legal basis for this ECB Regulation is set out in Article 19 of the Statute of the ESCB and in the Council Regulation ( EC ) No. 2531/98 concerning the application of minimum reserves by the European Central Bank , which was adopted by the ECOFIN Council on 23 November 1998 .
Ïé ðåñéóóüôåñåò áðü ôéò ðñÜîåéò áíïéêôÞò áãïñÜò ôïõ ÅõñùóõóôÞìáôïò áðïôåëïýíôáé áðü áíôéóôñåðôÝåò óõíáëëáãÝò Ýíáíôé ðáñï ÷ Þò êáôÜëëçëùí áóöáëåéþí . Ôá äýï óðïõäáéüôåñá 1 Ùò ìåôáâáôéêÞ äéÜôáîç , ðñþôç ðåñßïäïò ôÞñçóçò óôï Ôñßôï ÓôÜäéï ïñßóôçêå ôï äéÜóôçìá áðü 1çò Éáíïõáñßïõ 1999 ìÝ ÷ ñé 23 Öåâñïõáñßïõ 1999 .
1.2 Open market operations and standing facilities Open market operations are the main instrument used by the Eurosystem for the purposes of steering interest rates , managing the liquidity situation in the market and signalling the monetary policy stance . The majority of the Eurosystem 's open market operations consist of reverse transactions against eligible collateral .
1.3 Ïé áíôéóõìâáëëüìåíïé êáé ôá ðåñéïõóéáêÜ óôïé ÷ åßá ðïõ ìðïñïýí íá ãßíïíôáé äåêôÜ Ôï Åõñùóýóôçìá äÝ ÷ åôáé Ýíá åõñý öÜóìá ðåñéïõóéáêþí óôïé ÷ åßùí ùò áóöÜëåéá ãéá ôéò ðéóôùôéêÝò ôïõ ðñÜîåéò .
1.3 Eligible counterparties and assets The Eurosystem accepts a wide range of underlying assets for its credit operations .
Ï êáôÜëïãïò ôùí ðåñéïõóéáêþí óôïé ÷ åßùí ðïõ ìðïñïýí íá ãßíïõí äåêôÜ ãéá ôéò ðéóôùôéêÝò ðñÜîåéò ôïõ ÅõñùóõóôÞìáôïò êïéíïðïéÞèçêå ìÝóù ºíôåñíåô ôïí Ïêôþâñéï 1998 .
The list of eligible assets for the Eurosystem 's credit operations was made available on the Internet in October 1998 .
Ôï õðüëïéðï ôùí åìðïñåýóéìùí ðåñéïõóéáêþí óôïé ÷ åßùí ðïõ ìðïñïýóáí íá ãßíïõí äåêôÜ êáôÜ ôçí Ýíáñîç ôïõ Ôñßôïõ Óôáäßïõ Þôáí åëáöñþò õøçëüôåñï áðü ôï ðïóüí ôùí 5.000 äéóåê .
The amount of marketable eligible assets outstanding at the start of Stage Three was slightly above Euros 5,000 billion .
Ôá ðåñéïõóéáêÜ áõôÜ óôïé ÷ åßá áíÞêáí , óôï ìåãáëýôåñï ìÝñïò ôïõò ( 98 %) , óôçí ðñþôç âáèìßäá .
Most of these outstanding assets ( 98 %) consisted of tier one collateral .
áíôéóôïé ÷ ïýóå óå ÷ ñåüãñáöá ôïõ Äçìïóßïõ , ôï 18 % óå ÷ ñåüãñáöá åêäïèÝíôá áðü ðéóôùôéêÜ éäñýìáôá , ôï 4 % óå ÷ ñåüãñáöá åêäïèÝíôá áðü åôáéñßåò êáé ôï õðüëïéðï óå ÷ ñåüãñáöá åêäïèÝíôá áðü ôéò ÅèíÊÔ .
Approximately 75 % were government securities , 18 % securities issued by credit institutions , 4 % securities issued by the corporate sector , and the remainder securities issued by NCBs .
