natgillin/translations-raw huggingface dataset:
Norges Bank believes that observation may be a relevant tool under a new coal criterion in situations where companies have concrete, time-limited plans that suggest that their activities will fall below the relevant thresholds.
Norges Bank anser at observasjon kan være et aktuelt virkemiddel under et nytt kullkriterium i situasjoner der selskaper har konkrete, tidsavgrensede planer som tilsier at virksomheten vil falle under aktuelle terskelnivåer.
An appropriate time horizon for forward-looking assessments will vary, and it may be difficult to establish a general rule for how long this horizon should be.
Hensiktsmessig tidshorisont for de fremoverskuende vurderingene vil kunne variere, og det kan være vanskelig å fastsette en generell regel for hvor lang en slik tidshorisont skal være.
Observation may also be relevant where there is uncertainty about the underlying information.
Observasjon kan også være relevant der det er usikkerhet om informasjonsgrunnlaget.
Division of responsibility between the Council on Ethics and Norges Bank
Arbeidsdeling mellom Etikkrådet og Norges Bank
The Ministry asks whether the most efficient and appropriate division of responsibility between the Council on Ethics and Norges Bank for this product criterion will differ from that established for the existing criteria.
Departementet spør om en mest mulig effektiv og hensiktsmessig arbeidsdeling mellom Etikkrådet og Norges Bank for dette produktkriteriet skiller seg fra den etablerte arbeidsdelingen under eksisterende kriterier.
The Ministry also asks for the exchange of information and co-ordination between the Council on Ethics and Norges Bank on the new criterion, and dialogue with companies assessed against the criterion.
Departementet spør videre om informasjonsutveksling og koordinering mellom Etikkrådet og Norges Bank for det nye kriteriet, samt dialog med selskapene som vurderes opp mot kriteriet.
Work on observation and exclusion under the new criterion will require good access to data, good systems and methods for processing data from different sources, and a detailed knowledge of sectors and individual companies.
Det vil som en del av arbeidet med observasjon og utelukkelse etter det aktuelle kriteriet være nødvendig med god datatilgang, gode systemer og metoder for å håndtere data fra ulike kilder og detaljert kunnskap om sektorer og enkeltselskaper.
This is particularly relevant given the proposal for forward-looking assessments of a company's development and strategic plans, which will, in practice, often include restructuring of assets, investments in renewable energy, emission reduction technologies or other technological advances.
Dette er særskilt relevant ettersom det legges opp til fremoverskuende vurderinger av virksomhetens utvikling og strategiplaner, som i praksis ofte vil inkludere restrukturering av eiendeler, investeringer i fornybar energi, renseteknologi eller annen teknologisk utvikling.
Against this background, and in the light of the significant demands the criterion makes in areas such as analysis, Norges Bank could take on the role of operationalising the new product criterion for coal-based activities.
På denne bakgrunn, og i lys av de betydelige krav kriteriet stiller blant annet til analyse, kan Norges Bank påta seg oppgaven med å operasjonalisere det nye produktkriteriet for kullbasert virksomhet.
In this case, the Executive Board would ask Norges Bank Investment Management to identify companies, conduct forward-looking assessments and make recommendations on observation and exclusion for decision by the Executive Board.
Hovedstyret vil i så fall be Norges Bank Investment Management identifisere selskaper, gjøre fremoverskuende vurderinger og utarbeide tilrådinger om observasjon og utelukkelse til vedtak i hovedstyret.
The reasoning for the decisions would be published in line with the other criteria.
Grunnlaget for vedtak vil i så fall offentliggjøres slik som for øvrige kriterier.
Norges Bank Investment Management would make contact with companies on threshold values and forward-looking assessments.
Norges Bank Investment Management vil ha kontakt med selskaper om terskelverdier og fremoverskuende vurderinger.
At the same time, the Council on Ethics could assess and recommend exclusion of individual companies on an independent basis.
Etikkrådet kan samtidig på selvstendig grunnlag vurdere og tilrå utelukkelser av enkeltselskaper.
Financial consequences
Økonomiske konsekvenser
Finally, the Ministry asks about the financial consequences.
Finansdepartementet spør avslutningsvis om økonomiske konsekvenser.
With the threshold values above, the criterion could cover some 120 companies with a combined market value of around 55 billion kroner.
Med terskelverdiene ovenfor vil antall selskaper som kan bli omfattet av kriteriet være om lag 120 og samlet markedsverdi om lag 55 milliarder kroner.
