natgillin/translations-raw huggingface dataset:
Any future redemptions pressures from open-ended funds with short redemption periods could result in fund managers selling less-liquid assets quickly, thereby contributing to a deterioration in liquidity conditions in corporate debt markets.
Kakršni koli prihodnji pritiski za izplačila iz skladov odprtega tipa s kratkimi obdobji za izplačilo bi lahko povzročili to, da bi upravitelji skladov hitro prodajali manj likvidna sredstva, s čimer bi prispevali k poslabšanju likvidnostnih razmer na trgih podjetniškega dolga.
Future redemptions from investment funds that have significant real estate holdings could contribute to downward pressure on real estate valuations if accompanied by real estate asset sales in an environment of low transaction volumes.
Prihodnja izplačila iz investicijskih skladov, ki imajo znatna imetja nepremičnin, bi lahko prispevala k negativnemu pritisku na vrednotenje nepremičnin, če bi jih spremljala prodaja nepremičnin v okolju z majhnim obsegom transakcij.
The sharp fall in asset prices observed at the onset of the COVID-19 pandemic was accompanied by significant redemptions from certain investment funds and a significant deterioration in financial market liquidity.
Strm padec cen sredstev ob začetku pandemije COVID-19 so spremljala obsežna izplačila iz nekaterih investicijskih skladov in znatno poslabšanje likvidnosti na finančnem trgu.
of 27 May 2020
z dne 27. maja 2020
It is neither certain for how long this crisis will last, nor how severe it may be.
Ni gotovo, kako dolgo bo ta kriza trajala niti kako resna bi lahko bila.
The General Board will decide if and when this Recommendation needs to be amended.
Splošni odbor bo odločil, če in kdaj je treba to priporočilo spremeniti.
The latter argument speaks in favour of broad-based, coordinated and mandatory action.
Ta zadnji argument je v prid širokega, usklajenega in zavezujočega ukrepanja.
Communications must be sent by submitting the form in the Annex by 31 July 2020.
Obvestila je treba poslati na obrazcu iz Priloge do 31. julija 2020.
Such amendments could include, in particular, extending the period during which Recommendation A applies.
Take spremembe bi lahko zajemale zlasti podaljšanje obdobja, v katerem se uporablja priporočilo A.
Monitoring and assessment
Spremljanje in ocenjevanje
Amendments to this Recommendation
Spremembe tega priporočila
If a financial institution wanted to replace ordinary shares, this would be in compliance with this Recommendation.
Če bi želela finančna institucija nadomestiti navadne delnice, bi bilo to skladno s tem priporočilom.
The Head of the ESRB Secretariat,
Vodja sekretariata ESRB,
Done at Frankfurt am Main, 27 May 2020.
V Frankfurtu na Majni, 27. maja 2020
on restriction of distributions during the COVID-19 pandemic
o omejitvi razdelitev med pandemijo bolezni COVID-19
The methodology set out in the Handbook on the assessment of compliance with ESRB recommendations, which describes the procedure for assessing compliance with ESRB recommendations will not apply.
Metodologija, določena v priročniku za ocenjevanje skladnosti s priporočili ESRB, ki opisuje postopek za ocenjevanje skladnosti s priporočili ESRB, se ne bo uporabljala.
It is recommended that at least until 1 January 2021 relevant authorities request financial institutions under their supervisory remit (6) to refrain from undertaking any of the following actions:
Priporoča se, da ustrezni organi najmanj do 1. januarja 2021 od finančnih institucij pod svojim nadzorom (6) zahtevajo, naj se vzdržijo naslednjih dejanj:
Recommendation A - Restriction on distributions
Priporočilo A - omejitev razdelitev
relevant authorities should regularly assess the impact of restrictions on distributions they have imposed in light of the objectives of this Recommendation.
ustrezni organi bi morali redno ocenjevati posledice omejitev razdelitev, ki so jih predpisali, glede na cilje tega priporočila.
