natgillin/translations-raw huggingface dataset:
This also applies to cases of non-compliance by a counterparty with the rules for the use of underlying assets (if a counterparty is using assets which are or have become ineligible, or which may not be used by the counterparty, e.g. owing to close links between, or the identity of, issuer/guarantor and counterparty), and to non-compliance with the rules for end-of-day procedures and access conditions for the marginal lending facility (if a counterparty which has a negative balance on the settlement account at the end of the day does not fulfil the access conditions for the marginal lending facility).
To velja tudi za primere, ko nasprotna stranka ne izpolnjuje pravil za uporabo finančnega premoženja za zavarovanje terjatev (če nasprotna stranka uporablja finančno premoženje, ki je ali je postalo neprimerno ali ki ga nasprotna stranka ne sme uporabljati, na primer zaradi tesnih povezav med izdajateljem/garantom in nasprotno stranko ali zato ker sta to isti osebi), in za neizpolnjevanje pravil za postopke ob koncu dneva ter pogojev dostopa do mejnega posojila (če nasprotna stranka, ki ima ob koncu dneva negativno stanje na poravnalnem računu, ne izpolnjuje pogojev dostopa do mejnega posojila).
In addition, a suspension measure taken vis-à-vis a non-complying counterparty may be applied to branches of the same institution located in other Member States.
Poleg tega se lahko ukrep začasne izključitve, ki se izreče nasprotni stranki, ki ne izpolnjuje obveznosti, uporabi tudi za podružnice iste institucije, ki se nahajajo v drugih državah članicah.
Where, as an exceptional measure, this is required on account of the seriousness of a case of non-compliance, as evidenced by its frequency or duration, for instance, a counterparty may be suspended from all future monetary policy operations for a certain period of time.
Izjemoma se lahko nasprotno stranko za določeno obdobje izključi iz sodelovanja v vseh prihodnjih operacijah denarne politike, kadar je to potrebno zaradi resnosti primera neizpolnjevanja obveznosti, denimo zaradi njegove pogostosti ali trajanja.
Financial penalties imposed by national central banks in the event of non-compliance in relation to a breach of the rules concerning tender operations, bilateral transactions, underlying assets, end-of-day procedures or the access conditions to the marginal lending facility are calculated at a pre-specified penalty rate (as set out in Annex 6).
Denarne kazni, ki jih naložijo nacionalne centralne banke v primeru neizpolnjevanja, ki se nanaša na kršitve pravil v zvezi z avkcijami, dvostranskimi transakcijami, finančnim premoženjem za zavarovanje terjatev, postopki ob koncu dneva ali pogoji dostopa do odprte ponudbe mejnega posojanja, so izračunane po vnaprej določeni kazenski obrestni meri (kakor je navedeno v prilogi 6).
In accordance with the provisions in the contractual or regulatory arrangements applied by the respective national central bank (or by the ECB), the Eurosystem may suspend or exclude counterparties’ access to monetary policy instruments on the grounds of prudence.
V skladu s pogodbenimi ali zakonskimi ureditvami, ki jih uporablja zadevna nacionalna centralna banka (ali ECB), lahko Eurosistem zaradi razlogov varnega poslovanja nasprotne stranke začasno ali trajno izključi iz uporabe instrumentov denarne politike.
In addition, a suspension or exclusion of counterparties may be warranted in some of the cases which fall within the notion of the ‘default’ of a counterparty as defined in the contractual or regulatory arrangements applied by the national central banks.
Poleg tega se lahko začasna ali trajna izključitev nasprotnih strank odobri v nekaterih primerih, ki sodijo pod pojem „neplačilo“ nasprotne stranke, kakor je opredeljen v pogodbenih ali zakonskih ureditvah, ki jih uporabljajo nacionalne centralne banke.
OPEN MARKET OPERATIONS
OPERACIJE ODPRTEGA TRGA
Open market operations play an important role in the Eurosystem’s monetary policy.
Operacije odprtega trga imajo pomembno vlogo v denarni politiki Eurosistema.
They are used for steering interest rates, managing the liquidity situation in the market and signalling the stance of monetary policy.
Uporabljajo se za uravnavanje obrestnih mer, uravnavanje likvidnosti na trgu in signaliziranje naravnanosti denarne politike.
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.
Glede na njihove cilje, rednost in postopke lahko operacije odprtega trga Eurosistema razdelimo na štiri kategorije: operacije glavnega refinanciranja, operacije dolgoročnejšega refinanciranja, operacije finega uravnavanja in strukturne operacije.
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, whereas debt certificates may be used for structural absorption operations.
