natgillin/translations-raw huggingface dataset:
Le bÜrg so rjopü soty , so am diemeqcoýmsai re sajsÜ vqomijÜ diarsÞlasa Þ ejsÜjsxy jai siy ajokothoýlemey diadijarßey , oi pqÜneiy amoijsÞy acoqÜy sot EtqxrtrsÞlasoy diajqßmomsai re sÝrreqiy jasgcoqßey : pqÜneiy jýqiay amavqglasodüsgrgy , pqÜneiy pio lajqopqüherlgy amavqglasodüsgrgy , pqÜneiy enolÜktmrgy sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay jai diaqhqxsijÝy pqÜneiy .
The ratios are used to calculate reserve requirements . Reserve requirement : the requirement for institutions to hold minimum reserves with the central bank .
¼ rom auoqÜ sa lÝra pot vqgrilopoioýmsai , oi amsirsqepsÝey pqÜneiy eßmai sa jtqiüseqa lÝra amoijsÞy acoqÜy sot EtqxrtrsÞlasoy jai lpoqoým ma vqgrilopoighoým jai rsiy sÝrreqiy jasgcoqßey pqÜnexm .
Within the minimum reserve framework of the Eurosystem , the reserve requirement of a credit institution is calculated by multiplying the reserve ratio for each category of items in the reserve base with the amount of those items on the institution 's balance sheet .
EpipkÝom , oi diaqhqxsijÝy pqÜneiy lpoqoým ma kÜbotm sg loquÞ Ýjdorgy pirsopoigsijþm vqÝoty jai oqirsijþm pqÜnexm , emþ oi pqÜneiy enolÜktmrgy sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay lpoqoým ma kÜbotm sg loquÞ oqirsijþm pqÜnexm , pqÜnexm amsakkacÞy molirlÜsxm jai apodovÞy jasahÝrexm jahoqirlÝmgy diÜqjeiay .
In addition , institutions deduct a lump-sum allowance from their reserve requirement .
PqÜng amsakkacÞy molirlÜsxm ( foreign exchange swap ) : pqÜng pot peqikalbÜmei dýo satsüvqomey rtmakkacÝy , lßa Ülerg ( spot ) jai lßa pqoherliajÞ ( forward ) , üpot amsakkÜrresai Ýma mülirla le Ükko .
Reverse transaction : an operation whereby the national central bank buys or sells assets under a repurchase agreement or conducts credit operations against collateral .
So Etqxrýrsgla diemeqceß pqÜneiy amoijsÞy acoqÜy le sg loquÞ amsakkacÞy molirlÜsxm , üpot oi ehmijÝy jemsqijÝy sqÜpefey ( Þ g EJS ) acoqÜfotm ( Þ pxkoým ) etqþ le Ülerg rtmakkacÞ Ýmamsi nÝmot molßrlasoy jai satsüvqoma sa epamapxkoým ( Þ sa epamacoqÜfotm ) le pqoherliajÞ rtmakkacÞ .
RTGS ( real-time gross settlement ) system : a settlement system in which processing and settlement take place on an order-by-order basis ( without netting ) in real time ( continuously ) . See also TARGET system .
PqÜng enolÜktmrgy sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay ( fine-tuning operation ) : pqÜng amoijsÞy acoqÜy sgm opoßa diemeqceß ejsÜjsxy so Etqxrýrsgla , le jýqio rjopü ma amsilesxpßrei aiumßdiey diajtlÜmreiy sgy qetrsüsgsay rsgm acoqÜ . PqÜng jýqiay amavqglasodüsgrgy ( main refinancing operation ) : sajsijÞ pqÜng amoijsÞy acoqÜy pot diemeqceßsai apü so Etqxrýrsgla le sg loquÞ amsirsqepsÝay pqÜngy .
Safe custody account : a securities account managed by the central bank on which credit institutions can place securities deemed suitable to back central bank operations . Securities settlement system ( SSS ) : a system which permits the holding and transfer of securities or other financial assets , either free of payment ( FOP ) or against payment ( delivery versus payment ) .
