natgillin/translations-raw huggingface dataset:
PaqÝvotm epßrgy so lecakýseqo lÝqoy sgy amavqglasodüsgrgy sot vqglasopirsxsijoý solÝa .
They also provide the bulk of refinancing to the financial sector .
Sa keisotqcijÜ vaqajsgqirsijÜ sxm pqÜnexm jýqiay amavqglasodüsgrgy rtmowßfomsai xy enÞy :  eßmai pqÜneiy paqovÞy qetrsüsgsay ,  diemeqcoýmsai sajsijÜ jÜhe ebdolÜda ( 8 ) ,
The operational features of the main refinancing operations can be summarised as follows :  they are liquidity-providing operations ,  they are executed regularly each week ( 8 ) ,
( 8 ) Oi pqÜneiy jýqiay jai pio lajqopqüherlgy amavqglasodüsgrgy diemeqcoýmsai rýluxma le so pqoamaccekkülemo vqomodiÜcqalla dglopqariþm sot EtqxrtrsÞlasoy , so opoßo dglorieýesai rsgm irsorekßda sgy EJS ( www.ecb.int , bkÝpe jai emüsgsa 5.1.2 ) .
( 8 ) The main and the longer-term refinancing operations are executed in accordance with the Eurosystem 's pre-announced tender operations calendar ( see also Section 5.1.2 ) , which can be found on the ECB 's website ( www.ecb.int ) ;
BkÝpe epßrny soy orspreûidey sot EtqxrtrsÞlasoy ( PaqÜqsgla 5 ) .
see also the Eurosystem websites ( Annex 5 ) .
 rtmÞhxy Ývotm diÜqjeia dýo ebdolÜdxm ( 9 ) ( 10 ) ,  diemeqcoýmsai re apojemsqxlÝmg bÜrg apü siy ehmijÝy jemsqijÝy sqÜpefey ,  diemeqcoýmsai lÝrx sajsijþm dglopqariþm ( üpxy amauÝqesai amaktsijüseqa rsgm emüsgsa 5.1 ) ,  ükoi oi amsirtlbakkülemoi pot pkgqoým sa cemijÜ jqisÞqia jasakkgküsgsay ( üpxy oqßfomsai rsgm emüsgsa 2.1 ) lpoqoým ma tpobÜkkotm pqoruoqÝy cia siy pqÜneiy jýqiay amavqglasodüsgrgy ,  sa peqiotriajÜ rsoiveßa süro sgy pqþsgy üro jai sgy deýseqgy bahlßday ( üpxy oqßfomsai rso jeuÜkaio 6 ) cßmomsai dejsÜ xy aruÜkeia cia siy pqÜneiy jýqiay amavqglasodüsgrgy .
 they normally have a maturity of two weeks ( 9 ) ( 10 ) ,  they are executed in a decentralised manner by the national central banks ,  they are executed through standard tenders ( as specified in Section 5.1 ) ,  all counterparties fulfilling the general eligibility criteria ( as specified in Section 2.1 ) may submit tender bids for the main refinancing operations , and  both tier-one and tier-two assets ( as specified in Chapter 6 ) are eligible as underlying assets for the main refinancing operations .
PqÜneiy pio lajqopqüherlgy amavqglasodüsgrgy So Etqxrýrsgla diemeqceß epßrgy sajsijÝy pqÜneiy amavqglasodüsgrgy diÜqjeiay sqiþm lgmþm , le rjopü sgm pqürhesg lajqopqüherlg amavqglasodüsgrg sot vqglasopirsxsijoý solÝa .
Longer-term refinancing operations The Eurosystem also executes regular refinancing operations with a three-month maturity , which are aimed at providing additional longer-term refinancing to the financial sector .
Oi pqÜneiy atsÝy amsipqorxpeýotm peqioqirlÝmo lümo lÝqoy sot rtmokijoý ücjot sgy amavqglasodüsgrgy .
These operations represent only a limited part of the global refinancing volume .
JasÜ siy em kücx pqÜneiy , so Etqxrýrsgla , jasÜ jamüma , dem Ývei sgm pqüherg ma aporseßkei lgmýlasa pqoy sgm acoqÜ jai Ýsri rtmÞhxy emeqceß xy apodÝjsgy episojßot .
