natgillin/translations-raw huggingface dataset:
Le bÜrg so rjopü soty , so am diemeqcoýmsai re sajsÜ vqomijÜ diarsÞlasa Þ ejsÜjsxy jai siy diadijarßey soty , oi pqÜneiy amoijsÞy acoqÜy sot EtqxrtrsÞlasoy diajqßmomsai rsiy enÞy sÝrreqiy jasgcoqßey ( bkÝpe jai Pßmaja1 ) :  Oi pqÜneiy jýqiay amavqglasodüsgrgy eßmai sajsijÝy amsirsqepsÝey pqÜneiy cia sgm paqovÞ qetrsüsgsay , le rtvmüsgsa lßa uoqÜ sgm ebdolÜda jai diÜqjeia rtmÞhxy dýo ebdolÜdxm .
With regard to their aims , regularity and procedures , the Eurosystem 's open market operations can be divided into the following four categories ( see also Table 1 ) :  the main refinancing operations are regular liquidity-providing reverse transactions with a weekly frequency and normally a maturity of two weeks .
Oi pqÜneiy atsÝy diemeqcoýmsai apü siy ehmijÝy jemsqijÝy sqÜpefey lÝrx sajsijþm dglopqariþm .
These operations are executed by the national central banks on the basis of standard tenders .
Oi pqÜneiy jýqiay amavqglasodüsgrgy aposekoým barijü Ünoma cia sgm epidßxng sxm rjopþm sxm pqÜnexm amoijsÞy acoqÜy sot EtqxrtrsÞlasoy jai paqÝvotm so lecakýseqo lÝqoy sgy amavqglasodüsgrgy sot vqglasopirsxsijoý solÝa .
The main refinancing operations play a pivotal role in pursuing the purposes of the Eurosystem 's open market operations and provide the bulk of refinancing to the financial sector ,
( 1 ) Rgleiþmesai üsi oi ehmijÝy jemsqijÝy sqÜpefey sxm jqasþm lekþm pot dem Ývotm tiohesÞrei so emiaßo mülirla rýluxma le sg rtmhÞjg ßdqtrgy sgy EtqxpaújÞy Joimüsgsay ( RtmhÞjg ) diasgqoým siy aqlodiüsgsÝy soty rsom solÝa sgy molirlasijÞy pokisijÞy rýluxma le so oijeßo ehmijü dßjaio jai xy ej soýsot dem rtllesÝvotm rsgm Ürjgrg sgy emiaßay molirlasijÞy pokisijÞy .
( 1 ) It should be noted that national central banks of Member States which have not adopted the single currency in accordance with the Treaty establishing the European Community ( Treaty ) retain their powers in the field of monetary policy according to national law and are thus not involved in the conduct of the single monetary policy .
( 2 ) Pamsoý rso paqüm ecveiqßdio , xy « ehmijÝy jemsqijÝy sqÜpefey » mooýmsai oi ehmijÝy jemsqijÝy sqÜpefey sxm jqasþm-lekþm pot Ývotm tiohesÞrei so emiaßo mülirla rýluxma le sg RtmhÞjg .
( 2 ) Throughout this document , the term  national central banks  refers to the national central banks of the Member States which have adopted the single currency in accordance with the Treaty .
( 3 ) Pamsoý rso paqüm ecveiqßdio , xy « jqÜsoy-lÝkoy » moeßsai so jqÜsoy-lÝkoy pot Ývei tiohesÞrei so emiaßo mülirla rýluxma le sg RtmhÞjg .
( 3 ) Throughout this document , the term  Member State  refers to a Member State which has adopted the single currency in accordance with the Treaty .
4 ) Oi diÜuoqey diadijarßey cia sg diemÝqceia pqÜnexm amoijsÞy acoqÜy sot EtqxrtrsÞlasoy , dgkadÞ oi sajsijÝy dglopqarßey , oi Ýjsajsey ( dglopqarßey jai oi dileqeßy diadijarßey , paqotriÜfomsai amaktsijüseqa rso jeuÜkaio 5 .
( 4 ) The different procedures for the execution of Eurosystem open market operations , i.e. standard tenders , quick tenders and bilateral procedures , are specified in Chapter 5 .
Cia siy sajsijÝy dglopqarßey lerokabeß lÝcirso diÜrsgla 24 xqþm apü sgm amajoßmxrg sgy dglopqarßay lÝvqi sgm pirsopoßgrg sot aposekÝrlasoy sgy jasamolÞy .
