natgillin/translations-raw huggingface dataset:
Sa peqiotriajÜ rsoiveßa sgy deýseqgy bahlßday pqÝpei ma pkgqoým sa ajükotha ekÜvirsa jqisÞqia jasakkgküsgsay ( bkÝpe jai Pßmaja 4 ) :  Lpoqoým ma eßmai vqeücqaua ( diapqaclaseýrila Þ lg ) pot Ývotm a ) pqojahoqirlÝmo porü jeuakaßot , jai b ) sojoleqßdio so opoßo ma lg rtmepÜcesai aqmgsijÞ saleiajÞ qoÞ .
Tier-two assets have to fulfil the following minimum eligibility criteria ( see also Table 4 ) :  they can be debt instruments ( marketable or non-marketable ) having : ( a ) a predefined principal amount ; and ( b ) a coupon that cannot result in a negative cash flow .
EpipkÝom , so sojoleqßdio pqÝpei ma eßmai eßse : i ) lgdemijü sojoleqßdio , eßse ii ) sojoleqßdio rsaheqoý episojßot , eßse iii ) sojoleqßdio jtlaimülemot episojßot rtmdedelÝmo le Ýma episüjio amauoqÜy .
In addition , the coupon should be one of the following : ( i ) a zero coupon ; ( ii ) a fixed rate coupon ;
Sa vaqajsgqirsijÜ atsÜ pqÝpei ma tpÜqvotm re üko so diÜrsgla lÝvqi sgm apürberg sgy enaruakifülemgy tpovqÝxrgy .
Furthermore , inflation-indexed bonds are eligible . These features must be maintained until the redemption of the obligation .
Epßrgy lpoqoým ma eßmai lesovÝy ( pot aposekoým amsijeßlemo diapqaclÜsetrgy re oqcamxlÝmg acoqÜ , üpxy oqßfesai rsgm Odgcßa peqß Epemdtsijþm Tpgqeriþm ( 51 ) .
They can also be equities ( traded on a regulated market as defined in the Investment Services Directive ( 51 ) .
Oi lesovÝy pot ejdßdomsai apü pirsxsijÜ idqýlasa jai sa vqeücqaua pot ejdßdomsai apü pirsxsijÜ idqýlasa sa opoßa dem amsapojqßmomsai atrsgqþy rsa jqisÞqia sot ¢ qhqot 22 ( 4 ) sgy Odgcßay cia soty OREJA jasÜ jamüma dem hexqoýmsai jasÜkkgka cia ma rtlpeqikguhoým rsoty jasakücoty sgy deýseqgy bahlßday .
Equities issued by credit institutions and debt instruments issued by credit institutions which do not comply strictly with the criteria set out in Article 22 ( 4 ) of the UCITS Directive are normally not eligible for inclusion in the tier-two lists .
Xrsüro , g EJS lpoqeß ma enotriodosÞrei siy ehmijÝy jemsqijÝy sqÜpefey ma rtlpeqikÜbotm sÝsoiot eßdoty peqiotriajÜ rsoiveßa rsoty jasakücoty sgy deýseqgy bahlßday tpü oqirlÝmey pqoûpohÝreiy jai peqioqirloýy .
However , the ECB may authorise national central banks to include such assets in their tier-two lists subject to certain conditions and restrictions ,
PIMAJAR 4 ApodejsÜ peqiotriajÜ rsoiveßa cia siy pqÜneiy molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy JqisÞqia Pqþsg bahlßda Deýseqg bahlßda
TABLE 4 Eligible assets for Eurosystem monetary policy operations Criteria Tier-one Tier-two
Eßdoy peqiotriajoý rsoiveßot
Type of asset
 PirsopoigsijÜ vqÝoty sgy EJS  KoipÜ diapqaclaseýrila vqeücqaua ( 1 ) ( 2 )
 ECB debt certificates  Other marketable instruments ( 1 ) ( 2 ) debt
 Diapqaclaseýrila vqeücqaua ( 1 )  Lg diapqaclaseýrila cqaua ( 1 ) vqeü -  LesovÝy pot aposekoým amsijeßlemo diapqaclÜsetrgy re oqcamxlÝmg acoqÜ Diadijarßey diajamomirloý Oi sßskoi pqÝpei ma sgqoýmsai jemsqijÜ le kocirsijÞ loquÞ rsiy ehmijÝy jemsqijÝy sqÜpefey Þ re RDS pot pkgqoß sa ekÜvirsa pqüstpa sgy EJS .