A number of European Systemic Risk Board (ESRB) member institutions, namely the European Banking Authority (3) (EBA), the European Insurance and Occupational Pensions Authority (4) (EIOPA), the European Central Bank (5) (ECB) and many national authorities have encouraged banks, insurers and reinsurers in the Union to refrain from making voluntary pay-outs (e.g. dividends, bonuses, and share buybacks aimed at remunerating shareholders).
Več institucij, ki so članice Evropskega odbora za sistemska tveganja (ESRB), in sicer Evropski bančni organ (3) (EBA), Evropski organ za zavarovanja in poklicne pokojnine (4) (EIOPA), Evropska centralna banka (5) (ECB) in mnogi nacionalni organi so spodbudili banke, zavarovalnice in pozavarovalnice v Uniji, naj se vzdržijo prostovoljnih izplačil (npr. dividend, bonusov in odkupov delnic z namenom plačila delničarjem).
This includes payment of dividends, buy-backs of ordinary shares and paying variable remuneration.
To vključuje izplačila dividend, odkupe navadnih delnic in izplačila variabilnih prejemkov.
The coronavirus disease 2019 (COVID-19) crisis has developed rapidly from a dramatic medical emergency into a severe economic shock, which has the potential to evolve into a systemic financial crisis.
Kriza v zvezi s koronavirusno boleznijo 2019 (COVID-19) se je iz dramatičnih zdravstvenih izrednih razmer hitro razvila v močan gospodarski šok, ki bi se lahko razširil v sistemsko finančno krizo.
Principle 2: Relevant authorities should ensure that any restriction does not entail disproportionate adverse effects on the whole or parts of the financial system in other Member States or in the Union as a whole.
Načelo 2: ustrezni organi bi morali zagotoviti, da nobena omejitev ne bo nesorazmerno negativno vplivala na celoten finančni sistem ali dele finančnega sistema v drugih državah članicah ali celotni Uniji.
Regulatory regimes vary across sectors and Member States and relevant authorities should consider using any supervisory tool available to them, both under Union and national law, such as recommendations or guidelines, to achieve the objectives of this Recommendation, to the extent permitted by law.
Regulativne ureditve se po sektorjih in državah članicah razlikujejo, zato bi morali ustrezni organi uporabiti vsa razpoložljiva nadzorniška orodja po pravu Unije in nacionalnem pravu, na primer priporočila ali smernice, da bi dosegli cilje tega priporočila, kolikor je to pravno dovoljeno.
In accordance with Article 17(1) of Regulation (EU) No 1092/2010 addressees must communicate to the European Parliament, the Council, the Commission and to the ESRB the actions undertaken in response to this Recommendation or substantiate any inaction.
V skladu s členom 17(1) Uredbe (EU) št. 1092/2010 morajo naslovniki Evropski parlament, Svet, Komisijo in ESRB obvestiti, katere ukrepe so sprejeli na podlagi tega priporočila, ali utemeljiti vsako neukrepanje.
Principle 3: Relevant authorities should closely cooperate with each other and with the relevant resolution authorities, including in colleges, where applicable.
Načelo 3: ustrezni organi bi morali tesno sodelovati med seboj in z ustreznimi organi za reševanje, tudi v kolegijih, kadar to pride v poštev.
This Recommendation recognises the risk imposed by this crisis on the solvency of insurers and reinsurers.
To priporočilo upošteva tveganje, ki ga ta kriza pomeni za solventnost zavarovalnic in pozavarovalnic.
It aims to account for risks of potential negative externalities arising from cross-border financial institution decisions during distressed times.
Njegov cilj je upoštevati tveganje morebitnih negativnih zunanjih učinkov, ki izhajajo iz odločitev čezmejnih finančnih institucij v težavnem času.
This Recommendation is designed to support the previous initiatives of the ECB, EBA, EIOPA and national authorities and to strengthen the case for a uniform approach across the Union and across different segments of the financial sector, whilst taking into account the critical role of these segments for the real economy during crisis times.