Ãéá ôá ðåñéïõóéáêÜ óôïé ÷ åßá ôçò ðñþôçò âáèìßäáò , ôá ìÝôñá åëÝã ÷ ïõ ôïõ êéíäýíïõ åßíáé åíáñìïíéóìÝíá ãéá üëç ôç æþíç ôïõ åõñþ êáé ðåñéëáìâÜíïõí ôá åîÞò : êáôáâïëÞ áñ ÷ éêþí ðåñéèùñßùí ( initial margins ) ìå âÜóç ôï äéÜóôçìá êáôÜ ôï ïðïßï ôï Åõñùóýóôçìá ìÝíåé åêôåèåéìÝíï óôïí ðéóôùôéêü êßíäõíï , óõãêåêñéìÝíåò äéáöïñÝò ìåôáîý ôçò ðáñå ÷ üìåíçò áóöÜëåéáò êáé ôçò êáëõðôüìåíçò áðáßôçóçò ( haircuts ) áíÜëïãá ìå ôçí åíáðïìÝíïõóá äéÜñêåéá êáé ôá ôïêïìåñßäéá ôùí ôßôëùí , êáèþò êáé óõììåôñéêÞ êáôáâïëÞ óõìðëçñùìáôéêïý ðåñéèùñßïõ ( symmetric margin calls ) , ðïõ óêïðü Ý ÷ åé íá äéáóöáëßóåé üôé ç áîßá ôùí ðåñéïõóéáêþí óôïé ÷ åßùí áíôáðïêñßíåôáé óôéò áðáéôÞóåéò .
Risk control measures for tier one assets are harmonised across the euro area and include the following elements : initial margins , which take into account the length of time during which the Eurosystem is exposed to credit risk ; specific valuation haircuts , which are differentiated according to the residual maturity and coupon structure of the debt instrument ;
äéáèÝôïõí ïéêïíïìéêÞ åõñùóôßá , íá õðüêåéíôáé óå ðñïëçðôéêÞ åðïðôåßá êáé íá ðëçñïýí ôá êñéôÞñéá ëåéôïõñãßáò ãéá ôçí óõììåôï ÷ Þ ôïõò óå ðñÜîåéò íïìéóìáôéêÞò ðïëéôéêÞò . Ï êáôÜëïãïò ôùí éäñõìÜôùí ðïõ õðüêåéíôáé óôçí õðï ÷ ñÝùóç ôÞñçóçò åëÜ ÷ éóôùí áðïèåìáôéêþí , ï ïðïßïò áöïñÜ üëá ôá åãêáôåóôçìÝíá óôç æþíç ôïõ åõñþ ðéóôùôéêÜ éäñýìáôá , ðåñéëáìâÜíåé ðÜíù áðü 8.000 éäñýìáôá .
In addition , eligible counterparties to the Eurosystem 's monetary policy operations have to satisfy certain prudential and operational requirements , i.e. they must be financially sound , subject to prudential supervision , and satisfy the operational criteria for participation in monetary policy operations .
Ï êáôÜëïãïò áõôüò äçìïóéïðïéÞèçêå ìÝóù ºíôåñíåô ôïí Ïêôþâñéï 1998 . Áðü ôá ðéóôùôéêÜ áõôÜ éäñýìáôá , ðÜíù áðü 4.000 Ý ÷ ïõí ðñüóâáóç óôéò äýï ðÜãéåò äéåõêïëýíóåéò ôïõ ÅõñùóõóôÞìáôïò , åíþ ó ÷ åäüí 3.000 Ý ÷ ïõí ðñüóâáóç óôéò ðñÜîåéò áíá ÷ ñçìáôïäüôçóçò .
The list of institutions subject to minimum reserve requirements , which covers all credit institutions established in the euro area , comprises more than 8,000 institutions . This list was made available on the Internet in October 1998 .
1.4 ÐñïðáñáóêåõáóôéêÝò åñãáóßåò ãéá ôçí åöáñìïãÞ ôùí ìÝóùí íïìéóìáôéêÞò ðïëéôéêÞò ÄåäïìÝíçò ôçò áðïêåíôñùìÝíçò ðñïóÝããéóçò ðïõ õéïèåôÞèçêå ãéá ôçí åöáñìïãÞ ôçò íïìéóìáôéêÞò ðïëéôéêÞò ôïõ ÅõñùóõóôÞìáôïò , ôï ìåãáëýôåñï ìÝñïò ôùí åñãáóéþí åöáñìïãÞò óôïí ôïìÝá áõôü , óõìðåñéëáìâáíïìÝíùí êáé ôùí äïêéìþí ôùí óõóôçìÜôùí êáé ôçò ðñïðáñáóêåõÞò ôçò ó ÷ åôéêÞò íïìéêÞò ôåêìçñßùóçò , äéåêðåñáéþèçêå áðü ôéò ÅèíÊÔ .