The direct transaction costs of excluding this number of companies can be estimated at around 400 million kroner.
De direkte transaksjonskostnadene ved utelukkelse av et slikt antall selskaper er beregnet til om lag 400 millioner kroner.
The new criterion may alter the fund's portfolio characteristics to a degree.
Det nye kriteriet vil i noen grad kunne endre fondets porteføljekarakteristika.
Utilities companies often have a more stable revenue profile than companies in the fund's other sectors.
Selskaper innen kraft- og vannforsyning vil ofte ha en mer stabil inntektsprofil enn selskaper i andre sektorer i fondet.
Over time, the exclusion of such companies could give the portfolio a different risk/return profile.
Over tid vil utelukkelse av slike selskaper kunne gi porteføljen en annen avkastning og risiko enn dersom kriteriet ikke gjaldt.
Shares of production and revenue will vary over time.
Produksjons- og inntektsandeler vil svinge over tid.
One topical example is the decline in coal prices in recent years.
Et nærliggende eksempel er fallet i kullprisene de siste årene.
There is a risk of Norges Bank excluding a number of companies that will not be covered by the new criterion in the longer term.
Det vil være en risiko for at Norges Bank vil utelukke en del selskaper som på sikt ikke vil være omfattet av det nye kriteriet.
These considerations may warrant building a certain margin into the threshold values specified above.
Slike hensyn kan tilsi å legge opp til en viss margin til de tallfestede terskelnivåene omtalt over.
Closing remarks
Avsluttende kommentarer
Norges Bank notes that the Standing Committee writes that the application of the criterion will evolve over time, for example as a result of changes in energy production or technological advances.
Norges Bank har merket seg at finanskomiteen skriver at praktiseringen av kriteriet vil utvikles over tid, blant annet som følge av endringer i energiproduksjon eller teknologiske forhold.
In time, for example, increased use of carbon capture technologies could give grounds for a separate assessment of power production using these technologies.
Over tid kan for eksempel økt bruk av karbonfangstteknologi gi grunnlag for særskilt vurdering av kraftproduksjon med slik teknologi.
Norges Bank also assumes that the operationalisation of the criterion will need to be carried out over a period of time.
Norges Bank antar i tillegg at operasjonaliseringen av kriteriet vil måtte foregå over en viss tid.
Some companies will remain in the portfolio for further dialogue and clarification before any decision is taken.
Noen selskaper vil bli værende i porteføljen for ytterligere dialog og avklaring før eventuelt vedtak fattes.
In practice, most relevant companies ought to be assessed by the end of 2016.
I praksis bør de fleste aktuelle selskapene være vurdert innen utgangen av 2016.
The Bank assumes that decisions on exclusion will not be published until divestment has taken place.
Banken legger til grunn at beslutninger om utelukkelse først vil offentliggjøres etter at nedsalg har funnet sted.
As with the other exclusion criteria, the criterion will be managed continuously and the portfolio will be monitored accordingly.
Som for de øvrige utelukkelseskriteriene vil kriteriet forvaltes løpende og porteføljen overvåkes tilsvarende.
No guarantee can ever be given that there will not be companies in the portfolio that could be viewed as breaching the exclusion criterion.
Det kan aldri gis en garanti for at det ikke er selskaper i porteføljen som kan sies å bryte med utelukkelseskriteriet.
Norges Bank would attach importance to external stakeholders being able to contribute relevant information for capturing companies that may be a case for observation or exclusion.
Norges Bank legger vekt på at også eksterne interessenter kan bidra med relevant informasjon for å fange opp selskaper som kan være aktuelle for observasjon eller utelukkelse.
Norges Bank has already divested from a number of companies that are involved in coal mining and/or use coal as an input, based on a general financial assessment.
Norges Bank har allerede solgt seg ut av en rekke selskaper med virksomhet innen kullgruver og/eller med kull som innsatsfaktor, basert på en finansiell helhetsvurdering.
Some of these companies will be covered by the new coal criterion.
Flere av disse selskapene omfattes av det nye kullkriteriet.
The Bank recommends that these companies, which are included in the GPFG's benchmark index, are also formally excluded from the fund.
Banken foreslår at også disse selskapene, som er i fondets referanseindeks, formelt utelukkes fra fondet.
Øystein Olsen, Yngve Slyngstad
Øystein Olsen, Yngve Slyngstad
Norges Bank's letter of 3 September 2015 to The Financial Supervisory Authority of Norway.