Z vidika uporabljenih instrumentov so povratne transakcije glavni instrument operacij odprtega trga Eurosistema in se lahko uporabijo za vse štiri kategorije operacij, medtem ko se lahko dolžniški certifikati uporabijo za operacije strukturnega umikanja likvidnosti.
In addition, the Eurosystem has three other instruments available for the conduct of fine-tuning operations: outright transactions, foreign exchange swaps and the collection of fixed-term deposits.
Poleg tega ima Eurosistem na razpolago tri druge instrumente za izvajanje operacij finega uravnavanja: dokončne transakcije, valutne zamenjave in zbiranje vezanih vlog.
In the following sections, specific features of the different types of open market instruments used by the Eurosystem are presented in detail.
V nadaljevanju so podrobno predstavljene značilnosti posameznih vrst instrumentov odprtega trga, ki jih uporablja Eurosistem.
Reverse transactions refer to operations where the Eurosystem buys or sells eligible assets under repurchase agreements or conducts credit operations against eligible assets as collateral.
Povratne transakcije se nanašajo na operacije, pri katerih Eurosistem kupuje ali prodaja primerno finančno premoženje na podlagi repo pogodb ali izvaja kreditne operacije, zavarovane s primernim finančnim premoženjem.
Reverse transactions are used for main refinancing operations and longer-term refinancing operations.
Povratne transakcije se uporabljajo za operacije glavnega refinanciranja in operacije dolgoročnejšega refinanciranja.
In addition, the Eurosystem can use reverse transactions for structural and fine-tuning operations.
Poleg tega lahko Eurosistem povratne transakcije uporablja za strukturne operacije in operacije finega uravnavanja.
Legal nature
Pravna narava
The national central banks may execute reverse transactions either in the form of repurchase agreements (i.e. the ownership of the asset is transferred to the creditor, while the parties agree to reverse the transaction through a re-transfer of the asset to the debtor at a future point in time) or as collateralised loans (i.e. an enforceable security interest is provided over the assets but, assuming fulfilment of the debt obligation, the ownership of the asset is retained by the debtor).
Nacionalne centralne banke lahko izvajajo povratne transakcije bodisi v obliki repo pogodb (tj. lastništvo nad finančnim premoženjem se prenese na upnika, istočasno pa se stranki dogovorita, da bo lastništvo nad finančnim premoženjem enkrat v prihodnosti preneseno nazaj na dolžnika) ali z zavarovanimi posojili (tj. upnik dobi izvršljivo pravico unovčenja finančnega premoženja, ki je bilo dano kot zavarovanje terjatve, vendar ob predpostavljeni izpolnitvi dolžnikove obveznosti lastništvo nad finančnim premoženjem obdrži dolžnik).
Further provisions for reverse transactions based on repurchase agreements are specified in the contractual arrangements applied by the respective national central bank (or the ECB).
Ostale določbe za povratne transakcije v obliki repo pogodb so določene v pogodbenih ureditvah, ki jih uporablja posamezna nacionalna centralna banka (ali ECB).
Arrangements for reverse transactions based on collateralised loans take account of the different procedures and formalities required to enable the establishment and subsequent realisation of a relevant interest in the collateral (e.g. a pledge, an assignment or a charge) which apply in different jurisdictions.
Ureditve za povratne transakcije v obliki zavarovanih posojil upoštevajo posebne postopke in formalnosti, ki so v posameznih pravnih sistemih potrebni za vzpostavitev in poznejše aktiviranje osnovnega zavarovanja (npr. zastave, odstopa terjatve ali zavarovanja (charge)).
Interest terms
Izračun obresti
The difference between the purchase price and the repurchase price in a repurchase agreement corresponds to the interest due on the amount of money borrowed or lent over the maturity of the operation, i.e. the repurchase price includes the respective interest to be paid.
Razlika med nakupno ceno in ceno povratnega nakupa pri repo pogodbi je enaka obrestim na izposojeni ali posojeni denarni znesek v času do dospelosti posla, tj. cena ponovnega nakupa vključuje obresti posla.
The interest rate on a reverse transaction in the form of a collateralised loan is determined by applying the specified interest rate on the credit amount over the maturity of the operation.
Obresti povratne transakcije v obliki zavarovanega posojila se določijo na podlagi obrestne mere od zneska posojila v obdobju dospelosti operacije.
The interest rate applied to Eurosystem reverse open market operations is a simple interest rate based on the day-count convention ‘actual/360’.
Obrestna mera, ki velja za povratne operacije odprtega trga Eurosistema, je linearna obrestna mera, pri čemer se za štetje dni uporablja konvencija „dejansko število dni/360 dni v letu“.