To priporočilo je zasnovano kot podpora prejšnjim pobudam ECB, EBA, EIOPA in nacionalnih organov ter kot okrepitev prizadevanj za enoten pristop po vsej Uniji in po različnih segmentih finančnega sektorja ob hkratnem upoštevanju ključne vloge teh segmentov za realno gospodarstvo v času krize.
Investment firms are included in the list of financial institutions under this Recommendation, as they play an important role in market functioning and may present similar risks to banks.
Investicijska podjetja so uvrščena na seznam finančnih institucij po tem priporočilu, ker so pomembna za delovanje trga in lahko pomenijo podobno tveganje kot banke.
It is probable that there will be a reduction in cash flows from new business, combined with higher liabilities due to an extended period of very low interest rates and lower asset returns in the future.
Verjetno bo prišlo do zmanjšanja denarnega toka iz novih poslov v kombinaciji z večjimi obveznostmi zaradi daljšega obdobja zelo nizkih obrestnih mer in manjšo donosnostjo sredstev v prihodnje.
The General Board will assess the actions and justifications communicated by the addressees and, where appropriate, may decide that this Recommendation has not been followed and that an addressee has failed to provide adequate justification for its inaction.
Splošni odbor oceni ukrepe in utemeljitve, ki jih sporočijo naslovniki, ter lahko, kjer je primerno, presodi, da to priporočilo ni bilo upoštevano in naslovnik ni ustrezno utemeljil, zakaj ni ukrepal.
It also aims at reducing the risk that in instances where governments support banks during the crisis, shareholders and senior management shift capital allocation for their own benefit.
Cilj je tudi zmanjšati tveganje, da bi takrat, kadar države podprejo banke med krizo, delničarji in višje vodstvo spremenili razporeditev kapitala v svojo korist.
Finally, it is envisaged that the maintenance of own funds in CCPs would reduce the likelihood of recourse to tax-payers money in case of losses (related or not to defaults) in a time where fiscal spending is already particularly under pressure.
Nazadnje, predvideva se, da bi ohranjanje kapitala v CNS zmanjšalo verjetnost porabe davkoplačevalskega denarja ob izgubah (povezanih ali nepovezanih z neplačili) v času, ko je javnofinančna poraba že tako pod posebnim pritiskom.
Whilst the ESRB welcomes and fully supports the initiatives of its member institutions, it also considers it necessary to issue a recommendation to ensure that financial institutions across the financial sector that may pose a risk to financial stability maintain high levels of capital.
ESRB pozdravlja in v celoti podpira pobude institucij, ki so njegove članice, meni pa tudi, da je treba izdati priporočilo, s katerim se zagotovi, da bodo finančne institucije v celotnem finančnem sektorju, ki lahko pomenijo tveganje za finančno stabilnost, ohranile visoko raven kapitala.
The following specific criteria apply to the implementation of Recommendation A(a) and (b): In assessing whether it is appropriate to apply the restrictions at sub-consolidated or at individual level, relevant authorities are recommended to adhere to the following principles:
Za izvajanje priporočila A(a) in (b) se uporabljajo naslednja posebna merila: ustreznim organom se priporoča, da pri presoji, ali je omejitve primerno uporabiti na subkonsolidirani ravni ali na posamični ravni, upoštevajo naslednja načela:
In addition, if banks use dividend payments as a signal of strength to the market, such actions could undermine the relative position of more prudent financial institutions that may become stigmatised.
Če bi poleg tega banke uporabile izplačila dividend kot znak moči na trgu, bi tako ravnanje lahko ogrozilo primerjalni položaj previdnejših finančnih institucij, ki lahko postanejo stigmatizirane.
The ESRB is responsible for the macroprudential oversight of the financial system within the Union and should contribute to the smooth functioning of the internal market thereby ensuring a sustainable contribution of the financial sector to economic growth.
