natgillin/translations-raw huggingface dataset:
The RT source consists of third-party applications that assess the credit quality of debtors using, among other information, audited accounts. The tools have to be operated by the RT providers.
Kui osapool soovib eurosüsteemi laenutagatiste hindamisraamistikus kasutada mõnda konkreetset reitinguvahendit, peab ta eurosüsteemi asjakohasel plangil esitama vastava riigi keskpangale taotluse ning lisama sellele plangil näidatud täiendavad dokumendid reitinguvahendi kohta.
The RT provider is obliged to set up and maintain the necessary infrastructure for monitoring the so-called static pool. Construction and evaluation of the static pool have to be in line with the general requirements on performance monitoring under the ECAF.
Staatilise kogumi moodustamine ja hindamine peab toimuma kooskõlas eurosüsteemi laenutagatiste raamistikus kehtivate hindamissüsteemi toimivuse seiret käsitlevate üldnõuetega.
Cj,t+τ
Ci,t+τ
a payment of up to 5 percentage points above the marginal lending rate, applied to the amount of the reserve requirement which the relevant institution failed to provide; or
asjaomase asutuse poolt täitmata jäetud reservinõude summa suhtes rakendatavat laenuintressi piirmäära kuni 5 protsendipunkti võrra ületava summa tasumine;
Marginal swap point quotation: the swap point quotation at which the total tender allotment is exhausted. Marking to market: see variation margin.
Märgistatud tagatiste haldussüsteem: keskpankade tagatiste haldamise süsteem, mille puhul likviidsust pakutakse iga üksiktehingu jaoks märgistatud varade vastu.
The Eurosystem uses repurchase agreements with a fixed maturity in its reverse transactions. Repurchase date: the date on which the buyer is obliged to sell back assets to the seller in relation to a transaction under a repurchase agreement.
Reitinguvahendid: eurosüsteemi laenutagatiste hindamise raamistikus ette nähtud hinnanguallikas, mis hõlmab kolmandate isikute rakendusi, mille abil hinnatakse võlgnike laenukõlblikkust, kasutades muu hulgas kontode audititulemusi.
Reserve ratio: the ratio defined by the central bank for each category of balance sheet items included in the reserve base.
Reservikonto: liikmesriigi keskpangas asuv konto, millel hoitakse osapoole reservihoiuseid.
The ratios are used to calculate reserve requirements.
Reservikontona võib kasutada osapoolte arvelduskontosid liikmesriikide keskpankades.
Settlement date: the date on which a transaction is settled.
Tagasiostuhind: hind, millega ostja on repotehingul põhineva tehingu puhul kohustatud müüma vara tagasi müüjale.
The settlement might take place on the same day as the trade (same-day settlement) or one or several days after the trade (the settlement date is specified as the trade date (T) + the settlement lag).
Tagasiostuhind võrdub ostuhinnaga, millele on lisatud hinnavahe, mis vastab operatsiooni tähtaja jooksul pakutud likviidsuse intressile.
Deutsche Bundesbank
Saksamaa keskpank (Deutsche Bundesbank)
Bank of Greece
Kreeka keskpank (Bank of Greece)
Banco de España
Hispaania keskpank (Banco de España)
Banque de France
Prantsusmaa keskpank (Banque de France)
Central Bank and Financial Services Authority of Ireland
Iirimaa keskpank (Central Bank and Financial Services Authority of Ireland)
Banque centrale du Luxembourg
Luksemburgi keskpank (Banque centrale du Luxembourg)
De Nederlandsche Bank
Hollandi keskpank (De Nederlandsche Bank)
Oesterreichische Nationalbank
Austria keskpank (Österreichische Nationalbank)
Banco de Portugal
Portugali keskpank (Banco de Portugal)
Banka Slovenije
Sloveenia keskpank (Banka Slovenije)
no restrictions are placed a priori on the range of counterparties to outright transactions;
otsetehingute puhul ei kehtestata osapoolte valikule eelnevaid piiranguid;
=all%×ai
=kogu%×ai
all i
kogu i
all%rm
kogu%rm
allrm
kogurm
=all%rm
=kogu%rm
alli
kogui
+allrm
+kogurm
all%(r m)
kogu%(r m)
all(r s)i
kogu(r s)i
all%Δm
kogu%Δm
allΔm
koguΔm
=all%Δm
=kogu%Δm
+allΔm
+koguΔm
all%(Δ m)
kogu%(Δ m)
all(Δ s)i
kogu(Δ s)i
Fixed rate tender: a tender procedure where the interest rate is specified in advance by the central bank and participating counterparties bid the amount of money they want to transact at the fixed interest rate. Floating rate instrument: a financial instrument for which the coupon is periodically reset relative to a reference index to reflect changes in short or medium-term market interest rates.
