natgillin/translations-raw huggingface dataset:
CCBM correspondent central banking model CET Central European Time
CCBM model korešpondenčných centrálnych bánk (correspondent central banking model)
SSS securities settlement system
SSS systém zúčtovania cenných papierov (securities settlement system)
Not applicable Governing law for credit claim agreement and mobilisation: law of a Member State of the euro area.
Rozhodným právom pre zmluvu o úverovej pohľadávke a jej mobilizácii je právo niektorého členského štátu eurozóny.
The counterparties’ settlement accounts with the national central banks may be used as reserve accounts. Reserve base: the sum of the balance sheet items which constitute the basis for calculating the reserve requirement of a credit institution.
Systém hrubého zúčtovania [Gross settlement system]: mechanizmus prevodov, pri ktorých dochádza k zúčtovaniu finančných prostriedkov alebo k prevodu cenných papierov na základe jednotlivých príkazov spôsobom príkaz po príkaze.
The ratios are used to calculate reserve requirements. Reserve requirement: the requirement for institutions to hold minimum reserves with the central bank.
Systém rezervácie (párovania) [Earmarking system]: spôsob, ktorým centrálne banky spravujú poskytnutý kolaterál, keď sa likvidita dodáva oproti aktívam účelovo viazaným na každú jednotlivú transakciu.
Residual maturity: the time remaining until the maturity date of a debt instrument. Reverse transaction: an operation whereby the national central bank buys or sells assets under a repurchase agreement or conducts credit operations against collateral.
Systém založený na internom ratingu [Internal rating-based (IRB) system]: zdroj hodnotenia úverovej bonity, ktorý sa používa v rámci Eurosystému pre hodnotenie úverovej bonity (ECAF).
Third-party rating tool source The RT source consists of third-party applications that assess the credit quality of debtors using, among other information, audited accounts.
kópiu aktuálneho hodnotenia systému IRB zmluvnej strany od príslušného orgánu dohľadu preloženého do úradného jazyka národnej centrálnej banky krajiny pôvodu;
Information on collateral NCB A NCB B
CCBM sa môže použiť na zabezpečenie všetkých druhov úverových obchodov Eurosystému.
The calendar is normally announced in an ECB press release, to be found on the ECB’s website (www.ecb.int).
Kalendár je obvykle oznamovaný v tlačovej správe ECB, ktorá je na internetovej stránke ECB (www.ecb.int).
In addition, such a calendar is published in the Official Journal of the European Union and on the Eurosystem websites (see Annex 5).
Okrem toho sa uverejňuje v Úradnom vestníku Európskej únie a na internetových stránkach Eurosystému (príloha 5).
It may be extended by central banks to even out mismatches in payment settlements and can take the form of: (i) a collateralised overdraft, or (ii) a lending operation against a pledge or in a repurchase agreement. Inverse floating rate instrument: a structured note where the rate of interest paid to the holder of the note varies inversely with changes in a certain reference interest rate. Issuer: the entity which is obligated on a security or other financial instrument. Link between securities settlement systems: a link consists of all the procedures and arrangements which exist between two securities settlement systems (SSSs) for the transfer of securities between the two SSSs concerned through a book-entry process. Longer-term refinancing operation: a regular open market operation executed by the Eurosystem in the form of a reverse transaction. Longer-term refinancing operations are executed through monthly standard tenders and normally have a maturity of three months. Lump-sumallowance: a fixed amount which an institution deducts in the calculation of its reserve requirement within the minimum reserve framework of the Eurosystem. Main refinancing operation: a regular open market operation executed by the Eurosystem in the form of a reverse transaction. Main refinancing operations are conducted through weekly standard tenders and normally have a maturity of one week. Maintenance period: the period over which compliance with reserve requirements is calculated.
Ide o ratingové programy tretích strán, ktoré popri využívaní iných informácií hodnotia úverovú bonitu dlžníkov aj podľa ich overenej ročnej účtovnej závierky.
Multiple rate auction (American auction): an auction at which the allotment interest rate (or price/swap point) equals the interest rate offered in each individual bid. National central bank (NCB): as used in this document, a central bank of an EU Member State which has adopted the single currency in accordance with the Treaty. NCB business day: any day on which the national central bank of a specific Member State is open for the purpose of conducting Eurosystem monetary policy operations.
