natgillin/translations-raw huggingface dataset:
The ECAI source encompasses those institutions whose credit assessments may be used by credit institutions for determining the risk weight of exposures according to the CRD [78]. For the purposes of the ECAF, the general acceptance criteria for ECAIs are the following: ECAIs must be formally recognised by the relevant EU supervisory authority for the euro area countries in which they will be used, in line with the CRD. ECAIs must fulfil operational criteria so as to ensure the efficient implementation of the ECAF. In particular, the use of their credit assessments is subject to the availability to the Eurosystem of information on these assessments, as well as information for the comparison and the assignment (mapping) of the assessments with the ECAF credit quality steps and the credit quality threshold and for the implementation of performance monitoring (see Section 6.3.5). The Eurosystem reserves the right to decide whether it accepts an ECAI for its lending operations, making use, among other factors, of its performance monitoring process. NCB in-house credit assessment system source The ICAS source currently consists of the four credit assessment systems operated by the Deutsche Bundesbank, the Banco de España, the Banque de France and the Oesterreichische Nationalbank. National central banks deciding to develop their own ICAS would be subject to a validation procedure by the Eurosystem. ICASs are subject to the Eurosystem performance monitoring process (see Section 6.3.5).
Sprejete zunanje bonitetne institucije, interni bonitetni sistemi nacionalnih centralnih bank in bonitetna orodja zunanjih ponudnikov so navedeni na spletnih straneh ECB (www.ecb.int) [78].
Furthermore, the counterparty must inform the ICAS NCB promptly about any credit event that is known only to the counterparty, including a delay of payments by the submitted debtors. Moreover, in countries in which RMBDs are mobilised, the respective national central bank implements a credit assessment framework for this type of asset in accordance with the ECAF. Such frameworks are subject to a yearly performance monitoring process. Internal ratings-based system source A counterparty intending to use an IRB system to assess the credit quality of the debtors, issuers or guarantors of eligible debt instruments has to obtain the permission of its home national central bank.
Zunanje bonitetne institucije
For that purpose, it must file a request, together with the following documents [79]: A copy of the decision of the relevant banking supervisory authority within the EU authorising the counterparty to use its IRB system for capital requirements purposes on a consolidated or unconsolidated basis, together with any specific conditions for such use.
Ta vir obsega tiste institucije, katerih bonitetne ocene lahko kreditne institucije uporabijo pri ugotavljanju uteži tveganosti za izpostavljenosti, v skladu z direktivo o kapitalskih zahtevah [79].
A copy of the Pillar 3 (market discipline) information that the counterparty is required to publish on a regular basis in accordance with the requirements on market discipline under Pillar 3 of the Basel II framework and the CRD. The name and the address of both the competent banking supervisor and the external auditor.
zunanjo bonitetno institucijo mora formalno priznati ustrezen nadzorni organ EU v tistih državah euroobmočja, kjer se bo institucija uporabljala v skladu z direktivo o kapitalskih zahtevah;
In addition to the information requirements for this process, the counterparty is under an obligation to communicate the following information on an annual basis (or as and when required by the relevant national central bank) unless such information is transmitted directly by the relevant supervisory authority to the relevant national central bank:
Interni bonitetni sistem nacionalne centralne banke Ta vir trenutno obsega štiri bonitetne sisteme, ki jih upravljajo Deutsche Bundesbank, Banco de España, Banque de France in Oesterreichische Nationalbank.
any changes to the counterparty’s IRB system recommended or required by the supervisor, together with the deadline by which such changes must be implemented;
Eurosistem nadzira interne bonitetne sisteme NCB prek spremljanja uspešnosti (glej poglavje 6.3.5).
the annual update of the Pillar 3 (market discipline) information that the counterparty is required to publish on a regular basis in accordance with the requirements of the Basel II framework and the CRD. information on the competent banking supervisor and the external auditor.
Poleg tega mora nasprotna stranka takoj obvestiti interni bonitetni sistem NCB o kakršnem koli kreditnem dogodku, ki je nasprotni stranki poznan, vključno z zamudo pri plačilu s strani predloženega dolžnika.
This yearly communication has to be signed by the counterparty’s CEO, CFO or a manager of similar seniority, or by an authorised signatory on behalf of one of them. The relevant supervisor and, where applicable, the external auditor of the counterparty receive a copy of this letter from the Eurosystem.