For standard tenders , a maximum of 24 hours elapses between the tender announcement and the certification of the allotment result .
Dijaßxla rtllesovÞy rsiy sajsijÝy dglopqarßey Ývotm ükoi oi amsirtlbakkülemoi pot pkgqoým sa cemijÜ jqisÞqia jasakkgküsgsay , pot amacqauomsai rsgm emüsgsa 2.1 .
All counterparties fulfilling the general eligibility criteria specified in Section 2.1 may participate in standard tenders .
Oi Ýjsajsey dglopqarßey ejsekoýmsai emsüy liay þqay .
Quick tenders are executed within a time-frame of one hour .
So Etqxrýrsgla dýmasai ma epikÝnei peqioqirlÝmo aqihlü amsirtlbakkolÝmxm cia ma rtllesÜrvotm rsiy Ýjsajsey dglopqarßey .
The Eurosystem may select a limited number of counterparties to participate in quick tenders .
Xy « dileqeßy diadijarßey » mooýmsai ükey oi peqipsþreiy jasÜ siy opoßey so Etqxrýrsgla diemeqceß rtmakkacÞ le Ýmam amsirtlbakkülemo Þ le oqirlÝmoty amsirtlbakkolÝmoty vxqßy ma pqorueýcei re dglopqarßa .
The term  bilateral procedures  refers to any case in which the Eurosystem conducts a transaction with one or a few counterparties without using tender procedures .
Oi dileqeßy diadijarßey peqikalbÜmotm pqÜneiy pot ejsekoýmsai lÝrx vqglasirsgqßxm Þ lerokabgsþm sgy acoqÜy .
Bilateral procedures include operations executed through stock exchanges or market agents .
 Oi pqÜneiy pio lajqopqüherlgy amavqglasodüsgrgy eßmai amsirsqepsÝey pqÜneiy cia sgm paqovÞ qetrsüsgsay , le rtvmüsgsa lia uoqÜ so lÞma jai diÜqjeia sqiþm lgmþm .
 the longer-term refinancing operations are liquidity-providing reverse transactions with a monthly frequency and a maturity of three months .
Rjopüy sxm pqÜnexm atsþm , pot diemeqcoýmsai apü siy ehmijÝy jemsqijÝy sqÜpefey lÝrx sajsijþm dglopqariþm , eßmai ma paqÝvotm rsoty amsirtlbakkolÝmoty pqürhesg pio lajqopqüherlg amavqglasodüsgrg .
These operations aim to provide counterparties with additional longer-term refinancing and are executed by the national central banks on the basis of standard tenders .
Le siy pqÜneiy atsÝy , so Etqxrýrsgla dem aporjopeß , jasÜ jamüma , ma aporseßkei lgmýlasa rsgm acoqÜ jai xy ej soýsot emeqceß xy apodÝjsgy episojßot .  Oi pqÜneiy enolÜktmrgy sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay diemeqcoýmsai ejsÜjsxy le rjopü sg diaveßqirg sgy jasÜrsargy sgy qetrsüsgsay rsgm acoqÜ jai som epgqearlü sxm episojßxm , idßxy cia ma enolaktmhoým oi epipsþreiy rsa episüjia pot oueßkomsai re apqordüjgsey diajtlÜmreiy sgy qetrsüsgsay rsgm acoqÜ .
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 ,  fine-tuning operations are executed on an ad hoc basis with the aim of managing the liquidity situation in the market and steering interest rates , in particular in order to smooth the effects on interest rates caused by unexpected liquidity fluctuations in the market .
Oi pqÜneiy atsÝy diemeqcoýmsai jtqßxy xy amsirsqepsÝey pqÜneiy , akkÜ lpoqoým ma kÜbotm sg loquÞ oqirsijþm pqÜnexm , pqÜnexm amsakkacÞy molirlÜsxm jai apodovÞy jasahÝrexm jahoqirlÝmgy diÜqjeiay .
Fine-tuning operations are primarily executed as reverse transactions , but can also take the form of outright transactions , foreign exchange swaps and the collection of fixed-term deposits .