 Marketable debt instruments ( 1 )  Non-marketable debt instruments  Equities traded on a regulated market Settlement procedures
 JemsqijÝy sqÜpefey  Dglürioy solÝay  Idixsijüy solÝay ( 3 )  DiehmÞ jai tpeqehmijÜ idqýlasa G ehmijÞ jemsqijÞ sqÜpefa pot Ývei rtlpeqikÜbei sa peqiotriajÜ rsqoiveßa rsom jasÜkoco sgy deýseqgy bahlßday pqÝpei ma Ývei etveqÞ pqürbarg r » atsÜ .
Instruments must be centrally deposited in book-entry form with national central banks or an SSS fulfilling the ECB 's minimum standards  Central banks  Public sector  Private sector ( 3 )  International and supranational institutions Assets must be easily accessible to the national central bank which has included them in its tier-two list
 Dglürioy solÝay  Idixsijüy solÝay ( 4 ) Jasgcoqßa ejdüsg
Type of issuer  Public sector  Private sector ( 4 )
( 49 ) Ejsüy apü sa peqiotriajÜ rsoiveßa sgy deýseqgy bahlßday pot cßmomsai apodejsÜ rsiy pqÜneiy molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy , g EJS lpoqeß ma enotriodosÞrei siy ehmijÝy jemsqijÝy sqÜpefey ma paqÝvotm emdogleqÞria pßrsxrg Ýmamsi vqeocqÜuxm sa opoßa jemsqijÝy sqÜpefey jqasþm-lekþm sgy EE ejsüy sgy fþmgy sot etqþ hexqoým apodejsÜ xy aruÜkeia cia sgm paqovÞ emdogleqÞriay pßrsxrgy jai sa opoßa : i ) bqßrjomsai re ejsüy sgy fþmgy sot etqþ vþqey sot EOV , ) iiÝvotm ejdoheß apü pqürxpa ecjasersglÝma re ejsüy sgy fþmgy sot etqþ vþqey sot EOV , jai iii ) eßmai ejuqarlÝma re molßrlasa sot EOV ( Þ re Ükka molßrlasa pot stcvÜmotm etqeßay diapqaclÜsetrgy ) .
( 49 ) In addition to the tier-two assets eligible for Eurosystem monetary policy operations , the ECB may authorise national central banks to grant intraday credit against debt instruments which are considered eligible for intraday credit by non-participating EU central banks and which are : ( i ) located in EEA countries outside the euro area ; ( ii ) issued by entities established in EEA countries outside the euro area ;
G Ýcjqirg sgy EJS paqÝvesai tpü som üqo üsi dem hßcesai g aposekerlasijÞ keisotqcßa jai g Ürjgrg jasÜkkgkot ekÝcvot ürom auoqÜ soty eidijoýy molijoýy jimdýmoty pot rtmdÝomsai le sÝsoiot eßdoty vqeücqaua .
The ECB 's authorisation will be subject to the preservation of operational efficiency and the exercise of appropriate control over the specific legal risks relating to such debt instruments .
Emsüy sgy fþmgy sot etqþ , sa vqeücqaua atsÜ dem lpoqoým ma vqgrilopoighoým re diartmoqiajÞ bÜrg ( dgkadÞ oi amsirtlbakkülemoi lpoqoým ma vqgrilopoiÞrotm atsÜ sa vqeücqaua lümo cia ma vqglasodosghoým apetheßay apü sgm ehmijÞ jemsqijÞ sqÜpefa rsgm opoßa Ývei episqÝwei g EJS ma paqÝvei emdogleqÞria pßrsxrg Ýmamsi sxm em kücx peqiotriajþm rsoiveßxm ) .
Within the euro area , these debt instruments may not be used on a cross-border basis ( i.e. counterparties may use these debt instruments only for receiving funds directly from the national central bank which has been authorised by the ECB to grant intraday credit against these assets ) .