In these operations , the Eurosystem does not , as a rule , intend to send signals to the market and therefore normally acts as a rate taker .
JasÜ rtmÝpeia , oi pqÜneiy pio lajqopqüherlgy amavqglasodüsgrgy diemeqcoýmsai rtmÞhxy le sg loquÞ dglopqariþm amsacxmirsijoý episojßot jai jasÜ jaiqoýy g EJS dgkþmei som ücjo sxm pqÜnexm pot ha jasamelghoým re pqoreveßy dglopqarßey .
Accordingly , longer-term refinancing operations are usually executed in the form of variable rate tenders and , from time to time , the ECB indicates the operation volume to be allotted in forthcoming tenders .
Re enaiqesijÝy peqipsþreiy , so Etqxrýrsgla lpoqeß epßrgy ma diemeqceß pqÜneiy pio lajqopqüherlgy amavqglasodüsgrgy lÝrx dglopqariþm rsaheqoý episojßot .
Under exceptional circumstances , the Eurosystem may also execute longer-term refinancing operations through fixed rate tenders .
Sa keisotqcijÜ vaqajsgqirsijÜ sxm pqÜnexm pio lajqopqüherlgy amavqglasodüsgrgy rtmowßfomsai xy enÞy :  eßmai pqÜneiy paqovÞy qetrsüsgsay ,  diemeqcoýmsai sajsijÜ jÜhe lÞma ( 11 ) ,  rtmÞhxy Ývotm diÜqjeia sqiþm lgmþm ( 12 ) ,  diemeqcoýmsai re apojemsqxlÝmg bÜrg apü siy ehmijÝy jemsqijÝy sqÜpefey ,  diemeqcoýmsai lÝrx sajsijþm dglopqariþm ( üpxy oqßfomsai rsgm emüsgsa 5.1 ) ,  ükoi oi amsirtlbakkülemoi pot pkgqoým sa cemijÜ jqisÞqia jasakkgküsgsay ( üpxy oqßfomsai rsgm emüsgsa 2.1 ) lpoqoým ma tpobÜkkotm pqoruoqÝy cia siy pqÜneiy pio lajqopqüherlgy amavqglasodüsgrgy ,  sa peqiotriajÜ rsoiveßa süro sgy pqþsgy üro jai sgy deýseqgy bahlßday ( üpxy oqßfomsai rso jeuÜkaio 6 ) cßmomsai dejsÜ xy aruÜkeia cia siy pqÜneiy pio lajqopqüherlgy amavqglasodüsgrgy .
The operational features of the longer-term refinancing operations can be summarised as follows :  they are liquidity-providing operations ,  they are executed regularly each month ( 11 ) ,  they normally have a maturity of three months ( 12 ) ,  they are executed in a decentralised manner by the national central banks ,  they are executed through standard tenders ( as specified in Section 5.1 ) ,  all counterparties fulfilling the general eligibility criteria ( as specified in Section 2.1 ) may submit tender bids for the longer-term refinancing operations , and  both tier-one and tier-two assets ( as specified in Chapter 6 ) are eligible as underlying assets for the longer-term refinancing operations .
AmsirsqepsÝey pqÜneiy enolÜktmrgy sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay So Etqxrýrsgla dýmasai ma diemeqceß pqÜneiy enolÜktmrgy sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay le sg loquÞ amsirsqepsÝxm pqÜnexm amoijsÞy acoqÜy .
Fine-tuning reverse operations The Eurosystem can execute fine-tuning operations in the form of reverse open market transactions .
Oi pqÜneiy enolÜktmrgy sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay aporjopoým rsg diaveßqirg sgy jasÜrsargy qetrsüsgsay rsgm acoqÜ jai rsom epgqearlü sxm episojßxm , idßxy pqojeilÝmot ma enolakýmotm siy epipsþreiy rsa episüjia oi opoßey oueßkomsai re apqordüjgsey diajtlÜmreiy sgy qetrsüsgsay rsgm acoqÜ .
