natgillin/translations-raw huggingface dataset:
EÜm g jasamolÞ cßmesai le bÜrg dglopqarßa emiaßot episojßot ( okkamdijoý sýpot ) , so episüjio pot euaqlüfesai rsa porÜ pot jasamÝlomsai rsoty amsirtlbakkolÝmoty eßmai 3,05 %.
If the allotment procedure follows a single rate ( Dutch ) auction , the interest rate applied to the amounts allotted to the counterparties is 3,05 %.
EÜm g jasamolÞ cßmesai le bÜrg dglopqarßa pokkapkoý episojßot ( aleqijamijoý sýpot ) , dem euaqlüfesai Ýma lomadijü episüjio rsa porÜ pot jasamÝlomsai rsoty amsirtlbakkülemoty .
If the allotment procedure follows a multiple rate ( American ) auction , no single interest rate is applied to the amounts allotted to the counterparties ;
etqþ le episüjio 3,07 %, 5 ejas . etqþ le episüjio 3,06 % jai 4 ejas .
for example , Bank 1 receives EUR 5 million at 3,07 %, EUR 5 million at 3,06 % and EUR 4 million at 3,05 %.
etqþ le episüjio 3,05 %. L 185/52
L 185/52 EN
Epßrglg Eugleqßda sxm Etqxpaújþm JoimosÞsxm PAQADEICLA 3 ¸ jdorg pirsopoigsijþm vqÝoty sgy EJS lÝrx dglopqarßay amsacxmirsijoý episojßot
Official Journal of the European Communities EXAMPLE 3 Issuance of ECB debt certificates by variable rate tender
G EJS apouarßfei ma apoqqouÞrei qetrsüsgsa apü sgm acoqÜ le sgm Ýjdorg pirsopoigsijþm vqÝoty lÝrx diadijarßay dglopqarßay amsacxmirsijoý episojßot .
The ECB decides to absorb liquidity from the market by issuing debt certificates using a variable rate tender procedure .
Sqeiy amsirtlbakkülemoi tpobÜkkotm siy enÞy pqoruoqÝy : Porü ( re ejas . etqþ ) Episüjio (%) SqÜpefa 1 SqÜpefa 2 SqÜpefa 3 Rýmoko pqoruoqþm Rxqetsijü ýwoy pqoruoqþm
Three counterparties submit the following bids : Interest rate (%) Amount ( million EUR ) Bank 1 Bank 2 Bank 3 Total Cumulative bids
3,00 3,01 3,02 3,03 3,04 3,05 3,06 3,08 3,10 Rýmoko 55 5 5 5 10 20 5 5 5 70 55 5 5 5 40 10 5 5 5 10 10 10 10
3,00 3,01 3,02 3,03 3,04 3,05 3,06 3,08 3,10 Total 55 5 5 5 10 20 5 5 5 70 55 5 5 5 40 10 5 5 5 10 10 10 10
G EJS apouarßfei ma jasameßlei omolarsijü porü 124,5 ejas . etqþ , opüse pqojýpsei oqiajü episüjio 3,05 %.
The ECB decides to allot a nominal amount of EUR 124,5 million , implying a marginal interest rate of 3,05 %.
¼ key oi pqoruoqÝy jÜsx sot 3,05 % ( cia rxqetsijü ýwoy 65 ejas . etqþ ) ijamopoioýmsai pkÞqxy .
All bids below 3,05 % ( for a cumulative amount of EUR 65 million ) are fully satisfied .