Oi pqÜneiy jýqiay amavqglasodüsgrgy diemeqcoýmsai lÝrx ebdoladiaßxm sajsijþm dglopqariþm jai Ývotm diÜqjeia dýo ebdolÜdxm . L 185/66
L 185/66 EN
PqÜng le rtluxmßa epamacoqÜy ( repo operation ) : amsirsqepsÝa pqÜng paqovÞy qetrsüsgsay bÜrei rtluxmßay epamacoqÜy .
Settlement account : an account held by a direct participant in a national RTGS system with the central bank for the purpose of processing payments .
PqÜng pio lajqopqüherlgy amavqglasodüsgrgy ( longer-term refinancing operation ) : sajsijÞ pqÜng amoijsÞy acoqÜy pot diemeqceßsai apü so Etqxrýrsgla le sg loquÞ amsirsqepsÝay pqÜngy . Oi pqÜneiy pio lajqopqüherlgy amavqglasodüsgrgy diemeqcoýmsai lÝrx lgmiaßxm sajsijþm dglopqariþm jai Ývotm diÜqjeia sqiþm lgmþm .
Settlement agent : an institution which manages the settlement process ( e.g. the determination of settlement positions , the monitoring of payment exchanges , etc .) for transfer systems or other arrangements requiring settlement .
RDRV ( Rýrsgla diajamomirloý re rtmevÞ vqümo ) ( RTGS  real-time gross settlement system ) : rýrsgla diajamomirloý so opoßo epeneqcÜfesai jai diajamomßfei emsokÝy lßa pqoy lßa ( vxqßy rtlwguirlü ) re pqaclasijü vqümo ( rtmevþy ) . BkÝpe jai TARGET .
Settlement date : the date on which a transaction is settled . The settlement might take place on the same day as the trade ( same-day settlement ) or one or several days after the trade ( the settlement date is specified as the trade date ( T ) + the settlement lag ) .
Rgleßo emeqcopoßgrgy ( trigger point ) : pqojahoqirlÝmo epßpedo sgy anßay sgy paqarveheßray qetrsüsgsay rso opoßo emeqcopoießsai o lgvamirlüy jÜktwgy diauoqþm aposßlgrgy . Rsemoß derloß ( close links ) : so ¢ qhqo 1 ( 26 ) sgy Odgcßay 2000/12 / EJ sot Etqxpaújoý Joimobotkßot jai sot Rtlbotkßot sgy 20Þy Laqsßot 2000 rvesijÜ le sgm amÜkgwg jai sgm Ürjgrg dqarsgqiüsgsay pirsxsijþm idqtlÜsxm oqßfei sa enÞy :
Single rate auction ( Dutch auction ) : an auction in which the allotment interest rate ( or price / swap point ) applied for all satisfied bids is equal to the marginal interest rate . Solvency risk : the risk of loss owing to the failure ( bankruptcy ) of an issuer of a financial asset or to the insolvency of the counterparty .
« 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 Üqhqot 1 sgy odgcßay 83/349 / EOJ Þ lÝrx liay rvÝrgy sgy ßdiay uýrexy , lesaný opoiotdÞpose utrijoý Þ molijoý pqorþpot jai liay epiveßqgrgy .
Standard tender : a tender procedure used by the Eurosystem in its regular open market operations .
JÜhe htcasqijÞ epiveßqgrg liay Ükkgy htcasqijÞy epiveßqgrgy hexqeßsai jai atsÞ xy htcasqijÞ sgy lgsqijÞy epiveßqgrgy pot eßmai epijeuakÞy sxm em kücx epiveiqÞrexm .
Standard tenders are carried out within a time frame of 24 hours .
Rtcjemsqxsijü rýrsgla ( pooling system ) : bkÝpe rýrsgla rtcjÝmsqxrgy sxm aruakeiþm . Rtlbasijüy sqüpoy tpokocirloý gleqþm ( day-count convention ) : o rtlbasijüy sqüpoy le som opoßo jahoqßfomsai oi glÝqey cia siy opoßey kocßfomsai süjoi re lia pßrsxrg .