Kohustuste mittetäitmine: eurosüsteemi krediidihindamise raamistikus (ECAF) viidatud sündmus, mis vastab Euroopa Parlamendi ja nõukogu 14. juuni 2006. aasta direktiivis 2006/48/EÜ krediidiasutuste asutamise ja tegevuse kohta (uuestisõnastamine) ning Euroopa Parlamendi ja nõukogu direktiivis 2006/49/EÜ investeerimisühingute ja krediidiasutuste kapitali adekvaatsuse kohta (uuestisõnastamine) sätestatud määratlusele.
Non-compliance with minimum reserve obligations ANNEXES
Kohustusliku reservi nõude rikkumine
Examples of monetary policy operations and procedures 2. Glossary
LISAD
Procedures and sanctions to be applied in the event of non-compliance with counterparty obligations 7. Creation of valid security over credit claims LIST OF BOXES, CHARTS AND TABLES Boxes 1. Issuance of ECB debt certificates 2. Foreign exchange swaps 3. Operational steps for tender procedures
Välisvaluuta sekkumisoperatsioonide ja rahapoliitiliste välisvaluuta vahetustehingute osapoolte valimine
ESA 95 European System of Accounts 1995 ESCB European System of Central Banks EU European Union ICAS in-house credit assessment system ICSD international central securities depository IDC intraday credit IRB internal ratings-based system ISIN International Securities Identification Number MFI monetary financial institution MMF money market fund NCB national central bank PD probability of default PSE public sector entity RMBD retail mortgage-backed debt instrument RoW rest of the world RT rating tool RTGS real-time gross settlement SSS securities settlement system
peatükis määratletakse rahapoliitiliste operatsioonide alusvara kõlblikkuskriteeriumid.
This document presents the operational framework chosen by the Eurosystem [1] for the single monetary policy in the euro area. The document, which forms part of the Eurosystem’s legal framework for monetary policy instruments and procedures, is intended to serve as the ‘General Documentation’ on the monetary policy instruments and procedures of the Eurosystem, and is aimed, in particular, at providing counterparties with the information they need in relation to the Eurosystem’s monetary policy framework.
Lisades on esitatud näited rahapoliitiliste operatsioonide kohta, sõnastik, eurosüsteemi valuutaturul teostatavate sekkumisoperatsioonide (interventsioonide) osapoolte valiku kriteeriumid, Euroopa Keskpanga raha- ja pangandusstatistika aruandlusraamistiku tutvustus, eurosüsteemi veebilehtede loetelu, osapoolte kohustuste rikkumisel rakendatavate menetluste ja sanktsioonide kirjeldus ning täiendavad õiguslikud nõuded katte tagamiseks krediidinõuetele, mida kasutatakse eurosüsteemis tagatisena.
The General Documentation in itself neither confers rights nor imposes obligations on counterparties. The legal relationship between the Eurosystem and its counterparties is established in appropriate contractual or regulatory arrangements. This document is divided into seven chapters. Chapter 1 gives an overview of the operational framework for the monetary policy of the Eurosystem.
PEATÜKK
In Chapter 2, eligibility criteria for counterparties taking part in Eurosystem monetary policy operations are specified. Chapter 3 describes open market operations, while Chapter 4 presents the standing facilities available to counterparties. Chapter 5 specifies procedures applied in the execution of monetary policy operations. In Chapter 6, the eligibility criteria for underlying assets in monetary policy operations are defined. Chapter 7 presents the Eurosystem’s minimum reserve system. The annexes contain examples of monetary policy operations, a glossary, criteria for the selection of counterparties for Eurosystem foreign exchange intervention operations, a presentation of the reporting framework for the money and banking statistics of the European Central Bank, a list of the Eurosystem websites, a description of the procedures and sanctions to be applied in the event of non-compliance with counterparty obligations and additional legal requirements for the creation of valid security over credit claims when these are used as collateral with the Eurosystem. CHAPTER 1 OVERVIEW OF THE MONETARY POLICY FRAMEWORK
RAHAPOLIITILISE RAAMISTIKU ÜLEVAADE
access the Eurosystem’s standing facilities; and
omada ligipääsu eurosüsteemi püsivõimalustele ning
they are executed regularly each month [12] The main and the longer-term refinancing operations are executed in accordance with the Eurosystem’s pre-announced tender operations calendar (see also Section 5.1.2), which can be found on the ECB’s website (www.ecb.int), as well as on the Eurosystem websites (see Annex 5). ;
neid teostatakse regulaarselt iga kuu; [12] Põhilisi ja pikemaajalisi refinantseerimistoiminguid teostatakse vastavalt eurosüsteemi eelnevalt avaldatud pakkumistoimingute kalendrile (vt ka punkt 5.1.2), mis on olemas EKP veebilehel (www.ecb.int) ja samuti eurosüsteemi veebilehtedel (vt lisa 5).
