natgillin/translations-raw huggingface dataset:
PeqijopÝy aposßlgrgy pot euaqlüfomsai rsa lg elpoqeýrila lÝra : ElpoqijÝy rtmakkaclasijÝy : 2 % cia soty sßskoty le emapolÝmotra diÜqjeia Ýxy 6 lÞmey , DÜmeia sqapefþm : 10 % cia dÜmei le emapolÝmotra diÜqjeia Ýxy 6 lÞmey , 20 % cia dÜmei le emapolÝmotra diÜqjeia pkÝom sxm 6 lgmþm jai Ýxy 2 Ýsg .
Valuation haircuts applied to non-marketable debt instruments : Trade bills : 2 % for instruments with a residual maturity of up to six months . Bank loans : 10 % for loans with a residual maturity of up to six months ;
TporvesijÝy enaruakirlÝmey le tpohÞjg : 20 %.
and 20 % for loans with a residual maturity between six months and two years . Mortgage-backed promissory notes : 20 %.
( 1 ) Tpemhtlßfesai üsi , lokomüsi sa vqeücqaua ejdohÝmsa apü pirsxsijÜ idqýlasa pot dem pkgqoým atrsgqþy sa jqisÞqia sot Üqhqot 22 paqÜcqauoy 4 sgy odgcßay cia soty OREJA dem lpoqoým , jasÜ jamüma , ma rtlpeqikguhoým rsoty jasakücoty sgy deýseqgy bahlßday , g EJS dýmasai ma episqÝwei rsiy ehmijÝy jemsqijÝy sqÜpefey ma rtlpeqikÜbotm sÝsoioty sßskoty rsoty jasakücoty sgy deýseqgy bahlßday , tpü oqirlÝmey pqoûpohÝreiy jai peqioqirloýy .
( 1 ) It should be recalled that , although 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 , the ECB may authorise national central banks to include such assets in their tier-two lists subject to certain conditions and restrictions .
Cia soty sßskoty atsoýy euaqlüfesai pqürhesg peqijopÞ 10 %, pÝqa apü sgm peqijopÞ pot pqobkÝpesai cemijÜ cia sa peqiotriajÜ rsoiveßa sgy deýseqgy bahlßday .
For such instruments , a 10 % add-on to the tier-two haircut is applied .
G Ýmsang peqiotriajþm rsoiveßxm sgy deýseqgy bahlßday re lßa apü siy paqajÜsx jasgcoqßey , le bÜrg sg qetrsüsgsÜ soty , pqoseßmesai apü siy ehmijÝy jemsqijÝy sqÜpefey jai tpüjeisai rsgm Ýcjqirg sgy EJS : 1 .
The inclusion of tier-two assets in one of the following liquidity groups is proposed by national central banks and is subject to the ECB 's approval . 1 .
D i a p q a c l a s e ý r i l a v q e ü c q a u a l e p e q i o q i r l Ý m g q e t r s ü s g s a G pkeiomüsgsa sxm peqiotriajþm rsoiveßxm sgy deýseqgy bahlßday elpßpsei r » atsÞ sgm jasgcoqßa .
M a r k e t a b l e d e b t i n s t r u m e n t s w i t h l i m i t e d l i q u i d i t y The majority of the tier-two assets fall into this category .
PaqÜ jÜpoiey pihamÝy diauoqÝy rso bahlü qetrsüsgsay , joimÜ vaqajsgqirsijÜ atsþm sxm peqiotriajþm rsoiveßxm eßmai üsi g detseqocemÞy soty acoqÜ eßmai lijqÞ , oi silÝy soty emdÝvesai ma lgm ejdßdomsai re jahgleqimÞ bÜrg jai g silÞ soty lpoqeß ma epgqearseß apü rtmakkacÝy rtmÞhoty ücjot .
Although there may be some differences in the degree of liquidity , the assets are similar in general in that they have a small secondary market , prices may not be quoted daily and normal size trades can generate price effects .
