natgillin/translations-raw huggingface dataset:
Ðñùôáñ ÷ éêüò óôü ÷ ïò ôïõ ÅÍÉ óå ó ÷ Ýóç ìå ôçí åðïðôåßá ôïõ ÓõóôÞìáôïò Óõìøçöéóìïý êáé Äéáêáíïíéóìïý óå ECU åßíáé íá äéáóöáëéóôåß üôé ç ÔñáðåæéêÞ ´ Åíùóç ãéá ôï Åõñþ ( ÔÅÅ ) , ç ïðïßá äéá ÷ åéñßæåôáé ôï óýóôçìá êáé áíôéêáôÝóôçóå ôçí ÔñáðåæéêÞ ¸ íùóç ãéá ôï ECU óôéò 3.12.1997 , ëáìâÜíåé ôá áíáãêáßá ìÝôñá ïýôùò þóôå íá åîáóöáëßóåé üôé ôï óýóôçìá äåí äçìéïõñãåß áðáñÜäåêôïõò êéíäýíïõò åßôå ãéá ôïõò óõììåôÝ ÷ ïíôåò óôï óýóôçìá åßôå ãéá ôçí áãïñÜ ECU Þ ôéò åã ÷ þñéåò áãïñÝò ôçò ÅÅ . Óôï ðëáßóéï áõôü , ç óðïõäáéüôåñç äñáóôçñéüôçôá ôïõ ÅÍÉ åßíáé íá äéáóöáëßæåé üôé ëáìâÜíïíôáé åðáñêÞ ìÝôñá ãéá ôçí êáëýôåñç óõììüñöùóç ôïõ óõóôÞìáôïò ìå ôéò ðñïäéáãñáöÝò áóöáëåßáò ðïõ áíáöÝñïíôáé óôçí ´ Åêèåóç ôïõ 1990 ó ÷ åôéêÜ ìå ôá ÄéáôñáðåæéêÜ ÓõóôÞìáôá Óõìøçöéóìïý , ç ïðïßá êáôáñôßóôçêå áðü ôéò êåíôñéêÝò ôñÜðåæåò ôùí ÷ ùñþí ôçò ÏìÜäáò ôùí 10 ( ôéò ëåãüìåíåò  ðñïäéáãñáöÝò Lamfalussy ) .
In addition , the clearing rules were amended to allow for the orderly completion of clearing should a clearing bank be unable to send its authenticated settlement message for purely technical reasons . As part of their oversight functions the EMI and the NCBs studied a proposal put forward by the Exchange Clearing House Organisation ( ECHO ) - to net contracts denominated in ECU and to settle the relevant flows through the ECU Clearing and Settlement System - and no objection was raised to ECHO commencing operation in ECUs .
ÅðéðëÝïí , êáôÜ ôï 1997 , ôï ÅÍÉ êáé ïé ÅèíÊÔ ðáñáêïëïýèçóáí ôï ðñïðáñáóêåõáóôéêü Ýñãï ôçò ÔÅÅ ó ÷ åôéêÜ ìå ôï Óýóôçìá Óõìøçöéóìïý êáé Äéáêáíïíéóìïý óå Åõñþ åí üøåé ôïõ Ôñßôïõ Óôáäßïõ ôçò ÏÍÅ ( ÅÕÑÙ 1 ) .
In Stage Three ECHO is expected to settle its euro operations via TARGET . 1.1 Activities of the ECU Clearing and Settlement System in 1997 In 1997 the number of transactions declined in comparison with 1996 , while the value rose slightly .
1.1 Äñáóôçñéüôçôåò ôïõ ÓõóôÞìáôïò Óõìøçöéóìïý êáé Äéáêáíïíéóìïý óå ECU êáôÜ ôï 1997 Ï áñéèìüò ôùí óõíáëëáãþí êáôÜ ôï 1997 ìåéþèçêå óå ó ÷ Ýóç ìå ôï 1996 , åíþ ç áîßá ôïõò áõîÞèçêå åëáöñþò . Ï ìÝóïò ìçíéáßïò áñéèìüò ôùí êáèçìåñéíþí óõíáëëáãþí ìåéþèçêå êáôÜ ðåñéóóüôåñï ôïõ 6 %, áðü 6.383 ôï 1996 óå 5.982 ôï 1997 .
The monthly average number of daily transactions fell by over 6 %, from 6,383 in 1996 to 5,982 in 1997 . In comparison , the average daily turnover rose from ECU 46.0 billion in 1996 to ECU 46.9 billion in 1997 .
Áíôßèåôá , ï ìÝóïò çìåñÞóéïò êýêëïò åñãáóéþí áðü 84 îåêéíÞóåé ç ëåéôïõñãßá ôïõ ECHO óå ECU .
The ECU Clearing and Settlement System ( ECU 3 ) functioned quite smoothly during 1997 , on average completing settlement earlier in the day than in 1996 .
ÊáôÜ ôï Ôñßôï ÓôÜäéï , áíáìÝíåôáé ï ECHO íá äéáêáíïíßæåé ôéò ðñÜîåéò ôïõ óå åõñþ ìÝóù ôïõ TARGET .