The main refinancing operations are the most important open market operations conducted by the Eurosystem, playing 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.
Operacije glavnega refinanciranja so najpomembnejše operacije odprtega trga, ki jih izvaja Eurosistem, in imajo osrednjo vlogo pri uresničevanju ciljev uravnavanja obrestnih mer, uravnavanja likvidnosti na trgu in signaliziranja naravnanosti denarne politike.
They also provide the bulk of refinancing to the financial sector.
Finančnemu sektorju zagotavljajo tudi večino refinanciranja.
The operational features of the main refinancing operations can be summarised as follows:
Operativne značilnosti operacij glavnega refinanciranja so naslednje:
they are liquidity-providing reverse operations;
so povratne operacije povečevanja likvidnosti;
they are executed regularly each week [12];
izvajajo se redno vsak teden [12];
they normally have a maturity of one week [13];
običajno imajo rok dospelosti en teden [13];
they are executed in a decentralised manner by the national central banks;
izvajajo se decentralizirano s strani nacionalnih centralnih bank;
they are executed through standard tenders (as specified in Section 5.1);
izvajajo se na podlagi standardnih avkcij (kakor je določeno v poglavju 5.1);
marketable and non-marketable assets (as specified in Chapter 6) are eligible as underlying assets for the main refinancing operations.
tržno in netržno finančno premoženje (kakor je določeno v poglavju 6) je pri operacijah glavnega refinanciranja primerno finančno premoženje za zavarovanje terjatev.
The Eurosystem also executes regular refinancing operations, normally with a three-month maturity, which are aimed at providing additional longer-term refinancing to the financial sector.
Eurosistem izvaja tudi redne operacije refinanciranja, običajno s trimesečno dospelostjo, namenjene zagotavljanju dodatnega dolgoročnejšega refinanciranja finančnega sektorja.
These operations represent only a small part of the global refinancing volume.
Te operacije predstavljajo samo majhen del celotnega zneska refinanciranja.
Accordingly, longer-term refinancing operations are usually executed in the form of variable rate tenders and, from time to time, the ECB indicates the operation volume to be allotted in forthcoming tenders.
Zato se operacije dolgoročnejšega refinanciranja običajno izvajajo v obliki avkcij z variabilno mero, ECB pa občasno objavi obseg refinanciranja, ki bo dodeljen v prihodnjih avkcijah.
Under exceptional circumstances, the Eurosystem may also execute longer-term refinancing operations through fixed rate tenders.
V izrednih okoliščinah lahko Eurosistem operacije dolgoročnejšega refinanciranja izvede tudi v obliki avkcije s fiksno mero.
The operational features of the longer-term refinancing operations can be summarised as follows:
Operativne značilnosti operacij dolgoročnejšega refinanciranja so naslednje:
they are executed regularly each month [12] The main and the longer-term refinancing operations are executed in accordance with the Eurosystem’s pre-announced tender operations calendar (see also Section 5.1.2), which can be found on the ECB’s website (www.ecb.int), as well as on the Eurosystem websites (see Annex 5).
izvajajo se redno vsak mesec [12] Operacije glavnega in dolgoročnejšega refinanciranja se izvajajo v skladu z vnaprej objavljenim koledarjem avkcij Eurosistema (glej tudi poglavje 5.1.2), ki je objavljen na spletni strani ECB (www.ecb.int), kakor tudi na spletnih straneh Eurosistema (glej prilogo 5).
they normally have a maturity of three months [13] The maturity of the main and the longer-term refinancing operations may occasionally vary depending on, inter alia, bank holidays in Member States.
običajno imajo rok dospelosti tri mesece [13] Dospelost operacij glavnega in dolgoročnejšega refinanciranja se lahko občasno spreminja med drugim glede na praznike v državah članicah.
marketable and non-marketable assets (as specified in Chapter 6) are eligible as underlying assets for the longer-term refinancing operations.
tržno in netržno finančno premoženje (kakor je določeno v poglavju 6) je pri operacijah dolgoročnejšega refinanciranja primerno finančno premoženje za zavarovanje terjatev.
The Eurosystem can execute fine-tuning operations in the form of reverse open market transactions.
Eurosistem lahko izvaja operacije finega uravnavanja v obliki povratnih transakcij odprtega trga.
Fine-tuning operations aim to manage the liquidity situation in the market and to steer interest rates, in particular in order to smooth the effects on interest rates caused by unexpected liquidity fluctuations in the market.
Cilj operacij finega uravnavanja je uravnavati likvidnost na trgu in uravnavati obrestne mere, zlasti z namenom izravnati učinke, ki jih imajo na obrestne mere nepričakovana nihanja likvidnosti na trgu.