V q e ü c q a u a l e p e q i o q i r l Ý m g q e t r s ü s g s a j a i l e e i d i j Ü v a q a j s g q i r s i j Ü Oi sßskoi atsoß , am jai vaqajsgqßfomsai apü jÜpoia rvesijÞ elpoqetrilüsgsa , apaisoým pqürheso vqümo cia sg qetrsopoßgrÞ soty rsgm acoqÜ .
D e b t i n s t r u m e n t s w i t h r e s t r i c t e d l i q u i d i t y a n d s p e c i a l f e a t u r e s These are assets which , while enjoying some aspects of marketability , do require extra time to be liquidated in the market .
Atsü irvýei cia sa peqiotriajÜ rsoiveßa pot eßmai cemijÜ lg diapqaclaseýrila akkÜ diahÝsotm eidijÜ vaqajsgqirsijÜ pot soty pqordßdotm jÜpoia elpoqetrilüsgsa , üpxy dtmasüsgsa diÜhergy rsgm acoqÜ lÝrx dglopqarßay ( euürom paqarseß amÜcjg qetrsopoßgrÞy soty ) jai jahgleqimÞ aposßlgrg .
This is the case for assets which are generally non-marketable but which have special features that introduce some marketability , including market auction procedures ( if there is a need to liquidate the assets ) and a daily price valuation .
L g d i a p q a c l a s e ý r i l a v q e ü c q a u a Oi sßskoi atsoß eßmai rsgm pqÜng lg elpoqeýriloi jai rtmepþy Ývotm valgkÞ Þ lgdemijÞ qetrsüsgsa .
N o n - m a r k e t a b l e d e b t i n s t r u m e n t s These instruments are in practice non-marketable and therefore have little or no liquidity .
Rsgm peqßpsxrg peqiotriajþm rsoiveßxm sgy deýseqgy bahlßday le vaqajsgqirsijÜ epamapqordioqirloý episojßxm , üpot o epamapqordioqirlüy cßmesai jasÜ sqüpo adialuirbÞsgso jai rauÞ rýluxma le sgm pqajsijÞ sgy acoqÜy jai tpüjeisai rsgm Ýcjqirg sgy EJS , g rtmauÞy diÜqjeia sxm peqiotriajþm rsoiveßxm eßmai ejeßmg pot pqojýpsei apü som epamapqordioqirlü , amenaqsÞsxy sgy jasgcoqßay rsgm opoßa tpÜcomsai oi sßskoi le bÜrg sg qetrsüsgsÜ soty .
For tier-two assets with interest rate resetting features , in which the resetting is done in an unequivocal and clear manner following market standards and subject to the ECB 's approval , the relevant maturity is that given by the resetting maturity regardless of the liquidity group in which it is included .
Cia sa peqiotriajÜ rsoiveßa sgy deýseqgy bahlßday oi ehmijÝy jemsqijÝy sqÜpefey euaqlüfotm so ßdio rgleßo emeqcopoßgrgy ( eÜm euaqlüfesai ) sot lgvamirloý jÜktwgy diauoqþm aposßlgrgy üpxy jai cia soty sßskoty sgy pqþsgy bahlßday .
The national central banks apply the same trigger point ( if applicable ) for the execution of margin calls for tier-two assets as that for tier-one assets .
EpipkÝom , oi ehmijÝy jemsqijÝy sqÜpefey lpoqoým ma euaqlürotm üqia rsgm apodovÞ peqiotriajþm rsoiveßxm sgy deýseqgy bahlßday , ma apaisÞrotm pqürhesey ecctÞreiy jai ma apouarßrotm sg diacqauÞ epilÝqoty peqiotriajþm rsoiveßxm apü soty sgqoýlemoty apü atsÝy jasakücoty peqiotriajþm rsoiveßxm sgy deýseqgy bahlßday .
In addition , national central banks may apply limits to their acceptance of tier-two assets , they may require additional guarantees and they may at any time decide to remove individual assets from their tier-two lists .
