natgillin/translations-raw huggingface dataset:
Fine-tuning operations are executed on an ad hoc basis with the aim of managing the liquidity situation in the market and steering interest rates, in particular in order to smooth the effects on interest rates caused by unexpected liquidity fluctuations in the market.
Operacije finega uravnavanja se izvajajo občasno s ciljem uravnavanja likvidnosti na trgu in uravnavanja obrestnih mer, zlasti z namenom izravnati učinke, ki jih imajo na obrestne mere nepričakovana nihanja likvidnosti na trgu.
Fine-tuning operations are primarily executed as reverse transactions, but can also take the form of outright transactions, foreign exchange swaps and the collection of fixed-term deposits.
Operacije finega uravnavanja se v prvi vrsti izvajajo kot povratne transakcije, vendar so lahko tudi v obliki dokončnih transakcij, valutnih zamenjav in zbiranja vezanih vlog.
The instruments and procedures applied in the conduct of fine-tuning operations are adapted to the types of transactions and the specific objectives pursued in the operations.
Instrumenti in postopki, ki se uporabljajo za izvajanje operacij finega uravnavanja, se prilagodijo glede na vrsto transakcije in posebne cilje, ki se jih želi doseči s temi operacijami.
Fine-tuning operations are normally executed by the national central banks through quick tenders or bilateral procedures.
Operacije finega uravnavanja običajno izvajajo nacionalne centralne banke na podlagi hitrih avkcij ali dvostranskih postopkov.
The Governing Council of the ECB can decide whether, under exceptional circumstances, fine-tuning bilateral operations may be executed by the ECB itself.
Svet ECB lahko odloči, da v izrednih okoliščinah dvostranske operacije finega uravnavanja izvaja tudi sama ECB.
In addition, the Eurosystem may carry out structural operations through the issuance of debt certificates, reverse transactions and outright transactions.
Poleg tega lahko Eurosistem izvaja strukturne operacije na podlagi izdaje dolžniških certifikatov, povratnih transakcij in dokončnih transakcij.
These operations are executed whenever the ECB wishes to adjust the structural position of the Eurosystem vis-à-vis the financial sector (on a regular or non-regular basis).
Te operacije se izvajajo, kadar želi ECB prilagoditi strukturno pozicijo Eurosistema do finančnega sektorja (redno ali občasno).
Structural operations in the form of reverse transactions and the issuance of debt instruments are carried out by the national central banks through standard tenders.
Strukturne operacije v obliki povratnih transakcij in izdaje dolžniških instrumentov izvajajo nacionalne centralne banke na podlagi standardnih avkcij.
Structural operations in the form of outright transactions are executed through bilateral procedures.
Strukturne operacije v obliki dokončnih transakcij se izvajajo na podlagi dvostranskih postopkov.
Standing facilities are aimed at providing and absorbing overnight liquidity, signal the general stance of monetary policy and bound overnight market interest rates.
Namen odprtih ponudb je povečevati ali umikati likvidnost čez noč, signalizirati splošno naravnanost denarne politike in določiti mejo nihanja obrestnih mer na trgu čez noč.
Two standing facilities are available to eligible counterparties on their own initiative, subject to their fulfilment of certain operational access conditions (see also Table 1):
Primerne nasprotne stranke imajo na lastno pobudo na voljo dve odprti ponudbi, pod pogojem, da izpolnjujejo določene operativne pogoje dostopa (glej tudi tabelo 1).
Counterparties can use the marginal lending facility to obtain overnight liquidity from the national central banks against eligible assets.
Nasprotne stranke lahko uporabijo odprto ponudbo mejnega posojila za pridobitev likvidnosti čez noč od nacionalnih centralnih bank na podlagi primernega finančnega premoženja za zavarovanje terjatev.
Under normal circumstances, there are no credit limits or other restrictions on counterparties’ access to the facility, apart from the requirement to present sufficient underlying assets.
V normalnih okoliščinah ni omejitev zneska posojila ali drugih omejitev dostopa nasprotnih strank do posojila, razen zahteve po predložitvi zadostnega finančnega premoženja za zavarovanje terjatev.
The interest rate on the marginal lending facility normally provides a ceiling for the overnight market interest rate.
Obrestna mera za mejno posojilo praviloma predstavlja zgornjo mejo obrestne mere na trgu čez noč.
Counterparties can use the deposit facility to make overnight deposits with the national central banks.
Nasprotne stranke lahko uporabijo odprto ponudbo mejnega depozita za plasiranje depozitov čez noč pri nacionalnih centralnih bankah.