V državah, kjer nasprotne stranke mobilizirajo netržne hipotekarne dolžniške instrumente, zadevna nacionalna centralna banka vzpostavi bonitetni okvir za to vrsto finančnega premoženja v skladu z bonitetnim okvirom Eurosistema.
Third-party rating tool source
Takšen okvir je predmet letnega spremljanja uspešnosti.
The tools have to be operated by the RT providers. Counterparties wishing to use a specific RT for ECAF purposes have to submit a request to their respective national central bank, using the appropriate template provided by the Eurosystem, complemented by additional documentation of the RT as specified in the application form.
Nasprotna stranka, ki namerava za oceno bonitete dolžnika, izdajatelja ali garanta primernega dolžniškega instrumenta uporabiti interni bonitetni sistem, mora pridobiti dovoljenje svoje domače nacionalne centralne banke.
BOX 7 Risk control measures The Eurosystem currently applies the following risk control measures: Valuation haircuts The Eurosystem applies ‘valuation haircuts’ in the valuation of underlying assets. This implies that the value of the underlying asset is calculated as the market value of the asset less a certain percentage (haircut). Variation margins (marking to market) The Eurosystem requires the haircut-adjusted market value of the underlying assets used in its liquidity-providing reverse transactions to be maintained over time. This implies that if the value, measured on a regular basis, of the underlying assets falls below a certain level, the national central bank will require the counterparty to supply additional assets or cash (i.e. it will make a margin call). Similarly, if the value of the underlying assets, following their revaluation, exceeds a certain level, the counterparty may retrieve the excess assets or cash.
Ukrepi za obvladovanje tveganj so okvirno usklajeni v celotnem euroobmočju [83] in morajo povsod zagotoviti enakopravne pogoje za katero koli vrsto primernega finančnega premoženja za zavarovanje terjatev.
Limits in relation to issuers/debtors or guarantors The Eurosystem may apply limits to the exposure vis-à-vis issuers/debtors or guarantors.
Eurosistem zahteva, da finančno premoženje, ki se uporablja za zavarovanje terjatev pri povratnih transakcijah za povečevanje likvidnosti, v času vzdržuje svojo tržno vrednost po odbitku.
Additional guarantees The Eurosystem may require additional guarantees from financially sound entities in order to accept certain assets.
Če redno merjena vrednost finančnega premoženja za zavarovanje terjatev pade pod določen nivo, morajo nacionalne centralne banke zahtevati od nasprotnih strank, da te zagotovijo dodatno finančno premoženje ali denarna sredstva (tj. poziv h kritju).
Exclusion The Eurosystem may exclude certain assets from use in its monetary policy operations.
Podobno, če ob vrednotenju vrednost finančnega premoženja za zavarovanje terjatev preseže določen nivo, lahko nasprotne stranke umaknejo presežno finančno premoženje ali denarna sredstva.
The allocation is described in Table 6.
Ukrepi za obvladovanje tveganj pri tržnem finančnem premoženju Sistem za obvladovanje tveganj v zvezi s primernim tržnim finančnim premoženjem zajema naslednje glavne elemente. Tržno primerno finančno premoženje se na podlagi klasifikacije izdajatelja in vrste finančnega premoženja uvrsti v eno izmed štirih likvidnostnih kategorij.
Table 6
Uvrstitev je opisana v tabeli 6.
The haircuts differ according to the residual maturity and coupon structure of the debt instruments as described in Table 7 for eligible marketable fixed coupon and zero coupon debt instruments [87]. The valuation haircuts applied to all marketable inverse floating rate debt instruments are the same for all liquidity classes and are described in Table 8.
Višina odbitka pri vrednotenju je odvisna od preostale dospelosti in strukture kupona dolžniškega instrumenta, kot je opisano v tabeli 7 v zvezi z dolžniškimi instrumenti s fiksnim kuponom in brezkuponskimi instrumenti [88].
(percentages)
(v odstotkih)
Let τ be the time period between revaluations. The margin call base at time t + τ equals:
Če je τ časovno obdobje med dvema zaporednima vrednotenjema, je osnova za poziv h kritju ob času t + τ enaka:
Non-marketable assets Non-marketable assets are assigned a value corresponding either to the theoretical price or to the outstanding amount.
Če se donos prenese na nasprotno stranko, nacionalne centralne banke zagotovijo, da so zadevne operacije še naprej popolnoma krite z zadostnim zneskom finančnega premoženja za zavarovanje terjatev še preden pride do takšnega prenosa donosa.
