natgillin/translations-raw huggingface dataset:
Ex post notification of the debtor requires that the debtor be notified by the counterparty or the NCB (as specified by the national documentation) about the credit claim being mobilised as collateral by the counterparty to the benefit of the NCB immediately following a credit event.
Naknadno obvestilo dolžniku pomeni, da mora nasprotna stranka ali NCB (kot je določeno v nacionalni dokumentaciji) dolžnika takoj po kreditnem dogodku obvestiti, da je nasprotna stranka bančno posojilo mobilizirala za zavarovanje v korist NCB.
‘Credit event’ means default or similar events as further defined by the applicable national documentation.
„Kreditni dogodek“ pomeni neplačilo ali podoben dogodek, kot je podrobneje opredeljeno v ustrezni nacionalni dokumentaciji.
There is no notification requirement in cases where the credit claims are bearer instruments for which applicable national law does not require notification.
Obvestilo dolžniku ni zahtevano v primerih, ko so bančna posojila instrumenti na prinosnika, za katere ustrezna nacionalna zakonodaja ne zahteva obvestila.
In such cases, there is a requirement to physically transfer such bearer instruments to the NCB in question in advance or at the time of their actual mobilisation as collateral.
V teh primerih velja zahteva, da se te instrumente na prinosnika fizično prenese v ustrezno NCB pred dejansko mobilizacijo za zavarovanje ali ob dejanski mobilizaciji za zavarovanje.
The above are minimum requirements.
To so najnižje zahteve.
NCBs may decide to require ex ante notification or registration in addition to the cases above, as specified by applicable national documentation.
Nacionalne centralne banke lahko sklenejo, da bodo predhodno obvestilo ali registracijo zahtevale tudi v primerih, ki niso navedeni zgoraj, kot je določeno v ustrezni nacionalni dokumentaciji.
Absence of restrictions related to banking secrecy and confidentiality: The counterparty shall not be under the obligation to obtain the debtor’s approval for disclosure of information about the credit claim and the debtor that are required by the Eurosystem for the purpose of ensuring that a valid security is created over credit claims and that the credit claims can be swiftly realised in the event of a counterparty default.
Odsotnost omejitev, povezanih z bančno tajnostjo in zaupnostjo: nasprotna stranka ni dolžna pridobiti soglasja dolžnika za razkritje informacij o bančnem posojilu in dolžniku, ki jih Eurosistem zahteva, da bi zagotovil vzpostavitev učinkovitega zavarovanja z bančnim posojilom in hitro realizacijo bančnega posojila v primeru neplačila nasprotne stranke.
The counterparty and the debtor shall agree contractually that the debtor unconditionally consents to the disclosure of such details about the credit claim and the debtor to the Eurosystem.
Nasprotna stranka in dolžnik se pogodbeno dogovorita, da dolžnik brezpogojno soglaša z razkritjem takšnih podatkov o bančnem posojilu in dolžniku Eurosistemu.
No such provision is necessary if there are no rules restricting the provision of such information under national law, as specified in the applicable national documentation.
To določilo ni potrebno, če v nacionalni zakonodaji ne obstajajo pravila, ki omejujejo posredovanje takšnih podatkov, kot je določeno v ustrezni nacionalni dokumentaciji.
Absence of restrictions on the mobilisation of the credit claim: Counterparties shall ensure that credit claims are fully transferable and can be mobilised without restriction as collateral for the benefit of the Eurosystem.
Odsotnost omejitev glede mobilizacije posojila: nasprotne stranke morajo zagotoviti, da so bančna posojila v celoti prenosljiva in jih je mogoče brez omejitev mobilizirati kot zavarovanje v korist Eurosistema.
There should not be any restrictive stipulation regarding mobilisation in the credit claim agreement or in other contractual arrangements between the counterparty and the debtor, unless national legislation specifically provides for the privileged position of the Eurosystem with respect to mobilisation of collateral, regardless of eventual contractual restrictions.
V posojilni ali drugih pogodbenih ureditvah med nasprotno stranko in dolžnikom ne sme biti omejevalnih določil glede mobilizacije, razen če nacionalna zakonodaja izrecno določa privilegirani položaj Eurosistema glede mobilizacije zavarovanja, ne glede na kasnejše pogodbene omejitve.