At the start of Stage Three no credit institution was exempt from the minimum reserve requirements . 1.4 Preparatory work for the implementation of monetary policy instruments Given the decentralised approach adopted for the implementation of the monetary policy of the Eurosystem , the bulk of the implementation work in this field , including the testing of the systems and the preparation of the relevant legal documentation , was conducted by the NCBs .
Ïé óõíïëéêÝò áõôÝò äïêéìÝò îåêßíçóáí óôéò áñ ÷ Ýò ôïõ Éïõëßïõ 1998 êáé óêïðüò ôïõò Þôáí óõãêåêñéìÝíá íá åëåã ÷ èïýí ïé äéáóõíäÝóåéò ìåôáîý ôùí ðïëëáðëþí óõóôçìÜôùí êáé äéáäéêáóéþí ðïõ èåùñïýíôáé êáßñéáò óçìáóßáò ãéá ôçí åêôÝëåóç ôùí ðñÜîåùí ôïõ ÅõñùóõóôÞìáôïò . Ïé óõíïëéêÝò äïêéìÝò äéåîÞ ÷ èçóáí óå ôñåéò öÜóåéò .
The latter started at the beginning of July 1998 . Its aim was , in particular , to test the interconnections between the multiplicity of systems and procedures that were considered critical to the performance of the Eurosystem 's operations .
öÜóç áöïñïýóå ôïí Ýëåã ÷ ï ôùí êáíïíéêþí óõóôçìÜôùí êáé äéáäéêáóéþí ãéá óõãêåêñéìÝíåò äñáóôçñéüôçôåò ôïõ ÅõñùóõóôÞìáôïò óå åðéìÝñïõò ôïìåßò åñãáóéþí , ìåôáîý ôùí ïðïßùí êáé ç íïìéóìáôéêÞ ðïëéôéêÞ , ç óõíáëëáãìáôéêÞ ðïëéôéêÞ , ôá óõóôÞìáôá ðëçñùìþí , ç õðïóôÞñéîç êáé ï äéáêáíïíéóìüò ðáñåìâÜóåùí ( back office ) êáé ç ëïãéóôéêÞ .
The overall testing consisted of three phases , the first of which involved testing the normal systems and procedures for specific Eurosystem activities within individual business areas , including monetary policy , foreign exchange policy , payment systems , the back office and accounting .
Ç äåýôåñç öÜóç , ðïõ îåêßíçóå ôï ÓåðôÝìâñéï 1998 , åðéêåíôñþèçêå óôïí Ýëåã ÷ ï ôùí äéáäéêáóéþí áíôéìåôþðéóçò Ýêôáêôùí ãåãïíüôùí , åíþ ç ôñßôç öÜóç , ðïõ îåêßíçóå ôïí Ïêôþâñéï , áðïôÝëåóå  ãåíéêÞ ðñüâá  üëùí ôùí äéåñãáóéþí ôïõ ÅõñùóõóôÞìáôïò ðïõ åßíáé êñßóéìåò ãéá ôçí Üóêçóç ôçò íïìéóìáôéêÞò ðïëéôéêÞò .
The second phase , which started in September 1998 , focused on the testing of contingency procedures , while the third phase , which started in October , represented a general « dress rehearsal » for all Eurosystem processes critical to the conduct of monetary policy .