they normally have a maturity of three months [13] The maturity of the main and the longer-term refinancing operations may occasionally vary depending on, inter alia, bank holidays in Member States. ;
tavaliselt on nende tähtaeg kolm kuud; [13] Põhiliste ja pikemaajaliste refinantseerimisoperatsioonide tähtaeg võib aeg-ajalt varieeruda olenevalt muu hulgas liikmesriikide pangapühadest.
CHAPTER 4 STANDING FACILITIES
PÜSIVÕIMALUSED
The transfer of underlying assets is executed via the counterparties’ securities settlement accounts with SSSs fulfilling the ECB’s minimum standards [35]. Counterparties without a safe custody account with a national central bank or a securities settlement account with an SSS fulfilling the ECB’s minimum standards may settle the transactions of underlying assets through the securities settlement account or the safe custody account of a correspondent credit institution. Further provisions related to the settlement procedures are defined in the contractual arrangements applied by the national central banks (or the ECB) for the specific monetary policy instruments. The settlement procedures may differ slightly between national central banks owing to differences in national law and operational practices.
Tabel 3
Settlement date for operations based on quick tenders or bilateral procedures Reverse transactions T + 1 [37] T Outright transactions —
Alusvara puhul kehtiva turutava kohaselt
According to market convention for the underlying assets Issuance of debt certificates
Võlasertifikaatide väljalaskmine
With the aims of protecting the Eurosystem from incurring losses in its monetary policy operations and of ensuring the equal treatment of counterparties, as well as of enhancing operational efficiency and transparency, underlying assets have to fulfil certain criteria in order to be eligible for Eurosystem monetary policy operations. The Eurosystem has developed a single framework for eligible assets common to all Eurosystem credit operations.
Neid ei eristata kvaliteedi ega kõlblikkuse järgi eurosüsteemi mitmesugusteks rahapoliitilisteks operatsioonideks, välja arvatud see, et turustatavaid varasid eurosüsteem otsetehinguteks ei kasuta. Eurosüsteemi rahapoliitilisteks operatsioonideks kõlblikke varasid võib kasutada päevasiseste laenude alusvarana.
No distinction is made between the two asset classes with regard to the quality of the assets and their eligibility for the various types of Eurosystem monetary policy operations, except that non-marketable assets are not used by the Eurosystem for outright transactions. The assets eligible for Eurosystem monetary policy operations can also be used as underlying assets for intraday credit. The eligibility criteria for the two asset classes are uniform across the euro area [41] and are set out in Section 6.2. To ensure that the two asset classes comply with the same credit standards, a Eurosystem credit assessment framework (ECAF) has been set up, which relies on different credit assessment sources.
Et mõlemad varaliigid vastaksid samadele krediidistandarditele, on loodud eurosüsteemi krediidihindamisraamistik (ECAF), mis tugineb mitmesugustele hindamisallikatele.
Settlement procedures The debt instrument must be transferable in book-entry form. It must be held and settled in the euro area through an account with the Eurosystem or with an SSS that fulfils the standards established by the ECB, so that perfection and realisation are subject to the law of a euro area country. If the CSD where the asset is issued and the SSS where it is held are not identical, then the two institutions have to be connected by a link approved by the ECB [35] The description of the standards for the use of eligible SSSs in the euro area and an updated list of the eligible links between these systems can be found on the ECB’s website (www.ecb.int). . Acceptable markets
Vastuvõetavad turud
The debt instrument may be issued or guaranteed by central banks, public sector entities, private sector entities, or international or supranational institutions. Debt instruments other than covered bank bonds that are issued by credit institutions are only eligible if they are admitted to trading on a regulated market as defined above.
Võlainstrumendid, v.a kaetud pangavõlakirjad, mille on välja lasknud krediidiasutused, on rahapoliitilisteks operatsioonideks kõlblikud ainult siis, kui need on lubatud kauplemisele reguleeritud turul (vt eespool).