Fine-tuning operations aim to manage the liquidity situation in the market and to steer interest rates , in particular in order to smooth the effects on interest rates caused by unexpected liquidity fluctuations in the market .
EpeidÞ emdÝvesai ma paqarseß amÜcjg cia Ülerg kÞwg lÝsqxm re peqßpsxrg apqordüjgsxm enekßnexm sgy acoqÜy , eßmai epihtlgsü ma tpÜqvei twgkü bahlüy etekinßay jasÜ sgm epikocÞ sxm diadijariþm jai sxm keisotqcijþm vaqajsgqirsijþm cia sg diemÝqceia sxm em kücx pqÜnexm :  lpoqoým ma kÜbotm sg loquÞ pqÜnexm paqovÞy Þ apoqqüugrgy qetrsüsgsay ,  g rtvmüsgsÜ soty dem eßmai jahoqirlÝmg ,  g diÜqjeiÜ soty dem eßmai stpopoiglÝmg ,  oi amsirsqepsÝey pqÜneiy enolÜktmrgy sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay pot diemeqcoýmsai le rjopü sgm paqovÞ qetrsüsgsay ejsekoýmsai rtmÞhxy le Ýjsajsey dglopqarßey , am jai dem apojkeßesai g vqÞrg dileqþm diadijariþm ( bkÝpe JeuÜkaio 5 ) ,  oi amsirsqepsÝey pqÜneiy enolÜktmrgy sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay pot apobkÝpotm rsgm apoqqüugrg qetrsüsgsay diemeqcoýmsai , jasÜ jamüma , lÝrx dileqþm diadijariþm ( üpxy oqßfomsai rsgm Emüsgsa 5.2 ) , ( 9 ) G diÜqjeia sxm pqÜnexm jýqiay jai pio lajqopqüherlgy amavqglasodüsgrgy emdÝvesai emßose ma poijßkkei , lesaný Ükkxm jai kücx sxm epßrglxm aqciþm sxm jqasþm-lekþm .
The potential need for rapid action in the case of unexpected market developments makes it desirable to retain a high degree of flexibility in the choice of procedures and operational features in the conduct of these operations :  they can take the form of liquidity-providing or liquidity-absorbing operations ,  their frequency is not standardised ,  their maturity is not standardised  liquidity-providing fine-tuning reverse transactions are normally executed through quick tenders , although the possibility of using bilateral procedures is not excluded ( see Chapter 5 ) ,  liquidity-absorbing fine-tuning reverse transactions are executed , as a rule , through bilateral procedures ( as specified in Section 5.2 ) , ( 9 ) The maturity of the main and the longer-term refinancing operations may occasionally vary depending on , inter alia , bank holidays in Member States .
( 10 ) EpipkÝom , so Etqxrýrsgla dýmasai peqirsariajÜ ma diemeqceß pqÜneiy jýqiay amavqglasodüsgrgy le diauoqesijÞ diÜqjeia ( p.v. liay ebdolÜday ) , paqÜkkgka le siy sajsijÝy pqÜneiy jýqiay amavqglasodüsgrgy .
( 10 ) Furthermore , the Eurosystem may occasionally conduct a main refinancing operation with a different maturity ( e.g. one week ) , in parallel with the regular main refinancing operations .
JÜsi sÝsoio ha lpoqoýre ma rtlbeß p.v. pqojeilÝmot ma leixheß g diauoqÜ lesaný sxm ücjxm sxm dýo ejjqelþm pqÜnexm jýqiay amavqglasodüsgrgy . ( 11 ) BkÝpe tporgleßxrg 1 amxsÝqx .
For instance , this could be done to reduce the difference between the volumes of the two outstanding main refinancing operations , ( 11 ) See footnote 8 .
( 12 ) BkÝpe tporgleßxrg 2 amxsÝqx .