Under normal circumstances, there are no deposit limits or other restrictions on counterparties’ access to the facility.
V normalnih okoliščinah ni omejitev višine depozitov ali drugih omejitev dostopa nasprotnih strank do tega instrumenta.
The interest rate on the deposit facility normally provides a floor for the overnight market interest rate.
Obrestna mera za odprto ponudbo mejnega depozita praviloma predstavlja spodnjo mejo obrestne mere na trgu čez noč.
The standing facilities are administered in a decentralised manner by the national central banks.
Odprte ponudbe upravljajo decentralizirano nacionalne centralne banke.
The Eurosystem’s minimum reserve system applies to credit institutions in the euro area and primarily pursues the aims of stabilising money market interest rates and creating (or enlarging) a structural liquidity shortage.
Sistem obveznih rezerv Eurosistema se uporablja za kreditne institucije v euroobmočju, in sicer predvsem za stabilizacijo obrestnih mer denarnega trga in ustvarjanje (ali povečanje) strukturnega likvidnostnega primanjkljaja.
The reserve requirement of each institution is determined in relation to elements of its balance sheet.
Rezerve, ki jih je dolžna zagotoviti vsaka institucija, se določijo glede na postavke njene bilance stanja.
In order to pursue the aim of stabilising interest rates, the Eurosystem’s minimum reserve system enables institutions to make use of averaging provisions.
Z namenom slediti cilju stabilizacije obrestnih mer sistem obveznih rezerv Eurosistema omogoča institucijam uporabo metode povprečenja.
Compliance with the reserve requirement is determined on the basis of the institutions’ average daily reserve holdings over the maintenance period.
Izpolnjevanje obveznih rezerv se določi na podlagi povprečnih dnevnih stanj rezervnih imetij za obdobje izpolnjevanja.
Institutions’ holdings of required reserves are remunerated at the rate of the Eurosystem’s main refinancing operations.
Institucije prejmejo nadomestilo za rezervna imetja, ki ne presegajo zneska izračunanih obveznih rezerv po obrestni meri Eurosistema za operacije glavnega refinanciranja.
The Eurosystem’s monetary policy framework is formulated with a view to ensuring the participation of a broad range of counterparties.
Okvir denarne politike Eurosistema je oblikovan tako, da zagotavlja udeležbo širokega kroga nasprotnih strank.
Institutions subject to minimum reserve requirements according to Article 19.1 of the Statute of the ESCB may access the standing facilities and participate in open market operations based on standard tenders.
Institucije, za katere velja zahteva po obveznih rezervah v skladu s členom 19.1 Statuta ESCB, lahko dostopajo do odprtih ponudb in sodelujejo v operacijah odprtega trga na podlagi standardnih avkcij.
The Eurosystem may select a limited number of counterparties to participate in fine-tuning operations.
Eurosistem lahko izbere omejeno število nasprotnih strank za sodelovanje pri operacijah finega uravnavanja.
For outright transactions, no restrictions are placed a priori on the range of counterparties.
Pri dokončnih transakcijah ni vnaprejšnjih omejitev glede kroga nasprotnih strank.
For foreign exchange swaps conducted for monetary policy purposes, active players in the foreign exchange market are used.
Pri operacijah valutnih zamenjav (swap poslih), ki se izvajajo za namene denarne politike, se uporabljajo aktivni udeleženci na deviznem trgu.
The set of counterparties for these operations is limited to those institutions selected for Eurosystem foreign exchange intervention operations which are located in the euro area.
Krog nasprotnih strank za te operacije je omejen na tiste institucije, ki se nahajajo v euroobmočju in so bile izbrane za posege Eurosistema na deviznem trgu.
Pursuant to Article 18.1 of the Statute of the ESCB, all Eurosystem credit operations (i.e. liquidity-providing monetary policy operations and intraday credit) have to be based on adequate collateral.
Na podlagi člena 18.1 Statuta ESCB morajo vse kreditne operacije Eurosistema (tj. operacije denarne politike za povečevanje likvidnosti in posojilo čez dan) temeljiti na primernih zavarovanjih.
The Eurosystem accepts a wide range of assets to underlie its operations.
Eurosistem sprejema širok nabor finančnega premoženja za zavarovanje svojih operacij.
The Eurosystem has developed a single framework for eligible collateral common to all Eurosystem credit operations (also referred to as the ‘Single List’).
Eurosistem je razvil enoten okvir primernega finančnega premoženja za zavarovanje terjatev, ki je skupen za vse kreditne operacije (imenuje se tudi „enotna lista“).