Settlement delays occurred on only a handful of days , caused by either technical problems localised
1.2 Ðñïðáñáóêåõáóôéêü Ýñãï ãéá ôï Ôñßôï ÓôÜäéï ôçò ÏÍÅ Ç ÔÅÅ åðåîåñãÜæåôáé Þäç ôïí êáèïñéóìü ôïõ íïìéêïý ðëáéóßïõ êáé ôùí óõìöùíéþí åðéìåñéóìïý ñåõóôüôçôáò êáé æçìéþí ãéá ôï ÅÕÑÙ 1 .
1.2 Preparatory work for Stage Three of EMU The EBA is in the process of defining the legal structure and the liquidity and losssharing arrangements for EURO 1 .
ÌÝ ÷ ñé óôéãìÞò , ìüíï ç ÔñÜðåæá ôçò Ãáëëßáò Ý ÷ åé äçëþóåé ôçí ðñüèåóÞ ôçò íá áíïßîåé ôïðéêü ëïãáñéáóìü äéáêáíïíéóìïý ãéá ôçí ÔÅÅ ( ðñéí áðü ôïí Éïýíéï 1999 ) .
72 intention to open a local settlement account for the EBA ( by June 1999 ) .
ÔÝëïò , ç ÔÅÅ åðåîåñãÜæåôáé óõìöùíßá ãéá ôç äéáöÜëéóç ôïõ Ýãêáéñïõ äéáêáíïíéóìïý ôïõ ÅÕÑÙ 1 , óôçí ðåñßðôùóç ðïõ êÜðïéïò óõììåôÝ ÷ ùí áäõíáôåß íá ðñïâåß óå äéáêáíïíéóìü .
Finally , an arrangement to secure the timely settlement of EURO 1 in the event of a participant failing to settle is being elaborated by the EBA .
¸ íá êïéíü áðïèåìáôéêü óå ñåõóôÜ ðïõ èá åðÝ ÷ åé èÝóç åíå ÷ ýñïõ êáé èá êáëýðôåé ôï ìåãáëýôåñï äõíáôü êáèáñü Üíïéãìá óôï óýóôçìá ( 1 äéóåê . åõñþ ) èá åîõðçñåôïýóå ôï óêïðü áõôüí .
A cash collateral pool covering the largest net debit exposure possible in the system ( E 1 billion ) would serve this purpose .
Êáèþò ôï ÅÕÑÙ 1 èá âáóßæåôáé óôçí ßäéá ôå ÷ íéêÞ õðïäïìÞ êáé óôá ßäéá ÷ áñáêôçñéóôéêÜ äéá ÷ åßñéóçò ôïõ êéíäýíïõ åíôüò ôçò çìÝñáò üðùò êáé ôï õöéóôÜìåíï ECU 3 , ôï ÅÍÉ - óå óõíåñãáóßá ìå ôéò ÅèíÊÔ - áíáèåþñçóå ôï ECU 3 þóôå íá áîéïëïãÞóåé êáôÜ ðüóïí áõôü ðëçñïß ôéò ðñïäéáãñáöÝò Lamfalussy . Ç áîéïëüãçóç áõôÞ èá áðïôåëÝóåé áöåôçñßá ðñïêåéìÝíïõ íá áîéïëïãçèåß áíÜëïãá êáé ôï ÅÕÑÙ 1 .
Since EURO 1 will be based on the same technical infrastructure and intraday risk management features as the current ECU 3 , the EMI - in co-operation with the NCBs - reviewed ECU 3 in order to assess its compliance with the Lamfalussy standards as a starting-point for an assessment of the compliance of EURO 1 .
Ïé óõíå ÷ éæüìåíåò ðñïóðÜèåéåò ôçò ÔÅÅ íá âåëôéþóåé ôï ECU 3 ïýôùò þóôå íá ðëçñïß ôéò ðñïäéáãñáöÝò Lamfalussy èá ðñÝðåé êáôÜ óõíÝðåéáí íá åêëáìâÜíïíôáé ùò ðñïåôïéìáóßá ãéá ôçí åéóáãùãÞ åíüò ÅÕÑÙ 1 ðïõ èá áíôáðïêñßíåôáé ðëÞñùò óôéò åí ëüãù ðñïäéáãñáöÝò .
Ongoing efforts being made by the EBA to improve ECU 3 with a view to meeting the Lamfalussy standards should therefore be seen as preparation for the introduction of a fully compliant EURO 1 . 73
2 Çëåêôñïíéêü ÷ ñÞìá Ðñïò ôï ðáñüí , ôï çëåêôñïíéêü ÷ ñÞìá äåí åßíáé ðïëý äéáäåäïìÝíï öáéíüìåíï .
2 Electronic money At present , electronic money is not a widespread phenomenon .
Áðü ôüôå ðïõ åêäüèçêå ç ¸ êèåóç ðñïò ôï Óõìâïýëéï ôïõ ÅÍÉ ó ÷ åôéêÜ ìå ôéò ðñïðëçñùìÝíåò êÜñôåò  ôï ÌÜéï ôïõ 1994 , ü ÷ é ìüíï áõîÞèçêå óçìáíôéêÜ ï áñéèìüò ôùí óõóôçìÜôùí ìå ðñïðëçñùìÝíåò êÜñôåò ðïëëáðëþí ÷ ñÞóåùí , áëëÜ êáé Üñ ÷ éóå íá áíáðôýóóåôáé ç ÷ ñÞóç çëåêôñïíéêïý ÷ ñÞìáôïò ãéá ðëçñùìÝò ìÝóù äéêôýùí çëåêôñïíéêþí õðïëïãéóôþí ( äçë .