Currency of denomination: The RMBD must be denominated in euro [55] See footnote 13 in this chapter. .
Nimiväärtuse vääring: Hüpoteegitagatisega turustamatud võlainstrumendid peavad olema nomineeritud eurodes. [55] Vt käesoleva peatüki joonealune märkus 3.
They are not used in Eurosystem outright transactions. All marketable and non-marketable assets can also be used as underlying assets for intraday credit.
Olenemata sellest, kas turustatav vara vastab või ei vasta kõikidele kõlblikkuskriteeriumidele, ei tohi osapool tagatiseks esitada vara, mille väljalaskja või garant on ta ise või mõni muu isik, kellega tal on lähedane side.
If a credit assessment from the system or source selected by the counterparty exists but is below the credit quality threshold, the debtor or guarantor is ineligible. If no credit assessment is available to establish the credit standards, the debtor or guarantor is considered ineligible.
Kui krediidihinnangut, mille põhjal määrata võlgniku või garandi vastavust krediidistandarditele, ei ole, siis võlgnikku või garanti rahapoliitilisteks operatsioonideks kõlblikuks ei loeta.
External credit assessment institution source The ECAI source encompasses those institutions whose credit assessments may be used by credit institutions for determining the risk weight of exposures according to the CRD [78].
Reitinguagentuurid on asutused, kelle krediidihinnanguid võivad krediidiasutused kasutada riskikaalude ja -positsioonide määramiseks vastavalt kapitalinõuete direktiivile.
The Eurosystem reserves the right to decide whether it accepts an ECAI for its lending operations, making use, among other factors, of its performance monitoring process. NCB in-house credit assessment system source
Eurosüsteem jätab endale õiguse otsustada, kas ta aktsepteerib või ei aktsepteeri reitinguagentuuri oma laenuoperatsioonide puhul, kasutades selleks muu hulgas reitinguagentuuri hindamissüsteemi toimivuse jälgimist.
Let k = 0.5 % denote the trigger. In an earmarking system (I=1), a margin call is effected when:
Seda läve tähistagu k = 0,5% Märgistatud tagatiste haldussüsteemis (I = 1) esitatakse lisatagatise nõue, kui:
rate of remuneration on holdings of required reserves for the maintenance period t. Standard rounding of the rate of remuneration to two decimals shall be applied. i ith calendar day of the maintenance period t. MR i
kohustuslike reservide hoiuste pealt makstava intressi määr arvestusperioodil t. Intressimäär ümardatakse kahe kümnendkohani.
Throughout this document, the term ‘NCB business day’ refers to any day on which the national central bank of a specific Member State is open for the purpose of conducting Eurosystem monetary policy operations. In some Member States, branches of the national central bank may be closed on NCB business days owing to local or regional bank holidays. In such cases, the relevant national central bank is responsible for informing the counterparties in advance of the arrangements to be made for transactions involving those branches.
Jõulupühade tõttu tuuakse detsembris tähtaeg tavaliselt ühe nädala võrra ettepoole, s.o kuu eelviimasele kolmapäevale.
With regard to the issuance of ECB debt certificates, the ECB may decide that bids are to be expressed in the form of a price rather than an interest rate. In such cases, prices must be quoted as a percentage of the nominal amount.
Muutuva intressimääraga valuuta vahetustehingute puhul tuleb nimetada fikseeritud summa ja vastav vahetustehingu hind, mille ulatuses osapool on valmis eurosüsteemiga tehinguid tegema.
Swap point quotations are listed in ascending order, taking into account the sign of the quotation, which depends on the sign of the interest rate differential between the foreign currency and the euro. If, for the maturity of the swap, the foreign currency interest rate is higher than the corresponding interest rate for the euro, the swap point quotation is positive (i.e. the euro is quoted at a premium to the foreign currency). Conversely, if the foreign currency interest rate is lower than the corresponding interest rate for the euro, the swap point quotation is negative (i.e. the euro is quoted at a discount to the foreign currency).
EKP nõukogu võib otsustada, kas erandolukorras võib kahepoolseid peenhäälestusoperatsioone teostada ka EKP ise.
If the normal settlement date for the main or the longer-term refinancing operations coincides with a bank holiday, the ECB may decide to apply a different settlement date, with the option of same-day settlement. The settlement dates for the main and the longer-term refinancing operations are specified in advance in the Eurosystem’s tender operations calendar (see Section 5.1.2).
Eurosüsteemi püsivõimaluste kasutamisloa taotlemise tähtaega lükatakse 30 minuti võrra edasi kohustuslike reservide arvestusperioodi eurosüsteemi viimasel pangapäeval.