Cross-border use of eligible assets Eurosystem counterparties may use eligible assets on a cross-border basis, i.e. they may obtain funds from the national central bank of the Member State in which they are established by making use of assets located in another Member State. Underlying assets must be usable on a cross-border basis throughout the euro area for the handling of all types of operations in which the Eurosystem provides liquidity against eligible assets. A mechanism has been developed by the national central banks (and by the ECB) to ensure that all eligible assets issued/deposited in the euro area may be used on a cross-border basis. This is the correspondent central banking model (CCBM), under which national central banks act as custodians (‘correspondents’) for each other (and for the ECB) in respect of assets accepted in their local depository or settlement system.
Če se NCB odloči za vrednotenje po nedospelem znesku, se lahko pri netržnem finančnem premoženju uporabi višji odbitek pri vrednotenju (glej poglavje 6.4.3).
SSS
PSVP
Specific procedures for cross-border use have been developed for non-marketable assets, i.e. credit claims and RMBDs [93] See footnote 46 in this chapter. .
Posebni postopki za čezmejno uporabo so bil razviti za netržno finančno premoženje, tj. za bančna posojila in netržne hipotekarne dolžniške instrumente [94] Glej opombo 46 v tem poglavju.
Furthermore, the counterparty must ensure that the collateral for securing monetary policy operations is delivered to the account of the correspondent central bank by 4.45 p.m.
CCBM je nasprotnim strankam (za tržno in netržno finančno premoženje) na voljo od 9.00 do 16.00 ure po času ECB (srednjeevropski čas) na vsak delovni dan Eurosistema. Nasprotna stranka, ki želi uporabiti CCBM, mora to sporočiti nacionalni centralni banki, od katere želi dobiti posojilo, tj. svoji domači centralni banki, pred 16.00 uro po času ECB (srednjeevropski čas).
Use of eligible assets issued in the SSS of country B held by a counterparty established in country A through a link between the SSSs in countries A and B in order to obtain credit from the national central bank of country A. Country A
Uporaba primernega finančnega premoženja za zavarovanje terjatev, izdanega v PSVP države B, v lasti nasprotne stranke, ustanovljene v državi A, prek povezave med PSVP v državah A in B za pridobitev posojila od nacionalne centralne banke države A.
The granting of such an allowance is without prejudice to the legal obligations of institutions subject to the Eurosystem’s minimum reserve system [104].
Odobritev tovrstne olajšave ne posega v pravne obveznosti institucij, ki so obvezniki sistema obveznih rezerv Eurosistema [104].
Maintenance of reserve holdings Maintenance period
Izpolnjevanje obveznih rezerv
Institutions’ settlement accounts with the national central banks may be used as reserve accounts. Reserve holdings on settlement accounts may be used for intraday settlement purposes.
Institucija s poslovalnicami v več kot eni državi članici mora izpolnjevati obvezne rezerve pri nacionalni centralni banki v vsaki državi članici, v kateri ima poslovalnico, v razmerju do njene osnove za rezerve v ustrezni državi članici.
Credit claims are also referred to as bank loans. Schuldscheindarlehen and Dutch registered private claims on the government or other eligible debtors that are covered by a government guarantee (e.g. housing associations) are deemed to be equivalent to credit claims.
S 1. januarjem 2012 bo začela veljati enotna ureditev.
Until then, BcL will apply a minimum threshold of EUR 1000000. [55] See footnote 13 in this chapter.
Do takrat bo BcL uporabljala najnižji prag v višini 1000000 EUR.
In the event of a counterparty using assets that, owing to an identity with the issuer/debtor/guarantor or the existence of close links, it may not or no longer use to secure an outstanding credit, it is obliged to immediately notify the relevant national central bank thereof. The assets are valued at zero on the next valuation date and a margin call may be triggered (see also Annex 6). In addition, the counterparty has to remove the asset on the earliest possible date.
V tem razredu finančnega premoženja so trenutno le irske hipotekarne zadolžnice.
The credit standard of non-rated marketable debt instruments issued or guaranteed by non-financial corporations is determined on the basis of the credit assessment source chosen by the respective counterparty in accordance with the ECAF rules applicable to credit claims, as set out in Section 6.3.3. In the case of these marketable debt instruments, the following eligibility criteria for marketable assets have been amended: place of establishment of the issuer/guarantor: euro area; place of issue: euro area.
Podrobnosti so opisane v poglavju 6.2.2.