Since the publication of the « Report to the Council of the EMI on Prepaid Cards » in May 1994 , not only has the number of multi-purpose prepaid card projects greatly increased , but the use of electronic money for payments via computer networks ( so-called network money ) has also started to develop .
Ôï ÅÍÉ ãéá ôï ëüãï áõôü äéåîÞãáãå ôï 1997 ðåñáéôÝñù ìåëÝôç ó ÷ åôéêÜ ìå ôéò óõíÝðåéåò ôçò åìöÜíéóçò ôïõ çëåêôñïíéêïý ÷ ñÞìáôïò óôéò ïéêïíïìßåò ôùí ÷ ùñþí ôçò ÅÅ .
In 1997 the EMI therefore carried out a further study on the impact on EU economies of the emergence of electronic money .
Ôï ðüñéóìá ôçò ìåëÝôçò áðïôÝëåóå âÜóç ãéá ôç  Ãíùìïäüôçóç ôïõ Óõìâïõëßïõ ôïõ ÅÍÉ ó ÷ åôéêÜ ìå ôçí Ýêäïóç çëåêôñïíéêïý ÷ ñÞìáôïò  ôçò 2áò Ìáñôßïõ 1998 , ôï êåßìåíï ôçò ïðïßáò áíáðáñÜãåôáé óôï Ðëáßóéï 3 ðïõ áêïëïõèåß .
The results of the study provided the basis for the « Opinion of the EMI Council on the issuance of electronic money » of 2 March 1998 , which was transmitted to the Commission , the text of which is reproduced in Box 3 below .
Ðëáßóéï 3
Box 3
Ãíùìïäüôçóç ôïõ Óõìâïõëßïõ ôïõ ÅÍÉ ó ÷ åôéêÜ ìå ôçí Ýêäïóç çëåêôñïíéêïý ÷ ñÞìáôïò1 1 .
Opinion of the EMI Council on the issuance of electronic money1 1 .
Ôï 1994 , ôï Óõìâïýëéï ôïõ ÅÍÉ óõíÝóôçóå íá åðéôñÝðåôáé ìüíï óôá ðéóôùôéêÜ éäñýìáôá ( óýìöùíá ìå ôï åèíéêü äßêáéï ) ç Ýêäïóç ðñïðëçñùìÝíùí êáñôþí ðïëëáðëÞò ÷ ñÞóåùò .
In 1994 the EMI Council recommended that only credit institutions ( according to national law ) should be allowed to issue multi-purpose prepaid cards .
2 Ç óýóôáóç áõôÞ üìùò äåí åöáñìüóôçêå óå üëá ôá êñÜôç-ìÝëç .
2 However , this recommendation was not implemented in all Member States .
Ìå áõôÜ ôá äåäïìÝíá , ç ÅõñùðáúêÞ ÅðéôñïðÞ Üñ ÷ éóå ôï 1997 íá åðåîåñãÜæåôáé ðñüôáóç Ïäçãßáò ôïõ Åõñùðáúêïý Êïéíïâïõëßïõ êáé ôïõ Óõìâïõëßïõ ãéá ôçí Ýêäïóç çëåêôñïíéêïý ÷ ñÞìáôïò áðü ìç ðéóôùôéêÜ éäñýìáôá , éäßùò ìå óêïðü ôç ÷ ïñÞãçóç ôïõ åõñùðáúêïý äéáâáôçñßïõ óôá åí ëüãù éäñýìáôá .
Against this background , the European Commission started in 1997 to work on a proposal for a European Parliament and Council Directive on the issuance of electronic money by non-credit institutions , in particular with the objective of granting the European passport to these institutions .
3 Èá ðñÝðåé ïé êåíôñéêÝò ôñÜðåæåò íá Ý ÷ ïõí ôç äõíáôüôçôá íá åðéâÜëëïõí åëÜ ÷ éóôåò êáôáèÝóåéò óå üëïõò ôïõò åêäüôåò çëåêôñïíéêïý ÷ ñÞìáôïò , éäéáßôåñá þóôå íá åßíáé ðñïåôïéìáóìÝíåò ãéá ôõ ÷ üí åõñåßá áíÜðôõîç ôïõ çëåêôñïíéêïý ÷ ñÞìáôïò ìå ïõóéþäç åðßäñáóç óôç íïìéóìáôéêÞ ðïëéôéêÞ .
74 - the possibility must exist for central banks to impose reserve requirements on all issuers of electronic money , in particular in order to be prepared for a substantial development of electronic money with a material impact on monetary policy .
Ìå âÜóç áõôÜ ôá äåäïìÝíá êáé ôç óýóôáóç ôïõ 1994 ôïõ ÅÍÉ , ç ðéï Üìåóç ëýóç èá Þôáí íá ðåñéïñéóôåß ç äõíáôüôçôá Ýêäïóçò çëåêôñïíéêïý ÷ ñÞìáôïò óôá ðéóôùôéêÜ éäñýìáôá , êáèþò Ýôóé äåí èá ÷ ñåéáæüôáí íá ôñïðïðïéçèåß ôï õðÜñ ÷ ïí èåóìéêü ðëáßóéï ãéá ôç íïìéóìáôéêÞ ðïëéôéêÞ êáé ôéò ôñáðåæéêÝò åñãáóßåò .
