natgillin/translations-raw huggingface dataset:
 PeqijopÝy aposßlgrgy So Etqxrýrsgla euaqlüfei « peqijopÝy aposßlgrgy » jasÜ sgm aposßlgrg sxm peqiotriajþm rsoiveßxm pot paqÝvomsai xy aruÜkeia .
 Valuation haircuts The Eurosystem applies  valuation haircuts  in the valuation of underlying assets .
Atsü rtmepÜcesai üsi g anßa sot sßskot tpokocßfesai xy g acoqaßa anßa sot peqiotriajoý rsoiveßot leßom Ýma oqirlÝmo pororsü ( peqijopÞ ) .
This implies that the value of the underlying asset is calculated as the market value of the asset less a certain percentage ( haircut ) .
 Peqihþqia diauoqþm aposßlgrgy ( aposßlgrg re sqÝvotrey silÝy sgy acoqÜy ) So Etqxrýrsgla apaiseß ma diasgqeßsai cia jÜpoio vqomijü diÜrsgla Ýma jahoqirlÝmo peqihþqio epß sot sßskot pot vqgrilopoießsai xy aruÜkeia rsiy amsirsqepsÝey pqÜneiy sot cia paqovÞ qetrsüsgsay .
 Variation margins ( marking to market ) The Eurosystem requires a specified margin to be maintained over time on the underlying assets used in its liquidity-providing reverse transactions .
Atsü rtmepÜcesai üsi , eÜm g anßa sxm sßskxm , üpxy tpokocßfesai re sajsÜ vqomijÜ diarsÞlasa , leixheß jÜsx apü Ýma oqirlÝmo epßpedo , g ehmijÞ jemsqijÞ sqÜpefa ha fgsÞrei apü som amsirtlbakkülemo ma pqorjolßrei pqürhesa peqiotriajÜ rsoiveßa Þ lesqgsÜ ( dgkadÞ ha emeqcopoigheß o lgvamirlüy jÜktwgy diauoqþm aposßlgrgy ) .
This implies that if the value , measured on a regular basis , of the underlying assets falls below a certain level , the national central bank will require the counterparty to supply additional assets or cash ( i.e. a margin call ) .
Amsßrsoiva , eÜm g anßa sxm sßskxm , lesÜ sgm ej mÝot aposßlgrÞ soty , tpeqbaßmei Ýma oqirlÝmo ýwoy , g jemsqijÞ sqÜpefa epirsqÝuei rsom amsirtlbakkülemo sa pkeomÜfomsa peqiotriajÜ rsoiveßa Þ lesqgsÜ .
Similarly , if the value of the underlying assets , following their revaluation , exceeds a certain level , the central bank returns the excess assets or cash to the counterparty .
( Oi tpokocirloß pot rtmdÝomsai le sg keisotqcßa sot lgvamirloý jÜktwgy diauoqþm aposßlgrgy paqotriÜfomsai rso pkaßrio 9 .
( The calculations relevant for the execution of margin calls are presented in Box 9 .
)  ¼ qia pot auoqoým soty ejdüsey / vqeþrsey Þ ecctgsÝy So Etqxrýrsgla dýmasai ma euaqlüfei üqia rsa vqglasodosijÜ amoßclasa pqoy soty ejdüsey / vqeþrsey Þ ecctgsÝy .
)  Limits in relation to issuers / debtors or guarantors The Eurosystem may apply limits to the exposure vis-à-vis issuers / debtors or guarantors .
 Pqürhesey ecctÞreiy So Etqxrýrsgla dýmasai ma apaisÞrei pqürhesey ecctÞreiy apü oijomolijÜ eýqxrsoty uoqeßy pqojeilÝmot ma devheß oqirlÝma peqiotriajÜ rsoiveßa .
 Additional guarantees The Eurosystem may require additional guarantees from financially sound entities in order to accept certain assets .
 Apojkeirlüy So Etqxrýrsgla dýmasai ma apojkeßei sg vqÞrg oqirlÝmxm sßskxm rsiy pqÜneiy molirlasijÞy pokisijÞy .
 Exclusion The Eurosystem may exclude certain assets from use in its monetary policy operations .