On 1 January 2007, this single framework will replace the two-tier system that has been in place since the start of Economic and Monetary Union.
Enotni okvir bo 1. januarja 2007 nadomestil sistem z dvema listama, ki je veljal od začetka ekonomske in denarne unije.
The single framework covers marketable and non-marketable assets that fulfil uniform euro area-wide eligibility criteria specified by the Eurosystem.
Enotni okvir zajema tržno in netržno finančno premoženje, ki izpolnjuje poenotena merila primernosti, ki veljajo za celotno euroobmočje in jih je določil Eurosistem.
No distinction is made between marketable and non-marketable assets with regard to the quality of the assets and their eligibility for the various types of Eurosystem monetary policy operations, except that non-marketable assets are not used by the Eurosystem for outright transactions.
Med tržnim in netržnim finančnim premoženjem ni razlik glede kakovosti finančnega premoženja in njegove primernosti za različne vrste operacij denarne politike Eurosistema, razen dejstva, da se netržno finančno premoženje običajno ne uporablja za dokončne transakcije.
All eligible assets may be used on a cross-border basis by means of the correspondent central banking model (CCBM) and, in the case of marketable assets, through eligible links between EU securities settlement systems (SSSs).
Vse primerno finančno premoženje za zavarovanje terjatev se lahko uporablja prek meje s pomočjo korespondenčnega centralnobančnega modela (CCBM) ter v primeru tržnega premoženja tudi prek primernih povezav med poravnalnimi sistemi vrednostnih papirjev (PSVP) v EU.
The Governing Council of the ECB may, at any time, change the instruments, conditions, criteria and procedures for the execution of Eurosystem monetary policy operations.
Svet ECB lahko kadar koli spremeni instrumente, pogoje, merila in postopke za izvajanje operacij denarne politike Eurosistema.
ELIGIBLE COUNTERPARTIES
PRIMERNE NASPROTNE STRANKE
Counterparties for Eurosystem monetary policy operations must fulfil certain eligibility criteria [6].
Nasprotne stranke v operacijah denarne politike Eurosistema morajo izpolnjevati določena merila primernosti [6].
These criteria are defined with a view to giving a broad range of institutions access to Eurosystem monetary policy operations, enhancing equal treatment of institutions across the euro area and ensuring that counterparties fulfil certain operational and prudential requirements:
Ta merila so določena s ciljem omogočiti širokemu krogu institucij dostop do operacij denarne politike Eurosistema, krepiti enako obravnavo institucij v celotnem euroobmočju in zagotoviti, da nasprotne stranke izpolnjujejo določene operativne zahteve in zahteve varnega poslovanja.
Only institutions subject to the Eurosystem’s minimum reserve system according to Article 19.1 of the Statute of the ESCB are eligible to be counterparties.
Samo institucije, ki so obvezniki v sistemu obveznih rezerv Eurosistema v skladu s členom 19.1 Statuta ESCB, so primerne nasprotne stranke.
Institutions which are exempt from their obligations under the Eurosystem’s minimum reserve system (see Section 7.2) are not eligible to be counterparties to Eurosystem standing facilities and open market operations.
Institucije, ki so izvzete iz obveznosti v okviru sistema obveznih rezerv Eurosistema (glej poglavje 7.2), niso primerne nasprotne stranke pri odprtih ponudbah in operacijah odprtega trga Eurosistema.
Counterparties must be financially sound.
Nasprotne stranke morajo biti finančno trdne.
They should be subject to at least one form of harmonised EU/EEA supervision by national authorities [7].
Biti morajo podvržene najmanj eni obliki nadzora s strani nacionalnih organov, ki je usklajen z zahtevami EU/EGP [7].
However, financially sound institutions subject to non-harmonised national supervision of a comparable standard can also be accepted as counterparties, e.g. branches established in the euro area of institutions that have their head office outside the European Economic Area (EEA).Counterparties must fulfil any operational criteria specified in the relevant contractual or regulatory arrangements applied by the respective national central bank (or the ECB), so as to ensure the efficient conduct of Eurosystem monetary policy operations.
Vendar se lahko kot nasprotne stranke sprejmejo tudi finančno trdne institucije, ki so predmet neusklajenega nacionalnega nadzora primerljive kvalitete, npr. v euroobmočju ustanovljene podružnice institucij, ki imajo sedež zunaj Evropskega gospodarskega prostora (EGP).Za zagotovitev učinkovitega izvajanja operacij denarne politike Eurosistema morajo nasprotne stranke izpolnjevati vsa operativna merila, določena v ustreznih pogodbenih ali zakonskih ureditvah, ki jih uporablja posamezna nacionalna centralna banka (ali ECB).