¼ óïí áöïñÜ ôéò äéáäéêáóßåò äéá ÷ åßñéóçò ôçò ñåõóôüôçôáò , ïëïêëçñþèçêáí êáôÜ ôç äéÜñêåéá ôïõ 1998 ïé ðñïðáñáóêåõáóôéêÝò åñãáóßåò , ðïõ ðåñéëÜìâáíáí üëåò ôéò áíáãêáßåò äéáäéêáóßåò ãéá ôçí åóùôåñéêÞ åðéêïéíùíßá ìÝóá óôï Åõñùóýóôçìá êáé ãéá ôçí åíïðïßçóç ôùí ëïãéóôéêþí êáôáóôÜóåùí ôùí ÅèíÊÔ , þóôå íá êáôáñôéóôåß ç ëïãéóôéêÞ êáôÜóôáóç ôïõ ÅõñùóõóôÞìáôïò êáé íá åíçìåñþíïíôáé êáèçìåñéíÜ ïé ó ÷ åôéêÝò ðñïâëÝøåéò . ÐñïêåéìÝíïõ íá êáèïäçãïýíôáé ôá ðéóôùôéêÜ éäñýìáôá êáôÜ ôç äéá ÷ åßñéóç ôùí äéáèåóßìùí ôïõò , ôï Äéïéêçôéêü Óõìâïýëéï
The preparation of the relevant national legal documentation was finalised by the NCBs under the ECB 's supervision , which was , in essence , aimed at ensuring that a level playingfield in this regard would be in place throughout the euro area . As regards liquidity management procedures , preparatory work was finalised in the course of 1998 , including all procedures needed for internal Eurosystem communication and for the consolidation of the NCBs » balance sheets in order to produce the Eurosystem 's balance sheet and update the relevant forecasts on a daily basis .
1.5 Äéá ÷ åßñéóç åã ÷ þñéïõ åíåñãçôéêïý êáé ðáèçôéêïý Åíþ ïé áðïöÜóåéò íïìéóìáôéêÞò ðïëéôéêÞò ëáìâÜíïíôáé óå êåíôñéêü åðßðåäï , ç äéá ÷ åßñéóç ôïõ åã ÷ þñéïõ åíåñãçôéêïý êáé ðáèçôéêïý ãßíåôáé áðü ôéò ÅèíÊÔ ìå äéêÞ ôïõò åõèýíç , áíåîÜñôçôá áðü ôï áí åíåñãïýí ãéá äéêü ôïõò ëïãáñéáóìü , ùò ðñÜêôïñåò ôïõ Äçìïóßïõ , ãéá ëïãáñéáóìü ôùí ðåëáôþí ôïõò Þ ôùí õðáëëÞëùí ôïõò .
1.5 Domestic asset and liability management While monetary policy decisions are taken centrally , the management of domestic assets and liabilities is effected by the NCBs on their own responsibility , irrespective of whether they act on their own account , as fiscal agents , on behalf of their customers or for their staff .
76 ÅôÞóéá ¸ êèåóç ÅÊÔ  1998
ECB Annual Report -* 1998 69
Ðëáßóéï Üóêçóçò ôçò óõíáë ë áãìáôéêÞò ðïë éôéêÞò ë ë áìåôÜêëçôùí óõíôåëåóôþí ìåôáôñïðÞò ôïõ åõñþ èá ãßíåé ôçí 1ç Éáíïõáñßïõ 1999 .
Foreign exchange rate policy framework the irrevocable conversion rates for the euro should take place on 1 January 1999 .
Åðßóçò , åðåéäÞ ôï ECU èá Ýðñåðå íá ìåôáôñáðåß óå åõñþ ìå áíáëïãßá 1:1 êáé ïñéóìÝíá áðü ôá íïìßóìáôá ðïõ óõíèÝôïõí ôï ECU ( ç êïñþíá Äáíßáò , ç äñá ÷ ìÞ êáé ç ëßñá Áããëßáò ) äåí èá óõììåôåß ÷ áí åî áñ ÷ Þò óôç æþíç ôïõ åõñþ , äåí Þôáí äõíáôüí íá áíáêïéíùèïýí áìåôÜêëçôïé óõíôåëåóôÝò ìåôáôñïðÞò ôïõ åõñþ ãéá ôá óõììåôÝ ÷ ïíôá íïìßóìáôá .
In addition , since the ECU should be converted into the euro at a 1:1 rate , and since some of the ECU component currencies ( the Danish krone , the Greek drachma and the pound sterling ) would not participate in the euro area from the outset , it was not possible to announce the irrevocable euro conversion rates for the participating currencies .
Åî ïõ êáé ç áðüöáóç íá ðñïáíáããåëèïýí ïé äéìåñåßò éóïôéìßåò ( ßóåò ìå ôéò êåíôñéêÝò éóïôéìßåò ôïõ ÅÍÓ ) ôùí íïìéóìÜôùí ðïõ ìåôÝ ÷ ïõí óôç æþíç ôïõ åõñþ , ïé ïðïßåò èá ÷ ñçóßìåõáí óôéò 31 Äåêåìâñßïõ 1998 ãéá ôïí êáèïñéóìü ôùí áìåôÜêëçôùí óõíáëëáãìáôéêþí éóïôéìéþí ôïõ åõñþ .