AqvijÜ peqihþqia
Initial margins
So Etqxrýrsgla euaqlüfei aqvijÜ peqihþqia , pot amsirsoivoým re oqirlÝmo pororsü sgy paqevülemgy qetrsüsgsay so opoßo pqorsßhesai rsgm apaisoýlemg anßa sxm pqorueqülemxm peqiotriajþm rsoiveßxm .
The Eurosystem applies initial margins , which correspond to a certain percentage of the amount of liquidity provided which is to be added to the requirement for the value of the underlying assets .
Euaqlüfomsai dýo diauoqesijÜ aqvijÜ peqihþqia , le bÜrg sg vqomijÞ diÜqjeia sot vqglasodosijoý amoßclasoy sot EtqxrtrsÞlasoy :
Two different initial margins are applied , taking into account the exposure time for the Eurosystem :
 peqihþqio 1 % cia rtmakkacÝy emdogleqÞriey jai diÜqjeiay lßay glÝqay
 a margin of 1 % for intraday and overnight transactions , and
 peqihþqio 2 % cia rtmakkacÝy le aqvijÞ diÜqjeia pot tpeqbaßmei sg lßa eqcÜrilg glÝqa .
 a margin of 2 % for transactions with an original maturity of more than one business day .
Rsiy pqÜneiy apoqqüugrgy qetrsüsgsay dem euaqlüfomsai aqvijÜ peqihþqia .
No initial margins are applied in liquidity-absorbing operations .
15.7.2002 LÝsqa ekÝcvot jimdýmxm cia sa peqiotriajÜ rsoiveßa sgy pqþsgy bahlßday
Official Journal of the European Communities 15.7.2002
Ejsüy sxm aqvijþm peqihxqßxm pot euaqlüfomsai rso porü sgy paqevülemgy qetrsüsgsay , so Etqxrýrsgla euaqlüfei eidijÜ lÝsqa ekÝcvot jimdýmxm amÜkoca le so eßdoy sxm peqiotriajþm rsoiveßxm pot pqoruÝqei o amsirtlbakkülemoy xy aruÜkeia .
Risk control measures for tier-one assets In addition to the initial margins applied to the amount of liquidity provided , the Eurosystem applies specific risk control measures according to the types of underlying assets offered by the counterparty .
Sa jasÜkkgka lÝsqa ekÝcvot jimdýmxm cia sa peqiotriajÜ rsoiveßa sgy pqþsgy bahlßday pqordioqßfomsai apü sgm EJS , kalbamolÝmxm tpüwg sxm diauoqþm rsa molijÜ rtrsÞlasa sxm jqasþm-lekþm .
The appropriate risk control measures for tier-one assets are determined by the ECB , taking into consideration differences in the legal systems of the Member States .
Sa lÝsqa ekÝcvot jimdýmxm cia sa peqiotriajÜ rsoiveßa sgy pqþsgy bahlßday eßmai re cemijÝy cqallÝy emaqlomirlÝma rsg fþmg sot etqþ ( 58 ) .
Risk control measures for tier-one assets are broadly harmonised across the euro area ( 58 ) .
So pkaßrio ekÝcvot jimdýmxm cia sa peqiotriajÜ rsoiveßa sgy pqþsgy bahlßday peqikalbÜmei sa enÞy jýqia rsoiveßa :  Sa epilÝqoty vqeücqaua tpüjeimsai re eidijÝy « peqijopÝy aposßlgrgy » .
The risk control framework for tier-one assets includes the following main elements :  individual debt instruments are subject to specific  valuation haircuts .
Cia sgm euaqlocÞ sxm peqijopþm , auaiqeßsai Ýma oqirlÝmo pororsü apü sgm sqÝvotra silÞ sot peqiotriajoý rsoiveßot rsgm acoqÜ .
The haircuts are applied by deducting a certain percentage from the market value of the underlying asset .
Oi peqijopÝy poijßkkotm amÜkoca le sgm emapolÝmotra diÜqjeia jai sg diÜqhqxrg sxm sojoleqidßxm sxm vqeocqÜuxm , üpxy peqicqÜuesai rso pkaßrio 8 .