AqvÝy aposßlgrgy sxm peqiotriajþm rsoiveßxm pot paqÝvomsai xy aruÜkeia
Valuation principles for underlying assets
JasÜ som tpokocirlü sgy anßay sxm peqiotriajþm rsoiveßxm pot vqgrilopoioýmsai xy aruÜkeia rsiy amsirsqepsÝey pqÜneiy , so Etqxrýrsgla euaqlüfei siy enÞy aqvÝy :  Cia jÜhe diapqaclaseýrilo peqiotriajü rsoiveßo , apodejsü rsoty jasakücoty sgy pqþsgy jai sgy deýseqgy bahlßday , so Etqxrýrsgla jahoqßfei lßa jai lomadijÞ pgcÞ silþm amauoqÜy , g opoßa vqgrilopoießsai xy pgcÞ cia siy silÝy sxm em kücx peqiotriajþm rsoiveßxm .
When determining the value of underlying assets used in reverse transactions , the Eurosystem applies the following principles :  for each marketable asset eligible in tier-one or tier-two , the Eurosystem specifies a single reference price source .
Atsü rtmepÜcesai jai üsi , pqojeilÝmot cia peqiotriajÜ rsoiveßa pot eßmai eirgclÝma Þ aposekoým amsijeßlemo diapqaclÜsetrgy re peqirrüseqey acoqÝy , lümo lßa apü atsÝy vqgrilopoießsai xy pgcÞ silþm cia sa em kücx peqiotriajÜrsoiveßa .
This also implies that for assets listed , quoted or traded on more than one market , only one of these markets is used as a price source for the relevant asset ,
 Cia jÜhe acoqÜ amauoqÜy , so Etqxrýrsgla jahoqßfei sgm pkÝom amsipqorxpetsijÞ silÞ g opoßa ha vqgrilopoießsai cia ma tpokocßfomsai oi sqÝvotrey silÝy sgy acoqÜy .
 for each reference market , the Eurosystem defines the most representative price to be used for the calculation of market values .
Am ejdßdomsai peqirrüseqey silÝy , vqgrilopoießsai g valgküseqg apü atsÝy [ rtmÞhxy g silÞ fÞsgrgy ( bid )] .
If more than one price is quoted , the lowest of these prices ( normally the bid price ) is used ,
 G anßa sxm diapqaclaseýrilxm peqiotriajþm rsoiveßxm tpokocßfesai le bÜrg sgm pkÝom amsipqorxpetsijÞ silÞ sgy seketsaßay eqcÜrilgy glÝqay pqim apü sgm gleqolgmßa aposßlgrgy .
 the value of marketable assets is calculated on the basis of the most representative price on the business day preceding the valuation date ,
 Ekkeßwei amsipqorxpetsijÞy silÞy sgy seketsaßay eqcÜrilgy glÝqay pqim apü sgm gleqolgmßa aposßlgrgy , vqgrilopoießsai g seketsaßa silÞ diapqaclÜsetrgy .
 in the absence of a representative price for a particular asset on the business day preceding the valuation date , the last trading price is used .
EÜm dem tpÜqvei oýse silÞ diapqaclÜsetrgy , g ehmijÞ jemsqijÞ sqÜpefa ha jahoqßrei lßa silÞ kalbÜmomsay tpüwg sgm seketsaßa diahÝrilg silÞ cia sa rtcjejqilÝma peqiotriajÜ rsoiveßa rsgm acoqÜ amauoqÜy .
If no trading price is available , the national central bank will define a price , taking into account the last price identified for the asset in the reference market ,
 JasÜ som tpokocirlü sgy sqÝvotray silÞy emüy vqeocqÜuot rsgm acoqÜ rtlpeqikalbÜmomsai oi dedotketlÝmoi süjoi .
 the market value of a debt instrument is calculated including accrued interest ,
 Kücx diauoqþm pot paqasgqoýmsai apü vþqa re vþqa xy pqoy so molijü rýrsgla jai sgm pqajsijÞ sxm rtmakkacþm , o veiqirlüy sot eirodÞlasoy ( p.v. sxm pkgqxlþm sojoleqidßxm ) pot apouÝqei Ýma rtcjejqilÝmo peqiotriajü rsoiveßo jasÜ sg diÜqjeia liay amsirsqepsÝay pqÜngy emdÝvesai ma diauÝqei lesaný sxm ehmijþm jemsqijþm sqapefþm .
 depending on differences in national legal systems and operational practices , the treatment of income flows ( e.g. coupon payments ) related to an asset which are received during the life of a reverse transaction may differ between national central banks .