Reverzný obchod [Reverse transaction]: operácia, prostredníctvom ktorej národná centrálna banka nakupuje alebo predáva aktíva formou dohody o spätnom odkúpení alebo uskutočňuje úverové operácie oproti kolaterálu.
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. Open market operation: an operation executed on the initiative of the central bank in the financial market. With regard to their aims, regularity and procedures, Eurosystem open market operations can be divided into four categories: main refinancing operations, longer-term refinancing operations, fine-tuning operations and structural operations. As for the instruments used, reverse transactions are the main open market instrument of the Eurosystem and can be employed in all four categories of operations. In addition, the issuance of debt certificates and outright transactions are available for structural operations, while outright transactions, foreign exchange swaps and the collection of fixed-term deposits are available for the conduct of fine-tuning operations. Outright transaction: a transaction whereby assets are bought or sold up to their maturity (spot or forward). Pooling system: see collateral pooling system.
Riziko platobnej schopnosti [Solvency risk]: riziko straty v dôsledku úpadku (bankrotu) emitenta finančného aktíva alebo platobnej neschopnosti zmluvnej strany.
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). Single rate auction (Dutch auction): an auction in which the allotment interest rate (or price/swap point) applied for all satisfied bids is equal to the marginal interest rate.
Štandardizovaný odpočet [Standardised deduction]: pevne stanovené percento z objemu nesplatených dlhových cenných papierov s dohodnutou splatnosťou do dvoch rokov (vrátane cenných papierov peňažného trhu), ktoré si môžu od základne na výpočet povinných minimálnych rezerv odpočítať emitenti, ktorí nie sú schopní preukázať, že tento nesplatený objem vedú iné inštitúcie podliehajúce systému povinných minimálnych rezerv Eurosystému, ECB alebo národná centrálna banka.
Standard tenders are carried out within a time frame of 24 hours. All counterparties fulfilling the general eligibility criteria are entitled to submit bids in standard tenders. Standardised deduction: the fixed percentage of the amount outstanding of debt securities with an agreed maturity of up to two years (including money market paper) which can be deducted from the reserve base by the issuers which cannot present evidence that such outstanding amount is held by other institutions subject to the minimum reserve system of the Eurosystem, by the ECB or by a national central bank.
Štandardné tendre sa uskutočňujú v časovom rámci 24 hodín.
Standing facility: a central bank facility available to counterparties at their own initiative. The Eurosystem offers two overnight standing facilities: the marginal lending facility and the deposit facility. Start date: the date on which the first leg of a monetary policy operation is settled.
Všetky zmluvné strany, ktoré spĺňajú všeobecné kritériá akceptovateľnosti, sú oprávnené predkladať ponuky do štandardných tendrov.
This implies that if the value, measured on a regular basis, of the underlying assets falls below a certain level, the national central bank will require the counterparty to supply additional assets or cash (i.e. a margin call). Similarly, if the value of the underlying assets, following their revaluation, exceeds a certain level, the counterparty may retrieve the excess assets or cash.
Udržiavanie povinných minimálnych rezerv [Reserve holdings]: objem finančných prostriedkov, ktorý udržiavajú zmluvné strany na svojom účte povinných minimálnych rezerv na účely ich plnenia.
MMF money market fund
NCB národná centrálna banka
RTGS real-time gross settlement
SEČ stredoeurópsky čas
It is often referred to as the ‘Treaty of Rome’, as amended. Trigger point: a pre-specified level of the value of the liquidity provided at which a margin call is executed.
Tender s pevnou úrokovou sadzbou [Fixed rate tender]: tender, v ktorom národná centrálna banka vopred stanoví úrokovú sadzbu a zúčastnené zmluvné strany ponúkajú objem peňažných prostriedkov, s ktorým chcú obchodovať pri takto stanovenej úrokovej sadzbe.
Additional legal requirements for credit claims In order to ensure that a valid security is created over credit claims and that the credit claim can be swiftly realised in the event of a counterparty default, additional legal requirements have to be met. These legal requirements relate to: the verification of the existence of credit claims;
Typ emitenta: akceptovateľnými emitentmi sú tie úverové inštitúcie, ktoré sú akceptovateľnými zmluvnými stranami.