Norges Banks brev av 3. september 2015 til Finanstilsynet.
Norges Bank requires that banks pledge collateral for loans.
Norges Bank krever at bankene skal stille sikkerhet for lånopptak.
The current guidelines are published in Norges Bank Circular 1/2012.
Gjeldende retningslinjer er publisert i Norges Banks rundskriv nr.
The guidelines are intended to limit Norges Bank's exposure to risk, while providing banks with sufficient access to borrowing from the Bank.
Retningslinjene skal begrense Norges Banks risiko og samtidig legge til rette for at bankene har tilstrekkelig låneadgang.
Risk exposure is limited by accepting only high quality securities as eligible collateral and by applying a haircut to pledged securities when determining loan values.
Risikoen begrenses ved at kun papirer av god kvalitet godtas og ved at markedsverdien av pantsatte verdipapirer avkortes ved beregning av låneadgangen.
Norges Bank is now proposing new guidelines that are more straightforward and better structured.
Norges Bank foreslår nå nye retningslinjer som er mer oversiktlige og har en bedre struktur.
Practical information and routines relating to pledging securities are removed from the guidelines.
Praktisk informasjon og rutiner ved pantsettelse tas ut av retningslinjene.
Information of this type will be available on Norges Bank's website.
Denne type informasjon vil være tilgjengelig på Norges Banks nettsider.
The paragraphs will be numbered to facilitate referencing and the changes will facilitate users' understanding of the rules.
Endringene vil gjøre det enklere for brukerne å sette seg inn i regelverket.
In addition to the simplifications, some minor changes to the guidelines are made.
I tillegg til forenklingene gjøres det noen mindre endringer i retningslinjene.
The changes shall apply from 11 January 2016.
Endringene skal gjelde fra 11. januar 2016.
Changes to the guidelines
Endringer i retningslinjene
Under the current guidelines, a bank may not pledge more than 20 percent of the volume outstanding of an asset-backed security and securities denominated in a foreign currency issued by a private entity.
Med dagens retningslinjer kan en bank ikke pantsette mer enn 20 prosent av utestående volum av Asset Backed Securities og verdipapirer i fremmed valuta med privat utsteder.
This requirement reduces the risk of a pronounced price impact if Norges Bank has to sell all, or substantial portions, of the volume outstanding of a security in the event of realisation.
Dette kravet reduserer risikoen for store prisutslag hvis Norges Bank ved realisasjon må selge hele, eller store deler av utestående volum av et verdipapir.
Norges Bank proposes applying this restriction to all types of securities and fund units, with the exception of Norwegian government securities.
Norges Bank foreslår å la denne begrensningen gjelde alle typer verdipapirer og fondsandeler, med unntak av norske statspapirer.
Under the present guidelines, securities or issuers must have a satisfactory credit rating from one of the three major credit rating agencies.
Verdipapirer eller utstedere må i dag ha tilfredsstillende kredittvurdering fra én av de tre store kredittvurderingsbyråene.
In practice, this means that the best credit rating is applied.
I praksis betyr det at den beste kredittvurderingen blir avgjørende.
The credit rating requirement is especially important for reducing the risk associated with foreign securities.
Krav til kredittvurdering er særlig viktig for å redusere risikoen knyttet til utenlandske verdipapirer.
The experience of recent years' market turbulence shows that it can take time before downgrades are implemented by all the agencies.
Erfaringer fra markedsuroen de siste årene viser at det kan ta tid før nedgraderinger er gjennomført av alle byråene.
To incorporate the downgrades earlier, Norges Bank proposes to apply the second best credit rating in the new guidelines, if a security or issuer has more than one rating.
For å fange opp eventuelle nedgraderinger raskere foreslår Norges Bank å legge nest beste kredittvurdering til grunn, dersom det foreligger flere kredittvurderinger.
The valuation of pledged foreign currency securities is currently subject to an additional haircut.
Verdifastsettelsen av et pantsatt verdipapir i utenlandsk valuta gis i dag en ekstra avkorting.
In recent years, currency fluctuations have been wider than provided for by the haircut rules.
De siste årene har valutakursene svingt mer enn det er tatt høyde for i avkortingsreglene.
The haircut for foreign currency securities is increased by 1 percentage point to 6 percent.
Avkortingen for verdipapirer i utenlandsk valuta vil bli økt med 1 prosentenhet, til 6 prosent.