The potential need for rapid action in the case of unexpected market developments makes it desirable to retain a high degree of flexibility in the choice of procedures and operational features in the conduct of these operations.
Zaradi morebitne potrebe po hitrem ukrepanju v primeru nepričakovanih dogodkov na trgu je zaželeno ohraniti visoko stopnjo fleksibilnosti pri izbiri postopkov in operativnih značilnostih teh operacij.
The operational features of the fine-tuning reverse operations can be summarised as follows:
Operativne značilnosti povratnih operacij finega uravnavanja so naslednje:
they can take the form of liquidity-providing or liquidity-absorbing operations;
lahko so v obliki operacije povečevanja likvidnosti ali umikanja likvidnosti;
their frequency is not standardised;
njihova pogostost ni standardizirana;
their maturity is not standardised;
njihova dospelost ni standardizirana;
liquidity-providing fine-tuning reverse transactions are normally executed through quick tenders, although the possibility of using bilateral procedures is not excluded (see Chapter 5);
povratne transakcije finega uravnavanja za povečevanje likvidnosti se običajno izvajajo na podlagi hitrih avkcij, čeprav možnost uporabe dvostranskih postopkov ni izključena (glej poglavje 5);
liquidity-absorbing fine-tuning reverse transactions are executed, as a rule, through bilateral procedures (as specified in Section 5.2);
povratne transakcije finega uravnavanja za umikanje likvidnosti se praviloma izvajajo na podlagi dvostranskih postopkov (kakor je določeno v poglavju 5.2);
these operations are normally executed in a decentralised manner by the national central banks (the Governing Council of the ECB can decide whether, under exceptional circumstances, bilateral fine-tuning reverse operations may be executed by the ECB);
te operacije se običajno izvajajo decentralizirano s strani nacionalnih centralnih bank (Svet ECB lahko odloči, da v izrednih okoliščinah dvostranske povratne operacije finega uravnavanja lahko izvaja ECB);
marketable and non-marketable assets (as specified in Chapter 6) are eligible as underlying assets for fine-tuning reverse operations.
tržno in netržno finančno premoženje (kakor je določeno v poglavju 6) je pri povratnih operacijah finega uravnavanja primerno finančno premoženje za zavarovanje terjatev.
The Eurosystem may execute structural operations in the form of reverse open market transactions aimed at adjusting the structural position of the Eurosystem vis-à-vis the financial sector.
Eurosistem lahko izvaja strukturne operacije v obliki povratnih transakcij odprtega trga z namenom, da prilagodi strukturno pozicijo Eurosistema do finančnega sektorja.
The operational features of these operations can be summarised as follows:
Operativne značilnosti teh operacij so naslednje:
they are liquidity-providing operations;
so operacije povečevanja likvidnosti;
their frequency can be regular or non-regular;
pogostost operacij je lahko redna ali občasna;
their maturity is not standardised a priori;
dospelost operacij ni vnaprej standardizirana;
marketable and non-marketable assets (as specified in Chapter 6) are eligible as underlying assets for structural reverse operations.
tržno in netržno finančno premoženje (kakor je določeno v poglavju 6) je pri povratnih strukturnih operacijah primerno finančno premoženje za zavarovanje terjatev.
Outright open market transactions refer to operations where the Eurosystem buys or sells eligible assets outright on the market.
Dokončne transakcije odprtega trga so operacije, pri katerih Eurosistem na trgu dokončno kupuje ali prodaja primerno finančno premoženje za zavarovanje terjatev.
Such operations are executed only for structural and fine-tuning purposes.
Takšne operacije se izvajajo samo za strukturne namene in namene finega uravnavanja.
An outright transaction implies a full transfer of ownership from the seller to the buyer with no connected reverse transfer of ownership.
Dokončna transakcija je popoln prenos lastništva s prodajalca na kupca, ne da bi bil pri tem predviden poznejši prenos lastništva nazaj na prodajalca.
The transactions are executed in accordance with the market conventions for the debt instrument used in the transaction.
Te transakcije se izvajajo v skladu s tržnimi običaji, ki veljajo za dolžniške instrumente, uporabljene v transakciji.
Price terms
Določitev cene
In the calculation of prices, the Eurosystem acts in accordance with the most widely accepted market convention for the debt instruments used in the transaction.
Pri izračunu cen Eurosistem deluje v skladu s tržnimi običaji, ki se najbolj pogosto uporabljajo za dolžniški instrument, uporabljen v transakciji.
