natgillin/translations-raw huggingface dataset:
The Eurosystem's minimum reserve system primarily pursues the monetary policy objectives of: (a) contributing to the stabilisation of money market interest rates by giving institutions an incentive to temper the effects of temporary liquidity fluctuations due to the averaging provision; and (b) creating or enlarging a structural liquidity shortage, which improves the ability of the Eurosystem to operate efficiently as a liquidity supplier.
Eesmärkide, regulaarsuse ja menetluskorra põhjal võib eurosüsteemi avaturuoperatsioonid jagada nelja kategooriasse: a) põhilised refinantseerimisoperatsioonid; b) pikemaajalised refinantseerimisoperatsioonid; c) peenhäälestusoperatsioonid; d) struktuurioperatsioonid.
The legal framework of the Eurosystem's minimum reserve system is laid down in Article 19 of the Statute of the ESCB, Council Regulation (EC) No 2531/98 [2] and Regulation (EC) No 1745/2003 of the European Central Bank (ECB/2003/9) [3].
Põhilised refinantseerimisoperatsioonid on liik eurosüsteemi tehtavaid avaturuoperatsioone, mis on esmatähtsad intressimäärade suunamisel, turul likviidsuse juhtimisel ja rahapoliitika kursist märkuandmisel.
With regard to their aims, regularity and procedures, the Eurosystem's open market operations can be divided into four categories: (a) main refinancing operations; (b) longer-term refinancing operations; (c) fine-tuning operations; (d) structural operations.
Pikemaajaliste refinantseerimisoperatsioonide eesmärk on pakkuda osapooltele likviidsust pikema tähtajaga kui põhiliste refinantseerimisoperatsioonide puhul.
The main refinancing operations are a category of open market operations conducted by the Eurosystem that play a pivotal role in pursuing the aims of steering interest rates, managing the liquidity situation in the market and signalling the stance of monetary policy.
Pikemaajaliste refinantseerimisoperatsioonidega ei soovi eurosüsteem üldjuhul turule millestki märku anda ja tegutseb sellepärast harilikult intressivõtjana.
The longer-term refinancing operations are aimed at providing counterparties with liquidity that has a maturity longer than that of the main refinancing operations.
Peenhäälestusoperatsioone tehakse vajadust mööda ning nende eesmärk on juhtida likviidsust turul ja suunata intressimäärasid eelkõige selleks, et tasandada turul ootamatute likviidsuskõikumiste mõju intressimääradele.
With longer-term refinancing operations, the Eurosystem does not, as a rule, intend to send signals to the market and therefore normally acts as a rate taker.
Konkreetsed peenhäälestusoperatsioonid on kohandatud tehingu liigile ja operatsiooni konkreetsele eesmärgile.
Fine-tuning operations are executed on an ad hoc basis with the aim of managing the liquidity situation in the market and steering interest rates, in particular in order to smooth the effects on interest rates caused by unexpected liquidity fluctuations in the market.
Struktuurioperatsioone tehakse siis, kui on vaja kohandada eurosüsteemi struktuurset positsiooni finantssektori suhtes.
The specific fine-tuning operations are adapted to the types of transactions and the specific objectives pursued by the relevant operations.
Eurosüsteemi rahapoliitika raamistiku rakendamisega tuleks tagada, et arvukate erinevate osalejate suhtes kehtivad ühetaolised kõlblikkuskriteeriumid.
Structural operations may be carried out whenever the structural position of the Eurosystem needs to be adjusted with regard to the financial sector.
Need kriteeriumid määratletakse selleks, et tagada osapoolte võrdne kohtlemine kõikides liikmesriikides, mille rahaühik on euro, ja osapoolte vastavus teatavatele usaldatavus- ja tegevusnõuetele.
The implementation of the Eurosystem's monetary policy framework should ensure that a broad range of counterparties participate under uniform eligibility criteria.
Eurosüsteemi kaitseks vastaspoole riski eest on EKPS põhikirja artikli 18.1 teises taandes sätestatud, et kui eurosüsteem teeb krediiditehinguid krediidiasutustega ja muude turul osalejatega, peavad tema antavad laenud olema piisavalt tagatud.