Le episüjio 3,05 %, so pororsü jasamolÞy Ývei xy enÞy : 124Y5 ¯ 65 = 85 % 70
At 3,05 % the percentage of allotment is : 124Y5 ¯ 65 = 85 % 70
G jasamolÞ rsgm SqÜpefa 1 bÜrei sot oqiajoý episojßot eßmai , cia paqÜdeicla : 0Y85 Â 20 = 17
The allotment to Bank 1 at the marginal interest rate is , for example : 0Y85 Â 20 = 17
G rtmokijÞ jasamolÞ rsgm SqÜpefa 1 eßmai : 5  5  5  10  17 = 42
The total allotment to Bank 1 is : 5  5  5  10  17 = 42
Sa aposekÝrlasa sgy jasamolÞy rtmowßfomsai xy enÞy : Amsirtlbakkülemoi Porü ( re ejas . etqþ ) SqÜpefa 1 SqÜpefa 2 SqÜpefa 3 Rýmoko
The allotment results can be summarised as follows : Counterparties Amount ( millions EUR ) Bank 1 Bank 2 Bank 3 Total
Epßrglg Eugleqßda sxm Etqxpaújþm JoimosÞsxm PAQADEICLA 4
Official Journal of the European Communities EXAMPLE 4 Liquidity-absorbing foreign exchange swap by variable rate tender
AmsakkacÞ molirlÜsxm cia apoqqüugrg qetrsüsgsay lÝrx dglopqarßay amsacxmirsijoý episojßot G EJS apouarßfei ma apoqqouÞrei qetrsüsgsa apü sgm acoqÜ diemeqcþmsay amsakkacÞ molirlÜsxm bÜrei sgy irosilßay etqþ / dokaqßot lÝrx dglopqarßay amsacxmirsijoý episojßot .
The ECB decides to absorb liquidity from the market by executing a foreign exchange swap on the EUR / USD rate by means of a variable rate tender procedure .
( Rgleßxrg : Rso paqüm paqÜdeicla cßmesai diapqaclÜsetrg sot etqþ tpÝq so Üqsio .
( Note : The euro is traded at a premium in this example .
) Sqeiy amsirtlbakkülemoi tpobÜkkotm siy enÞy pqoruoqÝy : LomÜdey bÜrgy swap (× 10 000 ) Porü ( re ejas . etqþ ) SqÜpefa 1 SqÜpefa 2 SqÜpefa 3 Rýmoko pqoruoqþm Rxqetsijü ýwoy pqoruoqþm
) Three counterparties submit the following bids : Swap points (× 10 000 ) Amount ( million EUR ) Bank 1 Bank 2 Bank 3 Total Cumulative Bids
6,84 6,80 6,76 6,71 6,67 6,63 6,58 6,54 6,49 Rýmoko 65 5 5 5 10 25 10 5 5 5 10 35 20 10 5 90 80 5 5 5 5 40 10 10
6,84 6,80 6,76 6,71 6,67 6,63 6,58 6,54 6,49 Total 65 5 5 5 10 25 10 5 5 5 10 35 20 10 5 90 80 5 5 5 5 40 10 10
G EJS apouarßfei ma jasameßlei 158 ejas . etqþ , opüse pqojýpsei oqiajü epßpedo lomÜdxm bÜrgy swap 6,63 .
The ECB decides to allot EUR 158 million , implying 6,63 marginal swap points .
¼ key oi pqoruoqÝy Ümx sot 6,63 ( cia rxqetsijü ýwoy 65 ejas . etqþ rxqetsijÜ ) ijamopoioýmsai pkÞqxy .
All bids above 6,63 ( for a cumulative amount of EUR 65 million ) are fully satisfied .
Rso epßpedo 6,63 so pororsü jasamolÞy Ývei xy enÞy : 158 ¯ 65 = 93 % 100
At 6,63 the percentage of allotment is : 158 ¯ 65 = 93 % 100
G jasamolÞ rsgm SqÜpefa 1 bÜrei sot oqiajoý epipÝdot lomÜdxm bÜrgy swap eßmai , cia paqÜdeicla : 0Y93 Â 25 = 23Y25
The allotment to Bank 1 at the marginal swap points is , for example : 0Y93 Â 25 = 23Y25
G rtmokijÞ jasamolÞ rsgm SqÜpefa 1 eßmai : 5  5  5  10  23Y25 = 48Y25
The total allotment to Bank 1 is : 5  5  5  10  23Y25 = 48Y25
G EJS jahoqßfei sgm sqÝvotra irosilßa etqþ / dokaqßot cia sgm pqÜng re 1,1300 .
The ECB fixes the spot EUR / USD exchange rate for the operation at 1,1300 .
EÜm g jasamolÞ cßmesai le bÜrg dglopqarßa emiaßot episojßot ( okkamdijoý sýpot ) , jasÜ sgm gleqolgmßa Ýmaqngy sgy pqÜngy so Etqxrýrsgla acoqÜfei 158 000 000 etqþ jai pxkeß 178 540 000 dokÜqia GPA .
If the allotment procedure follows a single rate ( Dutch ) auction , at the start date of the operation the Eurosystem buys EUR 158 000 000 and sells USD 178 540 000 .