50 ) Oi jasÜkocoi atsoß dglorieýomsai jai emgleqþmomsai re ebdoladiaßa bÜrg rsgm irsorekßda sgy EJS ( www.ecb.int ) .
( 50 ) These lists are published and updated daily on the ECB 's website ( www.ecb.int ) .
Cia sa lg elpoqeýrila ( peqiotriajÜ rsoiveßa jai sa vqeücqaua le peqioqirlÝmg qetrsüsgsa jai eidijÜ vaqajsgqirsijÜ sgy deýseqgy bahlßday , oi ehmijÝy jemsqijÝy sqÜpefey lpoqoým ma apouarßrotm ma lg apojakýpsotm pkgqouoqßey cia lelomxlÝmey ejdüreiy , ejdüsey / vqeþrsey Þ ecctgsÝy jasÜ sg dglorßetrg sxm ehmijþm jasakücxm sxm peqiotriajþm rsoiveßxm sgy deýseqgy bahlßday , ha pqÝpei ülxy ma paqÝvotm emakkajsijÝy pkgqouoqßey þrse oi amsirtlbakkülemoi re ükg sg fþmg sot etqþ ma lpoqoým eýjoka ma enajqibþrotm sgm jasakkgküsgsa emüy rtcjejqilÝmot peqiotriajoý rsoiveßot .
For non-marketable tier-two assets and debt instruments with restricted liquidity and special features , national central banks may decide not to disclose information on individual issues , issuers / debtors or guarantors in the publication of their national tier-two lists , but shall offer alternative information to ensure that counterparties throughout the euro area can easily ascertain the eligibility of a specific asset .
51 ) Odgcßa 93/22 / EOJ sot Rtlbotkßot sgy 10gy LaÀot 1993 rvesijÜ le siy epemdtsijÝy tpgqerßey rsom solÝa sxm jimgsþm aniþm , Epßrglg ( Eugleqßda sxm Etqxpaújþm JoimosÞsxm , L 141 sgy 11gy Iotmßot 1993 , rek .
51 ) Council Directive 93/22 / EEC of 10 May 1993 on investment services in the securities field ( OJ L 141 , 11.6.1993 , p. 27 ) .
EL JqisÞqia
EN Criteria
Epßrglg Eugleqßda sxm Etqxpaújþm JoimosÞsxm Pqþsg bahlßda Deýseqg bahlßda
Official Journal of the European Communities Tier-one Tier-two
PirsokgpsijÞ ijamüsgsa
Credit standard
So peqiotriajü rsoiveßo pqÝpei ma jqßmesai apü sgm EJS xy twgkÞy poiüsgsay ( emdevolÝmxy peqikalbÜmei jai eccýgrg apü ecctgsÞ sot EOV pot jqßmesai apü sgm EJS oijomolijÜ eýqxrsoy ) .
The asset must be deemed of high credit quality by the ECB ( which could include a guarantee of an EEA guarantor which is deemed financially sound by the ECB )
So peqiotriajü rsoiveßo pqÝpei ma jqßmesai apü sgm ehmijÞ jemsqijÞ sqÜpefa pot so Ývei rtlpeqikÜbei rsgm deýseqg bahlßda xy twgkÞy poiüsgsay ( emdevolÝmxy peqikalbÜmei eccýgrg apü ecctgsÞ sot EOV pot jqßmesai apü sgm em kücx ehmijÞ jemsqijÞ sqÜpefa oijomolijÜ eýqxrsoy ) .
The asset must be deemed of high credit quality by the national central bank which has included it in its tier-two list ( which could include a guarantee of a euro area guarantor which is deemed financially sound by the national central bank which has included the asset in its tier-two list ) Euro area
Fþmg sot etqþ Fþmg sot etqþ ( 6 ) Süpoy ecjasÜrsargy sot ejdüsg ( Þ sot ecctgsÞ ) Süpoy peqiotriajoý rsoiveßot
Place of establishment of the issuer ( or alternatively the guarantor ) Location of asset EEA ( 5 )
EOV ( 5 )  Süpoy Ýjdorgy : EOV  Süpoy diajamomirloý : fþmg sot etqþ ( 6 ) Etqþ ( 7 ) Mai
 Place of issue : EEA  Place of area ( 6 ) settlement : euro Euro area ( 6 )
Mülirla Pqoy tpülmgrg : DiartmoqiajÞ vqÞrg
Currency Memorandum item : Cross-border use
Etqþ ( 7 ) Mai
Euro ( 7 ) Yes
( 1 ) PqÝpei ma Ývotm a ) pqojahoqirlÝmo porü jeuakaßot , jai b ) sojoleqßdio so opoßo ma lgm rtmepÜcesai aqmgsijÞ saleiajÞ qoÞ .