( 12 ) See footnote 9 .
 rtmÞhxy diemeqcoýmsai re apojemsqxlÝmg bÜrg apü siy ehmijÝy jemsqijÝy sqÜpefey ( so Dioijgsijü Rtlboýkio sgy EJS ha apouarßrei am oi dileqeßy amsirsqepsÝey pqÜneiy enolÜktmrgy sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay lpoqoým re enaiqesijÝy peqipsþreiy ma diemeqcoýmsai apü sgm EJS ) ,  so Etqxrýrsgla lpoqeß ma epikÝcei , rýluxma le sa jqisÞqia pot oqßfomsai rsgm emüsgsa 2.2 , Ýmam peqioqirlÝmo aqihlü amsirtlbakkolÝmxm cia ma rtllesÜrvotm rsiy amsirsqepsÝey pqÜneiy enolÜktmrgy sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay ,  sa peqiotriajÜ rsoiveßa süro sgy pqþsgy üro jai sgy deýseqgy bahlßday ( üpxy oqßfomsai rso jeuÜkaio 6 ) eßmai apodejsÜ xy peqiotriajÜ rsoiveßa cia siy amsirsqepsÝey pqÜneiy enolÜktmrgy sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay .
 these operations are normally executed in a decentralised manner by the national central banks ( the Governing Council of the ECB will decide whether , under exceptional circumstances , bilateral fine-tuning reverse operations may be executed by the ECB ) ,  the Eurosystem may select , according to the criteria specified in Section 2.2 , a limited number of counterparties to participate in fine-tuning reverse operations , and  both tier-one and tier-two assets ( as specified in Chapter 6 ) are eligible as underlying assets for fine-tuning reverse operations .
DiaqhqxsijÝy amsirsqepsÝey pqÜneiy So Etqxrýrsgla dýmasai ma diemeqceß diaqhqxsijÝy pqÜneiy le sg loquÞ amsirsqepsÝxm pqÜnexm amoijsÞy acoqÜy jai le rjopü sgm pqoraqlocÞ sgy diaqhqxsijÞy hÝrgy sot EtqxrtrsÞlasoy Ýmamsi sot vqglasopirsxsijoý solÝa .
Structural reverse operations The Eurosystem may execute structural operations in the form of reverse open market transactions aimed at adjusting the structural position of the Eurosystem vis-à-vis the financial sector .
Sa keisotqcijÜ vaqajsgqirsijÜ sxm em kücx pqÜnexm rtmowßfomsai xy enÞy :  eßmai pqÜneiy paqovÞy qetrsüsgsay ,  lpoqoým ma diemeqcoýmsai re sajsÜ vqomijÜ diarsÞlasa Þ ejsÜjsxy ,  g diÜqjeiÜ soty dem eßmai stpopoiglÝmg a priori ,  diemeqcoýmsai lÝrx sajsijþm dglopqariþm ( üpxy oqßfesai rsgm Emüsgsa 5.1 ) ,  diemeqcoýmsai re apojemsqxlÝmg bÜrg apü siy ehmijÝy jemsqijÝy sqÜpefey ,  ükoi oi amsirtlbakkülemoi pot pkgqoým sa cemijÜ jqisÞqia jasakkgküsgsay ( üpxy oqßfomsai rsgm Emüsgsa 5.1 ) lpoqoým ma tpobÜkkotm pqoruoqÝy cia siy diaqhqxsijÝy amsirsqepsÝey pqÜneiy ,  sa peqiotriajÜ rsoiveßa süro sgy pqþsgy üro jai sgy deýseqgy bahlßday ( üpxy oqßfomsai rso JeuÜkaio 6 ) cßmomsai apodejsÜ xy aruÜkeia cia siy diaqhqxsijÝy amsirsqepsÝey pqÜneiy .
The operational features of these operations can be summarised as follows :  they are liquidity-providing operations ,  their frequency can be regular or non-regular ,  their maturity is not standardised a priori ,  they are executed through standard tenders ( as specified in Section 5.1 ) ,  they are executed in a decentralised manner by the national central banks ,  all counterparties fulfilling the general eligibility criteria ( as specified in Section 2.1 ) may submit tender bids for structural reverse operations , and  both tier-one and tier-two assets ( as specified in Chapter 6 ) are eligible as underlying assets for structural reverse operations .
OqirsijÝy pqÜneiy a ) Eßdoy lÝrot Xy oqirsijÝy pqÜneiy amoijsÞy acoqÜy mooýmsai oi rtmakkacÝy jasÜ siy opoßey so Etqxrýrsgla pqaclasopoieß rsgm acoqÜ oqirsijÝy acoqÝy Þ ptkÞreiy apodejsþm peqiotriajþm rsoiveßxm .