Liquidity-absorbing outright and reverse open market operations are also based on underlying assets. For underlying assets used in liquidity-absorbing reverse open market operations, the eligibility criteria are identical to those applied for underlying assets used in liquidity-providing reverse open market operations. However, no valuation haircuts are applied in liquidity-absorbing operations. [40] Tier two assets that do not qualify under the eligibility criteria for the single framework for eligible collateral will remain eligible until 31 May 2007, and the associated haircuts for marketable tier two assets (as set out in the General Documentation published in February 2005) continue to apply until that date.
Teise astme varad, mis ühtse loetelu kõlblikkuskriteeriumide kohaselt tagatisena kõlblikud ei ole, jäävad kõlblikeks 31. maini 2007 ning samamoodi kohaldatakse sama kuupäevani nendega seotud allahindlusi (vastavalt 2005. aasta jaanuaris avaldatud ülddokumentatsioonile).
This list is published and updated daily on the ECB’s website (www.ecb.int). Marketable assets issued by non-financial corporations without a rating from an external credit assessment institution (ECAI) for the issue, issuer or guarantor are not included in the public list of eligible marketable assets.
Nõukogu 20. detsembri 1985. aasta direktiiv 85/611/EMÜ avatud investeerimisfonde käsitlevate õigusnormide kooskõlastamise kohta (EÜT L 375, 31.12.1985, lk 3), mida on viimati muudetud direktiiviga 2005/1/EÜ (ELT L 79, 24.3.2005, lk 9).
From 1 January 2007, international debt securities in global bearer form must, in order to be eligible, be issued in the form of New Global Notes (NGNs) and must be deposited with a Common Safekeeper (CSK) which is an ICSD or, if applicable, a CSD that fulfils the minimum standards established by the ECB. International debt securities in global bearer form that were issued in the form of Classical Global Notes (CGNs) prior to 1 January 2007 and fungible securities issued under the same ISIN code on or after that date will remain eligible until maturity.
Kaupu ja mittefinantsteenuseid pakkuv ettevõte Euroopa rahvamajanduse ja regionaalse arvepidamise süsteemi (ESA 95) määratletud tähenduses.
The principles are to be understood as follows.
Kõnealused põhimõtted on järgmised.
Safety is taken to mean certainty with regard to transactions, in particular certainty on the validity and enforceability of transactions.
Ohutus tähendab tehingukindlust, eriti aga kindlust tehingute kehtivuse ja täitmisele pööratavuse suhtes.
OJ L 318 of 27 November 1998, page 1. [100] OJ L 250 of 2 October 2003, page 10.
EKP raha- ja pangandusstatistika aruandlussüsteemi kirjeldatakse lisas 4.
For institutions allowed to report statistical data as a group on a consolidated basis according to the provisions of the reporting framework for the ECB’s money and banking statistics (see Annex 4), only one such allowance will be granted to the group as a whole, unless the institutions provide data on the reserve base and reserve holdings in a sufficiently detailed manner to enable the Eurosystem to verify their accuracy and quality and to determine the respective reserve requirement of each individual institution included in the group. [105] Regulation (EC) No 2181/2004 of the European Central Bank of 16 December 2004, amending Regulation (EC) No 2423/2001 (ECB/2001/13) concerning the consolidated balance sheet of the monetary financial institutions sector and Regulation (EC) No 63/2002 (ECB/2001/18) concerning statistics on interest rates applied by monetary financial institutions to deposits and loans vis-à-vis households and non financial corporations (ECB/2004/21) (OJ L 371 of 18 December 2004, page 42), explicitly requires the reporting of deposit liabilities at nominal value.
Euroopa Keskpanga 16. detsembri 2004. aasta määruses (EÜ) nr 2181/2004 (EKP/2004/21), millega muudetakse määrust (EÜ) nr 2423/2001 (EKP/2001/13) rahaloomeasutuste sektori koondbilansi kohta ja määrust (EÜ) nr 63/2002 (EKP/2001/18) rahaloomeasutustes kodumajapidamiste ning kaupu ja mittefinantsteenuseid tootvate ettevõtete hoiuste ja laenude suhtes kohaldatavate intressimäärade statistika kohta (ELT L 371, 18.12.2004, lk 42), on selgesõnaliselt sätestatud, et kohustusi hoiuste näol tuleb aruandluses kajastada nimiväärtusega.
(EUR millions) Bank 1 30 22,5
(miljonites eurodes)
Bank 2 40
pank