EÜm so eirüdgla lesabibÜfesai rsom amsirtlbakkülemo , oi ehmijÝy jemsqijÝy sqÜpefey leqilmoým þrse oi rtmaueßy pqÜneiy ma jakýpsomsai jai pÜki pkÞqxy apü epaqjÞ peqiotriajÜ rsoiveßa pqosoý pqaclasopoigheß g lesabßbarg .
If the income flow is transferred to the counterparty , national central banks ensure that the relevant operations will still be fully covered by a sufficient amount of underlying assets before the transfer of the income takes place .
Oi ehmijÝy jemsqijÝy sqÜpefey apobkÝpotm rso ma diaruakßrotm üsi o veiqirlüy sot em kücx eirodÞlasoy Ývei irodýmaley oijomolijÝy rtmÝpeiey le sg lesabßbarÞ sot rsom amsirtlbakkülemo jasÜ sgm gleqolgmßa pkgqxlÞy ( 60 ) .
The national central banks aim to ensure that the economic effect of the treatment of income flows is equivalent to a situation in which the income is transferred to the counterparty on the payment day ( 60 ) ,
 Cia sa lg diapqaclaseýrila peqiotriajÜ rsoiveßa sgy deýseqgy bahlßday , g ehmijÞ jemsqijÞ sqÜpefa pot sa Ývei rtlpeqikÜbei rso rvesijü jasÜkocü sgy jahoqßfei vxqirsÝy aqvÝy aposßlgrgy .
 For non-marketable tier-two assets , the national central bank which has included the assets in its tier-two list specifies separate valuation principles .
( 60 ) Oi ehmijÝy jemsqijÝy sqÜpefey lpoqoým ma apouarßrotm ma lgm apodÝvomsai xy aruÜkeia re amsirsqepsÝey pqÜneiy vqeücqaua pot apouÝqotm eirüdgla ( p.v. pkgqxlÞ sojoleqidßot ) Þ lesovÝy le pkgqxlÞ opoiotdÞpose eßdoty ( Þ le opoiodÞpose Ükko dijaßxla pqoraqsglÝmo r » atsÝy , so opoßo lpoqeß ma epgqeÜrei sgm jasakkgküsgsÜ soty xy aruakeiþm ) emsüy sot vqomijoý diarsÞlasoy pot apolÝmei Ýxy sgm gleqolgmßa kÞnexy sgy diaruakifülemgy pqÜngy molirlasijÞy pokisijÞy ( bkÝpe Emüsgsey 6.2 jai 6.3 ) .
( 60 ) National central banks may decide not to accept as underlying assets in reverse transactions debt instruments with an income flow ( e.g. a coupon payment ) or equities with a payment of any kind ( or with any other right attached to them which may affect their suitability as underlying assets ) occurring in the period until the maturity date of the monetary policy operation ( see Sections 6.2 and 6.3 ) .
DiartmoqiajÞ vqÞrg sxm apodejsþm peqiotriajþm rsoiveßxm Oi amsirtlbakkülemoi sot EtqxrtrsÞlasoy lpoqoým ma vqgrilopoioým apodejsoýy sßskoty re diartmoqiajÞ bÜrg , dgkadÞ ma kalbÜmotm vqglasodüsgrg apü sgm ehmijÞ jemsqijÞ sqÜpefa sot jqÜsoty-lÝkoty üpot eßmai ecjasersglÝmoi vqgrilopoiþmsay sßskoty etqirjülemoty re Ükko jqÜsoy lÝkoy .
Cross-border use of eligible assets Eurosystem counterparties may use eligible assets on a cross-border basis , i.e. they may obtain funds from the national central bank of the Member State in which they are established by making use of assets located in another Member State .
Sa peqiotriajÜ rsoiveßa lpoqoým ma vqgrilopoioýmsai re diartmoqiajÞ bÜrg jasÜ so diajamomirlü pÜrgy uýrexy pqÜnexm le siy opoßey so Etqxrýrsgla paqÝvei qetrsüsgsa Ýmamsi aruÜkeiay le sg loquÞ apodejsþm peqiotriajþm rsoiveßxm .