ESRB je odgovoren za makrobonitetni nadzor finančnega sistema v Uniji in bi moral prispevati k nemotenemu delovanju notranjega trga ter s tem zagotoviti trajnosten prispevek finančnega sektorja h gospodarski rasti.
Timeline for the follow-up
Časovni okvir za nadaljnje ukrepanje
This Recommendation is designed to cover central counterparties (CCPs) given their systemically important role in clearing financial market transactions.
To priporočilo je zasnovano tako, da zajema centralne nasprotne stranke (CNS), in sicer zaradi njihove sistemsko pomembne vloge pri kliringu transakcij na finančnem trgu.
It is clear that there is a need for financial institutions to maintain a sufficiently high amount of capital to mitigate systemic risk and contribute to economic recovery.
Jasno je, da morajo imeti finančne institucije dovolj kapitala, da lahko ublažijo sistemsko tveganje in prispevajo h gospodarskemu okrevanju.
This Recommendation provides for a list of financial institutions which should, as a minimum, be subject to the restrictions.
To priporočilo določa minimalni seznam finančnih institucij, za katere bi morale veljati omejitve.
This Recommendation acknowledges the principles governing the Single Market and the growth-enhancing role of free capital movement and risk sharing within the Union.
To priporočilo priznava načela enotnega trga ter vlogo prostega pretoka kapitala in delitve tveganj v Uniji pri povečevanju rasti.
Authorities are free to impose the restrictions on other financial institutions that provide lending to the real economy, such as financial leasing companies.
Organi lahko po prosti presoji predpišejo omejitve za druge finančne institucije, ki zagotavljajo kreditiranje realnega gospodarstva, na primer za družbe za finančni zakup.
By maintaining additional own resources, CCPs would be able to meet non-default losses, which is particularly relevant with regard to operational risk, which CCPs cover with their own resources rather than contributions from clearing members.
CNS bi lahko z dodatnimi lastnimi sredstvi pokrile izgube, ki niso povezane z neizpolnjevanjem obveznosti, kar je posebej pomembno za operativno tveganje, ki ga CNS pokrivajo z lastnimi sredstvi in ne s prispevki klirinških članov.
This Recommendation acknowledges the procyclical behaviour of banks, as well as the fact that they play a critical function in the economy.
To priporočilo priznava, da banke ravnajo prociklično in da je njihova vloga v gospodarstvu bistvena.
Principle 1: Whilst taking into account the need to prevent or mitigate systemic risk to financial stability in their Member State and in the Union, relevant authorities should support the smooth functioning of the internal market and recognise the need for the financial sector to provide a sustainable contribution to economic growth in Member States and the Union as a whole.
Načelo 1: ustrezni organi bi morali ob upoštevanju potrebe po preprečevanju ali blažitvi sistemskega tveganja za finančno stabilnost v svoji državi članici in Uniji podpirati nemoteno delovanje notranjega trga in upoštevati potrebo po tem, da finančni sektor zagotavlja trajnostni prispevek h gospodarski rasti v državah članicah in celotni Uniji.
Given that insurers and reinsurers play a critical role in the financial sector there is also the risk of a common de-risking strategy, such as the sale of higher-yield corporate bonds, which would be amplified by large scale downgrades.
Ker imajo zavarovalnice in pozavarovalnice bistveno vlogo v finančnem sektorju, obstaja tudi tveganje običajne strategije za zmanjševanje tveganja, kot je prodaja visoko donosnih podjetniških obveznic, ki bi bilo še bolj izrazito zaradi obsežnih znižanj bonitete.
It aims at limiting banks' profit and capital distribution in order to increase their resilience during the crisis and promote necessary lending to the real economy.
Njegov cilj je omejiti razdeljevanje dobička in kapitala, da bi se povečala odpornost bank med krizo in spodbudilo potrebno kreditiranje realnega gospodarstva.
Overall, it is important for CCPs to maintain adequate prefunded own resources in addition to initial margins and default funds.