Hence the decision was taken to pre-announce the bilateral rates ( equal to the ERM central rates ) of the currencies participating in the euro area that would be used on 31 December 1998 to determine the irrevocable euro exchange rates .
Óôéò 31 Äåêåìâñßïõ 1998 êáèïñßóôçêáí ïé áìåôÜêëçôåò óõíáëëáãìáôéêÝò éóïôéìßåò ôïõ åõñþ óôá ðëáßóéá ôçò ôáêôéêÞò çìåñÞóéáò äéáäéêáóßáò óõíåííüçóçò , üðùò åß ÷ å äéåõêñéíéóôåß óôçí ðñïáíáããåëßá ( ðåñéãñáöÞ ôçò äéáäéêáóßáò ðïõ áêïëïõèÞèçêå ðñïêåéìÝíïõ íá õéïèåôçôïýí ïé óõíôåëåóôÝò ìåôáôñïðÞò ôïõ åõñþ âë . óôï Ðëáßóéï 5 ) .
On 31 December 1998 the irrevocable euro exchange rates were established in the context of the regular daily concertation procedure , as had been clarified in the preannouncement ( see Box 5 for a description of the process followed for the adoption of the euro conversion rates ) .
2.1 Ïé óõíôåëåóôÝò ìåôáôñïðÞò ôïõ åõñþ Óýìöùíá ìå ôçí áðüöáóç ðïõ Ýëáâå ôï Åõñùðáúêü Óõìâïýëéï óôç óýíïäï ôïõ Ëïõîåìâïýñãïõ ôï ÄåêÝìâñéï 1997 , êáé ýóôåñá áðü ôçí áðüöáóç ðïõ õéïèÝôçóå ôï Óõìâïýëéï ôçò ÅõñùðáúêÞò ¸ íùóçò ( Óõìâïýëéï ôçò ÅÅ ) , óõíåñ ÷ üìåíï óå åðßðåäï Áñ ÷ çãþí Êñáôþí Þ ÊõâåñíÞóåùí , ó ÷ åôéêÜ ìå ôï ðïéá êñÜôç-ìÝëç èá óõììåôåß ÷ áí óôç æþíç ôïõ åõñþ áðü ôçí Ýíáñîç ôïõ Ôñßôïõ Óôáäßïõ , ïé õðïõñãïß êáé ïé äéïéêçôÝò ôùí êåíôñéêþí ôñáðåæþí ôùí êñáôþí-ìåëþí ôçò ÅÅ ðïõ èá óõììåôåß ÷ áí óôç æþíç ôïõ åõñþ , ç ÅõñùðáúêÞ ÅðéôñïðÞ êáé ôï ÅÍÉ , ùò ðñüäñïìïò ôçò ÅÊÔ , åîÝäùóáí Êïéíü ÁíáêïéíùèÝí óôéò 3 ÌáÀïõ 1998 ãéá ôç äéáäéêáóßá ðïõ èá ÷ ñçóéìïðïéåßôáé ãéá ôïí êáèïñéóìü ôùí áìåôÜêëçôùí óõíôåëåóôþí ìåôáôñïðÞò ôïõ åõñþ êáôÜ ôç ëÞîç ôïõ Äåýôåñïõ Óôáäßïõ .
2.1 The euro conversion rates In accordance with the decision taken by the European Council at its meeting in Luxembourg in December 1997 , on 3 May 1998 , following the decision adopted by the Council of the European Union ( EU Council ) , meeting in the composition of the Heads of State or Government , on the Member States which would participate in the euro area from the start of Stage Three , a Joint Communiqué on the procedure to be used to determine the irrevocable conversion rates for the euro at the end of Stage Two was issued by the ministers and central bank governors of those EU Member States which would participate in the euro area , the European Commission and the EMI , as the forerunner of the ECB .