( 1 ) They must have both : ( a ) a predefined principal amount ; and ( b ) a coupon that cannot result in a negative cash flow .
( 2 ) Sa vqeücqaua pot paqÝvotm dijaiþlasa epß sot jeuakaßot Þ / jai epß sxm süjxm enaqsþlema apü sa dijaiþlasa jolirsþm Ükkxm vqeocqÜuxm sot ßdiot ejdüsg ( Þ , rso pkaßrio dolglÝmgy Ýjdorgy , enaqsþlema apü Ükkey reiqÝy sgy ßdiay Ýjdorgy ) dem peqikalbÜmomsai rsgm pqþsg bahlßda .
( 2 ) Debt instruments affording rights to the principal and / or the interest that are subordinated to the rights of holders of other debt instruments of the same issuer ( or , within a structured issue , subordinated to other tranches of the same issue ) are excluded from tier-one .
3 ) Vqeücqaua pot ejdßdomsai apü pirsxsijÜ idqýlasa pot dem pkgqoým atrsgqþy sa jqisÞqia sot ¢ qhqot 22 ( 4 ) sgy Odg ( cßay cia soty OREJA ( Odgcßa 88/220 / EOJ , sqopopoigsijÞ sgy Odgcßay 85/611 / EOJ ) cßmomsai dejsÜ rsg pqþsg bahlßda tpü siy enÞy pqoûpohÝreiy : Pqþsom , jÜhe rtcjejqilÝmg Ýjdorg pqÝpei ma Ývei kÜbei diabÜhlirg pirsokgpsijÞy ijamüsgsay ( apü oßjo aniokücgrgy ) g opoßa ma rtmepÜcesai , jasÜ sg cmþlg sot EtqxrtrsÞlasoy , tugkÞ pirsokgpsijÞ diabÜhlirg sot vqeocqÜuot .
( 3 ) Debt instruments issued by credit institutions which do not comply strictly with the criteria set out in Article 22 ( 4 ) of the UCITS Directive ( Directive 88/220 / EEC amending Directive 85/611 / EEC ) are accepted in tier-one only under the following three conditions . First , each issue needs to be awarded a rating ( by a rating agency ) which indicates , in the view of the Eurosystem , that the debt instrument meets high credit standards .
G jasakkgküsgsa sxm vqeocqÜuxm pot ejdßdomsai rso pkaßrio pqocqÜllasoy ejdürexm jqßmesai le bÜrg sgm aniokücgrg jÜhe lelomxlÝmgy Ýjdorgy rso pkaßrio sot pqocqÜllasoy .
The eligibility of debt instruments issued under an issuance programme is assessed on the basis of an individual rating for each particular issue within that programme .
Deýseqom , sa vqeücqaua pqÝpei ma eßmai eirgclÝma Þ ma aposekoým amsijeßlemo diapqaclÜsehrgy re oqcamxlÝmg acoqÜ , üpxy atsÞ oqßfesai rsgm Odgcßa peqß Epemdtsijþm Tpgqeriþm ( Odgcßa 93/22 / EOJ ) .
Second , the debt instruments need to be listed or quoted on a regulated market as defined in the Investment Services Directive ( Directive 93/22 / EEC ) .
Sqßsom , sa vqeücqaua pqÝpei ma pkgqoým siy pqoûpohÝreiy sgy Odgcßay peqß Emgleqxsijþm Deksßxm ( Odgcßa 89/298 / EOJ ) .
Third , the debt instruments need to comply with the requirements of the Prospectus Directive ( Directive 89/298 / EEC ) .