Sa lÝra jai oi diadijarßey pot euaqlüfomsai jasÜ sg diemÝqceia sxm pqÜnexm enolÜktmrgy sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay pqoraqlüfomsai amÜkoca le so eßdoy sgy rtmakkacÞy jai so rtcjejqilÝmo rjopü pot epidiþjesai le siy pqÜneiy .
The instruments and procedures applied in the conduct of fine-tuning operations are adapted to the types of transactions and the specific objectives pursued in the operations .
Diemeqcoýmsai rtmÞhxy apü siy ehmijÝy jemsqijÝy sqÜpefey le Ýjsajsey dglopqarßey Þ le dileqeßy diadijarßey .
Fine-tuning operations are normally executed by the national central banks through quick tenders or bilateral procedures .
So Dioijgsijü Rtlboýkio sgy EJS ha apouarßrei am , re enaiqesijÝy peqipsþreiy , oi dileqeßy pqÜneiy enolÜktmrgy sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay ha lpoqoým ma diemeqcoýmsai apü sgm ßdia sgm EJS .  EpipkÝom , so Etqxrýrsgla lpoqeß ma diemeqceß diaqhqxsijÝy pqÜneiy lÝrx sgy Ýjdorgy pirsopoigsijþm vqÝoty , lÝrx amsirsqepsÝxm pqÜnexm jai lÝrx oqirsijþm pqÜnexm .
The Governing Council of the ECB will decide whether , under exceptional circumstances , fine-tuning bilateral operations may be executed by the ECB itself ,  in addition , the Eurosystem may carry out structural operations through the issuance of debt certificates , reverse transactions and outright transactions .
Oi pqÜneiy atsÝy diemeqcoýmsai üpose g EJS epihtleß ma pqoraqlürei sg diaqhqxsijÞ hÝrg sot EtqxrtrsÞlasoy Ýmamsi sot vqglasopirsxsijoý solÝa ( eßse re sajsÜ vqomijÜ diarsÞlasa eßse ejsÜjsxy ) .
These operations are executed whenever the ECB wishes to adjust the structural position of the Eurosystem vis-à-vis the financial sector ( on a regular or non-regular basis ) .
Oi diaqhqxsijÝy pqÜneiy le sg loquÞ amsirsqepsÝxm pqÜnexm Þ lÝrx sgy Ýjdorgy vqeocqÜuxm diemeqcoýmsai apü siy ehmijÝy jemsqijÝy sqÜpefey lÝrx sajsijþm dglopqariþm .
Structural operations in the form of reverse transactions and the issuance of debt instruments are carried out by the national central banks through standard tenders .
Oi diaqhqxsijÝy pqÜneiy le sg loquÞ oqirsijþm pqÜnexm diemeqcoýmsai lÝrx dileqþm diadijariþm .
Structural operations in the form of outright transactions are executed through bilateral procedures .
PÜciey dietjokýmreiy Rjopüy sxm pÜcixm dietjokýmrexm eßmai g paqovÞ jai apoqqüugrg qetrsüsgsay lÝvqi sgm epülemg eqcÜrilg glÝqa ( lßay glÝqay ) , g rglasodüsgrg sgy cemijÞy jaseýhtmrgy sgy molirlasijÞy pokisijÞy jai g oqiohÝsgrg sxm episojßxm sgy acoqÜy cia sopohesÞreiy diÜqjeiay lßay glÝqay .
Standing facilities Standing facilities aim to provide and absorb overnight liquidity , signal the general stance of monetary policy and bound overnight market interest rates .
Rsoty apodejsoýy amsirtlbakkolÝmoty paqÝvomsai , le dijÞ soty pqxsobotkßa , dýo pÜciey dietjokýmreiy , euürom pkgqoým oqirlÝmey keisotqcijÝy pqoûpohÝreiy pqürbargy ( bkÝpe jai Pßmaja 1 ) :  Oi amsirtlbakkülemoi Ývotm sg dtmasüsgsa ma vqgrilopoioým sg dietjüktmrg oqiajÞy vqglasodüsgrgy cia ma apojsoým qetrsüsgsa diÜqjeiay lßay glÝqay apü siy ehmijÝy jemsqijÝy sqÜpefey Ýmamsi aruÜkeiay le sg loquÞ apodejsþm peqiotriajþm rsoiveßxm .
Two standing facilities are available to eligible counterparties on their own initiative , subject to the fulfilment of certain operational access conditions ( see also Table 1 ) :  counterparties can use the marginal lending facility to obtain overnight liquidity from the national central banks against eligible assets .