The haircuts differ according to the residual maturity and coupon structure of the debt instruments as described in Box 8 , BOX 8 Levels of valuation haircuts applied to eligible tier-one assets
PKAIRIO 8 Epßpeda peqijopþm aposßlgrgy pot euaqlüfomsai rsa apodejsÜ peqiotriajÜ rsoiveßa sgy pqþsgy bahlßday PeqijopÝy aposßlgrgy pot euaqlüfomsai rsoty sßskoty rsaheqoý episojßot : 0 % cia soty sßskoty le emapolÝmotra diÜqjeia Ýxy 1 Ýsoy , 1,5 % cia soty sßskoty le emapolÝmotra diÜqjeia Ümx sot 1 Ýsoty jai Ýxy 3 Ýsg , 2 % cia soty sßskoty le emapolÝmotra diÜqjeia Ümx sxm 3 esþm jai Ýxy 7 Ýsg , 3 % cia sa olükoca le sojoleqßdio le emapolÝmotra diÜqjeia Ümx sxm 7 esþm , 5 % cia sa olükoca lgdemijoý sojoleqidßot jai olükoca le apojollÝmo sojoleqßdio ( strips ) le emapolÝmotra diÜqjeia Ümx sxm 7 esþm .
Valuation haircuts applied to fixed rate instruments ( 1 ) : 0 % for instruments with a residual maturity of up to one year ; 1,5 % for instruments with a residual maturity of more than one year and up to three years ;
PeqijopÝy aposßlgrgy pot euaqlüfomsai rsoty sßskoty jtlaimülemot episojßot : 0 % cia soty sßskoty le sojoleqßdio jahoqifülemo ej sxm trsÝqxm .
and 5 % for zero coupon bonds and strips with a residual maturity of more than seven years . Valuation haircuts applied to floating rate instruments : 0 % for instruments with post-fixed coupons .
Cia soty sßskoty le sojoleqßdio jahoqifülemo ej sxm pqosÝqxm , euaqlüfomsai oi ßdiey peqijopÝy aposßlgrgy üpxy jai cia soty sßskoty rsaheqoý episojßot .
For instruments with pre-fixed coupons , the same valuation haircuts are applied as those for fixed rate instruments .
Cia soty sßskoty atsoýy ülxy oi peqijopÝy aposßlgrgy oqßfomsai amÜkoca le so diÜrsgla pot lerokabeß apü som seketsaßo jahoqirlü sot sojoleqidßot lÝvqi som epülemo mÝo jahoqirlü sojoleqidßot .
However , for such instruments , the valuation haircuts are determined according to the period of time between the last coupon setting and the next coupon resetting .
PeqijopÝy aposßlgrgy pot euaqlüfomsai rsoty sßskoty le amsirsqüuxy jtlaimülemo episüjio : 1,5 % cia soty sßskoty le emapolÝmotra diÜqjeia Ýxy 1 Ýsoy , 4 % cia soty sßskoty le emapolÝmotra diÜqjeia Ümx sot 1 Ýsoty jai Ýxy 3 Ýsg , 8 % cia soty sßskoty le emapolÝmotra diÜqjeia Ümx sxm 3 esþm jai Ýxy 7 Ýsg , 12 % cia soty sßskoty le emapolÝmotra diÜqjeia Ümx sxm 7 esþm .
Valuation haircuts applied to inverse floating rate instruments : 1,5 % for instruments with a residual maturity of up to one year ; 4 % for instruments with a residual maturity of more than one year and up to three years ;
 Rsiy pqÜneiy apoqqüugrgy qetrsüsgsay dem euaqlüfomsai peqijopÝy aposßlgrgy .  AmÜkoca le so irvýom dßjaio jai sgm euaqlofülemg keisotqcijÞ pqajsijÞ jÜhe vþqay , oi ehmijÝy jemsqijÝy sqÜpefey pqobkÝpotm sg rtcjÝmsqxrg ( pooling ) sxm peqiotriajþm rsoiveßxm pot pqoruÝqomsai xy aruÜkeia Þ / jai apaisoým sgm eneidßjetrg ( earmarking ) atsþm cia jÜhe epilÝqoty rtmakkacÞ .