By virtue of the correspondent bank agreements between the Scandinavian central banks, Norges Bank has approved securities pledged in Euroclear Sweden and VP Securities (Denmark) as collateral.
Gjennom korrespondentbankavtalene mellom de skandinaviske sentralbankene har Norges Bank godtatt verdipapirer som er pantsatt i Euroclear Sweden og VP Securities Danmark som sikkerhet.
This arrangement has been little used over the past two years and the agreements are in the process of being terminated.
Ordningen har vært lite brukt de to siste årene, og avtalene er under avvikling.
The guidelines will be changed accordingly.
Retningslinjene vil bli endret i samsvar med dette.
Banks have currently pledged securities worth approximately NOK 250 billion.
Bankene har i dag pantsatt verdipapirer for om lag 250 milliarder kroner.
The proposed changes will have a limited impact on banks' borrowing access.
De foreslåtte endringene vil ha begrenset konsekvens for bankenes låneadgang.
Please submit comments on the proposal by 15 October 2015.
Vi ber om merknader til forslaget innen 15.10.2015.
Kind regards,
Med hilsen
Kristin Gulbrandsen, Director
Kristin Gulbrandsen, Direktør
Harald Bøhn, Executive Director.
Harald Bøhn, Executive Director.
Oslo Stock Exchange Seminar, New York, 5 November 1999
Oslo Stock Exchange Seminar, New York, 5 November 1999
First I would like to express my appreciation for this opportunity to present some features of the Norwegian economy.
First I would like to express my appreciation for this opportunity to present some features of the Norwegian economy.
Last winter the uncertainty associated with economic developments was greater than normal.
Last winter the uncertainty associated with economic developments was greater than normal.
The discussion has shown that not all aspects are fully understood.
The discussion has shown that not all aspects are fully understood.
Norges Bank is particularly concerned with monetary policy credibility.
Norges Bank is particularly concerned with monetary policy credibility.
I would therefore like to contribute to clarifying the monetary policy conducted by Norges Bank.
I would therefore like to contribute to clarifying the monetary policy conducted by Norges Bank.
The Norwegian krone is floating, but it is a managed float.
The Norwegian krone is floating, but it is a managed float.
The monetary policy to be conducted by Norges Bank is stated by a mandate dated 6 May 1994.
The monetary policy to be conducted by Norges Bank is stated by a mandate dated 6 May 1994.
Since 1 January 1999 Norges Bank has used the exchange rate against the euro as a reference, whereas the ECU was used earlier.
Since 1 January 1999 Norges Bank has used the exchange rate against the euro as a reference, whereas the ECU was used earlier.
However, Norges Bank no longer pursues a traditional fixed exchange rate regime with fluctuation margins and an intervention obligation.
However, Norges Bank no longer pursues a traditional fixed exchange rate regime with fluctuation margins and an intervention obligation.
In exercising discretion, Norges Bank emphasises on the fundamental conditions for achieving exchange rate stability over time.
In exercising discretion, Norges Bank emphasises on the fundamental conditions for achieving exchange rate stability over time.
This is not the case.
This is not the case.
At this point the Norwegian economy showed clear signs of overheating.
At this point the Norwegian economy showed clear signs of overheating.
As a response, Norges Bank raised its key rates seven times in 1998, by a total of 4 1/2 percentage points.
As a response, Norges Bank raised its key rates seven times in 1998, by a total of 4 1/2 percentage points.
Nevertheless, Norges Bank's assessment was that further interest rate hikes would not strengthen the krone.
Nevertheless, Norges Bank's assessment was that further interest rate hikes would not strengthen the krone.
Norges Bank sets interest rates with a view to achieving the fundamental conditions for exchange rate stability.
Norges Bank sets interest rates with a view to achieving the fundamental conditions for exchange rate stability.
We cannot focus on daily exchange rate quotations.
We cannot focus on daily exchange rate quotations.
Norges Bank does not have the instruments for fine-tuning exchange rate movements.
Norges Bank does not have the instruments for fine-tuning exchange rate movements.
Any attempt at such short-term fine-tuning of the exchange rate may undermine the fundamental conditions for exchange rate stability over time.
Any attempt at such short-term fine-tuning of the exchange rate may undermine the fundamental conditions for exchange rate stability over time.
In both cases this would weaken the basis for exchange rate stability over time.
In both cases this would weaken the basis for exchange rate stability over time.