Against this background , and in line with the 1994 recommendation of the EMI , the most straightforward solution would be to limit the issuance of electronic money to credit institutions , as this would avoid changing the existing institutional setting for monetary policy and banking business .
ÓõãêåêñéìÝíá , åí üøåé ôçò ìåôÜâáóçò ðñïò ôç ÍïìéóìáôéêÞ ¸ íùóç , ç Ýêäïóç çëåêôñïíéêïý ÷ ñÞìáôïò èá ðñÝðåé íá ðåñéïñßæåôáé óôá  ðéóôùôéêÜ éäñýìáôá üðùò ïñßæïíôáé óôï ¢ ñèñï 1 ôçò Ðñþôçò ÓõíôïíéóôéêÞò ÔñáðåæéêÞò Ïäçãßáò , åöüóïí ôï ¢ ñèñï 19.1 ôïõ Êáôáóôáôéêïý ôïõ ÅÓÊÔ , üðùò åßíáé óÞìåñá äéáôõðùìÝíï , åðéôñÝðåé óôçí ÅÊÔ íá åðéâÜëëåé åëÜ ÷ éóôåò êáôáèÝóåéò ìüíï óôá éäñýìáôá áõôÜ êáôÜ ôï Ôñßôï ÓôÜäéï ôçò ÏÍÅ .
More specif ically , with a view to the transition to Monetary Union , the issuance of electronic money should be limited to « credit institutions as defined in Article 1 of the First Banking Co-ordination Directive » since Article 19.1 of the Statute of the ESCB , in its current wording , allows the ECB to impose reserve requirements only on these institutions in Stage Three of EMU .
4 Ôï ÅÍÉ èá èåùñïýóå éäéáßôåñá óêüðéìï íá åðéäéù ÷ èåß ôñïðïðïßçóç ôïõ ïñéóìïý ôïõ  ðéóôùôéêïý éäñýìáôïò  ðïõ ðåñéÝ ÷ åôáé óôçí Ðñþôç ÓõíôïíéóôéêÞ ÔñáðåæéêÞ Ïäçãßá þóôå íá åðéôñáðåß ç Ýêäïóç çëåêôñïíéêïý ÷ ñÞìáôïò óå éäñýìáôá ðïõ äåí åðéèõìïýí íá óõíÜðôïõí ðéóôùôéêÝò ðñÜîåéò .
4 The EMI would see great merit in pursuing an amendment to the First Banking Co-ordination Directive 's definition of « credit institution » to allow institutions which are not willing to enter into credit operations to issue electronic money .
Ùóôüóï , ùò ìåôáâáôéêÞ äéÜôáîç ìÝ ÷ ñé íá ôñïðïðïéçèåß ç Ðñþôç ÓõíôïíéóôéêÞ ÔñáðåæéêÞ Ïäçãßá , ôï Óõìâïýëéï ôïõ ÅÍÉ èá ìðïñïýóå íá äå ÷ èåß üôé ôá éäñýìáôá ðïõ Þäç åêäßäïõí çëåêôñïíéêü ÷ ñÞìá ÷ ùñßò íá åìðßðôïõí óôïí ïñéóìü ôùí ðéóôùôéêþí éäñõìÜôùí êáôÜ ôçí Ðñþôç ÓõíôïíéóôéêÞ ÔñáðåæéêÞ Ïäçãßá èá óõíå ÷ ßæïõí íá ðáñÝ ÷ ïõí õðçñåóßåò ðëçñùìþí óôç ÷ þñá ôïõò , õðü ôçí ðñïûðüèåóç üôé õðüêåéíôáé óôïõò êáíïíéóìïýò üðùò áõôïß ïñßæïíôáé óôï óçìåßï 4 áíùôÝñù , ðëçí ôùí õðï ÷ ñåùôéêþí êáôáèÝóåùí .
Yet , as a transitional provision until the First Banking Co-ordination Directive is amended , the EMI Council would accept that those institutions already issuing electronic money , but which do not fall under the def inition of credit institution in the First Banking Co-ordination Directive , could continue to provide domestic payment services provided they are subject to the regulations as defined in item 4 above , excluding , however , reserve requirements .
Óçìåéþóåéò 1 Ç ãíùìïäüôçóç õéïèåôÞèçêå áðü ìåãÜëç ðëåéïøçößá ôùí ìåëþí ôïõ Óõìâïõëßïõ ôïõ ÅÍÉ ìå åîáßñåóç ôç Äáíßá , ôç Óïõçäßá , ôï ÇíùìÝíï Âáóßëåéï êáé ôï Ëïõîåìâïýñãï .
Notes : The opinion was adopted by a large majority of EMI Council members , with the exception of Denmark , Sweden , the United Kingdom and Luxembourg .
2 Ç ¸ êèåóç ðñïò ôï Óõìâïýëéï ôïõ ÅÍÉ ãéá ôéò ðñïðëçñùìÝíåò êÜñôåò  ( óåë . 8 ôçò áããëéêÞò Ýêäïóçò ) ðïõ óõíÝôáîå ôï ÅÍÉ ôï 1994 ðñïÝâëåðå ôç äõíáôüôçôá íá åðéôñÝðåôáé óå ïñéóìÝíïõò öïñåßò ðïõ äåí áðïôåëïýí êáíïíéêÜ ðéóôùôéêÜ éäñýìáôá ç Ýêäïóç ðñïðëçñùìÝíùí êáñôþí ðïëëáðëÞò ÷ ñÞóåùò õðü åéäéêïýò üñïõò êáé óå åîáéñåôéêÝò ðåñéðôþóåéò ( ð .