These criteria are specified to ensure the equal treatment of counterparties across the Member States whose currency is the euro and to ensure that counterparties fulfil certain prudential and operational requirements.
Selleks et tagada osapoolte võrdne kohtlemine ning süsteemi tõhusam ja läbipaistvam toimimine, peavad eurosüsteemi krediidioperatsioonide tagatiseks kõlblikud varad vastama teatavatele ühetaolistele kriteeriumidele kõikides liikmesriikides, mille rahaühik on euro.
In order to protect the Eurosystem from counterparty risk, the second indent of Article 18.1 of the Statute of the ESCB provides that when the Eurosystem conducts credit operations with credit institutions and other market participants, lending should be based on adequate collateral.
Eurosüsteem on arendanud välja ühtse kõlblike tagatisvarade raamistiku, mille raames kõik eurosüsteemi krediidioperatsioonid ühtlustatakse käesoleva suunise rakendamise teel kõikides liikmesriikides, mille rahaühik on euro.
In order to ensure the equal treatment of counterparties, as well as to enhance operational efficiency and transparency, assets must fulfil certain uniform criteria across the Member States whose currency is the euro in order to be eligible as collateral for Eurosystem credit operations.
Ühtne kõlblike tagatisvarade raamistik hõlmab turukõlblikke ja -kõlbmatuid varasid, mis vastavad eurosüsteemi poolt kindlaks määratud ühetaolistele kõlblikkuskriteeriumidele.
The Eurosystem has developed a single framework for assets eligible as collateral so that all Eurosystem credit operations are carried out in a harmonised manner by means of implementing this Guideline in all Member States whose currency is the euro.
Enamikku kõlblikke varasid võib kasutada piiriüleselt, kasutades selleks keskpankadevahelist piiriüleste tagatiste haldamise raamistikku (CCBM) ning turukõlblike varade puhul Euroopa Majanduspiirkonna väärtpaberiarveldussüsteemide vahelisi kõlblikke ühendusi või Euroopa Majanduspiirkonna väärtpaberiarveldussüsteemide vahelisi kõlblikke ühendusi koos keskpankadevahelise piiriüleste tagatiste haldamise raamistikuga.
The single framework for assets eligible as collateral covers marketable and non-marketable assets that fulfil uniform eligibility criteria specified by the Eurosystem.
Eurosüsteem annab päevasiseseid laene, et tasandada maksete arveldustes tekkinud lahknevusi.
Most eligible assets may be used on a cross-border basis by means of the correspondent central banking model (CCBM) and, in the case of marketable assets, through eligible links between eligible EEA securities settlement systems (SSSs) or eligible links between eligible EEA SSSs in combination with the CCBM.
Suunise EKP/2012/27 [4] artikli 12 ja selle suunise III lisa kohaselt, peab päevasisese laenu tagatis vastama samadele kriteeriumidele, millele peavad käesoleva suunise neljanda osa kohaselt vastama kõlblikud tagatisvarad.
Intraday credit is provided by the Eurosystem to even out mismatches in payment settlements.
Kõikide eurosüsteemi krediidioperatsioonideks kõlblike varade suhtes on vaja kehtestada konkreetsed riskiohjemeetmed, et kaitsta eurosüsteemi finantskahju eest olukordades, kus tema tagatis tuleb vastaspoole kohustuste täitmata jätmise tõttu realiseerida.
As laid down in Article 12 of and Annex III to Guideline ECB/2012/27 [4], the collateral for the provision of intraday credit is required to comply with the same criteria that assets eligible as collateral must fulfil under Part Four.
Kõlblikud varad peavad vastama eurosüsteemi krediidikvaliteedi nõuetele, mis on kindlaks määratud eurosüsteemi krediidihindamisraamistiku reeglitega.
All eligible assets for Eurosystem credit operations need to be subject to specific risk control measures in order to protect the Eurosystem against financial losses in circumstances where its collateral has to be realised due to an event of default of a counterparty.