( 4 ) Oi lesovÝy pot ejdßdomsai apü pirsxsijÜ idqýlasa jai sa vqeücqaua pot ejdßdomsai apü pirsxsijÜ idqýlasa pot dem pkgqoým atrsgqþy sa jqisÞqia sot ¢ qhqot 22 ( 4 ) sgy Odgcßay cia soty OREJA dem lpoqoým jasÜ jamüma ma rtlpeqikguhoým rsoty jasakücoty sgy deýseqgy bahlßday .
( 4 ) Equities issued by credit institutions and debt instruments issued by credit institutions which do not comply strictly with the criteria set out in Article 22 ( 4 ) of the UCITS Directive are normally not eligible for inclusion in tier-two lists .
Xrsüro g EJS dýmasai ma episqÝpei rsiy ehmijÝy jemsqijÝy sqÜpefey ma peqikalbÜmotm sÝsoioty sßskoty rsg deýseqg bahlßda soty tpü oqirlÝmey pqoûpohÝreiy jai peqioqirloýy .
However , the ECB may authorise national central banks to include such assets in their tier-two lists subject to certain conditions and restrictions .
( 5 ) G pqoûpüherg ma eßmai o ejdüsgy ecjasersglÝmoy rsom EOV dem irvýei pqojeilÝmot ma diehmÞ jai tpeqehmijÜ idqýlasa .
( 5 ) The requirement that the issuing entity be established in the EEA does not apply to international and supranational institutions .
6 ) Oýsxy þrse g rýrsarg jai g ejpoßgrg sot emevýqot ma tpüjeisai rso dßjaio liay vþqay sgy fþmgy sot etqþ .
( 6 ) So that perfection and realisation are subject to the law of a Member State of the euro area .
( ( 7 ) Apetheßay re etqþ Þ rsa ehmijÜ molßrlasa sgy fþmgy sot etqþ .
( 7 ) Expressed as such or in the national denominations of the euro .
 PqÝpei ma paqirsoým emovijÝy tpovqeþreiy Þ ma eßmai lesovÝy [ Þ tpü sgm eccýgrg ( 52 )] uoqÝxm pot hexqoýmsai oijomolijÜ eýqxrsoi apü sgm ehmijÞ jemsqijÞ sqÜpefa g opoßa peqiÝkabe sa peqiotriajÜ rsoiveßa rsom jasÜkoco sgy deýseqgy bahlßday .  G ehmijÞ jemsqijÞ sqÜpefa pot sa rtlpeqiÝkabe rsoty jasakücoty sxm peqiotriajþm rsoiveßxm sgy deýseqgy bahlßday pqÝpei ma Ývei eýjokg pqürbarg r » atsÜ .
 they must be debt obligations against or equities of ( or be guaranteed by ) ( 52 ) entities which are deemed to be financially sound by the national central bank which has included the assets in its tier-two list ,  they must be easily accessible to the national central bank which has included the assets in its tier-two list ,  they must be located in the euro area ( so that perfection and realisation are subject to the law of a euro-area country ) ,
 PqÝpei ma bqßrjomsai rsg fþmg sot etqþ ( þrse g rýrsarg jai g ejpoßgrg sot emevýqot ma tpüjeisai rso dßjaio liay vþqay sgy fýmgy sot etqþ ) .
( 52 ) Eligible guarantees must be unconditional and callable upon first demand .
( 52 ) Oi apodejsÝy ecctÞreiy pqÝpei ma eßmai Ümet üqxm jai aiqÝrexm jai ma jasapßpsotm re pqþsg fÞsgrg .
They must be effective under the law governing the guarantee and enforceable under the law of a euro-area country .
PqÝpei ma eßmai Ýcjtqey rýluxma le so dßjaio pot diÝpei sgm eccýgrg jai ma eßmai apaisgsÝy jai ejsekersÝy jasÜ so dßjaio liay vþqay sgy fþmgy sot etqþ . L 185/36
L 185/36 EN
 G omolarsijÞ soty anßa pqÝpei ma eßmai diastpxlÝmg re etqþ ( 53 ) .
 they must be denominated in euro ( 53 ) .