JasÜ sgm gleqolgmßa kÞnexy sgy pqÜngy , so Etqxrýrsgla pxkeß 158 000 000 etqþ jai acoqÜfei 178 644 754 dokÜqia GPA ( g pqoherliajÞ irosilßa eßmai 1,130663 = 1,1300 + 0,000663 ) .
At the maturity date of the operation , the Eurosystem sells EUR 158 000 000 and buys USD 178 644 754 ( the forward exchange rate is 1,130663 = 1,1300 + 0,000663 ) .
EÜm g jasamolÞ cßmesai le bÜrg dglopqarßa pokkapkoý episojßot ( aleqijamijoý sýpot ) , so Etqxrýrsgla amsakkÜrrei sa porÜ etqþ jai dokaqßxm GPA üpxy uaßmesai rsom paqajÜsx pßmaja : ¢ lerg rtmakkacÞ RtmakkaclasijÞ irosilßa AcoqÜ etqþ Pþkgrg dokaqßxm GPA RtmakkaclasijÞ irosilßa PqoherliajÞ rtmakkacÞ Pþkgrg etqþ AcoqÜ dokaqßxm GPA
If the allotment procedure follows a multiple rate ( American ) auction , the Eurosystem exchanges the amounts of EUR and USD as shown in the following table : Spot transaction Exchange rate Buy EUR Sell USD Exchange rate Forward transaction Sell EUR Buy USD
1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 Rýmoko 158 000 000 178 540 000 10 000 000 15 000 000 15 000 000 25 000 000 93 000 000 11 300 000 16 950 000 16 950 000 28 250 000 105 090 000
1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 Total 158 000 000 178 540 000 10 000 000 15 000 000 15 000 000 25 000 000 93 000 000 11 300 000 16 950 000 16 950 000 28 250 000 105 090 000
Epßrglg Eugleqßda sxm Etqxpaújþm JoimosÞsxm PAQADEICLA 5 AmsakkacÞ molirlÜsxm cia paqovÞ qetrsüsgsay lÝrx dglopqarßay amsacxmirsijoý episojßot
Official Journal of the European Communities EXAMPLE 5 Liquidity-providing foreign exchange swap by variable rate tender
G EJS apouarßfei ma paqÜrvei qetrsüsgsa rsgm acoqÜ diemeqcþmsay amsakkacÞ molirlÜsxm bÜrei sgy irosilßay etqþ / dokaqßot GPA lÝrx dglopqarßay amsacxmirsijoý episojßot .
The ECB decides to provide liquidity to the market by executing a foreign exchange swap on the EUR / USD rate by means of a variable rate tender procedure .
) Sqeiy amsirtlbakkülemoi tpobÜkkotm siy enÞy pqoruoqÝy : LomÜdey bÜrgy swap (× 10 000 ) Porü ( re ejas . etqþ ) SqÜpefa 1 SqÜpefa 2 SqÜpefa 3 Rýmoko pqorroqþm Rxqetsijü ýwoy pqoruoqþm
) Three counterparties submit the following bids : Swap points (× 10 000 ) Amount ( million EUR ) Bank 1 Bank 2 Bank 3 Total Cumulative bids
6,23 6,27 6,32 6,36 6,41 6,45 6,49 6,54 6,58 Rýmoko 60 5 5 10 10 20 5 5 5 10 40 20 5 5 85 75 5 5 5 20 20 10 10 10 10 20 40 80 35 20 5 220 10 20 40 80 160 195 215 220
6,23 6,27 6,32 6,36 6,41 6,45 6,49 6,54 6,58 Total 60 5 5 10 10 20 5 5 5 10 40 20 5 5 85 75 5 5 5 20 20 10 10 10 10 20 40 80 35 20 5 220 10 20 40 80 160 195 215 220
G EJS apouarßfei ma jasameßlei 197 ejas . etqþ , opüse pqojýpsei oqiajü epßpedo lomÜdxm bÜrgy swap 6,54 .
The ECB decides to allot EUR 197 million , implying 6,54 marginal swap points .
¼ key oi pqoruoqÝy jÜsx sot 6,54 ( cia rxqetsijü ýwoy 195 ejas . etqþ ) ijamopoioýmsai pkÞqxy .
All bids below 6,54 ( for a cumulative amount of EUR 195 million ) are fully satisfied .