A legal confirmation concerning the legal validity, binding effect and enforceability of the guarantee will have to be submitted in a form and with substance acceptable to the Eurosystem before the asset supported by the guarantee can be considered eligible. If the guarantor is established in a jurisdiction other than the one of the law governing the guarantee, the legal confirmation must also confirm that the guarantee is valid and enforceable under the law governing the establishment of the guarantor.
záruka musí byť splatná na prvé požiadanie (nezávisle od podkladového dlhového záväzku).
The guarantee has to be payable on first demand (independently from the underlying credit claim). Guarantees given by public entities entitled to levy taxes should either be payable on first demand or otherwise provide for prompt and punctual payment following default.
záruka sa považuje za akceptovateľnú, ak sa ručiteľ bezpodmienečne a neodvolateľne zaručí za záväzky dlžníka súvisiace s vyplatením istiny, úrokov a všetkých ostatných súm splatných vo vzťahu k úverovej pohľadávke jej držiteľovi až do ich úplného zaplatenia.
The Eurosystem applies valuation haircuts reflecting features of the specific assets, such as the residual maturity. Variable rate tender: a tender procedure whereby the counterparties bid both the amount of money they want to transact with the central bank and the interest rate at which they want to enter into the transaction.
Účet povinných minimálnych rezerv [Reserve account]: účet v národnej centrálnej banke, na ktorom zmluvné strany vedú svoje povinné minimálne rezervy.
in SSS B SSS A SSS B
SSS B
where: R t
R t
Delivery-versus-payment or delivery-against-payment system: a mechanism in an exchange-for-value settlement system which ensures that the final transfer of assets (securities or other financial instruments) occurs if, and only if, the final transfer of another asset (or other assets) occurs. Dematerialisation: the elimination of physical certificates or documents of title which represent ownership of financial assets, so that the financial assets exist only as accounting records.
Rámec Eurosystému pre hodnotenie úverovej bonity [Eurosystem credit assessment framework (ECAF)]: súbor procedúr, pravidiel a technických postupov, ktorým sa zabezpečuje dodržiavanie požiadaviek Eurosystému na vysoké štandardy úverovej bonity akceptovateľných aktív.
In a single rate auction (Dutch auction), the allotment interest rate/price/swap point applied for all satisfied bids is equal to the marginal interest rate/price/swap point (i.e. that at which the total allotment is exhausted). In a multiple rate auction (American auction), the allotment interest rate/price/swap point is equal to the interest rate/price/swap point offered for each individual bid. BOX 6
all%Δm
The assets are valued at zero on the next valuation date and a margin call may be triggered (see also Annex 6). In addition, the counterparty has to remove the asset on the earliest possible date.
Pozri poznámku pod čiarou 13 v tejto kapitole.
Repurchase price: the price at which the buyer is obliged to sell back assets to the seller in relation to a transaction under a repurchase agreement. The repurchase price equals the sum of the purchase price and the price differential corresponding to the interest on the extended liquidity over the maturity of the operation.
Strip – oddelené obchodovanie s kupónom a nominálom [Strip – separate trading of interest and principal]: dlhopis s nulovým kupónom vytvorený na to, aby bolo možné oddelene obchodovať s kupónom a s istinou toho istého nástroja.
RoW rest of the world
RT ratingový nástroj (rating tool)
The amount allotted to each counterparty is rounded to the nearest euro. Type of auction
Prideľovanie v tendroch devízových swapov s pohyblivou úrokovou sadzbou
=A–Σs=1 m–1 aΔs aΔm
aΔm
The risk control measures and valuation principles for underlying assets are set out in Sections 6.4 and 6.5. Eurosystem counterparties may use eligible assets on a cross-border basis (see Section 6.6).
Zmluvné strany Eurosystému môžu používať akceptovateľné aktíva na cezhraničnej báze (časť 6.6).
the notification of the debtor about the mobilisation of the credit claim or the registration of such mobilisation; the absence of restrictions related to banking secrecy and confidentiality; the absence of restrictions on the mobilisation of the credit claim; the absence of restrictions on the realisation of the credit claim.
Sídlo emitenta: emitent musí mať sídlo v eurozóne.