 PqÝpei eßse ma Ývotm ejdoheß eßse ma eßmai ecctglÝma apü pqürxpa ecjasersglÝma rsgm fþmg sot etqþ ) .
 they must be issued ( or , alternatively , guaranteed ) by entities established in the euro area .
Ajülg jai am peqikalbÜmomsai rsom jasÜkoco sgy deýseqgy bahlßday , o amsirtlbakkülemoy dem episqÝpesai ma pqorjolßrei xy aruÜkeia emovijÝy tpovqeþreiy Ýmamsi sot idßot Þ lesovÝy atsoý Þ opoiotdÞpose Ükkot pqorþpot le so opoßo diasgqeß rsemoýy derloýy ( 54 ) , jasÜ sgm Ýmmoia sot ¢ qhqot I ( 26 ) sgy Odgcßay 2000/12 / EE , rvvesijÜ le sgm amÜkgwg jai sgm Ürjgrg dqarsgqiüsgsay sxm pirsxsijþm idqtlÜsxm ( 55 ) ( 56 ) .
In spite of their inclusion in the tier-two lists , a counterparty shall not submit as underlying assets debt obligations against or equities of the counterparty , or any other entity with which the counterparty has close links which the counterparty has close links ( 54 ) , as defined in Article 1 ( 26 ) of Directive 2000/12 / EC relating to the taking up and pursuit of the business of credit institutions ( 55 ) ( 56 ) .
Ajülg jai am peqikalbÜmomsai rsom jasÜkoco sgy deýseqgy bahlßday , oi ehmijÝy jemsqijÝy sqÜpefey lpoqoým le apüuarÞ soty ma lgm dÝvomsai xy aruÜkeia sa enÞy peqiotriajÜ rsoiveßa :  vqeücqaua pot jahßrsamsai kgnipqüherla pqim apü sgm gleqolgmßa kÞnexy sgy pqÜngy molirlasijÞy pokisijÞy cia sgm opoßa vqgrilopoioýmsai xy aruÜkeia ( 57 ) ,  vqeücqaua pot apouÝqotm eirüdgla ( dgkadÞ pkgqxlÞ sojoleqidßot ) jasÜ so diÜrsgla Ýxy sgm gleqolgmßa kÞnexy sgy pqÜngy molirlasijÞy pokisijÞy cia sgm opoßa vqgrilopoioýmsai xy aruÜkeia ,  lesovÝy pot emrxlasþmotm dijaßxla pkgqxlÞy pÜrgy uýrexy Þ opoiodÞpose Ükko dijaßxla so opoßo lpoqeß ma epgqeÜrei sgm jasakkgküsgsÜ soty cia ma vqgrilopoighoým xy aruÜkeia cia so vqomijü diÜrsgla Ýxy sgm gleqolgmßa kÞnexy sgy pqÜngy molirlasijÞy pokisijÞy cia sgm opoßa vqgrilopoioýmsai xy aruÜkeia .
 debt instruments falling due for repayment before the maturity date of the monetary policy operation for which they are used as underlying assets ( 57 ) ,  debt instruments with an income flow ( e.g. a coupon payment ) occurring in the period until the maturity date of the monetary policy operation for which they are being used as underlying assets , or
Sa peqiotriajÜ rsoiveßa sgy deýseqgy bahlßday pot cßmomsai apodejsÜ rsiy pqÜneiy molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy lpoqoým ma vqgrilopoighoým re diartmoqiajÞ bÜrg , pqÜcla pot rglaßmei üsi Ýmay amsirtlbakkülemoy lpoqeß ma kÜbei jeuÜkaia apü sgm ehmijÞ jemsqijÞ sqÜpefa sot jqÜsoty-lÝkoty üpot eßmai ecjasersglÝmoy , vqgrilopoiþmsay peqiotriajÜ rsoiveßa etqirjülema re Ükko jqÜsoy lÝkoy ( bkÝpe Emüsgsa 6.6 ) . Sa peqiotriajÜ rsoiveßa sgy deýseqgy bahlßday cßmomsai apodejsÜ rsiy amsirsqepsÝey pqÜneiy amoijsÞy acoqÜy jahþy jai rso pkaßrio sgy dietjüktmrgy oqiajÞy vqglasodüsgrgy .
 equities with a payment of any kind or with any other right attached to them which may affect their suitability as underlying assets for the period until the maturity date of the monetary policy operation for which they are being used as underlying assets . Tier-two assets eligible for Eurosystem monetary policy operations may be used in a cross-border context , implying that a counterparty can receive funds from the national central bank of the Member State in which the counterparty is established by making use of assets located in another Member State ( see Section 6.6 ) .