EKP rakendab sanktsioone asutuste suhtes, mis ei täida kohustusliku reservi kohaldamist käsitlevatest EKP määrustest ja otsustest tulenevaid kohustusi, vastavalt nõukogu määrusele (EÜ) nr 2532/98, [5] Euroopa Keskpanga määrusele (EÜ) nr 2157/1999 (EKP/1999/4), [6] nõukogu määrusele (EÜ) nr 2531/98 ja Euroopa Keskpanga määrusele (EÜ) nr 1745/2003 (EKP/2003/9).
Eligible assets are required to meet the Eurosystem's credit quality requirements specified in the Eurosystem credit assessment framework (ECAF) rules.
Kohustusliku reservi nõuete tõsise rikkumise korral võib eurosüsteem ka peatada osapoolte osalemise avaturuoperatsioonides.
The ECB imposes sanctions on institutions which do not comply with obligations arising from ECB regulations and decisions relating to the application of minimum reserves in accordance with Council Regulation (EC) No 2532/98 [5], European Central Bank Regulation (EC) No 2157/1999 (ECB/1999/4) [6], Regulation (EC) No 2531/98 and Regulation (EC) No 1745/2003 (ECB/2003/9).
Kui osapooled ei täida oma kohustusi, mis tulenevad lepingutest või eeskirjadest, mida asjaomane RKP või EKP vastavalt käesolevale suunisele kohaldab, võib eurosüsteem kooskõlas lepingute või eeskirjadega, mida asjaomane RKP või EKP kohaldab, määrata rahatrahve või peatada osapoolte osalemise avaturuoperatsioonides või püsivõimalustes.
In the event of a serious infringement of the minimum reserve requirements, the Eurosystem may also suspend counterparties' participation in open market operations.
Vastavalt lepingutele või eeskirjadele, mida asjaomane RKP või EKP kohaldab, võib eurosüsteem usaldatavusnõuetele tuginedes samuti peatada, piirata või lõpetada osapoolte osalemise avaturuoperatsioonides või püsivõimalustes, või kui osapool oma kohustust ei täida.
In accordance with the provisions of the contractual or regulatory arrangements applied by the relevant NCB or by the ECB, if counterparties fail to comply with their obligations under the contractual or regulatory arrangements applied by the NCBs or by the ECB, as set out in this Guideline, the Eurosystem can impose financial penalties or suspend counterparties' participation in open market operations or standing facilities.
Samuti võib eurosüsteem usaldatavusnõuetele tuginedes tagasi lükata varasid, mida konkreetsed osapooled eurosüsteemi krediidioperatsioonides tagatiseks mobiliseerivad, piirata nende varade kasutamist või kohaldada täiendavat väärtuskärbet.
In accordance with the provisions in the contractual or regulatory arrangements applied by the relevant NCB or by the ECB, the Eurosystem may also suspend, limit or exclude counterparties' access to open market operations or standing facilities on the grounds of prudence or if there is an event of default of a counterparty.
Kõik lepingud või eeskirjad, mida RKPd osapooltega kohaldavad, peaksid sisaldama ühiseid miinimumnõudeid, mille eesmärk on tagada ühtse rahapoliitika rakendamine tingimustel, mis rahaühikuna eurot kasutavate liikmesriikide vahel oluliselt ei erine,
On the grounds of prudence, the Eurosystem may also reject, limit the use of or apply supplementary haircuts to assets mobilised by specific counterparties as collateral in Eurosystem credit operations.
ON VASTU VÕTNUD KÄESOLEVA SUUNISE:
All contractual or regulatory arrangements applied by the NCBs with their counterparties should contain minimum common features aimed at ensuring the application of the single monetary policy under terms and conditions which are not materially different among Member States whose currency is the euro,
SISUKORD
HAS ADOPTED THIS GUIDELINE:
ESIMENE OSA.
CONTENTS
REGULEERIMISESE, -ALA JA MÕISTED
PART ONE — SUBJECT MATTER, SCOPE AND DEFINITIONS
TEINE OSA.
PART TWO — THE EUROSYSTEM MONETARY POLICY TOOLS, OPERATIONS, INSTRUMENTS AND PROCEDURES
EUROSÜSTEEMI RAHAPOLIITIKA VAHENDID, OPERATSIOONID, INSTRUMENDID JA MENETLUSED
TITLE I — Open market operations
I JAOTIS.