All counterparties fulfilling the general eligibility criteria are entitled to submit bids in standard tenders .
Rtluxmßa epamacoqÜy ( repurchase agreement ) : rtluxmßa le sgm opoßa pxkeßsai Ýma peqiotriajü rsoiveßo , emþ satsüvqoma o pxkgsÞy apojsÜ so dijaßxla jai amakalbÜmei sgm tpovqÝxrg ma so epamacoqÜrei le jahoqirlÝmg silÞ re jÜpoia lekkomsijÞ gleqolgmßa Þ üsam sot fgsgheß . G rtluxmßa atsÞ eßmai paqüloia le so dameirlü Ýmamsi emevýqot , le sg diauoqÜ üsi o pxkgsÞy dem paqajqaseß sgm jtqiüsgsa sxm sßskxm .
Standardised deduction : the fixed percentage of the outstanding amount of debt securities with an agreed maturity up to two years and of money market paper which can be deducted from the reserve base by the issuers which cannot present evidence that such outstanding amount is held by other institutions subject to the minimum reserve system of the Eurosystem , by the ECB or by a national central bank .
Rýmderg lesaný rtrsglÜsxm diajamomirloý sßskxm ( link between securities settlement systems ) : g rýmderg aposekeßsai apü ükey siy diadijarßey jai qthlßreiy oi opoßey tpÜqvotm lesaný dýo rtrsglÜsxm diajamomirloý sßskxm ( RDS ) cia sg lesabßbarg sßskxm lesaný sxm em kücx RDS lÝrx kocirsijþm eccqauþm .
Standing facility : a central bank facility available to counterparties at their own initiative .
RtmhÞjg ( Treaty ) : g RtmhÞjg ßdqtrgy sgy EtqxpaújÞy Joimüsgsay ( Þ RtmhÞjg sgy EtqxpaújÞy Joimüsgsay ) .
The Eurosystem offers two overnight standing facilities : the marginal lending facility and the deposit facility .
RtmsekersÞy ekÜvirsxm apohelasijþm ( reserve ratio ) : rtmsekersÞy som opoßo jahoqßfei g jemsqijÞ sqÜpefa cia jÜhe jasgcoqßa sxm rsoiveßxm sot irokocirloý pot peqikalbÜmomsai rsg bÜrg tpokocirloý sxm tpovqexsijþm ekÜvirsxm apohelasijþm .
Start date : the date on which the first leg of a monetary policy operation is settled .
Rýrsgla amsapojqisqiþm jemsqijþm sqapefþm ( RAJS ) ( correspondent central banking model  CCBM ) : lgvamirlüy pot jahieqþhgje apü so Etqxpaújü Rýrsgla Jemsqijþm Sqapefþm ( ERJS ) þrse ma episqÝpei rsoty amsirtlbakkolÝmoty sg rýrsarg aruakeiþm epß peqiotriajþm rsoiveßxm re diartmoqiajÞ bÜrg . Rso pkaßrio sot RAJS , oi ehmijÝy jemsqijÝy sqÜpefey emeqcoým xy helasouýkajey g lßa cia kocaqiarlü sgy Ükkgy .
The start date corresponds to the purchase date for operations based on repurchase agreements and foreign exchange swaps . Strip ( separate trading of interest and principal ) : a zero coupon bond created in order to trade separately the claims on particular cash flows of a security and the principal of the same instrument .
Atsü rglaßmei üsi jÜhe ehmijÞ jemsqijÞ sqÜpefa sgqeß Ýma kocaqiarlü diaveßqirgy sßskxm cia jaheliÜ apü siy koipÝy ehmijÝy jemsqijÝy sqÜpefey ( jai cia sgm EJS ) . Rýrsgla Ütkxm sßskxm ( book-entry system ) : kocirsijü rýrsgla pot episqÝpei sg lesabßbarg sßskxm jai Ükkxm vqglasoooijomolijþm peqiotriajþm rsoiveßxm vxqßy sg lesajßmgrg sot rþlasoy sxm rvesijþm eccqÜuxm Þ paqarsasijþm ( p.v. sgm gkejsqomijÞ lesabßbarg sßskxm ) .