Ç åðéëïãÞ ôçò óõãêåêñéìÝíçò ìïñöÞò ðñïáíáããåëßáò - ìéáò áðü êïéíïý ðïëéôéêÞò äéáêÞñõîçò åãêåêñéìÝíçò áðü üëåò ôéò åìðëåêüìåíåò áñ ÷ Ýò - Ýãéíå åðåéäÞ ç ÓõíèÞêç ïñßæåé üôé ç åðßóçìç õéïèÝôçóç ôùí Ðëáßóéï 5
The form of the pre-announcement -- a joint political declaration endorsed by all the authorities involved -- was chosen owing to the Treaty requirement that the formal adoption of Box 5
Ç äéáäéêáóßá ðïõ áêïëïõèÞèçêå ãéá ôïí õðïëïãéóìü êáé ôçí õéïèÝôçóç ôùí áìåôÜêëçôùí óõíôåëåóôþí ìåôáôñïðÞò ôïõ åõñþ ÊïéíÞ ÅíçìåñùôéêÞ Áíáêïßíùóç ôçò 11çò Ìáñôßïõ 1999 ôçò ÅõñùðáúêÞò ÅðéôñïðÞò êáé ôçò ÅõñùðáúêÞò ÊåíôñéêÞò ÔñÜðåæáò ãéá ôï ëåðôïìåñÞ õðïëïãéóìü ôùí áìåôÜêëçôùí óõíôåëåóôþí ìåôáôñïðÞò ôïõ åõñþ Ïé áìåôÜêëçôïé óõíôåëåóôÝò ìåôáôñïðÞò ôïõ åõñþ õéïèåôÞèçêáí áðü ôï Óõìâïýëéï ôçò ÅÅ , ìåôÜ áðü ðñüôáóç ôçò ÅðéôñïðÞò êáé áöïý æçôÞèçêå ç ãíþìç ôçò ÅõñùðáúêÞò ÊåíôñéêÞò ÔñÜðåæáò ( ÅÊÔ ) óôéò 31 Äåêåìâñßïõ 1998 êáé ôÝèçêáí óå éó ÷ ý ôáõôü ÷ ñïíá ìå ôçí õðïêáôÜóôáóç ôùí åèíéêþí íïìéóìÜôùí áðü ôï åõñþ ôçí 1ç Éáíïõáñßïõ 1999 .
The procedure followed for the computation and adoption of the irrevocable euro conversion rates Joint Information Notice by the European Commission and the European Central Bank on the detailed computation of the irrevocable conversion rates for the euro issued on 11 March 1999 The irrevocable conversion rates for the euro were adopted by the EU Council on a proposal from the Commission and after consultation of the European Central Bank ( ECB ) on 31 December 1998 and entered into force together with the substitution of the euro for the national currencies on 1 January 1999 .
Ïé õðïõñãïß ôùí êñáôþí-ìåëþí ðïõ õéïèåôïýí ôï åõñþ ùò åíéáßï ôïõò íüìéóìá , ïé äéïéêçôÝò ôùí êåíôñéêþí ôñáðåæþí ôùí åí ëüãù êñáôþíìåëþí , ç ÅõñùðáúêÞ ÅðéôñïðÞ êáèþò êáé ôï Åõñùðáúêü Íïìéóìáôéêü ºäñõìá / ÅõñùðáúêÞ ÊåíôñéêÞ ÔñÜðåæá åîÝäùóáí äýï êïéíÜ áíáêïéíùèÝíôá ó ÷ åôéêÜ ìå ôïí êáèïñéóìü êáé ôçí õéïèÝôçóç ôùí áìåôÜêëçôùí óõíôåëåóôþí ìåôáôñïðÞò ôïõ åõñþ , óôéò 3 ÌáÀïõ êáé 26 Óåðôåìâñßïõ 1998 áíôßóôïé ÷ á .
The ministers of the Member States adopting the euro as their single currency , the governors of the central banks of these Member States , the European Commission and the European Monetary Institute / European Central Bank issued two joint communiqués on the determination and the adoption of the irrevocable conversion rates for the euro , dated 3 May and 26 September 1998 respectively .
Õðïëïãéóìüò ôùí óõíáëëáãìáôéêþí éóïôéìéþí ôïõ åðßóçìïõ ECU óôéò 31 Äåêåìâñßïõ 1998 Óôéò 31 Äåêåìâñßïõ 1998 ôï Óõìâïýëéï ôçò ÅÅ õðïëüãéóå êáé õéïèÝôçóå ôéò ôåëéêÝò óõíáëëáãìáôéêÝò éóïôéìßåò ôïõ åðßóçìïõ ECU ùò áìåôÜêëçôïõò óõíôåëåóôÝò ìåôáôñïðÞò ôïõ åõñþ êáôÜ ôçí ðñþôç çìÝñá ôïõ Ôñßôïõ Óôáäßïõ , äçë . ôçí 1ç Éáíïõáñßïõ 1999 .