Underlying assets may be used on a cross-border basis in the settlement of all types of operations in which the Eurosystem provides liquidity against eligible assets .
Oi ehmijÝy jemsqijÝy sqÜpefey ( jai g EJS ) Ývotm amapsýnei Ýmam lgvamirlü pot enaruakßfei üsi ükoi oi apodejsoß sßskoi lpoqoým ma vqgrilopoighoým re diartmoqiajÞ bÜrg .
A mechanism has been developed by the national central banks ( and by the ECB ) to ensure that all eligible assets may be used on a cross-border basis .
Pqüjeisai cia so Rýrsgla Amsapojqisqiþm Jemsqijþm Sqapefþm ( RAJS ) rýluxma le so opoßo oi ehmijÝy jemsqijÝy sqÜpefey keisotqcoým xy helasouýkajey ( « amsapojqßsqiey » ) g lßa sgy Ükkgy ( jai cia kocaqiarlü sgy EJS ) cia sa peqiotriajÜ rsoiveßa pot cßmomsai dejsÜ rso sopijü apohesÞqio Þ rýrsgla diajamomirloý .
This is the correspondent central banking model ( CCBM ) , under which national central banks act as custodians ( correspondents ) for each other ( and for the ECB ) in respect of assets accepted in their local depository or settlement system .
So rýrsgla lpoqeß ma vqgrilopoigheß cia üka sa apodejsÜ peqiotriajÜ rsoiveßa .
The model may be used for all eligible assets .
EidijÞ amsilesþpirg Ývotm oi peqipsþreiy lg elpoqeýrilxm peqiotriajþm rsoiveßxm Þ peqiotriajþm rsoiveßxm sgy deýseqgy bahlßday le peqioqirlÝmg qetrsüsgsa jai eidijÜ vaqajsgqirsijÜ , sa opoßa dem lpoqoým ma lesabibarsoým lÝrx rtrsÞlasoy diajamomirloý vqeocqÜuxm ( 61 ) .
Specific solutions may be used for non-marketable assets or tier-two assets with restricted liquidity and special features which cannot be transferred through an SSS ( 61 ) .
So RAJS lpoqeß ma vqgrilopoigheß cia ma jakýpsomsai le aruÜkeia oi pÜrgy uýrexy pirsxsijÝy pqÜneiy sot EtqxrtrsÞlasoy ( 62 ) .
The CCBM may be used to collateralise all kinds of Eurosystem credit operations ( 62 ) .
PaqÜkkgka le so RAJS , cia sg diartmoqiajÞ lesabßbarg sßskxm eßmai dtmasüm ma vqgrilopoighoým jai apodejsoß rýmderloi lesaný rtrsglÜsxm diajamomirloý sßskxm ( 63 ) .
In addition to the CCBM , eligible links between SSSs can be used for the cross-border transfer of securities ( 63 ) .
Rýrsgla amsapojqisqiþm jemsqijþm sqapefþm So rýrsgla amsapojqisqiþm jemsqijþm sqapefþm ( RAJS ) apeijomßfesai rso DiÜcqalla 3 .
Correspondent central banking model The correspondent central banking model is illustrated in Chart 3 .
DIACQALLA 3 So rýrsgla amsapojqisqiþm jemsqijþm sqapefþm
CHART 3 The correspondent central banking model
Χρ ση αποδεκτ ν στοιχε ων κατατεθειµ νων στη χ ρα Β απ αντισυµßαλλ µενο εγκατεστηµ νο στη χ ρα Α , για λ ψη π στωσησ απ την εθνικ τρ πεζα τησ χ ρασ Α .
Use of eligible assets deposited in country B by a counterparty established in country A in order to obtain credit from the national central bank of country A.