Absence of restrictions on the realisation of the credit claim: The credit claim agreement or other contractual arrangements between the counterparty and the debtor should not contain any restrictions regarding the realisation of the credit claim used as collateral, including any form, time or other requirement with regard to realisation.
Odsotnost omejitev glede realizacije bančnega posojila: posojilna pogodba ali druge pogodbene ureditve med nasprotno stranko in dolžnikom ne smejo vsebovati nikakršnih omejitev glede realizacije bančnega posojila, ki se uporablja za zavarovanje, vključno z zahtevami glede oblike ali časa ter drugimi zahtevami glede realizacije.
Examples of monetary policy operations and procedures
Primeri operacij in postopkov denarne politike
Selection of counterparties for foreign exchange intervention operations and foreign exchange swaps for monetary policy purposes
Izbor nasprotnih strank za posege na deviznem trgu in valutne zamenjave za namene denarne politike
The reporting framework for the money and banking statistics of the European Central Bank
Okvir poročanja za denarno in bančno statistiko Evropske centralne banke
Procedures and sanctions to be applied in the event of non-compliance with counterparty obligations
Postopki in sankcije, ki se uporabljajo ob neizpolnjevanju obveznosti nasprotne stranke
Creation of valid security over credit claims
Vzpostavitev učinkovitega zavarovanja z bančnimi posojili
LIST OF BOXES, CHARTS AND TABLES
SEZNAM OKVIRJEV, SLIK IN TABEL
Boxes
Okvirji
Charts
Slike
The correspondent central banking model
Korespondenčni centralnobančni model
Normal settlement dates for Eurosystem open market operations
Običajni datumi poravnave za operacije odprtega trga Eurosistema
Liquidity categories for marketable assets
Likvidnostne kategorije za tržno finančno premoženje
CCBM correspondent central banking model
CCBM korespondenčni centralnobančni model
CET Central European Time CIs credit institutions
CRVP centralni register vrednostnih papirjev
ICSD international central securities depository
ICSD mednarodni register vrednostnih papirjev
ISIN International Securities Identification Number
ISIN ISIN koda MFI monetarna finančna institucija
RoW rest of the world RT rating tool
PSVP poravnalni sistem vrednostnih papirjev
RTGS real-time gross settlement SSS securities settlement system
TARGET transevropski sistem bruto poravnave v realnem času
This document presents the operational framework chosen by the Eurosystem [1] for the single monetary policy in the euro area.
V tem dokumentu je predstavljen operativni okvir, ki ga je Eurosistem [1] izbral za enotno denarno politiko v euroobmočju.
The document, which forms part of the Eurosystem’s legal framework for monetary policy instruments and procedures, is intended to serve as the ‘General Documentation’ on the monetary policy instruments and procedures of the Eurosystem, and is aimed, in particular, at providing counterparties with the information they need in relation to the Eurosystem’s monetary policy framework.
Ta dokument, ki je del pravnega okvira Eurosistema za instrumente in postopke denarne politike, naj bi se uporabljal kot „splošna dokumentacija“ o instrumentih in postopkih denarne politike Eurosistema, zlasti s ciljem zagotoviti nasprotnim strankam informacije, ki jih potrebujejo v zvezi z okvirom denarne politike Eurosistema.
The General Documentation in itself neither confers rights nor imposes obligations on counterparties.
Splošna dokumentacija sama po sebi niti ne podeljuje pravic niti ne nalaga obveznosti nasprotnim strankam.
The legal relationship between the Eurosystem and its counterparties is established in appropriate contractual or regulatory arrangements.
Pravno razmerje med Eurosistemom in njegovimi nasprotnimi strankami se vzpostavi na podlagi ustreznih pogodbenih ali zakonskih ureditev.
This document is divided into seven chapters.
Dokument je razdeljen na sedem poglavij.
Chapter 1 gives an overview of the operational framework for the monetary policy of the Eurosystem.
Poglavje 1 ponuja pregled operativnega okvira denarne politike Eurosistema.
The Eurosystem’s monetary policy operations are executed under uniform terms and conditions in all Member States [4].1.2.