Outright transactions ( a ) T y p e o f i n s t r u m e n t Outright open market transactions refer to operations where the Eurosystem buys or sells eligible assets outright on the market .
Oi pqÜneiy atsÝy diemeqcoýmsai lümo cia diaqhqxsijoýy kücoty jai cia sgm enolÜktmrg sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay .
Such operations are executed only for structural and fine-tuning purposes .
b ) MolijÞ uýrg G oqirsijÞ pqÜng rtmepÜcesai sgm pkÞqg lesabßbarg sgy jtqiüsgsay apü som pxkgsÞ pqoy rsom acoqarsÞ , vxqßy ma rtmdÝesai le amsßrsqoug lesabßbarg jtqiüsgsay .
( b ) L e g a l n a t u r e An outright transaction implies a full transfer of ownership from the seller to the buyer with no connected reverse transfer of ownership .
Oi pqÜneiy diemeqcoýmsai rýluxma le so rtlbasijü sqüpo pot ajokotheßsai rsgm acoqÜ re rvÝrg le sa vqeücqaua sa opoßa vqgrilopoioýmsai rsg rtmakkacÞ .
The transactions are executed in accordance with the market conventions for the debt instrument used in the transaction .
c ) Silokücgrg Cia som tpokocirlü sxm silþm , so Etqxrýrsgla emeqceß rýluxma le sgm epijqasÝrseqg pqajsijÞ sgy acoqÜy cia sa vqeücqaua pot vqgrilopoioýmsai rsg rtmakkacÞ .
( c ) P r i c e t e r m s In the calculation of prices , the Eurosystem acts in accordance with the most widely accepted market convention for the debt instruments used in the transaction .
d ) ¢ kka keisotqcijÜ vaqajsgqirsijÜ Sa keisotqcijÜ vaqajsgqirsijÜ sxm oqirsijþm pqÜnexm sot EtqxrtrsÞlasoy rtmowßfomsai xy enÞy :  lpoqoým ma kÜbotm sg loquÞ pqÜnexm paqovÞy qetrsüsgsay ( oqirsijÞ acoqÜ ) Þ pqÜnexm apoqqüugrgy qetrsüsgsay ( oqirsijÞ pþkgrg ) ,  g rtvmüsgsÜ soty dem eßmai stpopoiglÝmg ,  diemeqcoýmsai lÝrx dileqþm diadijariþm ( üpxy oqßfesai rsgm emüsgsa 5.2 ) ,  diemeqcoýmsai rtmÞhxy re apojemsqxlÝmg bÜrg apü siy ehmijÝy jemsqijÝy sqÜpefey ( so Dioijgsijü Rtlboýkio sgy EJS ha apouarßrei am , re enaiqesijÝy peqipsþreiy , oqirsijÝy pqÜneiy enolÜktmrgy sxm bqavtpqüherlxm diajtlÜmrexm sgy qetrsüsgsay ha lpoqoým ma diemeqcoýmsai apü sgm EJS ) ,
( d ) O t h e r o p e r a t i o n a l f e a t u r e s The operational features of Eurosystem outright transactions can be summarised as follows :  they can take the form of liquidity-providing ( outright purchase ) or liquidity-absorbing ( outright sale ) operations ,  their frequency is not standardised ,  they are executed through bilateral procedures ( as specified in Section 5.2 ) ,  they are normally executed in a decentralised manner by the national central banks ( the Governing Council of the ECB will decide whether , under exceptional circumstances , fine-tuning outright operations may be executed by the ECB ) ,
Epßrglg Eugleqßda sxm Etqxpaújþm JoimosÞsxm  dem sßhemsai a priori peqioqirloß ürom auoqÜ so uÜrla sxm amsirtlbakkolÝmxm rsiy oqirsijÝy pqÜneiy ,  rsiy oqirsijÝy pqÜneiy vqgrilopoioýmsai rtmÞhxy xy aruÜkeia jasÜ jamüma lümo sßskoi sgy pqþsgy bahlßday ( üpxy oqßfomsai rsgm Emüsgsa 6.1 ) .