Rso 6,54 so pororsü jasamolÞy Ývei xy enÞy : 197 ¯ 195 = 10 % 20
At 6,54 the percentage of allotment is : 197 ¯ 195 = 10 % 20
G jasamolÞ rsgm SqÜpefa 1 bÜrei sot oqiajoý epipÝdot lomÜdxm bÜrgy swap eßmai , cia paqÜdeicla : 0Y10 Â 5 = 0Y5
The allotment to Bank 1 at the marginal swap points is , for example : 0Y10 Â 5 = 0Y5
G rtmokijÞ jasamolÞ rsgm SqÜpefa 1 eßmai : 5  5  10  10  20  5  0Y5 = 55Y5
The total allotment to Bank 1 is : 5  5  10  10  20  5  0Y5 = 55Y5
EÜm g jasamolÞ cßmesai le bÜrg dglopqarßa emiaßot episojßot ( okkamdijoý sýpot ) , jasÜ sgm gleqolgmßa Ýmaqngy sgy pqÜngy so Etqxrýrsgla pxkeß 197 000 000 etqþ jai acoqÜfei 222 610 000 dokÜqia GPA .
If the allotment procedure follows a single rate ( Dutch ) auction , at the start date of the operation the Eurosystem sells EUR 197 000 000 and buys USD 222 610 000 .
JasÜ sgm gleqolgmßa kÞnexy sgy pqÜngy , so Etqxrýrsgla acoqÜfei 197 000 000 etqþ jai pxkeß 222 738 838 dokÜqia GPA ( g pqoherliajÞ irosilßa eßmai 1,130654 = 1,1300 + 0,000654 ) .
At the maturity date of the operation , the Eurosystem buys EUR 197 000 000 and sells USD 222 738 838 ( the forward exchange rate is 1,130654 = 1,1300 + 0,000654 ) .
EÜm g jasamolÞ cßmesai le bÜrg dglopqarßa pokkapkoý episojßot ( aleqijamijoý sýpot ) , so Etqxrýrsgla amsakkÜrrei sa porÜ etqþ jai dokaqßxm GPA üpxy uaßmesai rsom paqajÜsx pßmaja : ¢ lerg rtmakkacÞ RtmakkaclasijÞ irosilßa Pþkgrg etqþ AcoqÜ dokaqßxm GPA RtmakkaclasijÞ irosilßa PqoherliajÞ rtmakkacÞ AcoqÜ etqþ Pþkgrg dokaqßxm GPA
If the allotment procedure follows a multiple rate ( American ) auction , the Eurosystem exchanges the amounts of EUR and USD as shown in the following table : Spot transaction Exchange rate Sell EUR Buy USD Exchange rate Forward transaction Buy EUR Sell USD
1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 Rýmoko 197 000 000 222 610 000 10 000 000 10 000 000 20 000 000 40 000 000 80 000 000 35 000 000 2 000 000 11 300 000 11 300 000 22 600 000 45 200 000 90 400 000 39 550 000 2 260 000
1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 Total 197 000 000 222 610 000 10 000 000 10 000 000 20 000 000 40 000 000 80 000 000 35 000 000 2 000 000 11 300 000 11 300 000 22 600 000 45 200 000 90 400 000 39 550 000 2 260 000
Epßrglg Eugleqßda sxm Etqxpaújþm JoimosÞsxm PAQADEICLA 6 LÝsqa ekÝcvot jimdýmxm
Official Journal of the European Communities EXAMPLE 6 Risk control measures
So paqajÜsx paqÜdeicla paqotriÜfei so pkaßrio ekÝcvot jimdýmxm pot euaqlüfesai cia sa peqiotriajÜ rsoiveßa rsiy pqÜneiy paqovÞy qetrsüsgsay sot EtqxrtrsÞlasoy ( 1 ) .
This example illustrates the risk control framework applied to underlying assets used in the Eurosystem 's liquidity-providing operations ( 1 ) .
So paqÜdeicla barßfesai rsgm tpüherg üsi o amsirtlbakkülemoy rtllesÝvei rsiy ajükothey pqÜneiy molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy :  PqÜng jýqiay amavqglasodüsgrgy le Ýmaqng rsiy 28 Iotmßot 2000 jai kÞng rsiy 12 Iotkßot 2000 , üpot rsom amsirtlbakkülemo jasamÝlesai porü 50 ejas .