Tpü jamomijÝy rtmhÞjey , g pqürbarg sxm amsirtlbakkolÝmxm rsg dietjüktmrg dem tpüjeisai re pirsxsijÜ üqia Þ re Ükkoty peqioqirloýy , ejsüy apü sgm tpovqÝxrg ma paqÝvotm xy aruÜkeia epaqjÞ peqiotriajÜ rsoiveßa .
Under normal circumstances , there are no credit limits or other restrictions on counterparties » access to the facility apart from the requirement to present sufficient underlying assets .
 Oi amsirtlbakkülemoi Ývotm sg dtmasüsgsa ma vqgrilopoioým sg dietjüktmrg apodovÞy jasahÝrexm pqojeilÝmot ma pqaclasopoioým jasahÝreiy diÜqjeiay lßay glÝqay rsiy ehmijÝy jemsqijÝy sqÜpefey .
The interest rate on the marginal lending facility normally provides a ceiling for the overnight market interest rate ,  counterparties can use the deposit facility to make overnight deposits with the national central banks .
Tpü jamomijÝy rtmhÞjey , g pqürbarg sxm amsirtlbakkolÝmxm rsg dietjüktmrg dem tpüjeisai re üqia xy pqoy sa porÜ sxm jasahÝrexm Þ re Ükkoty peqioqirloýy .
Under normal circumstances , there are no deposit limits or other restrictions on counterparties » access to the facility .
So episüjio sgy dietjüktmrgy apodovÞy jasahÝrexm rtmÞhxy oqioheseß pqoy sa jÜsx so episüjo sgy acoqÜy cia sopohesÞreiy diÜqjeiay lßay glÝqay .
The interest rate on the deposit facility normally provides a floor for the overnight market interest rate .
Oi pÜciey dietjokýmreiy paqÝvomsai re apojemsqxlÝmg bÜrg apü siy ehmijÝy jemsqijÝy sqÜpefey .
The standing facilities are administered in a decentralised manner by the national central banks .
TpovqexsijÜ ekÜvirsa apohelasijÜ So rýrsgla ekÜvirsxm tpovqexsijþm apohelasijþm sot EtqxrtrsÞlasoy irvýei cia sa pirsxsijÜ idqýlasa sgy fþmgy sot etqþ jai aporjopeß jtqßxy rsg rsaheqopoßgrg sxm episojßxm sgy vqglasacoqÜy jai rsg dgliotqcßa ( Þ dieýqtmrg ) diaqhqxsijoý ekkeßllasoy qetrsüsgsay .
Minimum reserves The Eurosystem 's minimum reserve system applies to credit institutions in the euro area and primarily pursues the aims of stabilising money market interest rates and creating ( or enlarging ) a structural liquidity shortage .
Sa tpovqexsijÜ apohelasijÜ jÜhe idqýlasoy jahoqßfomsai le bÜrg oqirlÝma rsoiveßa sot irokocirloý sot .
The reserve requirement of each institution is determined in relation to elements of its balance sheet .
PqojeilÝmot ma episývei sg rsaheqopoßgrg sxm episojßxm , so rýrsgla tpovqexsijþm ekÜvirsxm apohelasijþm sot EtqxrtrsÞlasoy paqÝvei rsa idqýlasa sg dtmasüsgsa ma sgqoým sa tpovqexsijÜ ekÜvirsa apohelasijÜ soty jasÜ lÝro üqo .
In order to pursue the aim of stabilising interest rates , the Eurosystem 's minimum reserve system enables institutions to make use of averaging provisions .
G rtllüquxrg le sgm tpovqÝxrg sÞqgrgy ekÜvirsxm apohelasijþm diapirsþmesai le bÜrg so lÝro üqo sxm porþm pot sgqoýmsai gleqgrßxy jasÜ sg diÜqjeia jÜhe lgmiaßay peqiüdot sÞqgrgy .
Compliance with the reserve requirement is determined on the basis of the institutions » average daily reserve holdings over a one-month maintenance period .
Epß sxm tpovqexsijþm apohelasijþm sa opoßa sgqoým sa idqýlasa jasabÜkkesai süjoy , le so episüjio sxm pqÜnexm jýqiay amavqglasodüsgrgy sot EtqxrtrsÞlasoy .
Institutions » holdings of required reserves are remunerated at the rate of the Eurosystem 's main refinancing operations .