2 The EMI 's 1994 « Report to the Council of the EMI on Prepaid cards » ( p. 8 ) foresaw the possibility of allowing some non-fully fledged credit institutions to issue multi-purpose prepaid cards under specific conditions in exceptional circumstances ( e.g. in the case of schemes already in operation before the policy conclusions of the report were drawn up ) .
3 Ç ðñïûðüèåóç áõôÞ íá õðÜñ ÷ åé äõíáôüôçôá åîáñãýñùóçò äåí Ý ÷ åé áêüìç áðïóáöçíéóôåß . ( Ãéá íá áðïöåõ ÷ èïýí ÷ ñïíïâüñåò äéáäéêáóßåò , èá ìðïñïýóå ð .
( To avoid burdensome procedures , one may , for example , consider imposing a fee or a threshold on minimum amounts before redemption can be demanded by the holder of the electronic money instrument .
) 4 Ôï Óõìâïýëéï ôïõ ÅÍÉ áíáãíùñßæåé åðßóçò üôé äéáöÝñïõí ïé åèíéêïß ïñéóìïß ôïõ  ðéóôùôéêïý éäñýìáôïò  áíÜ ôçí ÅÅ êáé üôé óå ïñéóìÝíåò ÷ þñåò-ìÝëç õðÜñ ÷ ïõí óÞìåñá åêäüôåò çëåêôñïíéêïý ÷ ñÞìáôïò ðïõ äåí áíôáðïêñßíïíôáé óôïí áíôßóôïé ÷ ï åèíéêü ïñéóìü ôïõ ðéóôùôéêïý éäñýìáôïò .
) 4 The EMI Council also acknowledges the fact that national definitions of « credit institution » differ across Member States and that in some countries issuers of electronic money currently exist which do not fulfil the respective national definition of a credit institution .
5 ¼ ðùò ðñïáíáöÝñèçêå , Þäç ðñïâëÝðåôáé åîáßñåóç óôçí Ýêèåóç ôïõ ÅÍÉ ó ÷ åôéêÜ ìå ôéò ðñïðëçñùìÝíåò êÜñôåò .
5 As noted above , an exception was already foreseen in the EMI 's 1994 report on prepaid cards .
3 Óõíåñãáóßá óôïí ôïìÝá ôçò ôñáðåæéêÞò åðïðôåßáò êáé ôçò óôáèåñüôçôáò ôïõ ÷ ñçìáôïïéêïíïìéêïý óõóôÞìáôïò ðáñáãüíôùí - üðùò ç ÷ ñçìáôïïéêïíïìéêÞ áðåëåõèÝñùóç , ç áðïäéáìåóïëÜâçóç , ç äéåèíïðïßçóç êáé ç ôå ÷ íïëïãéêÞ ðñüïäïò ðïõ åìöáíßóôçêáí üëïé ôá ôåëåõôáßá ÷ ñüíéá êáé áíáìÝíåôáé íá åîáêïëïõèïýí íá äéáìïñöþíïõí ôá ôñáðåæéêÜ óõóôÞìáôá ôçò ÅÅ êáôÜ ôá åðüìåíá ÷ ñüíéá .
3 Co-operation in the field of banking supervision and financial stability In accordance with Article 109f ( 2 ) , fourth indent , of the Treaty , in 1997 the EMI held consultations on a number of issues falling within the competence of NCBs and affecting the stability of financial institutions and markets . The most important topics discussed were as follows .
Ôï 1997 ôï ÅÍÉ , óýìöùíá ìå ôï ¢ ñèñï 109 ÓÔ ( 2 ) , ôÝôáñôï åäÜöéï , ôçò ÓõíèÞêçò , ïñãÜíùóå äéáâïõëåýóåéò ãéá ìéá óåéñÜ áðü æçôÞìáôá ðïõ åìðßðôïõí óôçí áñìïäéüôçôá ôùí ÅèíÊÔ êáé åðçñåÜæïõí ôç óôáèåñüôçôá ôùí ÷ ñçìáôïðéóôùôéêþí éäñõìÜôùí êáé áãïñþí .
Credit institutions have been able to play a major role in these financial groups , partly as a result of their central role in financial transaction services ( money transmission , securities settlement and administration ) and partly owing to their size and capital strength .
3.1 Åðéäüóåéò êáé óôáèåñüôçôá ôùí ôñáðåæéêþí óõóôçìÜôùí ôçò ÅÅ ìåóïðñüèåóìá êáé ìáêñïðñüèåóìá ¸ ãéíå Ýñåõíá åðß ðïëëþí èåìÜôùí ðïõ ìðïñåß äõíçôéêÜ íá åðçñåÜóïõí ôç óôáèåñüôçôá ôùí ôñáðåæéêþí óõóôçìÜôùí ôçò ÅÅ , þóôå ïé ÅèíÊÔ êáé ïé áñ ÷ Ýò ðïõ åßíáé áñìüäéåò ãéá ôçí åðïðôåßá ôùí ôñáðåæþí íá Ý ÷ ïõí ìåãáëýôåñç åðßãíùóç ôùí óçìåñéíþí ôÜóåùí óôá ôñáðåæéêÜ óõóôÞìáôá ôçò ÅÅ áëëÜ êáé ôùí ðéèáíþí åîåëßîåùí ìåóïðñüèåóìá êáé ìáêñïðñüèåóìá , ôüóï ãåíéêüôåñá üóï êáé óå ó ÷ Ýóç ìå ôçí åãêáèßäñõóç ôçò ÏÍÅ .