The example is based on the assumption that a counterparty participates in the following Eurosystem monetary policy operations :  a main refinancing operation starting on 28 June 2000 and ending on 12 July 2000 where the counterparty is allotted EUR 50 million ;
 PqÜng pio lajqopqüherlgy amavqglasodüsgrgy le Ýmaqng rsiy 29 Iotmßot 2000 jai kÞng rsiy 28 Repselbqßot 2000 , üpot rsom amsirtlbakkülemo jasamÝlesai porü 45 ejas .
 a longer-term refinancing operation starting on 29 June 2000 and ending on 28 September 2000 where the counterparty is allotted EUR 45 million ;
 PqÜng jýqiay amavqglasodüsgrgy le Ýmaqng rsiy 5 Iotkßot 2000 jai kÞng rsiy 19 Iotkßot 2000 , üpot rsom amsirtlbakkülemo jasamÝlesai porü 10 ejas .
and  a main refinancing operation starting on 5 July 2000 and ending on 19 July 2000 where the counterparty is allotted EUR 10 million .
Sa vaqajsgqirsijÜ sxm peqiotriajþm rsoiveßxm sgy pqþsgy bahlßday pot vqgrilopoioýmsai apü som amsirtlbakkülemo cia sgm jÜktwg sxm em kücx pqÜnexm oqßfomsai rsom Pßmaja 1 pot ajokotheß .
The characteristics of the underlying tier-one assets used by the counterparty to cover these operations are specified in Table 1 below .
Pßmajay 1 . PeqiotriajÜ rsoiveßa sgy pqþsgy bahlßday pot vqgrilopoioýmsai xy aruÜkeia rsiy rtmakkacÝy VaqajsgqirsijÜ ¼ mola Gleqolgmßa kÞnexy Sojoleqßdio Rtvmüsgsa sojoleqidßot EmapolÝmotra diÜqjeia PeqijopÞ
Table 1  Underlying tier-one assets used in the transactions Characteristics Name Maturity date Coupon definition Coupon frequency Residual maturity Haircut Bond A FRN B Bond C
Rsaheqü Jtlaimülemo jahoqifülemo ej sxm pqosÝqxm Lgdemijü
Fixed Pre-fixed floating Zero coupon
6 lÞmey 12 lÞmey
6 months 12 months
2 Ýsg 2 Ýsg
2 years 2 years 10 years
1,5 % 0,0 % Olükoco C
1,5 % 0,0 % 5,0 %
SilÝy ( rtlpeqikalbÜmomsai oi dedotketlÝmoi süjoi ) ¼ mola 28.06.2000 29.6.2000 30.6.2000 3.7.2000 4.7.2000 5.7.2000
Prices ( including accrued interest ) 28.6.2000 29.6.2000 30.6.2000 3.7.2000 4.7.2000 5.7.2000
Rýrsgla eneidßjetrgy Pqþsom , tpohÝsotle üsi g ehmijÞ jemsqijÞ sqÜpefa le sgm opoßa diemeqcoýmsai oi rtmakkacÝy euaqlüfei rýrsgla rýluxma le so opoßo cßmesai eneidßjetrg sxm peqiotriajþm rsoiveßxm cia jÜhe rtmakkacÞ .
Earmarking system First , it is assumed that the transactions are carried out with a national central bank using a system where underlying assets are earmarked for each transaction .
Rsa rtrsÞlasa eneidßjetrgy , g aposßlgrg sxm peqiotriajþm rsoiveßxm pqaclasopoießsai re jahgleqimÞ bÜrg .
In earmarking systems , the valuation of underlying assets is carried out on a daily basis .
So pkaßrio ekÝcvot jimdýmxm lpoqeß ma peqicqaueß xy enÞy ( bkÝpe jai som Pßmaja 2 pot ajokotheß ) : 1 .
The risk control framework can then be described as follows ( see also Table 2 ) : 1 .
Cia jÜhe rtmakkacÞ rsgm opoßa rtllesÝvei o amsirtlbakkülemoy , euaqlüfesai aqvijü peqihþqio 2 % euürom g diÜqjeia sxm pqÜnexm tpeqbaßmei sg lßa eqcÜrilg glÝqa .
For each of the transactions entered into by the counterparty , an initial margin of 2 % is applied since the maturity of the operations exceeds one business day .