Χ ρα Α Πληροφορ εσ για το εν χυρο
Country A Information on collateral Country B
Χ ρα Β
NCB A NCB B Collateral
ΕθνΚΤ Α
Information on collateral Credit
¼ key oi ehmijÝy jemsqijÝy sqÜpefey sgqoým kocaqiarloýy diaveßqirgy sßskxm g lßa rsgm Ükkg le rjopü sg diartmoqiajÞ vqÞrg apodejsþm peqiotriajþm rsoiveßxm .
SSS Counterparty A Transfer instructions
G ajqibÞy diadijarßa sot RAJS enaqsÜsai apü so am sa apodejsÜ peqiotriajÜ rsoiveßa amsirsoivßfomsai pqoy jÜhe lelomxlÝmg pqÜng Þ sgqoýmsai re lßa « denalemÞ » apodejsþm peqiotriajþm rsoiveßxm ( 64 ) .
Custodian All national central banks maintain securities accounts with each other for the purpose of the cross-border use of eligible assets .
( 61 ) KepsolÝqeiey dßdomsai rso « Emgleqxsijü utkkÜdio cia so RAJS » , ( diahÝrilo rsa acckijÜ : « CCBM brochure » , pot dglorieýesai rsgm irsorekßda sgy EtqxpaújÞy JemsqijÞy SqÜpefay ( www.ecb.int ) .
The precise procedure of the CCBM depends on whether the eligible assets are earmarked for each individual transaction or whether they are held in a pool of underlying assets ( 64 ) : ( 61 ) Details are provided in the  CCBM brochure , which is available on the ECB 's website ( www.ecb.int ) .
( 62 ) G EtqxpaújÞ JemsqijÞ SqÜpefa lpoqeß ma episqÝwei rsiy ehmijÝy jemsqijÝy sqÜpefey ma paqÝvotm emdogleqÞria pßrsxrg Ýmamsi oqirlÝmxm jasgcoqiþm « nÝmxm » vqeocqÜuxm ( bkÝpe tporgleßxrg 17rso paqÜm jeuÜkaio ) .
( 62 ) The ECB may authorise national central banks to grant intraday credit against certain types of  foreign  debt instruments ( see footnote 17 in this chapter ) .
Emsüy sgy fþmgy sot etqþ ülxy , sÝsoiot eßdoty vqeücqaua dem lpoqoým ma vqgrilopoighoým re diartmoqiajÞ bÜrg .
However , within the euro area , such debt instruments may not be used on a cross-border basis .
( 63 ) ApodejsÜ peqiotriajÜ rsoiveßa lpoqoým ma vqgrilopoighoým lÝrx emüy kocaqiarloý liay ehmijÞy jemsqijÞy sqÜpefay re Ýma RDS pot edqeýei re Ükkg vþqa , am so Etqxrýrsgla Ývei ecjqßmei sg vqÞrg paqüloiot kocaqiarloý .
( 63 ) Eligible assets may be used through an account of a central bank in an SSS located in a country other than that of the central bank in question if the Eurosystem has approved the use of such an account .
Apü som Aýcotrso sot 2000 epesqÜpg rsgm JemsqijÞ SqÜpefa sgy Iqkamdßay ma amoßnei sÝsoiot eßdoty kocaqiarlü rso Euroclear , o opoßoy lpoqeß ma vqgrilopoigheß cia üka sa apodejsÜ peqiotriajÜ rsoiveßa pot eßmai jasaseheilÝma rso Euroclear , rtlpeqikalbamolÝmxm jai ejeßmxm pot Ývotm lesaueqheß re atsÞ lÝrx apodejsþm rtmdÝrlxm .
Since August 2000 , the Central Bank of Ireland has been authorised to open such an account in Euroclear . This account can be used for all eligible assets held in Euroclear , i.e. including eligible assets transferred to Euroclear through eligible links .
( 64 ) Peqirrüseqey epengcÞreiy rso « Emgleqxsijü utkkÜdio cia so RAJS » .