3.1 Performance and stability of the EU banking systems in the medium and long term A survey was conducted on a wide range of issues of potential relevance to the stability of the EU banking systems with a view to increasing the awareness of NCBs and banking supervisory authorities of both current trends in the EU banking systems and developments which are likely to occur in the medium and long term , both in general and in relation to the establishment of EMU .
Ôï ãåãïíüò üôé óå ïñéóìÝíåò ÷ þñåò áõîÞèçêå ç êåñäïöïñßá ôï 1995-96 äåí áíáéñåß ôç ãåíéêüôåñç ôÜóç , äåäïìÝíïõ üôé ç áýîçóç áõôÞ óå ìåãÜëï âáèìü áíôéêáôïðôñßæåé ôéò åõíïúêÝò óõíèÞêåò ðïõ åðéêñÜôçóáí óôéò êåöáëáéáãïñÝò .
( iii ) a rise in non-interest income ; and ( iv ) a reduction in staff costs and the number of staff .
Ïé ôÜóåéò áõôÝò ìðïñïýí íá èåùñçèïýí ùò óõíéóôáìÝíç ðïëëþí 88 ÷ ñçìáôïïéêïíïìéêþí õðçñåóéþí , åßôå ìÝóù ôçò Üìåóçò óõììåôï ÷ Þò óôï ìåôï ÷ éêü êåöÜëáéï ìç ôñáðåæéêþí äéáìåóïëáâçôþí åßôå ìÝóù ôçò óýíáøçò óõìöùíéþí ìáæß ôïõò .
Although profitability did indeed increase in 1995 and 1996 in a number of countries , this does not alter the basic trend given that it reflects to a large extent the favourable conditions prevailing in the capital markets .
Ç ðñáãìáôéêÞ üìùò åðßðôùóç ôçò ðßåóçò áõôÞò èá ðïéêßëëåé áðü ßäñõìá óå ßäñõìá . Åíôïýôïéò , áíáìÝíåôáé üôé ç ÏÍÅ èá åðéöÝñåé åðßóçò áñêåôÜ ðëåïíåêôÞìáôá , ôá ïðïßá 89
In general , the overall outlook in the medium term is that pressure on banks » profitability is likely to increase with the establishment of EMU .
Ôï óýóôçìá TARGET èá óõìâÜëåé óçìáíôéêÜ óôçí êáèéÝñùóç åýñùóôùí êáé áðïôåëåóìáôéêþí óõóôçìÜôùí ðëçñùìþí , ìåéþíïíôáò ôïõò óõóôçìéêïýò êéíäýíïõò êáèþò êáé ôïõò êéíäýíïõò ñåõóôüôçôáò . Èá ðñÝðåé ëïãéêÜ åðßóçò ôá ðéóôùôéêÜ éäñýìáôá íá åðùöåëçèïýí áðü ôçí áýîçóç ôïõ âÜèïõò êáé ôçò ñåõóôüôçôáò ôùí êåöáëáéïãïñþí , êáèþò ç êáôÜóôáóç áõôÞ èá ìåéþóåé ôïõò êéíäýíïõò ôùí áãïñþí áõôþí êáé èá äéåõêïëýíåé ôéò ðñÜîåéò äéá ÷ åßñéóçò ôïõ êéíäýíïõ .
In particular , a more stable economic environment may stimulate bank lending and reduce the risk of defaults by having a positive impact on credit risk , although there will inevitably be regional variations in activity which could affect credit quality differentially . The TARGET system will make a significant contribution to the establishment of sound and efficient payment systems by reducing systemic and liquidity risks .
3.2 Ç ÷ ñÞóç ìáêñïïéêïíïìéêþí óôïé ÷ åßùí êáôÜ ôç äéáäéêáóßá åðïðôåßáò ÐñïêåéìÝíïõ íá óõìðëçñùèïýí ïé åñãáóßåò ãéá ôá åðïðôéêÜ óõóôÞìáôá Ýãêáéñçò ðñïåéäïðïßçóçò ïé ïðïßåò äéåîÞ ÷ èçóáí ôï 1996 ( âë .
supervisory authorities will have to step up their monitoring activities in order to be in a position to detect the weaker credit institutions and to ensure that they take steps to adapt to the increasing pressure .
ÅôÞóéá ¸ êèåóç ôïõ ÅÍÉ ãéá ôï 1996 ) , äéåñåõíÞèçêå ç ðéèáíÞ ÷ ñÞóç ìáêñïïéêïíïìéêþí óôïé ÷ åßùí êáôÜ ôç äéáäéêáóßá åðïðôåßáò , êáèþò êáé ïé ó ÷ Ýóåéò ìåôáîý ôùí ìáêñïïéêïíïìéêþí åîåëßîåùí êáé ôçò åõðÜèåéáò óôá ôñáðåæéêÜ óõóôÞìáôá ôüóï óôï óýíïëü ôïõò üóï êáé óå åðßðåäï ìåìïíùìÝíùí éäñõìÜôùí .