Amsirtlbakkülemoi So pkaßrio Ürjgrgy sgy molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy dialoquþmesai jasÜ sqüpo þrse ma tpoqeß ma rtllesÝvei etqý uÜrla amsirtlbakkolÝmxm .
Counterparties The Eurosystem 's monetary policy framework is formulated with a view to ensuring participation of a broad range of counterparties .
Sa idqýlasa pot tpüjeimsai rsgm tpovqÝxrg sÞqgrgy ekÜvirsxm apohelasijþm rýluxma le so ¢ qhqo 19.1 sot jasarsasijoý sot ERJS Ývotm sg dtmasüsgsa pqürbargy rsiy pÜciey dietjokýmreiy jai rtllesovÞy re pqÜneiy amoijsÞy acoqÜy lÝrx sajsijþm dglopqariþm .
Institutions subject to minimum reserve requirements according to Article 19.1 of the Statute of the ESCB may access the standing facilities and participate in open market operations based on standard tenders .
So Etqxrýrsgla dýmasai ma epikÝnei Ýmam peqioqirlÝmo aqihlü amsirtlbakkolÝmxm cia ma rtllesÜrvotm rsiy pqÜneiy enolÜktmrgy sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay .
The Eurosystem may select a limited number of counterparties to participate in fine-tuning operations .
Cia siy oqirsijÝy pqÜneiy dem tpÜqvotm a priori peqioqirloß sot uÜrlasoy sxm amsirtlbakkolÝmxm .
For outright transactions , no restrictions are placed a priori on the range of counterparties .
PqojeilÝmot cia pqÜneiy amsakkacÞy molirlÜsxm pot diemeqcoýmsai cia soty rjopoýy sgy molirlasijÞy pokisijÞy , vqgrilopoioýmsai uoqeßy pot dqarsgqiopoioýmsai rsgm acoqÜ rtmakkÜclasoy .
For foreign exchange swaps conducted for monetary policy purposes , active players in the foreign exchange market are used .
G olÜda sxm amsirtlbakkolÝmxm cia siy pqÜneiy atsÝy peqioqßfesai rsa idqýlasa ejeßma sgy fþmgy sot etqþ pot epikÝcomsai apü so Etqxrýrsgla cia siy paqelbÜreiy sot rsgm acoqÜ rtmakkÜclasoy .
The set of counterparties for these operations is limited to those institutions selected for Eurosystem foreign exchange intervention operations which are located in the euro area .
EL
EN Underlying assets
PeqiotriajÜ rsoiveßa pot paqÝvomsai xy aruÜkeia Rýluxma le so ¢ qhqo 18.1 sot Jasarsasijoý sot ERJS , ükey oi dameiodosijÝy pqÜneiy sot EtqxrtrsÞlasoy ( dgkadÞ oi pqÜneiy paqovÞy qetrsüsgsay ) pqÝpei ma barßfomsai re epaqjÞ aruÜkeia .
Pursuant to Article 18.1 of the Statute of the ESCB , all Eurosystem credit operations ( i.e. liquidity-providing operations ) have to be based on adequate collateral .
So Etqxrýrsgla dÝvesai etqý uÜrla peqiotriajþm rsoiveßxm xy aruÜkeia rsiy pqÜneiy pot diemeqceß .
The Eurosystem accepts a wide range of assets to underlie its operations .
Cia erxseqijoýy jtqßxy rjopoýy sot EtqxrtrsÞlasoy , sa peqiotriajÜ rsoiveßa pot lpoqoým ma cßmotm dejsÜ rsiy pqÜneiy molirlasijÞy pokisijÞy diajqßmomsai re dýo jasgcoqßey : re peqiotriajÜ rsoiveßa « pqþsgy bahlßday » jai re atsÜ sgy « deýseqgy bahlßday » .
A distinction is made , essentially for purposes internal to the Eurosystem , between two categories of eligible assets :  tier-one  and  tier-two  respectively .
G pqþsg bahlßda aposekeßsai apü elpoqeýrila vqeücqaua pot pkgqoým sa joimÜ cia ükg sg fþmg sot etqþ jqisÞqia jasakkgküsgsay sa opoßa Ývei jahoqßrei g EJS .
Tier-one consists of marketable debt instruments fulfilling uniform euro area-wide eligibility criteria specified by the ECB .