Official Journal of the European Communities  no restrictions are placed a priori on the range of counterparties to outright transactions , and  only tier-one instruments ( as specified in Section 6.1 ) are normally used as underlying assets in outright transactions .
¸ jdorg pirsopoigsijþm vqÝoty sgy EJS a ) Eßdoy lÝrot G EJS dýmasai ma ejdßdei pirsopoigsijÜ vqÝoty le rjopü sgm pqoraqlocÞ sgy diaqhqxsijÞy hÝrgy sot EtqxrtrsÞlasoy Ýmamsi sot vqglasopirsxsijoý solÝa þrse ma dgliotqceß ( Þ ma dietqýmei ) Ýkkeilla qetrsüsgsay rsgm acoqÜ .
Issuance of ECB debt certificates ( a ) T y p e o f i n s t r u m e n t The ECB may issue debt certificates with the aim of adjusting the structural position of the Eurosystem vis-à-vis the financial sector so as to create ( or enlarge ) a liquidity shortage in the market .
b ) MolijÞ uýrg Sa pirsopoigsijÜ vqÝoty rtmirsoým emovijÞ tpovqÝxrg sgy EJS Ýmamsi sot jolirsÞ soty .
( b ) L e g a l n a t u r e The certificates constitute a debt obligation of the ECB vis-à-vis the holder of the certificate .
Sa pirsopoigsijÜ ejdßdomsai jai sgqoýmsai re Ütkg loquÞ re apohesÞqia sßskxm rsg fþmg sot etqþ .
The certificates are issued and held in a book-entry form in securities depositories in the euro area .
G EJS dem epibÜkkei peqioqirloýy ürom auoqÜ sg dtmasüsgsa lesabßbargy sxm pirsopoigsijþm .
The ECB does not impose any restrictions on the transferability of the certificates .
PeqaisÝqx diasÜneiy rvesijÝy le sa pirsopoigsijÜ vqÝoty sgy EJS ha peqiÝvomsai rsoty üqoty jai siy pqoûpohÝreiy pot ha diÝpotm sa em kücx pirsopoigsijÜ .
Further provisions related to ECB debt certificates will be contained in the terms and conditions for such certificates .
c ) Tpok o c i r l ü y sü j o t Sa pirsopoigsijÜ ejdßdomsai tpü so Üqsio , dgkadÞ pxkoýmsai re silÞ valgküseqg sgy omolarsijÞy soty anßay jai jasÜ sg kÞng soty enoukoýmsai rsgm omolarsijÞ anßa soty .
( c ) I n t e r e s t t e r m s The certificates are issued at a discount , i.e. they are issued at below the nominal amount and are redeemed at maturity at the nominal amount .
G diauoqÜ lesaný sgy silÞy Ýjdorgy jai sgy silÞy enüukgrgy ( omolarsijÞy anßay ) iroýsai pqoy soty dedotketlÝmoty süjoty epß sgy silÞy diÜhergy , le so rtluxmglÝmo episüjio , lÝvqi sg kÞng sot pirsopoigsijoý .
The difference between the issue amount and the redemption amount equals the interest accrued on the issue amount , at the agreed interest rate , over the maturity of the certificate .
So euaqlofülemo episüjio eßmai Ýma apkü episüjio le bÜrg siy pqaclasijÝy glÝqey jai Ýsoy 360 gleqþm ( actual / 360 ) .
The interest rate applied is a simple interest rate with the day-count convention  actual / 360 .
O tpokocirlüy sgy silÞy diÜhergy eluaßmesai rso Pkaßrio 1 .
The calculation of the issue amount is shown in Box 1 .