Structural operation : an open market operation executed by the Eurosystem mainly in order to adjust the structural liquidity position of the financial sector vis-à-vis the Eurosystem .
Rýrsgla diajamomirloý ( gross settlement system ) : rýrsgla lesabßbargy jeuakaßxm Þ sßskxm , üpot oi emsokÝy lesabßbargy vqglasijþm porþm Þ sßskxm diajamomßfomsai lßa pqoy lßa .
Swap point : the difference between the exchange rate of the forward transaction and the exchange rate of the spot transaction in a foreign exchange swap .
Rýrsgla diajamomirloý sßskxm ( RDS ) ( securities settlement system  SSS ) : rýrsgla pot episqÝpei sg diajqÜsgrg jai lesabßbarg sßskxm Þ Ükkxm vqglasooijomolijþm peqiotriajþm rsoiveßxm , eßse vxqßy pkgqxlÞ eßse Ýmamsi pkgqxlÞy ( bkÝpe rýrsgla satsüvqomgy paqÜdorgy jai pkgqxlÞy ) .
TARGET ( Trans-European automated real-time gross settlement express transfer ) system : the real-time gross settlement system for the euro .
Rýrsgla eneidßjetrgy sxm aruakeiþm ( collateral earmarking system ) : rýrsgla le so opoßo oi jemsqijÝy sqÜpefey diaveiqßfomsai siy paqevülemey aruÜkeiey jai rýluxma le so opoßo g qetrsüsgsa paqÝvesai Ýmamsi peqiotriajþm rsoiveßxm pot amsirsoivßfomsai jÜhe epilÝqoty rtmakkacÞ .
It is a decentralised system consisting of 15 national RTGS systems , the ECB payment mechanism and the interlinking mechanism .
Rýrsgla rtcjÝmsqxrgy sxm aruakeiþm ( collateral pooling system ) : rýrsgla le so opoßo oi jemsqijÝy sqÜpefey diaveiqßfomsai siy paqevülemey aruÜkeiey .
Tender procedure : a procedure in which the central bank provides liquidity to or withdraws liquidity from the market on the basis of bids submitted by counterparties in competition with each other .
peqiotkriajÜ rsoiveßa cia ma sa vqgrilopoiÞrotm xy aruÜkeia rsiy rtmakkacÝy soty le sgm jemsqijÞ sqÜpefa .
The most competitive bids are satisfied with priority until the total amount of liquidity to be provided or withdrawn by the central bank is exhausted .
Amsßhesa le ü , si rtlbaßmei rso rýrsgla eneidßjetrgy sxm aruakeiþm , rso rýrsgla rtcjÝmsqxrgy sxm aruakeiþm sa peqiotriajÜ rsoiveßa dem amsirsoivßfomsai pqoy epilÝqoty rtmakkacÝy .
Tier-one asset : a marketable asset fulfilling certain uniform euro area-wide eligibility criteria specified by the ECB .
Rýrsgla satsüvqomgy paqÜdorgy jai pkgqxlÞy ( DVP  delivery versus / against payment system ) : lgvamirlüy rso pkaßrio rtrsÞlasoy diajamomirloý so opoßo keisotqceß le bÜrg sgm aqvÞ sgy pkgqxlÞy sot amsisßlot le satsüvqomg paqÜdorg sgy anßay ( exchange for value ) , pot enaruakßfei üsi g oqirsijÞ lesabßbarg sxm peqiotriajþm rsoiveßxm ( sßskxm Þ Ükkxm vqglasodosijþm lÝrxm ) epÝqvesai eÜm , jai lümom eÜm , cßmei g oqirsijÞ lesabßbarg emüy Þ peqirrüseqxm Ükkxm peqiotriajþm rsoiveßxm .
Tier-two asset : a marketable or non-marketable asset for which specific eligibility criteria are established by the national central banks , subject to ECB approval .