The findings of the survey have been made available to the international supervisory forums . Three main categories of macro-prudential analysis have been described , notably : ( i ) regular analysis to evaluate the conditions in the banking system on a systematic basis ;
3.3 ¢ ëëá æçôÞìáôá Êáô  áñ ÷ Üò , äüèçêå éäéáßôåñç ðñïóï ÷ Þ óå ðñüóöáôåò åîåëßîåéò ðïõ Ýëáâáí ÷ þñá óå üëï ôïí ôñáðåæéêü ôïìÝá ó ÷ åôéêÜ ìå ôçí ðñáêôéêÞ ôçò äçìéïõñãßáò ðñïâëÝøåùí ãéá åðéóöáëåßò áðáéôÞóåéò .
3.3 Other issues First , specific attention has been devoted to recent developments which have taken place in industry-wide practice for the provisioning for bad and doubtful loans .
Ôï Ýñãï áõôü , ôï ïðïßï óõìðëçñþíåé ðñïçãïýìåíç åñãáóßá ó ÷ åôéêÜ ìå ôï èÝìá ( âë . ÅôÞóéá ¸ êèåóç ôïõ ÅÍÉ ãéá ôï 1996 ) , åóôéÜæåôáé óå íÝåò ðñïóåããßóåéò ãéá ôç äçìéïõñãßá ðñïâëÝøåùí ðïõ Üñ ÷ éóáí íá ÷ ñçóéìïðïéïýí ôá ðéóôùôéêÜ éäñýìáôá êáé ïé ïðïßåò âáóßæïíôáé óå óôáôéóôéêÝò ìåèüäïõò .
This was a follow-up to previous work conducted on the subject ( see the EMI 's Annual Report 1996 ) and focused on new approaches to provisioning which credit institutions have started to use and which are based on statistical methods .
Ç Ýñåõíá ôùí íÝùí ðñïóåããßóåùí Ýäåéîå üôé , ðñïò ôï ðáñüí ôïõëÜ ÷ éóôïí , äåí ÷ ñçóéìïðïéïýíôáé åõñÝùò 91 áðü ôá ðéóôùôéêÜ éäñýìáôá ôçò ÅÅ .
The survey on the new approaches showed that , for the time being at least , they are not widely used by EU credit institutions .
Ôï êáèåóôþò ðñïëçðôéêÞò åðïðôåßáò âáóßæåôáé óôá áêüëïõèá äýï óôïé ÷ åßá : ( á ) ïé êáíüíåò åðïðôåßáò ðïõ äéÝðïõí ôç ñåõóôüôçôá ôùí ðéóôùôéêþí éäñõìÜôùí üðùò Ý ÷ ïõí èåóðéóôåß áðü ôá êñÜôç-ìÝëç äåí åßíáé åíáñìïíéóìÝíïé êáé ( â ) áñìüäéï ãéá ôçí åðïðôåßá ôçò ñåõóôüôçôáò ôùí îÝíùí õðïêáôáóôçìÜôùí ðïõ åßíáé åãêáôåóôçìÝíá óôçí ÅÅ åßíáé ôï üñãáíï åðïðôåßáò ôçò ÷ þñáò õðïäï ÷ Þò , óå óõíåñãáóßá ìå ôï åðïðôéêü üñãáíï ôçò ÷ þñáò ðñïÝëåõóçò , óýìöùíá ìå ôï ¢ ñèñï 14 ( 2 ) ôçò Äåýôåñçò ÓõíôïíéóôéêÞò ÔñáðåæéêÞò Ïäçãßáò .
The prudential supervisory regime is based on the following two elements : ( i ) the prudential rules governing credit institutions » liquidity as laid down in the Member States are not harmonised ; and ( ii ) responsibility for supervising the liquidity position of foreign branches set up in the EU remains with the host supervisor , in co-operation with the home supervisor , in accordance with Article 14 ( 2 ) of the Second Banking Co-ordination Directive .
Ôüóï ç ôñÝ ÷ ïõóá ôÜóç ðñïò ôç óõãêåíôñùôéêÞ äéá ÷ åßñéóç ôçò ñåõóôüôçôáò áðü ðëåõñÜò ôùí ðéóôùôéêþí éäñõìÜôùí - ç ïðïßá áíáìÝíåôáé íá åíéó ÷ õèåß ìå ôçí õéïèÝôçóç ôïõ åíéáßïõ íïìßóìáôïò - üóï êáé ç áíÜãêç þóôå ç åðïðôéêÞ ëåéôïõñãßá íá åðéôåëåß ðëÞñùò ôïí ðñïïñéóìü ôçò Ý ÷ ïõí åðéóçìáíèåß ùò ðéèáíïß ðáñÜãïíôåò ðïõ ßóùò íá åðéâÜëëïõí ôçí áíáèåþñçóç ôïõ 92 õöéóôÜìåíïõ êáèåóôþôïò , êáé éäßùò ôçí åê ÷ þñçóç ôçò áñìïäéüôçôáò ãéá ôç ñåõóôüôçôá ôùí îÝíùí õðïêáôáóôçìÜôùí áðü ôï üñãáíï åðïðôåßáò ôçò ÷ þñáò õðïäï ÷ Þò óôï áíôßóôïé ÷ ï üñãáíï ôçò ÷ þñáò ðñïÝëåõóçò .