JasÜ jamüma dem vqgrilopoioýmsai rsiy oqirsijÝy pqÜneiy sot EtqxrtrsÞlasoy .
Tier-two assets are eligible for reverse open market transactions and the marginal lending facility .
6.4 . LÝsqa ekÝcvot jimdýmxm
They are not normally used in Eurosystem outright transactions . 6.4 .
Rsa peqiotriajÜ rsoiveßa pot vqgrilopoioýmsai xy aruÜkeia rsiy pqÜneiy molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy euaqlüfomsai lÝsqa ekÝcvot jimdýmxm , þrse ma pqorsaseýesai so Etqxrýrsgla apü som jßmdtmo ma tporseß oijomolijÞ fglßa re peqßpsxrg jasÜ sgm opoßa , epeidÞ Ýmay amsirtlbakkülemoy dem ejpkgqþmei siy tpovqeþreiy sot , ha paqarseß amÜcjg ma ejpoighoým sa peqiotriajÜ rsoiveßa pot paqÝvomsai xy aruÜkeia .
Risk control measures Risk control measures are applied to the assets underlying Eurosystem monetary policy operations in order to protect the Eurosystem against the risk of financial loss if underlying assets have to be realised owing to the default of a counterparty .
Sa lÝsqa ekÝcvot jimdýmxm pot Ývei rsg diÜherÞ sot so Etqxrýrsgla peqicqÜuomsai rso pkaßrio 7 .
The risk control measures at the disposal of the Eurosystem are described in Box 7 .
( 53 ) Apetheßay re etqþ Þ rsa ehmijÜ molßrlasa sgy fþmgy sot etqþ .
( 53 ) Expressed as such or in the national denominations of the euro .
( 54 ) EÜm o amsirtlbakkülemoy vqgrilopoieß peqiotriajÜ rsoiveßa sa opoßa , kücx sgy ýpaqngy rsemþm derlþm , dem lpoqoým ma vqgrilopoighoým apü atsüm cia enaruÜkirg amenüukgsgy pßrsxrgy , tpovqeoýsai ma emgleqþrei alÝrxy sgm oijeßa ehmijÞ jemsqijÞ sqÜpefa .
( 54 ) In the event that a counterparty is using assets that , owing to the existence of close links , it may not use to secure an outstanding credit , it is obliged to immediately notify the relevant national central bank thereof .
, amauÝqei epß kÝnei sa enÞy : « Rsemoß derloß : g jasÜrsarg jasÜ sgm opoßa dýo Þ peqirrüseqa utrijÜ Þ molijÜ pqürxpa rtmdÝomsai lÝrx : a ) rtllesovÞy , dgkadÞ sgy Ülergy Þ di » emüy derloý ekÝcvot , jasovÞy sot 20 % Þ Ümx sxm dijaixlÜsxm wÞuot Þ sot jeuakaßot liay epiveßqgrgy Þ b ) derloý ekÝcvot , dgkadÞ lÝrx sot derloý pot tpÜqvei lesaný liay lgsqijÞy epiveßqgrgy jai liay htcasqijÞy , re ükey siy peqipsþreiy pot amauÝqotm oi paqÜcqauoi 1 jai 2 sot ¢ qhqot 1 sgy Odgcßay 83/349 / EOJ Þ lÝrx liay rvÝrgy sgy ßdiay uýrexy , lesaný opoiotdÞpose utrijoý Þ molijoý pqorþpot jai liay epiveßqgrgy .