Nasploh je pomembno, da CNS poleg začetnega kritja in jamstvenih skladov ohranjajo zadostna predhodno financirana lastna sredstva.
This Recommendation advocates that the relevant authorities enter a dialogue when considering imposing pay-out restrictions on subsidiaries of Union financial institutions.
To priporočilo ustreznim organom svetuje, naj v primeru odločanja o predpisovanju omejitev izplačil za podrejene družbe finančnih institucij iz Unije vzpostavijo dialog.
This Recommendation will ensure consistency across financial institutions at a time where CCPs revenues might benefit from higher market transactions volumes, and where relevant, will allow CCPs to increase their skin-in-the-game in the default waterfall on a voluntary basis, in light of generally increased risks due to higher market volatility.
To priporočilo bo zagotovilo usklajenost med finančnimi institucijami v času, ko lahko na prihodke CNS ugodno vpliva večji obseg tržnih transakcij, in bo, kadar to pride v poštev, CNS omogočilo prostovoljno povečanje lastne udeležbe v kaskadnem pristopu k neplačilom glede na splošno povišano tveganje zaradi večje nestanovitnosti na trgu.
A flight to safety or a home-bias as often realised during times of financial distress can have negative effects on local economies.
Umik v varne oblike naložb ali pristranskost v korist matične države, ki sta pogosta času finančnih težav, lahko negativno vplivata na lokalna gospodarstva.
These measures can enhance the resilience of the financial sector, strengthening its capacity to lend to the real economy in stressed conditions and reducing the risk of failures of financial institutions due to COVID-19 related risks.
S tem ukrepi se lahko izboljša odpornost finančnega sektorja, okrepi njegova sposobnost kreditiranja realnega gospodarstva v stresnih razmerah in zmanjša tveganje propada finančnih institucij zaradi krize v zvezi z boleznijo COVID-19.
The ultimate aim is to have sufficient levels of capital and loss absorbing capacity remaining in the financial institutions to mitigate the impact of the current crisis and thereby contribute to a smoother recovery for the pan-European economy as a whole.
Končni cilj je, da v finančnih institucijah ostane dovolj kapitala in sposobnosti pokrivanja izgub za ublažitev posledic trenutne krize, kar bo prispevalo k nemotenemu okrevanju celotnega vseevropskega gospodarstva.
This Recommendation intends to cover those actions by financial institutions that result in a reduction in the amount and quality of their own funds or in a reduction of their loss absorbing capacity for the duration of the COVID-19 related crisis.
Namen tega priporočila je, da zajame tista dejanja finančnih institucij, katerih posledica je zmanjšanje višine in kakovosti njihovega kapitala ali zmanjšanje njihove sposobnosti pokrivanja izgub v času krize zaradi bolezni COVID-19.
In addition, the same argument raised for banks concerning dividend payments being a signal of strength to the market and the associated stigma of restrictions also pertains to insurers and reinsurers.
Poleg tega za zavarovalnice in pozavarovalnice velja enak argument kot za banke, ki se nanaša na izplačila dividend kot znak moči na trgu in povezano stigmatizacijo omejitev.
of 8 May 2020
z dne 8. maja 2020
The total loan envelope would be up to EUR 100 billion.
Skupna finančna sredstva za posojila bi znašala do 100 milijard EUR.
This opinion will be published on the ECB's website.
To mnenje bo objavljeno na spletni strani ECB.
OPINION OF THE EUROPEAN CENTRAL BANK
MNENJE EVROPSKE CENTRALNE BANKE
Specific observations
Posebne pripombe
Done at Frankfurt am Main, 8 May 2020.
V Frankfurtu na Majni, 8. maja 2020
In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.
V skladu s prvim stavkom člena 17.5 Poslovnika Evropske centralne banke je to mnenje sprejel Svet ECB.
Under Article 10(1) of the proposed regulation, the Commission will establish the necessary arrangements for the administration of the loans with the ECB.