64 ) See the  CCBM brochure  for further explanations . (
 Rso rýrsgla eneidßjetrgy , o amsirtlbakkülemoy , lükiy g pqoruoqÜ sot cßmei apodejsÞ apü sgm ehmijÞ jemsqijÞ sqÜpefa sot jqÜsoty-lÝkoty üpot eßmai ecjasersglÝmoy ( dgkadÞ sgm « jemsqijÞ sqÜpefa sgy vþqay jasacxcÞy » ) , dßdei emsokÞ ( lÝrx sot dijoý sot helasouýkaja , am vqeiÜfesai ) rso RDS sgy vþqay üpot eßmai jasaseheilÝmoi oi sßskoi ma soty lesabibÜrei rsgm jemsqijÞ sqÜpefa sgy em kücx vþqay cia kocaqiarlü sgy jemsqijÞy sqÜpefay sgy vþqay jasacxcÞy .
 in an earmarking system , as soon as its bid for credit is accepted by the national central bank of the Member State in which the counterparty is established ( i.e. the  home central bank ) , the counterparty instructs ( via its own custodian , if necessary ) the SSS in the country in which its securities are held to transfer them to the central bank of that country for the account of the home central bank .
Lükiy g seketsaßa emgleqxheß apü sgm amsapojqßsqia jemsqijÞ sqÜpefa cia sg kÞwg sot emevýqot , paqÝvei sg vqglasodüsgrg rsom amsirtlbakkülemo .
Once the home central bank has been informed by the correspondent central bank that the collateral has been received , it transfers the funds to the counterparty .
Re peqipsþreiy pot pqÝpei ma sgqghoým jÜpoiey pqoherlßey cia so diajamomirlü , lpoqeß ma pqobkÝpesai g dtmasüsgsa sxm amsirtlbakkolÝmxm ma pqojasahÝsotm peqiotriajÜ rsoiveßa rsiy amsapojqßsqiey jemsqijÝy sqÜpefey cia kocaqiarlü sgy ehmijÞy jemsqijÞy sqÜpefay sgy vþqay jasacxcÞy soty vqgrilopoiþmsay siy diadijarßey sot RAJS .  Rso rýrsgla rtcjÝmsqxrgy , o amsirtlbakkülemoy lpoqeß amÜ pÜra rsiclÞ ma paqadþrei rsgm amsapojqßsqia jemsqijÞ sqÜpefa sßskoty cia kocaqiarlü sgy ehmijÞy jemsqijÞy sqÜpefay sgy vþqay jasacxcÞy .
Central banks do not advance funds until they are certain that the counterparties » securities have been received by the correspondent central bank . Where necessary to meet settlement deadlines , counterparties may be able to pre-deposit assets with correspondent central banks for the account of their home central bank using the CCBM procedures ,  in a pooling system , the counterparty is at any time able to provide the correspondent central bank with securities for the account of the home central bank .
Lükiy g seketsaßa emgleqxheß apü sgm amsapojqßsqia jemsqijÞ sqÜpefa cia sg kÞwg sxm sßskxm , ha soty pqorhÝrei rsg « denalemÞ » sßskxm sot amsirtlbakkolÝmot .
Once the home central bank has been informed by the correspondent central bank that the securities have been received , it will add these securities to the pool account of the counterparty .
So RAJS eßmai diahÝrilo rsoty amsirtlbakkolÝmoty apü siy 9 p.l. Ýxy sir 4 l.l. þqa EJS ( þqa JemsqijÞy Etqþpgy ) jÜhe eqcÜrilg glÝqa sot EtqxrtrsÞlasoy .
The CCBM is available to counterparties from 9 a.m. to 4 p.m. ECB time ( CET ) on each Eurosystem business day .
¼ poioy amsirtlbakkülemoy epihtleß ma vqgrilopoiÞrei so RAJS pqÝpei ma emgleqþrei sgm ehmijÞ jemsqijÞ sqÜpefa apü sgm opoßa epihtleß ma vqglasodosgheß  dgkadÞ sgm jemsqijÞ sqÜpefa sgy vþqay jasacxcÞy sot  pqim apü siy 4 l.l. þqa EJS ( þqa JemsqijÞy Etqþpgy ) .
A counterparty wishing to make use of the CCBM must advise the national central bank from which it wishes to receive credit , i.e. its home central bank , before 4 p.m. ECB time ( CET ) .