Rsiy 28 Iotmßot 2000 o amsirtlbakkülemoy rtllesÝvei re rtmakkacÞ , rso pkaßrio rtluxmßay epamacoqÜy le sgm ehmijÞ jemsqijÞ sqÜpefa , g opoßa acoqÜfei so Olükoco A omoalarsijÞy anßay 50 ejas .
On 28 June 2000 the counterparty enters into a repurchase transaction with the national central bank , which purchases EUR 50 million of Bond A. Bond A is a fixed coupon bond maturing on 26 August 2002 .
So olükoco A eßmai olükoco rsaheqoý episojßot jai kÞcei rsiy 26 Atcoýrsot 2002 . ¸ vei koipüm emapolÝmotra diÜqjeia dýo esþm , opüse apaiseßsai peqijopÞ aposßlgrgy 1,5 %.
It thus has a residual maturity of two years , therefore requiring a valuation haircut of 1,5 %.
G sqÝvotra silÞ sot olokücot A rsgm amsßrsovg acoqÜ amauoqÜy sot ejeßmg sgm glÝqa eßmai 102,63 % jai peqikalbÜmei soty dedotketlÝmoty süjoty epß sot sojoleqidßot .
The market price of Bond A on its reference market on that day is 102,63 %, which includes the accrued interest on the coupon .
O amsirtlbakkülemoy pqÝpei ma pqoruÝqei olükoca A anßay sürgy þrse , lesÜ sgm auaßqerg sot 1,5 % kücx sgy peqijopÞy aposßlgrgy , ma tpeqjakýpsesai so porü sxm 51 ejas . etqþ ( so opoßo amsirsoiveß rso porü sxm 50 ejas .
The counterparty is required to provide an amount of Bond A which , after deduction of the 1,5 % valuation haircut , exceeds EUR 51 million ( corresponding to the allotted amount of EUR 50 million plus the initial margin of 2 %) .
¸ sri o amsirtlbakkülemoy paqadßdei olükoca A omolarsijÞy anßay 50,5 ejas . etqþ , sxm opoßxm g pqoraqlorlÝmg acoqaßa anßa eßmai 51 050 728 etqþ ejeßmg sgm glÝqa .
The counterparty therefore delivers Bond A for a nominal amount of EUR 50,5 million , the adjusted market value of which is EUR 51 050 728 on that day .
Rsiy 29 Iotmßot 2000 o amsirtlbakkülemoy rtllesÝvei re rtmakkacÞ , rso pkaßrio rtluxmßa epamacoqÜy le sgm ehmijÞ jemsqijÞ sqÜpefa , g opoßa acoqÜfei olükoca A rtmokijÞy omolasrsijÞy anßay 21,5 ejas . etqþ ( acoqaßa silÞ 101,98 %, peqijopÞ aposßlgrgy 1,5 %) jai sßskoty B rtmokijÞy omolarsijÞy anßay 25 ejas .
On 29 June 2000 the counterparty enters into a repurchase transaction with the national central bank , which purchases EUR 21,5 million of Bond A ( market price 101,98 %, valuation haircut 1,5 %) and EUR 25 million of Asset B ( market price 98,35 %) .
etqþ ( acoqaßa silÞ 98,35 %) . O sßskoy B eßmai sßskoy jtlaimülemot episojßot ( SJE ) le esÞrio sojoleqßdio jahoqifülemo ej sxm pqosÝqxm , epß sot opoßot euaqlüfesai peqijopÞ aposßlgrgy 0 %.
Asset B is a floating rate note ( FRN ) with yearly pre-fixed coupon payments , to which a 0 % valuation haircut is applied .
G pqoraqlorlÝmg acoqaßa anßa sot olokücot A jai sot SJE B ejeßmg sgm glÝqa eßmai 46 184 315 etqþ , rtmepþy tpeqbaßmei so apaisoýlemo porü sxm 45 900 000 etqþ ( 45 ejas .
The adjusted market value of Bond A and FRN B on that day is EUR 46 184 315 , thus exceeding the required amount of EUR 45 900 000 ( EUR 45 million plus the initial margin of 2 %) .
( 1 ) So paqÜdeicla barßfesai rsgm tpüherg üsi jasÜ som tpokocirlü sgm amÜcjgy cia jÜktwg diauoqþm aposßlgrgy kalbÜmomsai tpüwg oi dedotketlÝmoi süjoi epß sgy paqevülemgy qetrsüsgsay jai euaqlüfesai rgleßo emeqcopoßgrgy 1 % sgy paqevülemgy qetrsüsgsay .