Chapter 1 — Overview of open market operations
Avaturuoperatsioonid
Chapter 2 — Categories of open market operations
peatükk.
Chapter 3 — Instruments for open market operations
Avaturuoperatsioonide ülevaade
TITLE II — Standing facilities
peatükk.
Chapter 1 — Marginal lending facility
Avaturuoperatsioonide liigid
Chapter 2 — Deposit facility
peatükk.
TITLE III — Procedures for Eurosystem monetary policy operations
Avaturuoperatsioonide instrumendid
Chapter 1 — Tender and bilateral procedures for Eurosystem open market operations
II JAOTIS.
Section 1 — Tender procedures
Püsivõimalused
Section 2 — Operational steps for tender procedures
peatükk.
Subsection 1 — Announcement of tender procedures
Laenamise püsivõimalus
Subsection 2 — Preparation and submission of bids by counterparties
peatükk.
Subsection 3 — Tender allotment
Hoiustamise püsivõimalus
Subsection 4 — Announcement of tender results
III JAOTIS.
Section 3 — Bilateral procedures for Eurosystem open market operations
Eurosüsteemi rahapoliitika operatsioonide menetluskord
Chapter 2 — Settlement procedures for Eurosystem monetary policy operations
peatükk.
PART THREE — ELIGIBLE COUNTERPARTIES
Eurosüsteemi avaturuoperatsioonide pakkumis- ja kahepoolsed menetlused
PART FOUR — ELIGIBLE ASSETS
jagu.
TITLE I — General principles
Pakkumismenetlus
TITLE II — Eligibility criteria and credit quality requirements for marketable assets
jagu.
Chapter 1 — Eligibility criteria for marketable assets
Pakkumismenetluse etapid
Section 1 — General eligibility criteria for marketable assets
alajagu.
Section 2 — Specific eligibility criteria for certain types of marketable assets
Pakkumismenetluse väljakuulutamine
Subsection 1 — Specific eligibility criteria for asset-backed securities
alajagu.
Subsection 2 — Specific eligibility criteria for covered bonds backed by asset-backed securities
Osapoolte pakkumiste koostamine ja esitamine
Subsection 3 — Specific eligibility criteria for debt certificates issued by the eurosystem
alajagu.
Chapter 2 — Eurosystem's credit quality requirements for marketable assets
Pakkumiste jaotamine
TITLE III — Eligibility criteria and credit quality requirements for non-marketable assets
alajagu.
Chapter 1 — Eligibility criteria for non-marketable assets
Pakkumistulemuste väljakuuutamine
Section 1 — Eligibility criteria for credit claims
jagu.
Section 2 — Eligibility criteria for fixed-term deposits
Eurosüsteemi avaturuoperatsioonide eesmärgil korraldatavad kahepoolsed menetlused
Section 3 — Eligibility criteria for RMBDs
peatükk.
Chapter 2 — Eurosystem's credit quality requirements for non-marketable assets
Eurosüsteemi rahapoliitika operatsioonide arvelduskord
Section 1 — Eurosystem's credit quality requirements for credit claims
KOLMAS OSA.
Section 2 — Eurosystem's credit quality requirements for RMBDs
KÕLBLIKUD OSAPOOLED
TITLE IV — Guarantees for marketable and non-marketable assets
NELJAS OSA.
TITLE V — Eurosystem credit assessment framework for eligible assets
KÕLBLIKUD VARAD
TITLE VI — Risk control and valuation framework of marketable and non-marketable assets
I JAOTIS.
Chapter 1 — Risk control measures for marketable assets
Üldpõhimõtted
Chapter 2 — Risk control measures for non-marketable assets
II JAOTIS.
Chapter 3 — Valuation rules for marketable and non-marketable assets
Turukõlblike varade kõlblikkuskriteeriumid ja krediidikvaliteedi nõuded
TITLE VII — Acceptance of non euro-denominated collateral in contingencies
peatükk.
TITLE VIII — Rules for the use of eligible assets
Turukõlblike varade kõlblikkuskriteeriumid
TITLE IX — Cross-border use of eligible assets
jagu.