SajsijÞ dglopqarßa ( standard tender ) : diadijarßa dglopqarßay sgm opoßa vqgrilopoieß so Etqxrýrsgla rsiy sajsijÝy pqÜneiy amoijsÞy acoqÜy pot diemeqceß .
Trade date ( T ) : the date on which a trade ( i.e. an agreement on a financial transaction between two counterparties ) is struck .
Dijaßxla tpobokÞy pqoruoqþm rsiy sajsijÝy dglopqarßey Ývotm ükoi oi amsirtlbakkülemoi pot pkgqoým sa cemijÜ jqisÞqia jasakkgküsgsay . TARGET ( Dietqxpaújü AtsolasopoiglÝmo Rýrsgla Saveßay LesauoqÜy Jeuakaßxm re RtmevÞ Vqümo ) ( TARGET  Trans-European Automated Real-time Gross settlement Express Transfer system ) : so rýrsgla diajamomirloý re rtmevÞ vqümo cia pkgqxlÝy re etqþ .
The trade date might coincide with the settlement date for the transaction ( same-day settlement ) or precede the settlement date by a specified number of business days ( the settlement date is specified as T + the settlement lag ) .
Eßmai Ýma apojemsqxlÝmo rýrsgla pot aposekeßsai apü sa 15 ehmijÜ RDRV , so lgvamirlü pkgqxlþm sgy EJS jai so Lgvamirlü Diarýmdergy . SÝkoy sgy glÝqay ( end-of-day ) : g þqa sgy eqcÜrilgy glÝqay ( lesÜ so jkeßrilo sot rtrsÞlasoy TARGET ) jasÜ sgm opoßa oi pkgqxlÝy pot diajamomßfomsai lÝrx sot rtrsÞlasoy TARGET jahßrsamsai oqirsijÝy cia sg rtcjejqilÝmg glÝqa .
Treaty : the Treaty establishing the European Community ( or EC Treaty ) . It comprises the original EEC Treaty ( Treaties of Rome ) as amended .
Sgqoýlema apohelasijÜ ( reserve holdings ) : sa porÜ pot sgqoým oi amsirtlbakkülemoi rsoty kocaqiarloýy ekÜvirsxm apohelasijþm soty cia ma jakýwotm sa tpovqexsijÜ ekÜvirsa apohelasijÜ .
Trigger point : a pre-specified level of the value of the liquidity provided at which a margin call is executed .
SilÞ acoqÜy ( purchase price ) : g silÞ le sgm opoßa pxkoýmsai Þ pqüjeisai ma pxkghoým sa peqiotriajÜ rsoiveßa apü som pxkgsÞ pqoy som acoqarsÞ .
Valuation date : the date on which the assets underlying credit operations are valued .
SilÞ epamacoqÜy ( repurchase price ) : g silÞ le sgm opoßa o acoqarsÞy tpovqeoýsai ma epamapxkÞrei sa peqiotriajÜ rsoiveßa rsom pxkgsÞ rso pkaßrio liay rtmakkacÞy le bÜrg rtluxmßa epamacoqÜy .
15.7.2002 EN
G silÞ epamacoqÜy iroýsai le sgm silÞ acoqÜy rtm sg diauoqÜ silÞy g opoßa amsirsoiveß rsom süjo pot jasabÜkkesai epß sgy paqarveheßray qetrsüsgsay jasÜ sg diÜqjeia sgy pqÜngy .
Official Journal of the European Communities L 185/67
Sßskoy jtlaimülemot episojßot ( floating rate instrument ) : vqglasooijomolijü lÝro sot opoßot so sojoleqßdio epamajahoqßfesai peqiodijÜ le bÜrg Ýma deßjsg amauoqÜy , þrse ma amsamajkÜ siy lesabokÝy sxm bqavtpqüherlxm Þ lajqopqüherlxm episojßxm sgy acoqÜy . Oi sßskoi jtlaimülemot episojßot Ývotm eßse ej sxm pqosÝqxm jahoqifülemo sojoleqßdio eßse ej sxm trsÝqxm jahoqifülemo sojoleqßdio .