The national central bank reporting a certain asset is normally the national central bank of the country in which the asset will be admitted to trading/traded on an acceptable market. In the event that an asset is admitted to trading/traded on multiple markets, any queries should be addressed to the ECB’s Eligible Assets Hotline (Eligible-Assets.hotline@ecb.int).
Te informacije so objavljene na spletni strani ECB (www.ecb.int).
Owing to operational differences across Member States, some differences in terms of risk control measures may prevail. For instance, in respect of the procedures for counterparties’ delivery of underlying assets to the national central banks (in the form of a pool of collateral pledged with the national central bank or as repurchase agreements based on individual assets specified for each transaction), minor differences may occur with regard to the timing of the valuation and other operational features of the risk control framework. Furthermore, in the case of non-marketable assets, the precision of valuation techniques may differ, which is reflected in the overall level of haircuts (see Section 6.4.3).
Nasprotna stranka mora takoj obvestiti ponudnika bonitetnih orodij o kakršnem koli kreditnem dogodku, ki bi nakazoval poslabšanje bonitete.
Only marketable assets issued by issuers that have been classified as agencies by the ECB are included in liquidity category II. Marketable assets issued by other agencies are included in liquidity category III.
Med Jumbo krite bančne obveznice se uvrščajo samo instrumenti z obsegom izdaje vsaj 1 milijarda EUR, za katere vsaj trije vzdrževalci trga redno nudita nakupne in prodajne kotacije.
A coupon payment is considered a variable rate payment if the coupon is linked to a reference interest rate and if the resetting period corresponding to this coupon is no longer than one year. Coupon payments for which the resetting period is longer than one year are treated as fixed rate payments, with the relevant maturity for the haircut being the residual maturity of the debt instrument.
Stopnja odbitkov pri vrednotenju, ki se uporablja pri dolžniških instrumentih s fiksnim kuponom, velja tudi za dolžniške instrumente, katerih kupon je vezan na spremembo v boniteti samega izdajatelja, ali za obveznice, indeksirane na inflacijo.
Since August 2000, the Central Bank and Financial Services Authority of Ireland has been authorised to open such an account with Euroclear. This account can be used for all eligible assets held in Euroclear, i.e. including eligible assets transferred to Euroclear through eligible links.
Od leta 1999 dalje sme De Nederlandsche Bank uporabljati svoj račun pri Euroclear Belgium, ko gre za poravnavo zavarovalnih transakcij z evroobveznicami, izdanimi pri tej mednarodni depotni družbi.
A link between two SSSs consists of a set of procedures and arrangements for the cross-border transfer of securities through a book-entry process. A link takes the form of an omnibus account opened by an SSS (the investor SSS) in another SSS (the issuer SSS). A direct link implies that no intermediary exists between the two SSSs. Relayed links between SSSs may also be used for the cross-border transfer of securities to the Eurosystem. A relayed link is a contractual and technical arrangement that allows two SSSs not directly connected to each other to exchange securities transactions or transfers through a third SSS acting as the intermediary.
Postopki CCBM veljajo samo za primere, kjer se dolžnik nahaja v državi zakonodaje, ki ureja bančna posojila.
For institutions allowed to report statistical data as a group on a consolidated basis according to the provisions of the reporting framework for the ECB’s money and banking statistics (see Annex 4), only one such allowance will be granted to the group as a whole, unless the institutions provide data on the reserve base and reserve holdings in a sufficiently detailed manner to enable the Eurosystem to verify their accuracy and quality and to determine the respective reserve requirement of each individual institution included in the group.
Za institucije, ki jim je dovoljeno poročati statistične podatke kot skupini na konsolidirani osnovi v skladu z določbami okvira za poročanje za denarno in bančno statistiko ECB (glej prilogo 4), bo priznana samo ena tovrstna olajšava skupini kot celoti, razen če institucije zagotovijo dovolj podrobne podatke o osnovi za rezerve in rezervnih imetjih, da omogočijo Eurosistemu, da preveri njihovo točnost in kakovost ter določi znesek obveznih rezerv vsake posamezne institucije v skupini.
If an institution has no head office in a Member State in which it is established, it has to designate a principal branch which would then be responsible for fulfilling the aggregate minimum reserve requirements of all the establishments of the institution in the relevant Member State.
Koledar se normalno objavi v sporočilu za javnost ECB, ki ga lahko najdete na spletni strani ECB (www.ecb.int). Poleg tega se koledar objavi v Uradnem listu Evropske unije in na spletnih straneh Eurosistema (glej prilogo 5).