( 1 ) These levels of valuation haircut are also applicable to debt instruments , the coupon of which is linked to a change in the rating of the issuer itself or to inflation-indexed bonds .  no valuation haircuts are applied in liquidity-absorbing operations ,  depending on both the jurisdiction and national operational systems , national central banks allow for the pooling of underlying assets and / or require the earmarking of the assets used in each individual transaction .
Rsa rtrsÞlasa ( 58 ) Kücx keisotqcijþm diauoqþm lesaný sxm jqasþm-lekþm xy pqoy siy diadijarßey paqÜdorgy sxm peqiotriajþm rsoiveßxm apü soty amsirtlbakkolÝmoty pqoy siy ehmijÝy jemsqijÝy sqÜpefey ( le sg loquÞ rýrsargy « denalemÞy » aruakeiþm tpÝq sgy ehmijÞy jemsqijÞy sqÜpefay Þ le sg loquÞ lesabßbargy epilÝqoty sßskxm , jahoqirlÝmxm cia jÜhe rtmakkacÞ , le bÜrg rtluxmßey epamacoqÜy ) , emdÝvesai ma tpÜqvotm Þrromoy rglarßay diauoqÝy xy pqoy so vqümo aposßlgrgy jai xy pqoy Ükka keisotqcijÜ vaqajsgqirsijÜ sot pkairßot euaqlocÞy sxm peqihxqßxm .
In pooling systems , the counterparty makes a pool of sufficient underlying assets available to ( 58 ) Owing to operational differences across Member States in respect of the procedures for counterparties » delivery of underlying assets to the national central banks ( in the form of a pool of collateral pledged with the national central bank or as repurchase agreements based on individual assets specified for each transaction ) , minor differences may occur with regard to the timing of the valuation and other operational features of the margin framework .
Epßrglg Eugleqßda sxm Etqxpaújþm JoimosÞsxm rtcjÝmsqxrgy sxm aruakeiþm o amsirtlbakkülemoy dgliotqceß lia « denalemÞ » epaqjþm peqiotriajþm rsoiveßxm sa opoßa hÝsei rsg diÜherg sgy jemsqijÞy sqÜpefay cia ma jakýpsei siy rvesijÝy pirsþreiy pot sot paqÝvei g jemsqijÞ sqÜpefa , jai xy ej soýsot sa epilÝqoty peqiotriajÜ rsoiveßa dem rtmdÝomsai le rtcjejqilÝmey pirsxsijÝy pqÜneiy .
Official Journal of the European Communities the central bank to cover the related credits received from the central bank , thus implying that individual assets are not linked to specific credit operations .
Amsßhesa , rsa rtrsÞlasa eneidßjetrgy , sxm aruakeiþm jÜhe pirsxsijÞ pqÜng rtmdÝesai le rtcjejqilÝmoty satsopoiÞriloty sßskoty .
By contrast , in an earmarking system , each credit operation is linked to specific identifiable assets ,
 Sa peqiotriajÜ rsoiveßa tpüjeimsai re jahgleqimÞ aposßlgrg .
 the assets are subject to daily valuation .
JahgleqimÜ oi ehmijÝy jemsqijÝy sqÜpefey tpokocßfotm sgm apaisoýlemg anßa peqiotriajþm rsoiveßxm kalbÜmomsay tpüwg siy lesabokÝy sot ýwoty sxm tpokoßpxm sxm pirsþrexm , siy aqvÝy aposßlgrgy pot peqicqÜuomsai rsgm emüsgsa 6.5 jai sa apaisoýlema aqvijÜ peqihþqia jai siy peqijopÝy aposßlgrgy .
On a daily basis , national central banks calculate the required value of underlying assets taking into account changes in outstanding credit volumes , the valuation principles outlined in Section 6.5 and the required initial margins and valuation haircuts ,
 EÜm , lesÜ sgm aposßlgrg , sa peqiotriajÜ rsoiveßa dem amsapojqßmomsai rsgm anßa sxm apaisoýlemxm aruakeiþm , üpxy tpokocßfomsai ejeßmg sgm glÝqa , cßmomsai rtllesqijÝy jasabokÝy rtlpkgqxlasijoý peqihxqßot .
 if , after valuation , the underlying assets do not match the requirements as calculated on that day , symmetric margin calls are performed .