These general eligibility criteria are uniform throughout the euro area.
Ta splošna merila primernosti so enaka za celotno euroobmočje.
Institutions fulfilling the general eligibility criteria may:
Institucije, ki izpolnjujejo splošna merila primernosti:
access the Eurosystem’s standing facilities;
lahko dostopajo do odprtih ponudb Eurosistema
participate in Eurosystem open market operations that are based on standard tenders.
se lahko udeležujejo operacij odprtega trga Eurosistema, ki temeljijo na standardnih avkcijah.
An institution may access the Eurosystem’s standing facilities and open market operations based on standard tenders only through the national central bank of the Member State in which it is established.
Institucija lahko dostopa do odprtih ponudb in operacij odprtega trga Eurosistema na podlagi standardnih avkcij samo prek nacionalne centralne banke države članice, v kateri je ustanovljena.
If an institution has establishments (its head office or branches) in more than one Member State, each establishment has access to these operations through the national central bank of the Member State in which it is located, notwithstanding the fact that the bids of an institution may only be submitted by one establishment (either the head office or a designated branch) in each Member State.
Če ima institucija poslovalnice (sedež ali podružnice) v več kakor eni državi članici, ima vsaka poslovalnica dostop do teh operacij prek nacionalne centralne banke države članice, v kateri se nahaja, ne glede na to, da lahko protiponudbe ene institucije predloži samo ena poslovalnica (bodisi sedež ali izbrana podružnica) v vsaki državi članici.
For foreign exchange swaps executed for monetary policy purposes, counterparties must be able to conduct large-volume foreign exchange operations efficiently under all market conditions.
Pri valutnih zamenjavah, ki se izvajajo za namene denarne politike, morajo biti nasprotne stranke sposobne učinkovito opravljati devizne transakcije velikega obsega v katerih koli tržnih pogojih.
The range of counterparties to foreign exchange swaps corresponds to the counterparties located in the euro area which are selected for Eurosystem foreign exchange intervention operations.
Krog nasprotnih strank za valutne zamenjave je enak krogu nasprotnih strank, ki se nahajajo v euroobmočju in so izbrane za posege Eurosistema na deviznem trgu.
The criteria and procedures applied for the selection of counterparties to foreign exchange intervention operations are presented in Annex 3.
Merila in postopki, ki se uporabljajo za izbiro nasprotnih strank za posege na deviznem trgu, so predstavljeni v prilogi 3.
For other operations based on quick tenders and bilateral procedures (fine-tuning reverse transactions and the collection of fixed-term deposits), each national central bank selects a set of counterparties from among the institutions established in its Member State which fulfil the general counterparty eligibility criteria.
Pri drugih operacijah, ki se izvajajo na podlagi hitrih avkcij in dvostranskih postopkov (povratne transakcije finega uravnavanja in zbiranje vezanih vlog), vsaka nacionalna centralna banka izbere določeno število nasprotnih strank iz nabora institucij, ustanovljenih v svoji državi članici, ki izpolnjujejo splošna merila primernosti za nasprotne stranke.
In this respect, activity in the money market is the prime selection criterion.
Pri tem je glavno merilo izbire aktivnost na denarnem trgu.
Other criteria which might be taken into account are, for example, the efficiency of the trading desk and the bidding potential.
Druga merila, ki se lahko upoštevajo, so na primer učinkovitost službe za trgovanje z vrednostnimi papirji in potencial za udeležbo pri avkcijah.
In quick tenders and bilateral operations, the national central banks deal exclusively with the counterparties which are included in their respective set of fine-tuning counterparties.
Pri hitrih avkcijah in dvostranskih operacijah nacionalne centralne banke sklepajo posle izključno z nasprotnimi strankami, ki so vključene v krog njihovih nasprotnih strank za fino uravnavanje.
If, for operational reasons, a national central bank cannot deal in each operation with all of its fine-tuning counterparties, the selection of counterparties in this Member State will be based on a rotation scheme in order to ensure equitable access.
Če zaradi operativnih razlogov nacionalna centralna banka pri vsaki operaciji ne more sodelovati z vsemi nasprotnimi strankami za fino uravnavanje, se nasprotne stranke v tej državi članici izberejo po sistemu kroženja, da bi se zagotovil enakopraven dostop vseh nasprotnih strank.
The Governing Council of the ECB can decide whether, under exceptional circumstances, fine-tuning bilateral operations may be carried out by the ECB itself.