( 1 ) The example is based on the assumption that , in the calculstion of the need for a margin call , accured interest on the liquidity provided is taken into account and a trigger point of 1 % of the liquidity provided is applied .
Rsiy 30 Iotmßot 2000 cßmesai ej mÝot aposßlgrg sxm peqiotriajþm rsoiveßxm : g acoqaßa silÞ sot olokücot A eßmai 100,57 % jai g acoqaßa silÞ sot SJE B eßmai 97,95 %.
On 30 June 2000 the underlying assets are revalued : the market price of Bond A is 100,57 % and the market price of FRN B is 97,95 %.
Oi dedotketlÝmoi süjoi amÝqvomsai re 11 806 etqþ epß sgy pqÜngy jýqiay amavqglasodüsgrgy pot Üqvire rsiy 28 Iotmßot 2000 jai 5 625 etqþ epß sgy pqÜngy pio lajqopqüherlgy amavqglasodüsgrgy pot Üqvire rsiy 29 Iotmßot 2000 .
Accrued interest amounts to EUR 11 806 on the main refinancing operation initiated on 28 June 2000 and EUR 5 625 on the longer-term refinancing operation initiated on 29 June 2000 .
JasÜ rtmÝpeia , g pqoraqlorlÝmg acoqaßa anßa sot olokücot A jasÜ sgm pqþsg rtmakkacÞ tpokeßpesai sot poroý sgy rtmakkacÞy üpxy atsü dialoquþmesai lesÜ sgm euaqlocÞ sot peqihxqßot ( paqevülemg qetrsüsgsa pkÝom soty dedotketlÝmoty süjoty jai so aqvijü peqihþqio ) jasÜ 1 ejas .
As a result , the adjusted market value of Bond A in the first transaction falls below the transaction 's margined amount ( liquidity provided plus accrued interest plus initial margin ) by approximately EUR 1 million .
etqþ jai Ýsri , lesÜ sgm auaßqerg sgy peqijopÞy 1,5 % apü sgm acoqaßa anßa pot tpokocßfesai bÜrei sgy silÞy 100,57 %, apojahirsÜ so apaisoýlemo ýwoy sgy aruÜkeiay ( 1 ) .
The counterparty delivers EUR 1 million of Bond A in nominal value terms , which , after deducting a 1,5 % haircut from the market value based on a price of 100,57 %, restores sufficient collateral coverage ( 1 ) .
Dem apaiseßsai jÜktwg diauoqþm aposßlgrgy jasÜ sg deýseqg rtmakkacÞ , diüsi g pqoraqlorlÝmg acoqaßa anßa sxm sßskxm pot vqgrilopoioýmsai ci » atsÞ sg rtmakkacÞ ( 45 785 712 etqþ ) , am jai tpokeßpesai ekauqþy sot poroý pot pqojýpsei lesÜ sgm euaqlocÞ sot peqihxqßot ( 45 905 738 etqþ ) , dem tpokeßpesai sot rgleßot emeqcopoßgrgy ( so porü pot pqojýpsei lesÜ sgm euaqlocÞ sot peqihxqßot leßom 1 %) dgkadÞ 45 455 681 etqþ ( 2 ) .
No margin call is needed on the second transaction because the adjusted market value of the underlying assets used in this transaction ( EUR 45 785 712 ) , although slightly below the margined amount ( EUR 45 905 738 ) , does not fall below the trigger level ( the margined amount minus 1 %) of EUR 45 455 681 ( 2 ) .
Rsiy 3 jai 4 Iotkßot 2000 cßmesai ej mÝot aposßlgrg sxm peqiotriajþm rsoiveßxm , vxqßy ma emeqcopoießsai o lgvamirlüy jÜktwgy diauoqþm aposßlgrgy cia siy rtmakkacÝy oi opoßey rtmÞuhgram rsiy 28 jai 29 Iotmßot 2000 .
During 3 and 4 July 2000 the underlying assets are revalued , without resulting in any margin call for the transactions entered into on 28 and 29 June 2000 .
Rsiy 4 Iotkßot 2000 o dedotketlÝmoi süjoi amÝqvomsai re 35 417 jai 28 125 etqþ .
On 4 July 2000 accrued interest amounts to EUR 35 417 and EUR 28 125 .