Operacije denarne politike Eurosistema se izvajajo pod enakimi pogoji v vseh državah članicah [4].1.2.
all counterparties fulfilling the general eligibility criteria (as specified in Section 2.1) may submit bids for the main refinancing operations; and
vse nasprotne stranke, ki izpolnjujejo splošna merila primernosti (kakor je določeno v poglavju 2.1), lahko pri operacijah glavnega refinanciranja posredujejo protiponudbe;
all counterparties fulfilling the general eligibility criteria (as specified in Section 2.1) may submit bids for the longer-term refinancing operations; and
vse nasprotne stranke, ki izpolnjujejo splošna merila primernosti (kakor je določeno v poglavju 2.1), lahko pri operacijah dolgoročnejšega refinanciranja posredujejo protiponudbe;
the Eurosystem may select, according to the criteria specified in Section 2.2, a limited number of counterparties to participate in fine-tuning reverse operations; and
Eurosistem lahko v skladu z merili, določenimi v poglavju 2.2, izbere omejeno število nasprotnih strank za sodelovanje v povratnih operacijah finega uravnavanja;
all counterparties fulfilling the general eligibility criteria (as specified in Section 2.1) may submit bids for structural reverse operations; and
vse nasprotne stranke, ki izpolnjujejo splošna merila primernosti (kakor je določeno v poglavju 2.1), lahko pri povratnih strukturnih operacijah posredujejo protiponudbe;
the certificates are tendered and settled in a decentralised manner by the national central banks; and
avkcije certifikatov in poravnave certifikatov se opravljajo decentralizirano s strani posameznih nacionalnih centralnih bank;
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, bilateral foreign exchange swaps may be executed by the ECB); and
običajno se izvajajo decentralizirano s strani nacionalnih centralnih bank (Svet ECB lahko odloči, da v izrednih okoliščinah valutne zamenjave v obliki dvostranskih postopkov lahko izvaja ECB);
the collection of deposits is normally executed in a decentralised manner by the national central banks (the Governing Council of the ECB can decide whether, under exceptional circumstances, the bilateral collection of fixed-term deposits [14] may be executed by the ECB); and
zbiranje vlog se običajno izvaja decentralizirano s strani nacionalnih centralnih bank (Svet ECB lahko odloči, da v izrednih okoliščinah zbiranje vezanih vlog v obliki dvostranskih postopkov [14] lahko izvede ECB);
For the national central bank to process the request on the same day, the request must be received by the national central bank at the latest 30 minutes after the actual closing time of TARGET [15] [16].
Da bi nacionalna centralna banka lahko obravnavala zahtevek še isti dan, mora zahtevek prejeti najpozneje 30 minut po dejanskem času zaprtja sistema TARGET [15] [16], za poslovanje.
As a general rule, the closing time for the TARGET system is 6 p.m. ECB time (CET).
Praviloma je čas zaprtja sistema TARGET 18.00 ura po času ECB (srednjeevropski čas).
The ECB may change the interest rate at any time, effective, at the earliest, from the following Eurosystem business day [17] [18].
ECB lahko kadar koli spremeni obrestno mero z veljavnostjo ne prej kot naslednji delovni dan Eurosistema [17] [18].
Interest under the facility is payable with the repayment of the credit.
Obresti za posojilo se plačajo skupaj z odplačilom posojila.
the denomination of the certificates (in the case of the issuance of debt certificates); and
nominalna vrednost certifikatov (pri izdaji dolžniških certifikatov);
In each bid, they must state the amount of money that they are willing to transact with the national central banks and the respective interest rate [30] [31]. The interest rates bid must be expressed as multiples of 0,01 percentage point.
V vsaki protiponudbi morajo navesti denarni znesek, v višini katerega so pripravljene skleniti posel z nacionalnimi centralnimi bankami, in ustrezno obrestno mero [30] [31]., Licitirane obrestne mere morajo biti izražene kot mnogokratnik 0,01 odstotne točke.