Svet ECB lahko odloči, da v izrednih okoliščinah dvostranske operacije finega uravnavanja izvaja tudi sama ECB.
If the ECB were to carry out bilateral operations, the selection of counterparties would in such cases be made by the ECB according to a rotation scheme among those counterparties in the euro area which are eligible for quick tenders and bilateral operations in order to ensure equitable access.
Če bi morala dvostranske operacije izvajati ECB, ta v takšnih primerih z namenom zagotovitve enakopravnega dostopa po sistemu kroženja izbere nasprotne stranke iz kroga tistih nasprotnih strank v euroobmočju, ki so primerne za hitre avkcije in dvostranske operacije.
The ECB shall impose sanctions, in accordance with Council Regulation (EC) No 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions [8], European Central Bank Regulation (EC) No 2157/1999 of 23 September 1999 on the powers of the European Central Bank to impose sanctions (ECB/1999/4) [9], Council Regulation (EC) No 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank [10], as amended, and Regulation (EC) No 1745/2003 of the European Central Bank of 12 September 2003 on the application of minimum reserves (ECB/2003/9) [11], on institutions which do not comply with obligations arising from ECB Regulations and Decisions relating to the application of minimum reserves.
ECB institucijam, ki ne izpolnjujejo obveznosti iz uredb in odločb ECB v zvezi z uporabo obveznih rezerv, naloži sankcije v skladu z Uredbo Sveta (ES) št. 2532/98 z dne 23. novembra 1998 o pooblastilih Evropske centralne banke za nalaganje sankcij [8], Uredbo Evropske centralne banke (ES) št. 2157/1999 z dne 23. septembra 1999 o pooblastilih Evropske centralne banke za nalaganje sankcij (ECB/1999/4) [9], Uredbo Sveta (ES) št. 2531/98 z dne 23. novembra 1998 o uporabi obveznih rezerv Evropske centralne banke [10], kakor je bila spremenjena, in Uredbo Evropske centralne banke (ES) št. 1745/2003 z dne 12. septembra 2003 o uporabi obveznih rezerv (ECB/2003/9) [11].
The relevant sanctions and the procedural rules for their application are specified in the above-mentioned Regulations.
Ustrezne sankcije in postopkovna pravila za njihovo izvajanje so določeni v zgoraj navedenih uredbah.
In addition, in the case of serious infringements of the minimum reserve requirements, the Eurosystem may suspend counterparties’ participation in open market operations.In accordance with the provisions of the contractual or regulatory arrangements applied by the respective national central bank (or by the ECB), the Eurosystem can and will impose financial penalties on counterparties, or suspend counterparties’ participation in open market operations, if counterparties fail to comply with their obligations under the contractual or regulatory arrangements applied by the national central banks (or by the ECB) as set out below.
Poleg tega lahko v primeru hudih kršitev obveznih rezerv Eurosistem nasprotne stranke začasno izključi iz udeležbe v operacijah odprtega trga.V skladu z določbami pogodbenih ali zakonskih ureditev, ki jih uporablja zadevna nacionalna centralna banka (ali ECB), lahko Eurosistem nasprotnim strankam naloži in bo naložil denarne kazni, ali jih začasno izključi iz udeležbe v operacijah odprtega trga, če ne izpolnijo svojih obveznosti po pogodbenih ali zakonskih ureditvah, ki jih uporabljajo nacionalne centralne banke (ali ECB), kakor je navedeno spodaj.
This relates to cases of infringement of tender rules (if a counterparty is unable to transfer a sufficient amount of underlying assets to settle the amount of liquidity it has been allotted in a liquidity-providing operation, or if it is unable to deliver a sufficient amount of cash to settle the amount it has been allotted in a liquidity-absorbing operation), and of bilateral transaction rules (if a counterparty is unable to deliver a sufficient amount of eligible underlying assets, or if it is unable to deliver a sufficient amount of cash to settle the amount agreed in bilateral transactions).
To velja za primere kršitev avkcijskih pravil (če nasprotna stranka ni sposobna zagotoviti zadostnega finančnega premoženja za zavarovanje zneska, ki ji je bil dodeljen v operaciji povečevanja likvidnosti, ali če ni sposobna zagotoviti zadostnih denarnih sredstev za poravnavo zneska, ki ji je bil dodeljen v operaciji umikanja likvidnosti) in pravil dvostranskih transakcij (če pri dvostranskih transakcijah nasprotna stranka ni sposobna zagotoviti zadostnega zneska primernega finančnega premoženja za zavarovanje terjatev ali zadostnih denarnih sredstev za poravnavo dogovorjenega zneska).