PART FIVE — SANCTIONS IN THE EVENT OF A FAILURE TO COMPLY WITH COUNTERPARTY OBLIGATIONS
Turukõlblike varade üldised kõlblikkuskriteeriumid
PART SIX — DISCRETIONARY MEASURES
jagu.
PART SEVEN — ADDITIONAL MINIMUM COMMON FEATURES IN RELATION TO EUROSYSTEM MONETARY POLICY OPERATIONS
Teatavate turukõlblike varade kõlblikkuse erikriteeriumid
Chapter 1 — Additional minimum common features applicable to all arrangements for Eurosystem monetary policy operations
alajagu – Varaga tagatud väärtpaberite kõlblikkuse erikriteeriumid 2. alajagu.
Chapter 2 — Additional minimum common features applicable to both repurchase and collateralised loan agreements
Varaga tagatud väärtpaberitega tagatud võlakirjade kõlblikkuskriteeriumid 3. alajagu.
Chapter 3 — Additional minimum common features exclusive to repurchase agreements
Eurosüsteemi emiteeritud võlasertifikaatide kõlblikkuse erikriteeriumid 2. peatükk.
Chapter 4 — Additional minimum common features exclusive to collateralised loan arrangements
Eurosüsteemi krediidikvaliteedi nõuded turukõlblikele varadele III JAOTIS.
ANNEX VI — Cross-border use of eligible assets
jagu.
ANNEX VII — Calculation of sanctions to be applied in accordance with Part Five
Eurosüsteemi krediidikvaliteedi nõuded krediidinõuetele
ANNEX VIII — Loan-level data reporting requirements for asset-backed securities
jagu – Eurosüsteemi krediidikvaliteedi nõuded eluasemehüpoteekväärtpaberitele
ANNEX IX — Eurosystem credit assessment framework performance monitoring process
IV JAOTIS.
ANNEX X — Levels of valuation haircuts
Turukõlblike ja turukõlbmatute varade garantiid
ANNEX XI — Security forms
V JAOTIS.
ANNEX XII — Examples of Eurosystem monetary policy operations and procedure
Eurosüsteemi krediidihindamisraamistik kõlblikele varadele
ANNEX XIII — Correlation table
VI JAOTIS.
ANNEX XIV — Repealed Guideline with list of its successive amendments
Turukõlblike ja turukõlbmatute varade riskiohje- ja hindamisraamistik
PART ONE
peatükk.
SUBJECT MATTER, SCOPE AND DEFINITIONS
Turukõlblike varade riskiohjemeetmed
Article 1
peatükk.
Subject matter and scope
Turukõlbmatute varade riskiohjemeetmed
This Guideline sets out the uniform rules for the implementation of the single monetary policy by the Eurosystem throughout the Member States whose currency is the euro.
peatükk.
The Eurosystem shall take all the appropriate measures to implement Eurosystem monetary policy operations in accordance with the principles, tools, instruments, requirements, criteria and procedures laid down in this Guideline.
Turukõlblike ja turukõlbmatute varade hindamisreeglid
The legal relationship between the Eurosystem and its counterparties shall be established in appropriate contractual or regulatory arrangements applied by the relevant NCB, in which the provisions of this Guideline are implemented accordingly.
VII JAOTIS.
The ECB's Governing Council may, at any time, change the tools, instruments, requirements, criteria and procedures for the implementation of Eurosystem monetary policy operations.
Tagatise, mis ei ole vääringustatud euros, aktsepteerimine eriolukordades
The Eurosystem reserves the right to request and obtain any relevant information from counterparties that is needed to carry out its tasks and achieve its objectives in relation to monetary policy operations.
VIII JAOTIS.
This right is without prejudice to any other existing specific rights of the Eurosystem to request information relating to monetary policy operations.
Kõlblike varade kasutuskord
Article 2
IX JAOTIS.
Definitions
Kõlblike varade piiriülene kasutamine VIIES OSA.
For the purposes of this Guideline, the following definitions shall apply:
SANKTSIOONID OSAPOOLE KOHUSTUSTE RIKKUMISE KORRAL KUUES OSA.