Other operational features
Druge operativne značilnosti
The operational features of Eurosystem outright transactions can be summarised as follows:
Operativne značilnosti dokončnih transakcij Eurosistema so naslednje:
they can take the form of liquidity-providing (outright purchase) or liquidity-absorbing (outright sale) operations;
lahko so v obliki operacije povečevanja likvidnosti (dokončni nakup) ali umikanja likvidnosti (dokončna prodaja);
they are executed through bilateral procedures (as specified in Section 5.2);
izvajajo se prek dvostranskih postopkov (kakor je določeno v poglavju 5.2);
they are normally executed in a decentralised manner by the national central banks (the Governing Council of the ECB can decide whether, under exceptional circumstances, fine-tuning outright operations may be executed by the ECB);
običajno se izvajajo decentralizirano s strani nacionalnih centralnih bank (Svet ECB lahko odloči, da v izrednih okoliščinah dokončne operacije finega uravnavanja lahko izvaja ECB);
no restrictions are placed a priori on the range of counterparties to outright transactions; and
pri dokončnih transakcijah ni vnaprejšnjih omejitev glede kroga nasprotnih strank;
only marketable assets (as specified in Chapter 6) are used as underlying assets in outright transactions.
pri dokončnih transakcijah se kot primerno finančno premoženje za zavarovanje terjatev uporablja samo tržno finančno premoženje (kakor je določeno v poglavju 6).
The ECB may issue debt certificates with the aim of adjusting the structural position of the Eurosystem vis-à-vis the financial sector so as to create (or enlarge) a liquidity shortage in the market.
ECB lahko izda dolžniške certifikate s ciljem prilagajanja strukturne pozicije Eurosistema do finančnega sektorja, da bi se ustvaril (ali povečal) likvidnostni primanjkljaj na trgu.
The certificates constitute a debt obligation of the ECB vis-à-vis the holder of the certificate.
Certifikati ECB predstavljajo dolg ECB do imetnika tega instrumenta.
The certificates are issued and held in book-entry form in securities depositories in the euro area.
Certifikati se izdajo in hranijo v nematerializirani obliki pri registrih vrednostnih papirjev v euroobmočju.
The ECB does not impose any restrictions on the transferability of the certificates.
ECB ne postavlja nikakršnih omejitev glede prenosljivosti certifikatov.
Further provisions related to ECB debt certificates will be contained in the terms and conditions for such certificates.
Ostale določbe v zvezi z dolžniškimi certifikati ECB bodo vsebovane v pogojih za takšne certifikate.
The certificates are issued at a discount, i.e. they are issued at below the nominal amount and are redeemed at maturity at the nominal amount.
Certifikati se izdajo z diskontom, tj. izdajo se v znesku, ki je manjši od nominalnega zneska, ob dospelosti pa se izplačajo v nominalnem znesku.
The difference between the issue amount and the redemption amount equals the interest accrued on the issue amount, at the agreed interest rate, over the maturity of the certificate.
Razlika med zneskom izdaje in zneskom izplačila je enaka obračunanim obrestim na znesek izdaje po dogovorjeni obrestni meri za obdobje do dospelosti certifikata.
The interest rate applied is a simple interest rate based on the day-count convention ‘actual/360’.
Uporabljena obrestna mera je linearna obrestna mera, pri čemer se za štetje dni uporablja konvencija „dejansko število dni/360 dni v letu“.
The calculation of the issue amount is shown in Box 1.
Izračun zneska izdaje je prikazan v okvirju 1.
The operational features of the issuance of ECB debt certificates can be summarised as follows:
Operativne značilnosti dolžniških certifikatov ECB so naslednje:
the certificates are issued in order to absorb liquidity from the market;
certifikati se izdajo za umik likvidnosti na trgu;
the certificates can be issued on a regular or non-regular basis;
certifikati se lahko izdajajo redno ali občasno;
the certificates have a maturity of less than 12 months;
certifikati imajo dospelost krajšo od 12 mesecev;
the certificates are issued through standard tenders (as specified in Section 5.1);
certifikati se izdajo na podlagi standardnih avkcij (kakor je določeno v poglavju 5.1);
all counterparties fulfilling the general eligibility criteria (as specified in Section 2.1) may submit bids for the subscription of ECB debt certificates.
vse nasprotne stranke, ki izpolnjujejo splošna merila primernosti (kakor je določeno v poglavju 2.1), lahko predložijo protiponudbe za vpis dolžniških certifikatov ECB.
BOX 1
OKVIR 1
The issue amount is: PT
Znesek izdaje znaša: PT
where:
Kjer je:
N nominal amount of the debt certificate
N nominalni znesek dolžniškega certifikata
interest rate (in %)
obrestna mera (%)