Cia ma peqioqirseß g rtvmüsgsa sxm jasabokþm rtlpkgqxlasijoý peqihxqßot , oi ehmijÝy jemsqijÝy sqÜpefey lpoqoým ma euaqlüfotm Ýma rgleßo emeqcopoßgrgy .
In order to reduce the frequency of margin calls , national central banks may apply a trigger point .
Rsgm peqßpsxrg atsÞ , so rgleßo emeqcopoßgrgy amsirsoiveß rso 1 % sot poroý sgy paqevülemgy qetrsüsgsay .
If applied , this trigger point is 1 % of the amount of liquidity provided .
AmÜkoca le so irvýom dßjaio jÜhe vþqay , oi ehmijÝy jemsqijÝy sqÜpefey dýmamsai ma oqßrotm üsi oi jasabokÝy rtlpkgqxlasijoý peqihxqßot pqaclasopoioýmsai eßse lÝrx sgy paqovÞy pqürhesxm peqiotriajþm rsoiveßxm eßse le jasabokÞ lesqgsþm .
Depending on the jurisdiction , national central banks may require margin calls either to be effected through the supply of additional assets or by means of cash payments .
Atsü rglaßmei üsi , eÜm g acoqaßa anßa sxm peqiotriajþm rsoiveßxm leixheß süro þrse ma tpokeßpesai sot jasþseqot rgleßot emeqcopoßgrgy , oi amsirtlbakkülemoi oueßkotm ma pqorjolßrotm pqürhesa peqiotriajÜ rsoiveßa ( Þ lesqgsÜ ) .
This implies that if the market value of the underlying assets falls below the lower trigger point , counterparties have to supply additional assets ( or cash ) .
Amsßrsoiva , eÜm g acoqaßa anßa sxm peqiotriajþm rsoiveßxm , lesÜ sg mÝa aposßlgrÞ soty , tpeqbaßmei so amþseqo rgleßo emeqcopoßgrgy , g ehmijÞ jemsqijÞ sqÜpefa epirsqÝuei sa pkeomÜfomsa peqiotriajÜ rsoiveßa ( Þ sa lesqgsÜ ) rsom amsirtlbakkülemo ( bkÝpe pkaßrio 9 ) .
Similarly , if the market value of the underlying assets , following their revaluation , were to exceed the upper trigger point , the national central bank would return the excess assets ( or cash ) to the counterparty ( see Box 9 ) ,
PKAIRIO 9 Tpokocirlüy aqvijþm peqihxqßxm jai peqijopþm aposßlgrgy G rtmokijÞ anßa sxm apodejsþm peqiotriajþm rsoiveßxm J ( le j = 1 Ýxy J jai anßa Cj , t re vqümo t ) pot pqÝpei ma pqorjolßrei o amsirtlbakkülemoy cia Ýma rýmoko pqÜnexm molirlasijÞy pokisijÞy cia sgm paqovÞ qetrsüsgsay I ( le i = 1 Ýxy I jai porü qetrsüsgsay Li , t sg vqomijÞ rsiclÞ t ) pqordioqßfesai apü som enÞy sýpo : J I   1  mi  LiYt Ä 1 ¯ hj  CjYt i  1 j  1
value Cj , t at time t ) a counterparty must provide for a set of liquidity-providing operations I ( for i = 1 to I ; amount Li , t at time t ) is determined by the following formula : J I   1  mi  LiYt Ä 1 ¯ hj  CjYt i  1 j  1
¼ pot : mi : so aqvijü peqihþqio pot euaqlüfesai rsgm pqÜng i : mi = 1 % cia pqÜneiy le diÜqjeia lijqüseqg Þ ßrg sgy lßay glÝqay jai mi = 2 % cia pqÜneiy le diÜqjeia lecakýseqg sgy lßay eqcÜrilgy glÝqay hi : g peqijopÞ aposßlgrgy pot euaqlüfesai rso apodejsü peqiotriajü rsoiveßo j.