‘actual/360 day-count convention’ means the convention applied in Eurosystem monetary policy operations which determines the actual number of calendar days included in the calculation of interest by using a 360-day year as the basis;
VALIKULISED MEETMED SEITSMES OSA.
The list of entities classified as agencies is published on the ECB's website;
peatükk.
‘asset-backed securities’ (ABSs) means debt instruments that are backed by a pool of ring fenced financial assets (fixed or revolving), that convert into cash within a finite time period.
Eurosüsteemi rahapoliitika operatsioonide korraldusele üldiselt kohaldatavad täiendavad ühised miinimumnõuded
In addition, rights or other assets may exist that ensure the servicing or timely distribution of proceeds to the holders of the security.
peatükk.
Generally, asset-backed securities are issued by a specially created investment vehicle which has acquired the pool of financial assets from the originator or seller.
Täiendavad ühised miinimumnõuded, mida kohaldatakse nii tagasiostulepingutele kui tagatud laenu lepingutele
In this regard, payments on the asset-backed securities depend primarily on the cash flows generated by the assets in the underlying pool and other rights designed to assure timely payment, such as liquidity facilities, guarantees or other features generally known as credit enhancements;
peatükk.
‘bilateral procedure’ means a procedure whereby the NCBs or, in exceptional circumstances the ECB, conduct fine-tuning operations or outright transactions, directly with one or more counterparties, or through stock exchanges or market agents, without making use of tender procedures;
Täiendavad ühised miinimumnõuded, mida kohaldatakse ainult tagasiostulepingutele
‘book-entry system’ means a system that enables transfers of securities and other financial assets which do not involve the physical movement of paper documents or certificates, e.g. the electronic transfer of securities;
peatükk.
‘business day’ means: (a) in relation to an obligation to make a payment, any day on which TARGET2 is operational to effect such a payment; or (b) in relation to an obligation to deliver assets, any day on which the SSS through which delivery is to be made is open for business in the place where delivery of the relevant securities is to be effected;
Täiendavad ühised miinimumnõuded, mida kohaldatakse ainult tagatud laenu lepingutele 5. peatükk.
‘central securities depository’ (CSD) means an entity that: (a) enables securities transactions to be processed and settled by book entry; (b) provides custodial services (e.g. the administration of corporate actions and redemptions); (c) plays an active role in ensuring the integrity of securities issues.
Täiendavad ühised miinimumnõuded, mida kohaldatakse ainult rahapoliitika eesmärgil teostatavatele välisvaluuta vahetustehingutele KAHEKSAS OSA.
Securities can be held in a physical, but immobilised, form or in a dematerialised form (i.e. they exist only as electronic records);
LÕPPSÄTTED I LISA.
‘collateralised loan’ means an arrangement between an NCB and a counterparty whereby liquidity is provided to a counterparty by way of a loan that is secured by an enforceable security interest granted by that counterparty to the NCB in the form of e.g. a pledge, assignment or charge granted over assets;
Kohustuslik reserv
‘collection of fixed-term deposits’ means an instrument used in conducting open market operations, whereby the Eurosystem invites counterparties to place fixed-term deposits on accounts with their home NCBs in order to absorb liquidity from the market;
II LISA.
‘competent authority’ means a public authority or body officially recognised by national law that is empowered by national law to supervise institutions as part of the supervisory system in the relevant Member State;
Pakkumisoperatsioonide väljakuulutamine
‘counterparty’ means an institution fulfilling the eligibility criteria laid down in Part Three entitling it to access the Eurosystem's monetary policy operations;
III LISA.
‘covered bonds’ means debt instruments that have a dual recourse: (a) directly or indirectly to a credit institution; and (b) to a dynamic cover pool of underlying assets, and for which there is no tranching of risk.
Pakkumiste jaotamine ja pakkumismenetlused
The term includes jumbo covered bonds, traditional covered bonds and other covered bonds;
IV LISA.
‘credit claim’ means a claim for the repayment of money, which constitutes a debt obligation of a debtor vis-à-vis a counterparty.
Tulemuste väljakuulutamine
Credit claims also include Schuldscheindarlehen and Dutch-registered private claims on the government or other eligible debtors that are covered by a government guarantee, e.g. housing associations;
VI LISA.