Rsiy 5 Iotkßot 2000 o amsirtlbakkülemoy rtllesÝvei re rtmakkacÞ , rso pkaßrio rtluxmßay epacacoqÜy , le sgm ehmijÞ jemsqijÞ sqÜpefa , g opoßa acoqÜfei olükoca C rtmokijÞy omolarsijÞy anßay 10 ejas .
On 5 July 2000 the counterparty enters into a repurchase transaction with the national central bank , which purchases EUR 10 million of Bond C. Bond C is a zero coupon bond with a market value of 55,125 % on that day .
So olükoco C eßmai olükoco lgdemijoý sojoleqidßot le acoqaßa anßa 55,125 % ejeßmg sgm glÝqa . O amsirtlbakkülemoy paqadßdei olükoca C omolarsijÞy anßay 19,5 ejas .
The counterparty delivers EUR 19,5 million of Bond C in nominal value terms .
So olükoco lgdemijoý sojoleqidßot Ývei emapolÝmotra diÜqjeia peqßpot 10 Ýsg jai Üqa apaiseß peqijopÞ aposßlgrgy 5 %.
The zero coupon bond has a residual maturity of around 10 years and therefore requires a valuation haircut of 5 %.
Rýrsgla rtcjÝmsqxrgy Deýseqom , tpohÝsotle g ehmijÞ jemsqijÞ sqÜpefa le sgm opoßa diemeqcoýmsai oi rtmakkacÝy euaqlüfei rýrsgla rtcjÝmsqxrgy .
Pooling system Second , it is assumed that the transactions are carried out with a national central bank using a pooling system .
Sa peqiotriajÜ rsoiveßa pot peqikalbÜmomsai rsg « denalemÞ » sxm peqiotriajþm rsoiveßxm pot vqgrilopoioýmsai apü som amsirtlbakkülemo dem eneidijeýomsai cia rtcjejqilÝmey rtmakkacÝy .
Assets included in the pool of assets used by the counterparty are not earmarked for specific transactions .
G ßdia reiqÜ rtmakkacþm vqgrilopoießsai jai r » atsü so paqÜdeicla üpxy jai rso paqapÜmx paqÜdeicla pot peqicqÜuei so rýrsgla eneidßjetrgy .
The same sequence of transactions is used in this example as in the above example illustrating an earmarking system .
G barijÞ diauoqÜ eßmai üsi , jasÜ siy gleqolgmßey aposßlgrgy , g pqoraqlorlÝmg acoqaßa anßa ükxm sxm peqiotriajþm rsoiveßxm sgy « denalemÞy » pqÝpei ma jakýpsei so porüpot pqojýpsei lesÜ sgm euaqlocÞ sot peqihxqßot , cia ükey siy pqÜneiy siy opoßey pqaclasopoieß o amsirtlbakkülemoy le sgm ehmijÞ jemsqijÞ sqÜpefa .
The main difference is that , at revaluation dates , the adjusted market value of all the assets in the pool has to cover the margined amount of all of the counterparty 's outstanding operations with the national central bank .
Jasüpim soýsot , g diauoqÜ aposßlgrgy pot pqÝpei ma jaktuheß rsiy 30 Iotmßot 2000 eßmai ekauqþy twgküseqg ( 1 106 035 etqþ ) apü ü , si apaiseßsai rso rýrsgla eneidßjetrgy , epeidÞ emeqcopoießsai o rvesijüy lgvamirlüy kücx sgy rtmakkacÞy sgy 29gy Iotmßot 2000 .
As a result , the margin call occurring on 30 June 2000 is slightly higher ( EUR 1 106 035 ) than was required in the earmarking system , owing to the trigger effect on the transaction entered into on 29 June 2000 .
O amsirtlbakkülemoy paqadßdei olükoca A omolarsijÞy anßay 1,15 ejas . etqþ jai Ýsri , lesÜ sgm auaßqerg sgy peqijopÞy 1,5 % apü sgm acoqaßa anßa pot tpokocßfesai bÜrei sgy silÞy 100,57 %, apojahirsÜ so apaisoýlemo ýwoy sgy aruÜkeiay .
The counterparty delivers EUR 1,15 million of Bond A in nominal value terms , which , after deducting a 1,5 % haircut from the market value based on a price of 100,57 %, restores sufficient collateral coverage .