Calculation of the exchange rates of the official ECU on 31 December 1998 On 31 December 1998 the final official ECU exchange rates were calculated and adopted by the EU Council as the irrevocable conversion rates for the euro on the first day of Stage Three , i.e. on 1 January 1999 .
ì . ( þñá ÊåíôñéêÞò Åõñþðçò ) îåêßíçóå ôçëåäéÜóêåøç êáôÜ ôçí ïðïßá ïé êåíôñéêÝò ôñÜðåæåò ôçò ÅÅ , ìåôáîý ôùí ïðïßùí êáé åêåßíåò ðïõ ôá íïìßóìáôÜ ôïõò äåí óõíèÝôïõí ôï  êáëÜèé  ôïõ ECU , ðáñåß ÷ áí ç ìßá óôçí Üëëç ôç óõíáëëáãìáôéêÞ éóïôéìßá ôïõ äïëáñßïõ ÇÐÁ Ýíáíôé ôïõ áíôßóôïé ÷ ïõ íïìßóìáôüò ôïõò .
Three steps can be identified Step 1 : Determination of the EU currencies » concertation exchange rates against the US dollar A teleconference was initiated at 11.00 a.m. ( C.E.T. ) , in which the EU central banks , including those whose currencies were not components of the ECU basket , provided each other with the US dollar exchange rate for
Ïé êåíôñéêÝò ôñÜðåæåò ôùí êñáôþí-ìåëþí ðïõ õéïèåôïýí ôï åõñþ ùò åíéáßï íüìéóìá Þôáí Ýôïéìåò , áí ÷ ñåéáóôåß , íá ÷ ñçóéìïðïéÞóïõí êáôÜëëçëåò ôå ÷ íéêÝò áãïñÜò ðñïêåéìÝíïõ íá äéáóöáëßóïõí üôé , ôçí þñá ôçò äéåîáãùãÞò ôçò ôçëåäéÜóêåøçò óôéò 31 Äåêåìâñßïõ 1998 , ïé áãïñáßåò óõíáëëáãìáôéêÝò éóïôéìßåò èá åßíáé óõíåðåßò ìå ôéò äéìåñåßò êåíôñéêÝò éóïôéìßåò ôïõ ÌÓÉ .
The central banks of the Member States adopting the euro as their single currency were prepared to use , if needed , appropriate market techniques to ensure that , at the time of the teleconference on 31 December 1998 , the market exchange rates would be consistent with the ERM bilateral central rates .
Ðñþôïí , êáé óýìöùíá ìå ôçí ôáêôéêÞ äéáäéêáóßá óõíåííüçóçò , áíáêïéíþèçêå ç éóïôéìßá åíüò áðü ôá íïìßóìáôá ôçò æþíçò ôïõ åõñþ , óõãêåêñéìÝíá ôïõ ãåñìáíéêïý ìÜñêïõ , Ýíáíôé ôïõ äïëáñßïõ ÇÐÁ óýìöùíá ìå ôïí êáèéåñùìÝíï ôñüðï ìå ôïí ïðïßï åêöñÜæåôáé ç éóïôéìßá ( ìå 5 óçìáíôéêÜ øçößá ) .
First , and in line with the regular concertation procedure , one euro area currency , namely the Deutsche Mark , was quoted against the US dollar according to prevailing market conventions ( to 5 significant digits ) .
1 Ïé óõíáëëáãìáôéêÝò éóïôéìßåò ôùí 11 íïìéóìÜôùí ôçò æþíçò ôïõ åõñþ ðïõ õðïëïãßóôçêáí êáô  áõôüí ôïí ôñüðï åß ÷ áí 11 óçìáíôéêÜ øçößá , ôá ïðïßá äéáôçñÞèçêáí üëá ãéá ìÝãéóôç áêñßâåéá .
1 The exchange rates of the 11 euro area currencies so calculated had 11 significant digits , all of which were retained for maximum accuracy .