Valuation haircut : a risk control measure applied to underlying assets used in reverse transactions , implying that the central bank calculates the value of underlying assets as the market value of the assets reduced by a certain percentage ( haircut ) .
Sßskoy le amsirsqüuxy jtlaimülemo episüjio ( inverse floating rate instrument ) : sßskoy sot opoßot o jÜsovoy eirpqÜssei süjo amsirsqüuxy amÜkoco pqoy sg lesabokÞ emüy oqirlÝmot episojßot amauoqÜy .
The Eurosystem applies valuation haircuts reflecting features of the specific assets , such as the residual maturity .
Sßskoy rsaheqoý episojßot ( fixed rate instrument ) : vqglasooijomolijü lÝro sot opoßot so sojoleqßdio eßmai jahoqirlÝmo cia oküjkgqg sg diÜqjeia fxÞy sot sßskot .
Variable rate tender : a tender procedure whereby the counterparties bid both the amount of money they want to transact with the central bank and the interest rate at which they want to enter into the transaction .
SqapefijÝy eqcarßey lÝrx amsapojqisþm ( correspondent banking ) : qýhlirg bÜrei sgy opoßay Ýma pirsxsijü ßdqtla paqÝvei re Ýma Ükko pirsxsijü ßdqtla tpgqerßey pkgqxlþm jai Ükkey tpgqerßey .
Variation margin ( or marking to market ) : the Eurosystem requires that a specified margin be maintained over time on the underlying assets used in its liquidity-providing reverse transactions .
Oi pkgqxlÝy lÝrx amsapojqisþm rtvmÜ diemeqcoýmsai lÝrx akkgküvqexm kocaqiarlþm ( kocaqiarlþm « nostro » jai « loro » ) , oi opoßoi lpoqoým ma tpavhoým re pÜcia pirsxsijÜ üqia .
This implies that if the regularly measured market value of the underlying assets falls below a certain level , counterparties have to supply additional assets ( or cash ) .
TpovqÝxrg sÞqgrgy ekÜvirsxm apohelasijþm ( reserve requirement ) : g tpovqÝxrg sxm pirsxsijþm idqtlÜsxm ma sgqoým ekÜvirsa apohelasijÜ jasaseheilÝma rsgm jemsqijÞ sqÜpefa . Rso pkaßrio sot rtrsÞlasoy ekÜvirsxm apohelasijþm sot EtqxrtrsÞlasoy , pqojeilÝmot ma tpokocirsoým sa ekÜvirsa apohelasijÜ emüy pirsxsijoý idqýlasoy , pokkapkariÜfesai o rtmsekersÞy ekÜvirsxm apohelasijþm cia jÜhe jasgcoqßa tpovqeþrexm pot peqikalbÜmesai rsg bÜrg tpokocirloý sxm apohelasijþm epß sa porÜ sxm amsßrsoivxm rsoiveßxm sot irokocirloý sot idqýlasoy .
Similarly , if the market value of the underlying assets , following their revaluation , were to exceed the amount owed by a counterparty plus the variation margin , the central bank would return the excess assets ( or cash ) to the counterparty . Volume tender : see fixed rate tender .
EpipkÝom , sa idqýlasa euaqlürotm lia euÜpan apakkacÞ , g opoßa ejpßpsei apü sa tpovqexsijÜ ekÜvirsa apohelasijÜ soty . TpovqexsijÜ ekÜvirsa apohelasijÜ ( minimum reserves ) : bkÝpe tpovqÝxrg sÞqgrgy ekÜvirsxm apohelasijþm .
Zero coupon bond : a security paying only one cash flow during its life . For the purpose of this document , zero coupon bonds include securities issued at a discount and securities which deliver a single coupon at maturity .
¿ qa EJS ( ECB time ) : g þqa sot süpot üpot edqeýei g EJS .
A strip is a special type of zero coupon bond .