Where : mi : initial margin applied to operation i : mi = 1 % for intraday and overnight operations and mi = 2 % for operations with a maturity exceeding one business day ; hi : valuation haircut applied to eligible asset j.
¸ rsx s o vqümoy lesaný dýo diadovijþm aposilÞrexm .
Let s be the time period between revaluations .
G bÜrg tpokocirloý sot rtlpkgqxlasijoý peqihxqßot sg vqomijÞ rsiclÞ t + s iroýsai le : Mt  s = J I   1  mi  LiYt  s ¯ 1 ¯ hj  CjYt  s i  1 j  1
The margin call base at time t + s equals : Mt  s = J I   1  mi  LiYt  s ¯ 1 ¯ hj  CjYt  s i  1 j  1
JasÜ som pqordioqirlü sgy bÜrgy tpokocirloý sot rtlpkgqxlasijoý peqihxqßot , oi ehmijÝy jemsqijÝy sqÜpefey lpoqoým , amÜkoca le sa keisotqcijÜ vaqajsgqirsijÜ sot rtrsÞlasoy pot euaqlüfei jahelßa cia sg diaveßqirg sxm elpqÜclasxm aruakeiþm , ma kÜbotm tpüwg jai soty dedotketlÝmoty süjoty epß sgy qetrsüsgsay pot Ývei paqarveheß le pqÜneiy pot dem Ývotm ajülg kÞnei .
Depending on the operational features of the national central banks » collateral management systems , national central banks may also take into account interest accrued on liquidity provided in outstanding operations in the calculation of the margin call base .
O lgvamirlüy jÜktwgy diauoqþm aposßlgrgy emeqcopoießsai lümo euürom so porü pot aposekeß sg rvesijÞ bÜrg tpokocirloý tpeqbeß Ýma oqirlÝmo rgleßo emeqcopoßgrgy .
Margin calls are effected only if the margin call base exceeds a certain trigger point level .
¸ rsx rgleßo emeqcopoßgrgy k = 1 %.
Let k = 1 % denote the trigger .
Rso rýrsgla amsirsoßvirgy ( I = 1 ) , o lgvamirlüy emeqcopoießsai üsam : Mt  s >k · LiYt  s ( o amsirtlbakkülemoy jasabÜkkei sg diauoqÜ rsgm ehmijÞ jemsqijÞ sqÜpefa ) Þ
In an earmarking system ( I = 1 ) , a margin call is effected when : Mt  s >k · LiYt  s ( the counterparty pays the margin call to the national central bank ) ; or
L 185/40
L 185/40
Mt  s < ¯ k · LiYts (g ehmijÞ jemsqijÞ sqÜpefa jasabÜkkei sg diauoqÜ rsom amsirtlbakkülemo). Rso rýrsgla rtcjÝmsqxrgy, o amsirtlbakkülemoy pqÝpei ma sqouodosÞrei le pqürhesoty sßskoty sgm tpÜqvotra «denalemÞ» sßskxm euürom: Mts > k · I  i  1
Mt  s < ¯ k · LiYts (the national central bank pays the margin call to the counterparty). In a pooling system, the counterparty has to bring more assets into the pool if: Mts > k · I  i  1
Jai amsßrsqoua , so ýwoy sgy paqevülemgy rsom amsirtlbakkülemo emdogleqÞriay pßrsxrgy ( IDC ) , rso rýrsgla rtcjÝmsqxrgy , lpoqeß ma paqarsaheß xy enÞy : ¯ Mt  s  k · IDC = I  i  1
Conversely , the amount of intraday credit ( IDC ) available to the counterparty in a pooling system can be expressed as follows : ¯ Mt  s  k · IDC = I  i  1
LiYt  s euürom Ývei hesijü pqürglo 
LiYt  s if positive 
1Y 01
1Y 01
Süro rso rýrsgla rtcjÝmsqxrgy üro jai rso rýrsgla eneidßjetrgy , o lgvamirlüy jÜktwgy diauoqþm aposßlgrgy pqÝpei ma episqÝpei sgm apojasÜrsarg sgy rvÝrgy pot paqirsÜ g enßrxrg ( 1 ) amxsÝqx .