V skladu s členom 10(1) predlagane uredbe Komisija določi potrebne ureditve za upravljanje posojil skupaj z ECB.
The ECB has welcomed the endorsement by the European Council of the Eurogroup agreement on three safety nets for workers, businesses and sovereigns, i.e. the SURE instrument, together with Pandemic Crisis Support by the European Stability Mechanism and a pan-European guarantee fund (3) .
ECB je pozdravila to, da je Evropski svet podprl dogovor Euroskupine o treh varnostnih mrežah za delavce, podjetja in države, tj. instrumentu SURE, krizni podpori ob pandemiji s strani Evropskega mehanizma za stabilnost in vseevropskem jamstvenem skladu (3) .
In order to ensure that the organisation of the ESCB's operations is treated as an internal matter by the ESCB, it is suggested that reference be made to the beneficiary Member State transferring the payments due under the loans to accounts with the ESCB prior to the corresponding due date.
Za zagotovitev, da se bo organizacija poslovanja ESCB obravnavala kot notranja zadeva ESCB, se predlaga navedba, da država članica upravičenka zapadle zneske iz naslova posojil prenese na račune pri ESCB pred ustreznim rokom za plačilo.
The instrument to be established under the proposed regulation (the ‘SURE instrument') would provide financial assistance in the form of loans (‘SURE loans') by the European Union to Member States experiencing, or seriously threatened with, a severe economic disturbance caused by the coronavirus disease 2019 (COVID-19) outbreak for the financing of short-time work or similar measures aimed to protect employees and the self-employed and thus reduce the incidence of unemployment and loss of income (2) .
Instrument, ki naj bi se vzpostavil s predlagano uredbo (instrument SURE), bi zagotovil finančno pomoč Evropske unije v obliki posojil (posojila SURE) državam članicam, ki se zaradi izbruha koronavirusne bolezni 2019 (COVID-19) soočajo z resno gospodarsko motnjo ali jim takšna motnja resno grozi, in sicer za financiranje dela s skrajšanim delovnim časom ali podobnih ukrepov za zaščito zaposlenih in samozaposlenih, da se tako zmanjša obseg brezposelnosti in izgube dohodka (2) .
As noted above, pursuant to Article 17 and Article 21.2 of the Statute of the ESCB, the ECB and the NCBs may open accounts and act as fiscal agents for the Commission and the Member States.
Kakor je navedeno zgoraj, lahko ECB in NCB v skladu s členom 17 in členom 21.2 Statuta ESCB odpirajo račune in nastopajo kot fiskalni agenti za Komisijo in države članice.
The ECB's competence to deliver an opinion is based on Article 127(4), second paragraph, of the Treaty since the proposed regulation concerns the monetary functions and operations of the ESCB under Chapter IV of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘Statute of the ESCB'), and in particular Articles 17 and 21.2 of the Statute of the ESCB, which provide that the ECB and the national central banks (NCBs) may open accounts for, inter alia, public entities and act as fiscal agents for, inter alia, Union institutions and central governments.
Pristojnost ECB, da poda mnenje, izhaja iz drugega odstavka člena 127(4) Pogodbe, saj se predlagana uredba nanaša na monetarne funkcije in poslovanje ESCB v skladu s poglavjem IV Statuta Evropskega sistema centralnih bank in Evropske centralne banke (v nadaljnjem besedilu: Statut ESCB) ter zlasti členom 17 in členom 21.2 Statuta ESCB, ki določata, da lahko ECB in nacionalne centralne banke (NCB) odpirajo račune med drugim za osebe javnega prava in nastopajo kot fiskalni agenti med drugim za institucije Unije in institucionalne enote centralne ravni države.
Under Article 10(2) of the proposed regulation, the beneficiary Member State will open a special account with its NCB for the management of the financial assistance received.
V skladu s členom 10(2) predlagane uredbe država članica upravičenka pri svoji NCB odpre poseben račun za upravljanje prejete finančne pomoči.