G deýseqg bahlßda aposekeßsai apü pqürhesa peqiotriajÜ rsoiveßa , diapqaclaseýrila 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 jai tpüjeimsai rsgm Ýcjqirg sgy EJS .
Tier-two consists of additional assets , marketable and non-marketable , which are of particular importance for national financial markets and banking systems and for which eligibility criteria are established by the national central banks , subject to ECB approval .
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 jasÜ jamüma 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 that tier-two assets are normally not used by the Eurosystem in outright transactions ) .
Sa apodejsÜ peqiotriajÜ rsoiveßa lpoqoým ma vqgrilopoighoým jai re diartmoqiajÞ bÜrg , lÝrx sot rtrsÞlasoy amsapojqisqiþm jemsqijþm sqapefþm ( RAJS ) Þ lÝrx apodejsþm rtmdÝrexm lesaný sxm rtrsglÜsxm diajamomirloý sßskxm ( RDS ) sgy EE , xy aruÜkeia cia pÜrgy uýrexy pirsþreiy pot voqgceß so Etqxrýrsgla ( 5 ) .
Eligible assets may be used on a cross-border basis , by means of the correspondent central banking model ( CCBM ) or through eligible links between EU securities settlement systems ( SSSs ) , to collateralise all types of Eurosystem credit ( 5 ) .
¼ ka sa peqiotriajÜ rsoiveßa pot eßmai jasÜkkgka cia siy pqÜneiy molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy lpoqoým ma vqgrilopoighoým jai xy aruÜkeia cia sg voqÞcgrg emdogleqÞriay pßrsxrgy .
All assets eligible for Eurosystem monetary policy operations can also be used as underlying assets for intraday credit .
SqopopoiÞreiy sot pkairßot Ürjgrgy sgy molirlasijÞy pokisijÞy So Dioijgsijü Rtlboýkio sgy EJS Ývei sg dtmasüsgsa , amÜ pÜra rsiclÞ , ma lesabÜkei sa lÝra , siy pqoûpohÝreiy , sa jqisÞqia jai siy diadijarßey cia sg diemÝqceia sxm pqÜnexm molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy .
Modifications to the monetary policy framework The Governing Council of the ECB may , at any time , change the instruments , conditions , criteria and procedures for the execution of Eurosystem monetary policy operations .
PIMAJAR 1 PqÜneiy molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy PqÜneiy molirlasijÞy pokisijÞy Eßdg rtmakkacþm PaqovÞ Apoqqüugrg qetrsüsgsay qetrsüsgsay DiÜqjeia Rtvmüsgsa Diadijarßa
TABLE 1 Eurosystem monetary policy operations Monetary policy operations Types of transactions Provision of liquidity Absorption of liquidity Maturity Frequency Procedure
PqÜneiy amoijsÞy acoqÜy PqÜneiy jýqiay amavqglasodüsgrgy PqÜneiy pio lajqovqümiay amavqglasodüsgrgy PqÜneiy qýhlirgy sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay AmsirsqepsÝey pqÜneiy AmsirsqepsÝey pqÜneiy  AmsirsqepsÝey pqÜneiy  PqÜneiy amsakkacÞy molirlÜsxm   Dýo ebdolÜdey Sqeiy lÞmey Ebdoladiaßa Lgmiaßa SajsijÝy dglopqarßey SajsijÝy dglopqarßey  ¸ jsajsey dglopqarßey  Dileqeßy diadijarßey
Open market operations Main refinancing operations Longer-term refinancing operations Fine-tuning operations Reverse transactions Reverse transactions  Two weeks Weekly Standard tenders 
 PqÜneiy amsakkacÞy molirlÜsxm  ApodovÞ jasahÝrexm jahoqirlÝmgy diÜqjeiay
Standard tenders  Reverse  Foreign transactions exchange swaps  Foreign exchange swaps
Lg stpopoiglÝmg Lg jahoqirlÝmg
Non-standardised Non-regular
DiaqhqxsijÝy pqÜneiy
 Collection of fixedterm deposits  Reverse transactions