In both earmarking and pooling systems , margin calls shall ensure that the relation expressed in ( 1 ) above is reestablished .
 Rsa rtrsÞlasa eneidßjetrgy , oi ehmijÝy jemsqijÝy sqÜpefey lpoqoým ma episqÝwotm sgm amsijasÜrsarg sxm peqiotriajþm rsoiveßxm .  G EJS dýmasai amÜ pÜra rsiclÞ le apüuarÞ sgy ma diacqÜwei epilÝqoty vqeücqaua apü som jasÜkoco sxm apodejsþm sßskxm sgy pqþsgy bahlßday ( 59 ) .
 in pooling systems , by definition , counterparties may substitute underlying assets on a daily basis ,  in earmarking systems , the substitution of underlying assets may be permitted by national central banks ,  the ECB may at any time decide to remove individual debt instruments from the list of eligible tier-one instruments ( 59 ) .
LÝsqa ekÝcvot jimdýmxm cia sa peqiotriajÜ rsoiveßa sgy deýseqgy bahlßday Sa jasÜkkgka lÝsqa ekÝcvot jimdýmxm cia sa peqiotriajÜ rsoiveßa sgy deýseqgy bahlßday rtcjqosoýmsai apü sgm ehmijÞ jemsqijÞ sqÜpefa g opoßa Ývei rtlpeqikÜbei sa em kücx peqiotriajÜ rsoiveßa rsom jasÜkoco sgy deýseqgy bahlßday .
Risk control measures for tier-two assets The appropriate risk control measures for tier-two assets are compiled by the national central bank which has included the asset in its tier-two list .
G euaqlocÞ lÝsqxm ekÝcvot jimdýmxm apü siy ehmijÝy jemsqijÝy sqÜpefey tpüjeisai rsgm Ýcjqirg sgy EJS .
The application of risk control measures by national central banks is subject to ECB approval .
JasÜ sg hÝrpirg sxm emdedeiclÝmxm lÝsqxm ekÝcvot jimdýmxm , so Etqxrýrsgla epidiþjei ma enaruakßfei ßrg lesaveßqirg cia sa peqiotriajÜ rsoiveßa sgy deýseqgy bahlßday re ükg sg fþmg sot etqþ .
The Eurosystem aims to ensure non-discriminatory conditions for tier-two assets across the euro area when establishing the appropriate risk control measures .
Rso pkaßrio atsü , oi peqijopÝy aposßlgrgy pot euaqlüfomsai rsa peqiotriajÜ rsoiveßa sgy deýseqgy bahlßday amsamajkoým soty eidijoýy jimdýmoty pot rtmdÝomsai le atsoýy soty sßskoty jai eßmai sotkÜvirsom enßrot atrsgqÝy le ejeßmey pot euaqlüfomsai rsa peqiotriajÜ rsoiveßa sgy pqþsgy bahlßday .
Within this framework , the valuation haircuts applied to tier-two assets reflect the specific risks associated with these assets and are at least as stringent as the valuation haircuts applied to tier-one assets .
Sa peqiotriajÜ rsoiveßa sgy deýseqgy bahlßday tpÜcomsai re sÝrreqiy diauoqesijÝy jasgcoqßey peqijopþm pot amsamajkoým siy diauoqÝy xy pqoy sa eccemÞ vaqajsgqirsijÜ jai sg qetrsüsgsÜ soty ( bkÝpe Pkaßrio 10 ) .
Tier-two assets are classified in four different haircut groups , reflecting differences in their intrinsic characteristics and in their liquidity ( see Box 10 ) .
Sa lÝsqa ekÝcvot jimdýmxm barßfomsai rsg lesabkgsüsgsa jai so ýwoy sxm episojßxm , re Ýmam , jah » tpüherg , oqßfomsa qetrsopoßgrgy jai rsg rtmauÞ diÜqjeia sot sßskot .
The risk control measures are based on interest rate volatility , the level of interest rates , an assumed liquidation horizon and the relevant maturity of the asset .
PKAIRIO 10 Epßpeda peqijopþm aposßlgrgy pot euaqlüfomsai rsa apodejsÜ peqiotriajÜ rsoiveßa sgy deýseqgy bahlßday 1 .