T, T + 1 or T + 2
T, T + 1 ali T + 2
It must be held and settled in the euro area through an account with the Eurosystem or with an SSS that fulfils the standards established by the ECB, so that perfection and realisation are subject to the law of a euro area country. If the CSD where the asset is issued and the SSS where it is held are not identical, then the two institutions have to be connected by a link approved by the ECB [35] The description of the standards for the use of eligible SSSs in the euro area and an updated list of the eligible links between these systems can be found on the ECB’s website (www.ecb.int). . Acceptable markets
Hraniti in poravnavati se mora v euroobmočju prek računa, odprtega pri Eurosistemu ali pri poravnalnem sistemu vrednostnih papirjev (PSVP), ki izpolnjuje standarde, določene s strani ECB, tako da obliko in vsebino ter realizacijo ureja zakonodaja države članice euroobmočja.
The assessment of non-regulated markets by the Eurosystem is based on three principles – safety, transparency and accessibility [48].Type of issuer/guarantor The debt instrument may be issued or guaranteed by central banks, public sector entities, private sector entities, or international or supranational institutions. Debt instruments other than covered bank bonds that are issued by credit institutions are only eligible if they are admitted to trading on a regulated market as defined above. Place of establishment of the issuer/guarantor
Dolžniški instrument mora biti sprejet v trgovanje na organiziranem trgu, kot je določeno v Direktivi 2004/39/ES Evropskega parlamenta in Sveta z dne 21. aprila 2004 o trgih s finančnimi instrumenti [47], ali pa se mora z njim trgovati na nekaterih neorganiziranih trgih, katerih primernost določa ECB [48].
The issuer must be established in the EEA or in one of the non-EEA G10 countries [49]. In the latter case, the debt instruments can only be considered eligible if the Eurosystem ascertains that its rights would be protected in an appropriate manner, as determined by the Eurosystem, under the laws of the respective non-EEA G10 country.
Ocena neorganiziranih trgov, ki jo pripravlja Eurosistem, temelji na treh načelih – varnost, transparentnost in dostopnost [49].Vrsta izdajatelja/garanta
For this purpose, a legal assessment in a form and with substance acceptable to the Eurosystem will have to be submitted before the assets can be considered eligible. In the case of an asset-backed security, the issuer must be established in the EEA. The guarantor must be established in the EEA.
Dolžniški instrument lahko izdajo ali zanj jamčijo centralne banke, osebe javnega sektorja, osebe zasebnega sektorja ali mednarodne oziroma nadnacionalne institucije.
International or supranational institutions are eligible issuers/guarantors irrespective of their place of establishment. In case a marketable debt instrument is issued by a non-financial corporation that is not rated by an ECAI, the issuer/guarantor must be established in the euro area.
Dolžniški instrumenti, razen kritih bančnih obveznic, ki so jih izdale kreditne institucije, so primerni, samo če so sprejeti v trgovanje na organiziranem trgu, kot je opredeljeno zgoraj.
Credit standards: The RMBD must meet high credit standards, which are assessed through the part of the ECAF that addresses RMBDs, as set out in Section 6.3.3. Type of issuer: Eligible issuers are credit institutions that are eligible counterparties.
Treba je zagotoviti možnost zamenjave finančnega premoženja v zavarovalnem skladu, hkrati pa mora biti vzpostavljen mehanizem, ki Eurosistemu omogoča, da ima prednost pred drugimi upniki, razen tistimi, ki so zaradi javnega interesa izvzeti [57].
the counterparty owns 20 % or more of the capital of the issuer/debtor/guarantor, or one or more undertakings in which the counterparty owns the majority of the capital own 20 % or more of the capital of the issuer/debtor/guarantor, or the counterparty and one or more undertakings in which the counterparty owns the majority of the capital together own 20 % or more of the capital of the issuer/debtor/guarantor; or
Ne glede na to, ali tržno in netržno finančno premoženje izpolnjuje merila primernosti, nasprotna stranka ne sme kot zavarovanje predložiti finančnega premoženja, ki ga je izdala in zanj jamči sama oziroma katera koli druga pravna oseba, s katero je nasprotna stranka v tesni povezavi [58]. „Tesne povezave“ pomenijo stanje, ko je nasprotna stranka povezana z izdajateljem/dolžnikom/garantom primernega finančnega premoženja zaradi naslednjega dejstva:
Eligibility criteria Marketable assets [59]
Primerno finančno premoženje za operacije denarne politike Eurosistema Merila primernosti
for cross-border use: common threshold of EUR 500000 [62].
čezmejna uporaba: enotni prag v višini 500000 EUR [63].