( 55 ) Article 1 ( 26 ) of Directive 2000/12 / EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions ( OJ L 126 , 26.5.2000 , p. 1 ) , reads as follows :  Close links shall mean a situation in which two or more natural or legal persons are linked by : ( a ) participation , which shall mean the ownership , direct or by way of control , of 20 % or more of the voting rights or capital of an undertaking , or ( b ) control , which shall mean the relationship between a parent undertaking and a subsidiary , in all the cases referred to in Article 1 ( 1 ) and ( 2 ) of Directive 83/349 / EEC , or a similar relationship between any natural or legal person and an undertaking ; any subsidiary undertaking of a subsidiary undertaking shall also be considered a subsidiary of the parent undertaking which is at the head of those undertakings .
Hexqeßsai epßrgy üsi dgliotqceß rsemoýy derloýy lesaný dýo Þ peqirrosÝqxm pqorþpxm utrijþm Þ molijþm lia jasÜrsarg jasÜ sgm opoßa sa pqürxpa atsÜ rtmdÝomsai rsaheqÜ le so atsü pqürxpo diÜ derloý ekÝcvot .»
( 56 ) This provision does not apply to : ( i ) close links between the counterparty and the public authorities of EEA countries ; ( ii ) trade bills , for which at least one entity ( other than a credit institution ) is liable in addition to the counterparty ;
56 ) G diÜsang atsÞ dem irvýei pqojeilÝmot cia : i ) rsemoýy derloýy lesaný sot amsirtlbakkolÝmot jai sxm dglürixm aqvþm sxm vxqþm sot ( EOV , ii ) elpoqijÜ cqallÜsia üpot sgm emovijÞ ethýmg uÝqei , ejsüy sot amsirtlbakkolÝmot , sotkÜvirsom Ükko Ýma pqürxpo ( üvi pirsxsijü ßdtla ) , iii ) vqeücqaua pot pkgqoým atrsgqþy sa jqisÞqia sot ¢ qhqot 22 ( 4 ) sgy Odgcßay cia soty OREJA ( Odgcßa 88/220 / EOJ sqopopoigsijÞ sgy Odgcßay 85/611 / EOJ ) Þ iv ) peqipsþreiy jasÜ siy opoßey sa vqeücqaua jakýpsomsai apü rtcjejqilÝmey molijÝy diaruakßreiy rtcjqßriley le ejeßmey sgy peqßpsxrgy iii ) .
( iii ) debt instruments which comply strictly with the criteria set out in Article 22 ( 4 ) of the UCITS Directive ( Directive 88/220 / EEC amending Directive 85/611 / EEC ) ; or ( iv ) cases in which debt instruments are protected by specific legal safeguards comparable with ( iii ) .
( 57 ) EÜm stvüm oi ehmijÝy jemsqijÝy sqÜpefey episqÝwotm sg vqÞrg sßskxm le diÜqjeia lijqüseqg sxm pqÜnexm molirlasijÞy pokisijÞy cia siy opoßey vqgrilopoioýmsai xy aruÜkeia , oi amsirtlbakkülemoi ha pqÝpei ma amsijasarsÞrotm sa em kücx peqiotriajÜ rsoiveßa jasÜ sg kÞng soty Þ jai pqim apü sg kÞng ..
57 ) If the national central banks were to allow the use of instruments with a maturity shorter than the monetary policy operations for ( which they serve as underlying assets , counterparties would be required to replace such assets at , or prior to , maturity .
PKAIRIO 7 LÝsqa ekÝcvot jimdýmxm  AqvijÜ peqihþqia So Etqxrýrsgla euaqlüfei aqvijÜ peqihþqia rsiy amsirsqepsÝey pqÜneiy pot diemeqceß le rjopü sgm paqovÞ qetrsüsgsay .
BOX 7 Risk control measures  Initial margins The Eurosystem applies initial margins in its liquidity-providing reverse transactions .
Atsü rtmepÜcesai üsi oi amsirtlbakkülemoi pqÝpei ma paqÝvotm xy aruÜkeia peqiotriajÜ rsoiveßa sxm opoßxm g anßa ma eßmai sotkÜvirsom ßrg le sg qetrsüsgsa pot paqÝvei so Etqxrýrsgla pkÝom so aqvijü peqihþqio .
This implies that counterparties need to provide underlying assets with a value at least equal to the liquidity provided by the Eurosystem plus the value of the initial margin .