The content of these legal requirements is set out in Annex 7. Further details of the specific features of the national jurisdictions are provided in the respective national documentation. Rules for the use of eligible assets Marketable assets can be used for all monetary policy operations which are based on underlying assets, i.e. reverse and outright open market transactions and the marginal lending facility. Non-marketable assets can be used as underlying assets for reverse open market transactions and the marginal lending facility. They are not used in Eurosystem outright transactions. All marketable and non-marketable assets can also be used as underlying assets for intraday credit.
Zaobchádzanie s RMBD: s RMBD sa musí zaobchádzať v súlade s postupmi Eurosystému, ktoré sú definované v príslušných národných predpisoch.
Irrespective of the fact that a marketable or non-marketable asset fulfils all eligibility criteria, a counterparty may not submit as collateral any asset issued or guaranteed by itself or by any other entity with which it has close links [57]. ‘Close links’ means a situation in which the counterparty is linked to an issuer/debtor/guarantor of eligible assets by reason of the fact that:
Denominácia: RMBD musia byť denominované v eurách [58].
a third party owns both the majority of the capital of the counterparty and the majority of the capital of the issuer/debtor/guarantor, either directly or indirectly, through one or more undertakings in which that third party owns the majority of the capital. The above provision on close links does not apply to: (a) close links between the counterparty and the public authorities of EEA countries (including the case where the public authority is a guarantor of the issuer/debtor/guarantor); (b) covered bank bonds issued in accordance with the criteria set out in Article 22(4) of the UCITS Directive; or (c) cases in which debt instruments are protected by specific legal safeguards comparable to those for the instruments given under (b). Furthermore, in spite of their eligibility, national central banks may decide not to accept the following marketable or non-marketable assets as collateral:
emitent/dlžník/ručiteľ vlastní 20 % alebo viac základného imania zmluvnej strany alebo jeden alebo viac podnikov, v ktorých emitent/dlžník/ručiteľ vlastní väčšinový podiel na základnom imaní, vlastní 20 % alebo viac základného imania zmluvnej strany alebo emitent/dlžník/ručiteľ a jeden alebo viac podnikov, v ktorých emitent/dlžník/ručiteľ vlastní väčšinový podiel na základnom imaní, spolu vlastnia 20 % alebo viac základného imania zmluvnej strany;
debt instruments falling due before the maturity date of the monetary policy operation for which they are being used as underlying assets [58]; and debt instruments with an income flow (e.g. a coupon payment) occurring in the period up to the maturity date of the monetary policy operation for which they are being used as underlying assets. All eligible marketable and non-marketable assets must be usable in a cross-border context throughout the euro area. This implies that all Eurosystem counterparties must be able to use eligible assets either through links with their domestic SSSs in the case of marketable assets or through other eligible arrangements to receive credit from the national central bank of the Member State in which the counterparty is established (see Section 6.6).
tretia strana vlastní väčšinový podiel na základom imaní zmluvnej strany aj väčšinový podiel na základom imaní emitenta/dlžníka/ručiteľa, a to buď priamo, alebo nepriamo prostredníctvom jedného alebo viacerých podnikov, v ktorých tretia strana vlastní väčšinový podiel na základnom imaní.
Eligible assets for Eurosystem monetary policy operations Eligibility criteria Marketable assets [59]
Okrem toho, i napriek akceptovateľnosti, národné centrálne banky na základe vlastného uváženia nemusia akceptovať ako kolaterál nasledujúce obchodovateľné alebo neobchodovateľné aktíva:
The high credit standards are assessed using ECAF rules for RMBDs. Place of issue
Aktívum musí spĺňať vysoké štandardy úverovej bonity, ktoré sa hodnotia podľa pravidiel ECAF pre RMBD.
Not applicable Not applicable
Európsky hospodársky priestor (EHP) [63] - -
Not applicable Governing laws related to credit claims
Rozhodné práva vzťahujúce sa na úverové pohľadávky -
Guarantees: In the absence of an (acceptable) ECAI credit assessment of the issuer, high credit standards can be established on the basis of guarantees provided by financially sound guarantors. The financial soundness of the guarantor is assessed on the basis of ECAI credit assessments meeting the Eurosystem’s credit quality threshold. The guarantee must meet the following requirements: A guarantee is deemed acceptable if the guarantor has unconditionally and irrevocably guaranteed the obligations of the issuer in relation to the payment of principal, interest and any other amounts due under the debt instruments to the holders thereof until they are discharged in full.