PKAIRIO 1 ¸ jdorg pirsopoigsijþm vqÝoty sgy EJS ¼ pot M : omolarsijÞ anßa sot pirsopoigsijoý vqÝoty rI : episüjio ( xy pororsü %) D : diÜqjeia sot pirsopoigsijoý vqÝoty ( re glÝqey ) PT : silÞ diÜhergy sot pirsopoigsijoý vqÝoty G silÞ diÜhergy eßmai : PT = N Â 1 r1 Â D 1  36 000 d )
BOX 1 Issuance of ECB debt certificates Where : N : nominal amount of the debt certificate rI : interest rate ( as a percentage ) D : maturity of the debt certificate ( in days ) PT : issue amount of the debt certificate The issue amount is : PT = N Â 1 r1 1  36Â D 000
¢ kka keisotqcijÜ vaqajsgqirsijÜ Sa keisotqcijÜ vaqajsgqirsijÜ sgy Ýjdorgy pirsopoigsijþm vqÝoty sgy EJS rtmowßfomsai xy enÞy :  sa pirsopoigsijÜ ejdßdomsai le rjopü sgm apoqqüugrg qetrsüsgsay apü sgm acoqÜ ,  sa pirsopoigsijÜ lpoqoým ma ejdßdomsai eßse re sajsÜ vqomijÜ diarsÞlasa eßse ejsÜjsxy ,  sa pirsopoigsijÜ Ývotm diÜqjeia lijqüseqg sxm 12 lgmþm ,  sa pirsopoigsijÜ ejdßdomsai lÝrx sajsijþm dglopqariþm ( üpxy oqßfesai rsgm Emüsgsa 5.1 ) ,
( d ) O t h e r o p e r a t i o n a l f e a t u r e s The operational features of the issuance of ECB debt certificates can be summarised as follows :  the certificates are issued in order to absorb liquidity from the market ,  the certificates can be issued on a regular or non-regular basis ,  the certificates have a maturity of less than 12 months ,  the certificates are issued through standard tenders ( as specified in Section 5.1 ) ,
Epßrglg Eugleqßda sxm Etqxpaújþm JoimosÞsxm  sa pirsopoigsijÜ dglopqasoýmsai jai diajamomßfomsai re apojemsqxlÝmg bÜrg apü siy ehmijÝy jemsqijÝy sqÜpefey ,  okoi oi amsirtlbakkülemoi pot pkgqoým sa cemijÜ jqisÞqia jasakkgküsgsay ( üpxy oqßfomsai rsgm Emüsgsa 2.1 ) lpoqoým ma tpobÜkkotm pqoruoqÝy cia ma eccqauoým pqojeilÝmot ma acoqÜrotm pirsopoigsijÜ vqÝoty sgy EJS .
Official Journal of the European Communities  the certificates are tendered and settled in a decentralised manner by the national central banks , and  all counterparties fulfilling the general eligibility criteria ( as specified in Section 2.1 ) may submit tender bids for the subscription of ECB debt certificates .
PqÜneiy amsakkacÞy molirlÜsxm a ) Eßdoy lÝrot Oi pqÜneiy amsakkacÞy molirlÜsxm pot diemeqcoýmsai cia soty rjopoýy sgy molirlasijÞy pokisijÞy aposekoýmsai apü dýo satsüvqomey rtmakkacÝy , lßa Ülerg ( spot ) jai lßa pqoherliajÞ ( forward ) , üpot amsakkÜrromsai etqþ le nÝmo mülirla .
Foreign exchange swaps ( a ) T y p e o f i n s t r u m e n t Foreign exchange swaps executed for monetary policy purposes consist of simultaneous spot and forward transactions of the euro against foreign currency .
Vqgrilopoioýmsai cia kücoty enolÜktmrgy sxm bqavtpqüherlxm diajtlÜmrexm sgy qetrsüsgsay , jtqßxy le rjopü sg diaveßqirg sxm rtmhgjþm qetrsüsgsay rsgm acoqÜ jai som epgqearlü sxm episojßxm .
They are used for fine-tuning purposes , mainly with the aim of managing the liquidity situation in the market and steering interest rates .
b ) MolijÞ uýrg Xy pqÜneiy amsakkacÞy molirlÜsxm pot diemeqcoýmsai cia soty rjopoýy sgy molirlasijÞy pokisijÞy mooýmsai pqÜneiy lÝrx sxm opoßxm so Etqxrýrsgla acoqÜfei ( Þ pxkeß ) etqþ Ýmamsi nÝmot molßrlasoy le Ülerg pqÜng jai satsüvqoma sa epamapxkeß ( Þ sa epamacoqÜfei ) le pqoherliajÞ rtmakkacÞ re jÜpoia jahoqirlÝmg gleqolgmßa epamacoqÜy .