BOX 10 Levels of valuation haircuts applied to eligible tier-two assets 1 .
PeqijopÝy aposßlgrgy pot euaqlüfomsai rsiy lesovÝy : G peqijopÞ barßfesai rsg lÝcirsg leßxrg silÞy jÜhe epilÝqoty sßskot emsüy diglÝqot apü sgm 1g Iamotaqßot 1987 jai enÞy , le ekÜvirso üqio peqijopÞy 20 %.
Valuation haircuts applied to equities : The haircut should be based on the maximum two-day adverse price movement of each individual asset since 1 January 1987 , with a minimum haircut of 20 %.
PeqijopÝy aposßlgrgy pot euaqlüfomsai rsa vqeücqaua peqioqirlÝmgy qetrsüsgsay ( 1 ) : 1 % cia soty sßskoty le emapolÝmotra diÜqjeia Ýxy 1 Ýsoy , 2,5 % cia soty sßskoty le emapolÝmotra diÜqjeia Ümx sot 1 Ýsoty jai Ýxy 3 Ýsg , 5 % cia soty sßskoty le emapolÝmotra diÜqjeia Ümx sxm 3 esþm jai Ýxy 7 Ýsg , 7 % cia soty sßskoty le emapolÝmotra diÜqjeia Ümx sxm 7 esþm .
Valuation haircuts applied to marketable debt instruments with limited liquidity ( 1 ) : 1 % for instruments with a residual maturity of up to one year ; 2,5 % for instruments with a residual maturity of more than one year and up to three years ;
( 59 ) EÜm Ýma vqeücqauo , jasÜ so vqümo sgy diacqauÞy sot apü som jasÜkoco sgy pqþsgy bahlßday , vqgrilopoießsai re pirsxsijÞ pqÜng sot EtqxrtrsÞlasoy , ha pqÝpei ma aportqheß emsüy 20 eqcÜrilxm gleqþm apü sg diacqauÞ sot .
and 7 % for instruments with a residual maturity of more than seven years . ( 59 ) If , at the time of exclusion from the tier-one list , a debt instrument is being used in a Eurosystem credit operation , it will have to be removed within 20 business days calculated from the time of exclusion from the list .
Epßrglg Eugleqßda sxm Etqxpaújþm JoimosÞsxm Pqürhesey peqijopÝy pot euaqlüfomsai rsoty sßskoty sgy deýseqgy bahlßday le amsirsqüuxy jtlaimülemo episüjio : 1 % cia soty sßskoty le emapolÝmotra diÜqjeia Ýxy 1 Ýsoy , 2,5 % cia soty sßskoty le emapolÝmotra diÜqjeia Ümx sot 1 Ýsoty jai Ýxy 3 Ýsg , 5 % cia soty sßskoty le emapolÝmotra diÜqjeia Ümx sxm 3 esþm jai Ýxy 7 Ýsg , 7 % cia soty sßskoty le emapolÝmotra diÜqjeia Ümx sxm 7 esþm .
Official Journal of the European Communities Add-on haircut applied to tier-two inverse floating rate instruments : 1 % for instruments with a residual maturity of up to one year ; 2,5 % for instruments with a residual maturity of more than one year and up to three years ;
PeqijopÝy aposßlgrgy pot euaqlüfomsai re vqeücqaua peqioqirlÝmgy qetrsüsgsay le eidijÜ vaqajsgqirsijÜ : 2 % cia soty sßskoty le emapolÝmotra diÜqjeia Ýxy 1 Ýsoy , 6 % cia soty sßskoty le emapolÝmotra diÜqjeia Ümx sot 1 Ýsoty jai Ýxy 3 Ýsg , 13 % cia soty sßskoty le emapolÝmotra diÜqjeia Ümx sxm 3 esþm jai Ýxy 7 Ýsg , 20 % cia soty sßskoty le emapolÝmotra diÜqjeia Ümx sxm 7 esþm .
Valuation haircuts applied to debt instruments with restricted liquidity and special features : 2 % for instruments with a residual maturity of up to one year ; 6 % for instruments with a residual maturity of more than one year and up to three years ;