The current trend towards the centralised management of liquidity by credit institutions - which is expected to be reinforced by the introduction of the single currency - and the need to maintain a fully effective supervisory function have both been identified as possible factors which might necessitate the revision of the current regime and , in particular , a shift in responsibility for foreign branches » liquidity from the host to the home supervisor .
ÔÝëïò , ôï 1997 óõíå ÷ ßóôçêå ç óõíåñãáóßá ìåôáîý ôùí ìçôñþùí ðéóôþóåùí ðïõ ëåéôïõñãïýí óå åðôÜ ÷ þñåò ôçò ÅÅ ( ÂÝëãéï , Ãåñìáíßá , Éóðáíßá , Ãáëëßá , Éôáëßá , Áõóôñßá êáé Ðïñôïãáëßá ) êáé ôá äéá ÷ åéñßæïíôáé ïé ÅèíÊÔ . Óêïðüò ôïõò åßíáé êõñßùò ç êáôáãñáöÞ ðëçñïöïñéþí ó ÷ åôéêÜ ìå ôéò óõíïëéêÝò ïöåéëÝò ôùí äáíåéïëçðôþí , þóôå íá õðïâïçèïýíôáé ôá ðéóôùôéêÜ êáé ÷ ñçìáôïïéêïíïìéêÜ éäñýìáôá óôç äéá ÷ åßñéóç ôïõ ðéóôùôéêïý êéíäýíïõ ðïõ áíôéðñïóùðåýïõí ïé åí ëüãù äáíåéïëÞðôåò .
Finally , in 1997 co-operation continued among the credit registers operating in seven EU countries ( Belgium , Germany , Spain , France , Italy , Austria and Portugal ) and managed by NCBs , the main purpose of which is to record information on the overall degree of indebtedness of borrowers with a view to assisting credit and financial institutions in managing their credit risk .
4 Äéá ÷ åßñéóç ôùí ìç ÷ áíéóìþí ôïõ ÅÍÓ êáé ôùí êïéíïôéêþí äáíåßùí Ôá ëåéôïõñãéêÜ êáèÞêïíôá ôïõ ÅÍÉ áöïñïýí ôç äéá ÷ åßñéóç ôùí ìç ÷ áíéóìþí ôïõ Åõñùðáúêïý Íïìéóìáôéêïý ÓõóôÞìáôïò ( ÅÍÓ ) - äçë . ôïõ ìç ÷ áíéóìïý Ðïëý Âñá ÷ õðñüèåóìçò × ñçìáôïäüôçóçò ( ÐÂ ×) , ôïõ ìç ÷ áíéóìïý Âñá ÷ õðñüèåóìçò ÍïìéóìáôéêÞò ÓôÞñéîçò êáé ôçò äçìéïõñãßáò ECU ìå óêïðü ôçí åöáñìïãÞ ôçò Óõìöùíßáò ôïõ ÅÍÓ - êáèþò êáé ôç äéá ÷ åßñéóç äáíåéïëçðôéêþí êáé äáíåéïäïôéêþí ðñÜîåùí ðïõ óõíÜðôåé ç Êïéíüôçôá âÜóåé ôïõ ìç ÷ áíéóìïý Ìåóïðñüèåóìçò ÏéêïíïìéêÞò Åíßó ÷ õóçò .
4 Administration of EMS mechanisms and Community loans The EMI 's operational tasks relate to the administration of the mechanisms of the European Monetary System ( EMS ) - the Very Short-Term Financing mechanism ( VSTF ) , the Short-Term Monetary Support mechanism and the creation of ECUs for the purpose of implementing the EMS Agreement - and the administration of borrowing and lending operations concluded by the Community under the Medium-Term Financial Assistance mechanism .
Êáèþò ç ÔñÜðåæá ôçò ÅëëÜäïò Þäç óõììåôåß ÷ å óôï ìç ÷ áíéóìü óå åèåëïíôéêÞ âÜóç áðü ôïí ÉáíïõÜñéï ôïõ 1986 , ç Ýíôáîç óôï ÌÓÉ äåí åðçñÝáóå ôéò ðñÜîåéò áíôáëëáãþí ECU ôïõ ÅÍÉ . To ðïóüí ôùí åðßóçìùí ECU ðïõ åêäüèçêáí áðü ôï ÅÍÉ óôï ðëáßóéï ôçò ôåëåõôáßáò ôñßìçíçò ðñÜîçò áíôáëëáãÞò , ç ïðïßá äéåíåñãÞèçêå óôéò 12 Éáíïõáñßïõ 1998 , Ýöèáóå ôá 62,9 äéóåê .
The amount of official ECUs issued by the EMI under the latest three-month swap transaction , which took place on 12 January 1998 , reached ECU 62.9 billion .
ECU . Óå óýãêñéóç ìå ôïí ÉáíïõÜñéï ôïõ 1997 , ôï áðüèåìá óå ECU áõîÞèçêå êáôÜ 2,7 äéóåê .
Compared with January 1997 , the stock of ECUs increased by ECU 2.7 billion .