L 185/68
L 185/68
PAQAQSGLA 3 EpikocÞ sxm amsirtlbakkolÝmxm cia siy paqelbÜreiy rsgm acoqÜ rtmakkÜclasoy jai siy pqÜneiy amsakkacÞy molirlÜsxm pot diemeqcoýmsai cia soty rjopoýy sgy molirlasijÞy pokisijÞy JasÜ sgm epikocÞ sxm amsirtlbakkolÝmxm cia siy paqelbÜreiy rsgm acoqÜ rtmakkÜclasoy jai siy pqÜneiy amsakkacÞy molirlÜsxm pot diemeqcoýmsai cia soty rjopoýy sgy molirlasijÞy pokisijÞy , ajokotheßsai oloiüloqug pqorÝccirg , amenÜqsgsa apü so epikecülemo oqcamxsijü rvÞla cia siy enxseqijÝy rtmakkacÝy sot EtqxrtrsÞlasoy .
ANNEX 3 Selection of counterparties for foreign exchange intervention operations and foreign exchange swaps for monetary policy purposes The selection of counterparties for foreign exchange intervention operations and foreign exchange swaps for monetary policy purposes follows a uniform approach irrespective of the chosen organisational set up for the Eurosystem 's external operations .
AtsÞ g pokisijÞ dem rtmepÜcesai rglamsijÞ apüjkirg apü sgm tpÜqvotra pqajsijÞ sgy acoqÜy , euürom Ývei pqojýwei apü sgm emaqlümirg sxm bÝksirsxm lehüdxm pot ajokothoýmsai rÞleqa apü siy ehmijÝy jemsqijÝy sqÜpefey .
The selection policy does not entail a substantial departure from existing market standards , as it has been derived from the harmonisation of the national central banks » current best practices .
G epikocÞ sxm amsirtlbakkolÝmxm rsiy paqelbÜreiy sot EtqxrtrsÞlasoy rsgm acoqÜ rtmakkÜclasoy barßfesai jas » aqvÞm re dýo olÜdey jqisgqßxm .
The selection of counterparties to Eurosystem foreign exchange intervention operations is based , primarily , on two sets of criteria .
G pqþsg olÜda jqisgqßxm eßmai elpmetrlÝmg apü sgm aqvÞ sgy rýmergy .
The first set of criteria is inspired by the principle of prudence .
So pqþso jqisÞqio rso pkaßrio sgy aqvÞy atsÞy eßmai so aniüvqeo sot amsirtlbakkolÝmot , so opoßo aniokoceßsai le rtmdtarlü diauüqxm lehüdxm ( p.v. le bÜrg sg diabÜhlirg sgy pirsokgpsijÞy sot ijamüsgsay rýluxma le aqlüdioty oßjoty aniokücgrgy , re rtmdtarlü le amÜktrg , emeqcoýlemg erxseqijÜ rso Etqxrýrsgla , sot deßjsg jeuakaiajÞy epÜqjeiay jai Ükkxm deijsþm pot auoqoým sgm epiveßqgrg ) .
A first prudential criterion is creditworthiness , which is assessed using a combination of different methods ( e.g. using credit ratings available from commercial agencies and the in-house analysis of capital and other business ratios ) ;
¸ ma deýseqo jqisÞqio eßmai üsi so Etqxrýrsgla apaiseß apü ükoty soty amsirtlbakkolÝmoty ma tpüjeimsai re epopseßa apü amacmxqirlÝmg epopsijÞ aqvÞ .
a second criterion is that the Eurosystem requires all its potential foreign exchange intervention counterparties to be subject to supervision by a recognised supervisor ;
So sqßso jqisÞqio eßmai üsi ükoi oi amsirtlbakkülemoi sot EtqxrtrsÞlasoy rsiy paqelbÜreiy rsgm acoqÜ rtmakkÜclasoy ha pqÝpei ma sgqoým atrsgqoýy deomsokocijoýy jamümey jai ma vaßqotm jakÞy uÞlgy .
and , as a third criterion , all the Eurosystem 's foreign exchange intervention counterparties need to follow high ethical standards and have a good reputation .