( b ) L e g a l n a t u r e Foreign exchange swaps executed for monetary policy purposes refer to operations where the Eurosystem buys ( or sells ) euro spot against a foreign currency and , at the same time , sells ( or buys ) it back in a forward transaction at a specified repurchase date .
PeqaisÝqx diasÜneiy rvesijÜ le siy pqÜneiy amsakkacÞy molirlÜsxm pqobkÝpomsai rsg rtlbasijÞ qýhlirg pot euaqlüfei g oijeßa ehmijÞ jemsqijÞ sqÜpefa ( Þ g EJS ) .
Further provisions for foreign exchange swaps are specified in the contractual arrangement applied by the respective national central bank ( or the ECB ) .
c ) Molßrlasa jai rtmakkaclasijÝy irosilßey JasÜ jamüma , so Etqxrýrsgla rtmakkÜrresai lümo re molßrlasa pot aposekoým amsijeßlemo diapqaclÜsetrgy re etqeßa jkßlaja jai rýluxma le sgm jahieqxlÝmg pqajsijÞ sgy acoqÜy .
( c ) C u r r e n c y a n d e x c h a n g e r a t e t e r m s As a rule , the Eurosystem operates only in widely traded currencies and in accordance with standard market practice .
Re jÜhe pqÜng amsakkacÞy molirlÜsxm , so Etqxrýrsgla jai oi amsirtlbakkülemoi rtluxmoým rvesijÜ le siy lomÜdey bÜrgy swap pot ha euaqlorsoým rsg rtmakkacÞ .
In each foreign exchange swap operation , the Eurosystem and the counterparties agree on the swap points for the transaction .
Oi lomÜdey bÜrgy swap eßmai g diauoqÜ lesaný sgy rtmakkaclasijÞy irosilßay sot pqoherliajoý rjÝkoty sgy rtmakkacÞy jai sgy sqÝvotray rtmakkaclasijÞy irosilßay .
The swap points are the difference between the exchange rate of the forward transaction and the exchange rate of the spot transaction .
Oi lomÜdey bÜrgy swap sot etqþ Ýmamsi sot nÝmot molßrlasoy dialoquþmomsai rýluxma le soty cemijoýy rtlbasijoýy sqüpoty sgy acoqÜy .
The swap points of the euro vis-à-vis the foreign currency are quoted according to general market conventions .
Oi üqoi rvesijÜ le siy rtmakkaclasijÝy irosilßey rsiy pqÜneiy amsakkacÞy molirlÜsxm dietjqimßfomsai rso Pkaßrio 2 .
The exchange rate terms of foreign exchange swaps are specified in Box 2 .
PKAIRIO 2 PqÜneiy amsakkacÞy molirlÜsxm S : sqÝvotra ( jasÜ sgm gleqolgmßa rtluxmßay sgy pqÜngy amsakkacÞy molirlÜsxm ) rtmakkaclasijÞ irosilßa lesaný sot etqþ ( EUR ) jai emüy nÝmot molßrlasoy ( ABC ) S = FM : x Â ABC 1 Â EUR
BOX 2 Foreign exchange swaps S : spot ( at the transaction date of the foreign exchange swap ) of the exchange rate between the euro ( EUR ) and a foreign currency ABC S = FM : x Â ABC 1 Â EUR
pqoherliajÞ rtmakkaclasijÞ irosilßa lesaný sot etqþ jai sot nÝmot molßrlasoy ABC jasÜ sgm gleqolgmßa epamacoqÜy ( M ) FM = y Â ABC 1 Â EUR
forward exchange rate between the euro and a foreign currency ABC at the repurchase date of the swap ( M ) FM = y Â ABC 1 Â EUR
diauoqÜ lesaný pqoherliajÞy jai sqÝvotray irosilßay etqþ / ABC jasÜ sgm gleqolgmßa epamacoqÜy ( M ) DM = FM ¯ S
forward points between the euro and ABC at the repurchase date of the swap ( M ) DM = FM ¯ S