Ejsüy atsoý , o amsirtlbakkülemoy pqÝpei ma leqilmÞrei þrse oi pqoy emevýqarg sßskoi ma paqadohoým rso kocaqiarlü sgy amsapojqßsqiay jemsqijÞy sqÜpefay so aqcüseqo Ýxy siy 4.45 l.l. þqa EJS ( þqa JemsqijÞy Etqþpgy ) .
Furthermore , the counterparty must ensure that the collateral for securing monetary policy operations is delivered to the account of the correspondent central bank by 4.45 p.m. ECB time ( CET ) at the latest .
Odgcßey Þ paqadüreiy pot dem sgqoým siy paqapÜmx pqoherlßey ha lpoqoým ma kguhoým tpüwg lümo cia paqovÞ qetrsüsgsay jasÜ sgm epülemg eqcÜrilg glÝqa .
Instructions or deliveries not respecting this deadline will only be considered for credit given on the following business day .
¼ sam oi amsirtlbakkülemoi pqobkÝpotm üsi ha vqeiarseß ma vqgrilopoiÞrotm so RAJS pqoy so sÝkoy sgy glÝqay , pqÝpei , ei dtmasüm , ma paqadßdotm ej sxm pqosÝqxm sa peqiotriajÜ rsoiveßa ( dgkadÞ ma sa pqojasahÝsotm ) .
When the counterparties foresee a need to use the CCBM late in the day , they should , where possible , deliver the assets in advance ( i.e. pre-deposit the assets ) .
Re enaiqesijÝy peqipsþreiy Þ üsam kücoi molirlasijÞy pokisijÞy so epibÜkkotm , g EJS lpoqeß le apüuarÞ sgy ma paqaseßmei so vqümo keisotqcßay sot RAJS lÝvqi so jkeßrilo sot TARGET .
In exceptional circumstances or when required for monetary policy purposes , the ECB may decide to extend the closing time of the CCBM until the closing time of TARGET .
DiartmoqiajÝy rtmdÝreiy Ejsüy apü so Rýrsgla Amsapojqisqiþm Jemsqijþm Sqapefþm ( RAJS ) , cia sg diartmoqiajÞ lesabßbarg sßskxm lpoqoým ma vqgrilopoighoým jai apodejsÝy rtmdÝreiy lesaný sxm rtrsglÜsxm diajamomirloý sgy EE .
Cross-border links In addition to the CCBM , eligible links between EU SSSs can be used for the cross-border transfer of securities .
DIACQALLA 4 RtmdÝreiy lesaný rtrsglÜsxm diajamomirloý vqeocqÜuxm
CHART 4 Links between securities settlement systems
Χρ ση αποδεκτ ν περιονσιακ ν στοιχε ων που εκδ δονται στο Ε∆Χ τησ χ ρασ Β και που σν κουν σε αντισυµßαλλ µενο εγκατεστηµ νο στη χ ρα Α µ σω σ νδεσησ µεταζ των Ε∆Χ των χωρ ν Α και Β , για τη λ ψη π στωσησ απ την εθνικ κεντρικ τρ πεζα τησ χ ρασ Α .
Use of eligible assets issued in the SSS of country B held by a counterparty established in country A through a link between the SSSs in countries A and B in order to obtain credit from the national central bank of country A. Country A
Χ ρα Α Χ ρα Β
Country B NCB A Information on collateral Credit SSS A holds assets on an omnibus account in SSS B
ΕθνΚΤ Α Πληροφορ εσ για το εν χυρο Π στωση Το Σ∆Χ Α τηρε τ τλουσ σε συγκεντρωτικ λογαριασµ στο Σ∆Χ Β
SSS A Transfer instruction SSS B
Σ∆Χ Α Οδηγ εσ µεταß ßασησ
Counterparty A
Αντισυµßαλλ µενοσ G rýmderg lesaný dýo RDS episqÝpei rsoty rtllesÝvomsey re Ýma RDS ma sgqoým sßskoty re Ükko RDS vxqßy ma rtllesÝvotm r » atsü .
A link between two SSSs allows a participant in one SSS to hold securities issued in another SSS without being a participant of that other SSS .