Euürom diapirsxheß üsi pkgqoýmsai sa ekÜvirsa jqisÞqia pot apoqqÝotm apü sgm aqvÞ sgy rýmergy , euaqlüfesai g deýseqg olÜda jqisgqßxm , sa opoßa auoqoým sgm aposekerlasijüsgsa .
Once the minimum prudence requirement is fulfilled , the second set of criteria inspired by efficiency considerations is applied .
So pqþso jqisÞqio aposekerlasijüsgsay rtmdÝesai le sgm amsacxmirsijÞ silokücgrg jai le sgm ijamüsgsa sot amsirtlbakkolÝmot ma diemeqceß pqÜneiy lecÜkgy anßay , ajülg jai re peqiüdoty amasaqavÞy rsiy acoqÝy .
A first efficiency criterion relates to competitive pricing behaviour and the counterparty 's ability to handle large volumes , even in turbulent market conditions .
Rsa jqisÞqia aposekerlasijüsgsay rtcjasakÝcomsai epßrgy g poiüsgsa jai so eýqoy jÜktwgy sxm pkgqouoqiþm pot paqÝvotm oi amsirtlbakkülemoi .
The quality and coverage of information provided by counterparties feature among other efficiency criteria .
So rýmoko sxm dtmgsijþm amsirtlbakkolÝmxm rsiy paqelbÜreiy rsgm acoqÜ rtmakkÜclasoy vaqajsgqßfesai apü pkÞhoy jai poijikßa pot ecctþmsai sgm amacjaßa etekinßa jasÜ sg diemÝqceia sxm paqelbÜrexm .
The pool of potential foreign exchange intervention counterparties is sufficiently large and diverse to guarantee the necessary flexibility when implementing intervention operations .
¸ sri so Etqxrýrsgla Ývei sg dtmasüsgsa ma epikÝcei lesaný diauüqxm sqüpxm paqÝlbargy .
It enables the Eurosystem to choose from among different intervention channels .
Cia ma lpoqeß ma paqelbaßmei aposekerlasijÜ re diÜuoqoty cexcqauijoýy süpoty jai vqomijÝy fþmey , so Etqxrýrsgla lpoqeß ma vqgrilopoieß amsirtlbakkolÝmoty re opoiodÞpose diehmÝy vqglasopirsxsijü jÝmsqo .
In order to be able to intervene efficiently in different geographical locations and time zones , the Eurosystem can use counterparties in any international financial centre .
Rsgm pqÜng pÜmsxy , rglamsijÞ leqßda seßmotm ma aposekoým oi amsirtlbakkülemoi pot eßmai ecjasersglÝmoi rsg fþmg sot etqþ .
However , in practice , a substantial share of the counterparties tend to be located in the euro area .
Cia siy pqÜneiy amsakkacÞy molirlÜsxm pot diemeqcoýmsai cia soty rjopoýy sgy molirlasijÞy pokisijÞy , oi amsirtlbakkülemoi rtlpßpsotm xy olÜda le atsoýy pot etqßrjomsai rsg fþmg sot etqþ jai epikÝcomsai xy amsirtlbakkülemoi cia siy paqelbÜreiy sot EtqxrtrsÞlasoy rsgm acoqÜ rtmakkÜlasoy .
For foreign exchange swaps executed for monetary policy purposes , the range of counterparties corresponds to the counterparties located in the euro area which are selected for Eurosystem foreign exchange intervention operations .
Oi ehmijÝy jemsqijÝy sqÜpefey lpoqoým ma euaqlürotm rtrsÞlasa oqßxm , þrse ma ekÝcvotm sa vqglasodosijÜ amoßclasa Ýmamsi sxm epilÝqoty amsirtlbakkolÝmxm rsiy pqÜneiy amsakkacÞy molirlÜsxm pot ha diemeqcoýmsai cia soty rjopoýy sgy molirlasijÞy pokisijÞy .
The national central banks may apply limit-based systems in order to control credit exposures vis-à-vis individual counterparties in foreign exchange swaps conducted for monetary policy purposes .