Such criteria were published in a notice entitled ‘Notice of the European Central Bank on the imposition of sanctions for breaches of the obligation to hold minimum reserves’, OJ C 39 of 11 February 2000, page 3.
Taka merila so bila objavljena v obvestilu z naslovom „Obvestilo Evropske centralne banke o uvedbi sankcij za kršitve obveznosti izpolnjevanja obveznih rezerv“UL C39 z dne 11. februarja 2000, stran 3.
On the same day, the counterparty enters into a new repurchase transaction with the national central bank, which purchases EUR 75 million of Asset C in nominal value terms.
Nasprotna stranka istega dne začne novo repo transakcijo z nacionalno centralno banko, ki odkupi 75 milijonov EUR finančnega premoženja C v nominalni vrednosti.
Since Asset C is a zero coupon corporate bond with a residual maturity of more than ten years that requires a valuation haircut of 15 %, the corresponding haircut-adjusted market value on that day is of EUR 35068875.
Ker je finančno premoženje C brezkuponska podjetniška obveznica s preostalo dospelostjo več kot deset let, ki zahteva 15 % odbitka pri vrednotenju, znaša ustrezna tržna vrednost po odbitku pri vrednotenju tega dne 35068875 EUR.
The Eurosystem considers a probability of default (PD) of 0,10 % over a one-year horizon to be equivalent to a ‘single A’ credit assessment.
Interni bonitetni sistem centralne banke (ICAS): bonitetni sistem, opredeljen v bonitetnem sistemu Eurosistema (Eurosystem credit assessment framework, ECAF), ki trenutno obsega štiri bonitetne sisteme, ki jih upravljajo Deutsche Bundesbank, Banco de España, Banque de France in Oesterreichische Nationalbank.
Final transfer: an irrevocable and unconditional transfer which effects a discharge of the obligation to make the transfer.
Nasprotne stranke morajo za te sisteme pridobiti formalno priznanje in opraviti postopek potrditve s strani nacionalnih nadzornikov.
Fine-tuning operation: a non-regular open market operation executed by the Eurosystem mainly in order to deal with unexpected liquidity fluctuations in the market.
ISIN-koda: mednarodna identifikacijska koda, ki se dodeli vrednostnim papirjem, izdanim na finančnih trgih.
Floating rate instrument: a financial instrument for which the coupon is periodically reset relative to a reference index to reflect changes in short or medium-term market interest rates.
Konec dneva: ura v delovnem dnevu (po zaprtju sistema TARGET za poslovanje), ko se za ta dan zaključijo plačila, poslana v obdelavo v sistem TARGET.
Floating rate instruments have either pre-fixed coupons or post-fixed coupons.
Konvencija o štetju dni: konvencija, ki določa število dni, ki se upoštevajo pri izračunu obresti na posojila.
Foreign exchange swap: the simultaneous spot purchase/sale and forward sale/purchase of one currency against another.
Eurosistem uporablja za svoje operacije denarne politike konvencijo o štetju dni „dejansko število dni/360 dni v letu“.
The Eurosystem executes open market monetary policy operations in the form of foreign exchange swaps where the national central banks (or the ECB) buy (or sell) euro spot against a foreign currency and at the same time sell (or buy) it back in a forward transaction.
Korespondenčno bančništvo: Dogovor, po katerem ena kreditna institucija zagotavlja plačilne in druge storitve drugi kreditni instituciji. Plačila prek korespondenčnih institucij se pogosto izvajajo prek recipročnih računov (nostro in loro računov), ki jim lahko pripadajo odobrene kreditne linije.
Gross settlement system: a transfer system in which the settlement of funds or the transfer of securities occurs on an instruction-by-instruction basis. Haircut: see valuation haircut.
Storitve korespondenčnega bančništva se primarno opravljajo prek mednarodnih meja, vendar so poznane tudi kot posredniška razmerja v nekaterih domačih kontekstih.
In-house credit assessment system (ICAS): a credit quality assessment source provided for in the Eurosystem credit assessment framework (ECAF) that currently comprises the four credit assessment systems operated by the Deutsche Bundesbank, the Banco de España, the Banque de France and the Oesterreichische Nationalbank.
Loro račun je izraz, ki ga uporablja korespondenčna institucija, da opiše račun, odprt v imenu tuje kreditne institucije; tuja kreditna institucija bi s svoje strani ta račun obravnavala kot svoj nostro račun.