Záruky: v prípade, že hodnotenie úverovej bonity emitenta od (akceptovanej) ECAI k dispozícii nie je, vysoké štandardy úverovej bonity sa môžu stanoviť na základe záruk poskytnutých bonitnými ručiteľmi.
The obligations of the guarantor under the guarantee need to rank at least equally and rateably (pari passu) with all other unsecured obligations of the guarantor. The guarantee must be governed by the law of an EU Member State and be legally valid, binding and enforceable against the guarantor.
záruka sa považuje za akceptovateľnú, ak sa ručiteľ bezpodmienečne a neodvolateľne zaručí za záväzky emitenta súvisiace s vyplatením istiny, úrokov a všetkých ostatných súm splatných vo vzťahu k dlhovému nástroju jeho držiteľom až do ich úplného zaplatenia;
The legal confirmation should be submitted for review to the national central bank that is reporting a certain asset supported by a guarantee for inclusion in the list of eligible assets [68]. The need for a legal confirmation does not apply to guarantees given in respect of debt instruments with an individual asset rating or to guarantees given by public entities entitled to levy taxes.
Záruky poskytnuté verejnými subjektmi oprávnenými vyberať dane by mali byť splatné buď na prvé požiadanie, alebo by po nedodržaní záväzku dlžníka mali iným spôsobom zabezpečiť promptné a včasné zaplatenie.
Euro area public sector issuers or guarantors: If a marketable asset is issued or guaranteed by a regional government, local authority or public sector entity (PSE) located in the euro area as defined in the CRD, the following procedure applies: The issuer or guarantor is allocated to one of three classes in accordance with the CRD [69] as explained in Table 5.
právne potvrdenie o právoplatnosti, právnej záväznosti a vymáhateľnosti záruky bude potrebné predložiť Eurosystému vo forme a s obsahom prijateľným pre Eurosystém ešte pred možným uznaním akceptovateľnosti aktíva podporeného zárukou.
An implicit credit assessment for issuers or guarantors belonging to classes 1 and 2 is derived from the ECAI credit assessment of the central government of the country where the issuer or guarantor is established. This implicit credit assessment has to meet the Eurosystem credit quality threshold. No implicit credit assessment is derived for issuers/guarantors belonging to class 3.
Ak má ručiteľ sídlo v inej jurisdikcii, než do ktorej patrí právny predpis upravujúci záruku, právne potvrdenie musí tiež potvrdiť, že záruka je právoplatná a vymáhateľná podľa práva, ktoré upravuje zriadenie ručiteľa.
Table 5 Implicit credit assessments for euro area regional government, local authority and public sector entity issuers, debtors or guarantors without an ECAI credit assessment Allocation of issuers, debtors or guarantors following the CRD ECAF derivation of the implicit credit assessment of the issuer, debtor or guarantor belonging to the corresponding class Class 1 Regional governments, local authorities and PSEs that, according to competent supervisory authorities, can be treated equally to the central government for capital requirements purposes Allocated the ECAI credit assessment of the central government of the country in which it is established Class 2 Regional governments, local authorities and PSEs that, according to competent supervisory authorities, can be treated equally to [credit] institutions for capital requirements purposes
emitenti a ručitelia z verejného sektora eurozóny: ak je emitentom alebo ručiteľom obchodovateľného aktíva regionálna samospráva, orgán miestnej samosprávy alebo subjekt z verejného sektora z eurozóny v zmysle smernice o kapitálových požiadavkách, platí nasledujúci postup:
In order to establish the requirement for high credit standards for the debtors or guarantors of credit claims, counterparties have to select one main credit assessment source from among those that are available and accepted by the Eurosystem. A counterparty will select one system from an available credit assessment source, except in the case of ECAIs, where all accepted ECAI systems may be used. Counterparties have to stick to the selected source for a minimum period of one year so as to preclude ‘hopping’ between credit assessments (i.e. looking for the best credit assessment that guarantees eligibility among all available sources or systems on a debtor-by-debtor basis).
Regionálne štátne správy, územné samosprávy a subjekty z verejného sektora, ktoré sa podľa príslušných orgánov dohľadu na účely kapitálových požiadaviek môžu hodnotiť rovnako ako ústredná štátna správa