Such measures may, depending on the situation, be fiscal policy measures or changes in the monetary policy regime or the initial range.
Such measures may, depending on the situation, be fiscal policy measures or changes in the monetary policy regime or the initial range.
However, let me emphasise that these are hypothetical situations.
However, let me emphasise that these are hypothetical situations.
The present exchange rate range has more or less prevailed for ten years.
The present exchange rate range has more or less prevailed for ten years.
The Government Petroleum Fund
The Government Petroleum Fund
The Government Petroleum Fund was established for many purposes.
The Government Petroleum Fund was established for many purposes.
This makes the Norwegian economy more robust to oil price fluctuations, thereby reducing oil dependence in the short term.
This makes the Norwegian economy more robust to oil price fluctuations, thereby reducing oil dependence in the short term.
I have touched on the macroeconomic implications of the Government Petroleum Fund.
I have touched on the macroeconomic implications of the Government Petroleum Fund.
Let me also say a few words about the management of the Petroleum Fund.
Let me also say a few words about the management of the Petroleum Fund.
Management of the Government Petroleum Fund
Management of the Government Petroleum Fund
Norges Bank manages the Government Petroleum Fund on behalf of the Ministry of Finance.
Norges Bank manages the Government Petroleum Fund on behalf of the Ministry of Finance.
According to the Government's projections, the Fund is expected to reach USD 38 billion, or 24 per cent of GDP by the end of 2000.
According to the Government's projections, the Fund is expected to reach USD 38 billion, or 24 per cent of GDP by the end of 2000.
20 to 40 per cent of the Fund is to be invested in the US and Canada, 40 to 60 per cent in Europe and 10 to 30 per cent in the Pacific region.
20 to 40 per cent of the Fund is to be invested in the US and Canada, 40 to 60 per cent in Europe and 10 to 30 per cent in the Pacific region.
Clear criteria for how environmental reports should be used still have to be established.
Clear criteria for how environmental reports should be used still have to be established.
Investment according to environmental criteria will most probably start on 30 June 2000.
Investment according to environmental criteria will most probably start on 30 June 2000.
Investments in these countries will not be allowed to exceed 5 per cent of the Fund's total investment in equities.
Investments in these countries will not be allowed to exceed 5 per cent of the Fund's total investment in equities.
As manager Norges Bank can be able to cope with these changes.
As manager Norges Bank can be able to cope with these changes.
Let me briefly touch on the situation in the financial sector in Norway.
Let me briefly touch on the situation in the financial sector in Norway.
The financial sector
The financial sector
This debate was triggered by the bid put in by the Swedish-Finnish bank Merita-Nordbanken for Norway's second largest bank, Christiania Bank.
This debate was triggered by the bid put in by the Swedish-Finnish bank Merita-Nordbanken for Norway's second largest bank, Christiania Bank.
Norges Bank does not have a central role in this debate.
Norges Bank does not have a central role in this debate.
Commercial banks recorded the strongest improvement.
Commercial banks recorded the strongest improvement.
A number of factors indicate that competition from foreign financial institutions will increase further.
A number of factors indicate that competition from foreign financial institutions will increase further.
Prospects for lower demand for credit from households and enterprises also suggest that competition for loans will intensify.
Prospects for lower demand for credit from households and enterprises also suggest that competition for loans will intensify.
These guidelines enter into force on [date].
Retningslinjene gjelder fra [dato].
Guidelines for pledging securities and fund units as collateral for loans in Norges Bank published as Circular 1/2012 are repealed as from the same date.
Samtidig oppheves Retningslinjer for pantsettelse av verdipapirer og fondsandeler som sikkerhet for lån i Norges Bank inntatt i rundskriv 1/2012.
Introduction
Innledende bestemmelser
These guidelines regulate requirements for securities and fund units pledged as collateral for loans from Norges Bank and for determining loan value.
Retningslinjene regulerer krav til verdipapirer og fondsandeler som stilles som sikkerhet for lån i Norges Bank og fastsettelse av låneadgang.
To be eligible as collateral for loans from Norges Bank, the requirements in Section 2 must be met, unless otherwise stated in these guidelines.
For å godkjennes som sikkerhet for lån i Norges Bank må kravene i punkt 2 oppfylles, hvis ikke annet er sagt i retningslinjene her.
Norges Bank may request submission of the information and documentation the Bank deems necessary.
Norges Bank kan be om de opplysninger og den dokumentasjon Norges Bank mener er nødvendig.