As from 1 January 2012: common minimum threshold of EUR 500000 throughout the euro area.
S 1. januarjem 2012: skupni najnižji prag v višini 500000 EUR na celotnem euroobmočju.
ECAI credit assessment: At least one credit assessment from an accepted ECAI (as set out in Section 6.3.4) for the issue (or, in its absence, for the issuer) must comply with the Eurosystem’s credit quality threshold [65] [66]. The ECB publishes the credit quality threshold for any accepted ECAI, as established under Section 6.3.1 [67].
Vsaj ena bonitetna ocena sprejete zunanje bonitetne institucije (kot je opisano v poglavju 6.3.4) za izdajo (ali izdajatelja, če te ocene ni) mora dosegati bonitetni prag [66] [67].
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. 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.
o jamstvo se obravnava kot sprejemljivo, če garant brezpogojno in nepreklicno jamči za obveznosti izdajatelja v povezavi s plačilom glavnice, obresti in vseh drugih zneskov, ki se morajo na podlagi dolžniških instrumentov plačati njihovim imetnikom, dokler niso v celoti poravnani;
In the absence of an ECAI credit assessment for the issue, issuer or guarantor, the high credit standards are established as follows: 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:
Če je garant ustanovljen v okviru zakonodaje, ki ni tista, ki ureja jamstvo, potrjuje pravna potrditev tudi, da je jamstvo veljavno in izvršljivo na podlagi zakona, ki ureja ustanovitev garanta.
Euro area non-financial corporate issuers or guarantors: If the high credit standards for marketable assets which are issued/guaranteed by non-financial corporations [70] located in the euro area cannot be established on the basis of an ECAI credit assessment for the issue, issuer or guarantor, the ECAF rules for credit claims will be applicable and counterparties are allowed to make use of their own IRB system, NCBs’ in-house credit assessment systems or third-party rating tools. The non-rated marketable debt instruments issued by non-financial corporations are not included in the public list of eligible marketable assets. 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
izdajatelj ali garant se razporedi v enega od treh razredov v skladu z direktivo o kapitalskih zahtevah [70], kot je prikazano v tabeli 5;
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
implicitna bonitetna ocena za izdajatelja ali garanta, ki sodi v razred 1 ali 2, se izpelje iz bonitetne ocene zunanje bonitetne institucije za centralno državo, kjer je izdajatelj ali garant ustanovljen.
Allocated the ECAI credit assessment of the central government of the country in which it is established Class 2
Implicitna bonitetna ocena mora dosegati bonitetni prag Eurosistema.
Class 3 Other PSEs Treated like private sector issuers or debtors
Dodeljena je bonitetna ocena, ki je eno bonitetno stopnjo [72]nižja od bonitetne ocene zunanje bonitetne institucije za centralno državo, kjer je subjekt ustanovljen
Counterparties wishing to change credit assessment sources after the minimum period of one year have to submit a reasoned request to the relevant NCB. Counterparties may be allowed to use more than one system or source upon submission of a reasoned request.
Nasprotna stranka iz razpoložljivega bonitetnega vira izbere en sistem, razen v primeru zunanjih bonitetnih institucij, kjer se lahko uporabijo vsi primerni sistemi zunanjih bonitetnih institucij.
The main credit assessment source chosen is expected to cover the largest number of submitted debtors by the counterparty. The use of more than one credit assessment source or system should be supported by the existence of an adequate business case.
Nasprotne stranke se morajo izbranega vira držati najmanj eno leto, da bi preprečili „skakanje“ med bonitetnimi ocenami (tj. iskanje najboljše bonitetne ocene, ki med vsemi razpoložljivimi viri ali sistemi zagotavlja primernost za vsakega dolžnika posebej).
Public sector debtors or guarantors: The following rules are applied in a sequential order: (i) A credit assessment from the system or source selected by the counterparty exists and is used to establish whether the public sector debtor or guarantor meets the credit quality threshold.
Nasprotne stranke morajo nacionalno centralno banko takoj obvestiti o kakršnem koli kreditnem dogodku, ki je nasprotni stranki poznan, vključno z zamudo pri plačilu s strani predloženega dolžnika, ter po potrebi umakniti ali zamenjati finančno premoženje.