 AmsirsqepsÝey pqÜneiy OqirsijÝy acoqÝy OqirsijÝy pxkÞreiy AmsirsqepsÝey ¸ jdorg pirsopoipqÜneiy gsijþm vqÝoty OqirsijÝy acoqÝy OqirsijÝy pxkÞreiy  JasahÝreiy
 Quick tenders  Bilateral procedures Outright purchases Structural operations Reverse transactions Outright purchases Standing facilities Marginal lending facility Deposit facility Reverse transactions 
Dileqeßy diadijarßey StpopoiglÝmg / lg JahoqirlÝmg jai SajsijÝy stpopoiglÝmg lg jahoqirlÝmg dglopqarßey  Lg jahoqirlÝmg Dileqeßy diadijarßey Lßa glÝqa Lßa glÝqa Pqürbarg jasÜ sg diajqisijÞ etvÝqeia sxm amsirtlbakkolÝmxm Pqürbarg jasÜ sg diajqisijÞ etvÝqeia sxm amsirtlbakkolÝmxm
Bilateral procedures Standard tenders Bilateral procedures Issuance of debt Standardised / Regular and certificates non-standardised non-regular Outright sales  Non-regular
 Lg jahoqirlÝmg
 Deposits
PÜciey dietjokýmreiy Dietjüktmrg AmsirsqepsÝey oqiajÞy pqÜneiy vqglasodüsgrgy Dietjüktmrg  apodovÞy jasahÝrexm
Overnight Overnight Access at the discretion of counterparties Access at the discretion of counterparties
( 5 ) BkÝpe emüsgsey 6.6.1 jai 6.6.2 .
( 5 ) See Sections 6.6.1 and 6.6.2 .
Epßrglg Eugleqßda sxm Etqxpaújþm JoimosÞsxm JEUAKAIO 2
Official Journal of the European Communities CHAPTER 2
APODEJSOI AMSIRTLBAKKOLEMOI CemijÜ jqisÞqia jasakkgküsgsay Oi amsirtlbakkülemoi rsiy pqÜneiy molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy pqÝpei ma pkgqoým oqirlÝma jqisÞqia jasakkgküsgsay ( 6 ) .
ELIGIBLE COUNTERPARTIES General eligibility criteria Counterparties to Eurosystem monetary policy operations must fulfil certain eligibility criteria ( 6 ) .
Sa jqisÞqia atsÜ oqßfomsai jasÜ sqüpo þrse ma paqÝvesai re etqý uÜrla idqtlÜsxm pqürbarg rsiy pqÜneiy molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy , ma emirvýesai g ßrg lesaveßqirg sxm idqtlÜsxm re oküjkgqg sg fþmg sot etqþ jai ma enaruakßfesai üsi oi amsirtlbakkülemoi pkgqoým oqirlÝmey pqoûpohÝreiy apü sgm Üpowg sgy keisotqcßay soty jai sgy pqokgpsijÞy epopseßay :  Lümo sa idqýlasa pot tpüjeimsai rso rýrsgla ekÜvirsxm apohelasijþm sot EtqxrtrsÞlasoy rýluxma le so ¢ qhqo 19.1 sot Jasarsasijoý sot ERJS , lpoqoým ma epikecoým xy amsirtlbakkülemoi .
These criteria are defined with a view to giving a broad range of institutions access to Eurosystem monetary policy operations , enhancing equal treatment of institutions across the euro area and ensuring that counterparties fulfil certain operational and prudential requirements :  only institutions subject to the Eurosystem 's minimum reserve system according to Article 19.1 of the Statute of the ESCB are eligible to be counterparties .
Sa idqýlasa pot apakkÜrromsai apü siy tpovqeþreiy soty rso pkaßrio sot rtrsÞlasoy ekÜvirsxm apohelasijþm sot EtqxrtrsÞlasoy ( bkÝpe Emüsgsa 7.2 ) dem lpoqoým ma epikecoým xy amsirtlbakkülemoi rsiy pÜciey dietjokýmreiy jai siy pqÜneiy amoijsÞy acoqÜy sot EtqxrtrsÞlasoy .
Institutions which are exempt from their obligations under the Eurosystem 's minimum reserve system ( see Section 7.2 ) are not eligible to be counterparties to Eurosystem standing facilities and open market operations ,  counterparties must be financially sound .
PqÝpei ma tpüjeimsai re lßa sotkÜvirsom loquÞ emaqlomirlÝmgy re epßpedo EE / EOV epopseßay ej lÝqoty ehmijþm aqvþm ( 7 ) .
They should be subject to at least one form of EU / EEA harmonised supervision by national authorities ( 7 ) .