natgillin/translations-raw huggingface dataset:
D maturity of the debt certificate (in days)
D dospelost dolžniškega certifikata (v dnevih)
issue amount of the debt certificate
znesek izdaje dolžniškega certifikata
Foreign exchange swaps executed for monetary policy purposes consist of simultaneous spot and forward transactions in euro against a foreign currency.
Valutne zamenjave, ki se izvajajo za namene denarne politike, sestavljata istočasna promptna in terminska transakcija eura za tujo valuto.
They are used for fine-tuning purposes, mainly with the aim of managing the liquidity situation in the market and steering interest rates.
Uporabljajo se za namene finega uravnavanja, zlasti s ciljem uravnavanja likvidnosti na trgu in uravnavanja obrestnih mer.
Foreign exchange swaps executed for monetary policy purposes refer to operations where the Eurosystem buys (or sells) euro spot against a foreign currency and, at the same time, sells (or buys) it back in a forward transaction on a specified repurchase date.
Valutne zamenjave, ki se izvajajo za namene denarne politike, so operacije, pri katerih Eurosistem promptno kupuje (ali prodaja) euro za tujo valuto in istočasno terminsko prodaja (ali kupuje) euro za tujo valuto.
Further provisions for foreign exchange swaps are specified in the contractual arrangement applied by the respective national central bank (or the ECB).
Ostale določbe za valutne zamenjave so določene v pogodbenih ureditvah, ki jih uporablja posamezna nacionalna centralna banka (ali ECB).
Currency and exchange rate terms
Valute in devizni tačaji
As a rule, the Eurosystem operates only in widely traded currencies and in accordance with standard market practice.
Eurosistem praviloma sklepa posle samo v valutah, s katerimi se veliko trguje, in v skladu z običajno tržno prakso.
In each foreign exchange swap operation, the Eurosystem and the counterparties agree on the swap points for the transaction.
V vsaki operaciji valutne zamenjave se Eurosistem in nasprotne stranke dogovorijo o swap točkah transakcije.
The swap points are the difference between the exchange rate of the forward transaction and the exchange rate of the spot transaction.
Swap točke so razlika med deviznim tečajem terminskega posla in deviznim tečajem promptnega posla.
The swap points of the euro vis-à-vis the foreign currency are quoted according to general market conventions.
Swap točke za euro do tuje valute so navedene v skladu s splošnimi tržnimi običaji.
The exchange rate terms of foreign exchange swaps are specified in Box 2.
Določitev tečajev pri valutnih zamenjavah je predstavljena v okvirju 2.
The operational features of foreign exchange swaps can be summarised as follows:
Operativne značilnosti valutnih zamenjav so naslednje:
they are executed through quick tenders or bilateral procedures (see Chapter 5);
izvajajo se na podlagi hitrih avkcij ali dvostranskih postopkov (glej poglavje 5);
the Eurosystem may select, according to the criteria specified in Section 2.2 and Annex 3, a limited number of counterparties to participate in foreign exchange swaps.
Eurosistem lahko v skladu z merili, določenimi v poglavju 2.2 in prilogi 3, izbere omejeno število nasprotnih strank za sodelovanje v valutnih zamenjavah.
BOX 2
OKVIR 2
S spot (on the transaction date of the foreign exchange swap) of the exchange rate between the euro (EUR) and a foreign currency ABC
S promptni (na datum sklenitve valutne zamenjave) devizni tečaj med eurom (EUR) in tujo valuto ABC
forward exchange rate between the euro and a foreign currency ABC on the repurchase date of the swap (M)
terminski devizni tečaj med eurom in tujo valuto ABC na datum povratnega nakupa pri valutni zamenjavi (M)
forward points between the euro and ABC on the repurchase date of the swap (M)
terminske točke med eurom in tujo valuto ABC na datum povratnega nakupa pri valutni zamenjavi (M)
N(.) spot amount of currency; N(.)M is the forward amount of currency:
N(.) promptni znesek valute; N(.)M je terminski znesek tuje valute:
or NEUR
ali NEUR
The Eurosystem may invite counterparties to place remunerated fixed-term deposits with the national central bank in the Member State in which the counterparty is established.
Nasprotna stranka lahko na pobudo Eurosistema položi obrestovane vezane vloge pri nacionalni centralni banki v državi članici, v kateri je nasprotna stranka ustanovljena.
The collection of fixed-term deposits is envisaged only for fine-tuning purposes in order to absorb liquidity in the market.
Zbiranje vezanih vlog je predvideno samo za fino uravnavanje z namenom umikanja likvidnosti na trgu.
The deposits accepted from counterparties are for a fixed term and with a fixed rate of interest.
Vloge nasprotnih strank so plasirane za določen rok in s fiksno obrestno mero.
No collateral is given by the national central banks in exchange for the deposits.
Nacionalne centralne banke ne dajejo zavarovanja v zameno za vloge.
The interest rate applied to the deposit is a simple interest rate based on the day-count convention ‘actual/360’.
Obrestna mera, ki velja za vloge, je linearna obrestna mera, pri čemer se za štetje dni uporablja konvencija „dejansko število dni/360 dni v letu“.
Interest is paid at maturity of the deposit.
Obresti se izplačajo ob dospelosti vloge.
The operational features of the collection of fixed-term deposits can be summarised as follows:
Operativne značilnosti zbiranja vezanih vlog so naslednje:
the deposits are collected in order to absorb liquidity;
vloge se zbirajo z namenom umikanja likvidnosti;
the frequency with which deposits are collected is not standardised;
pogostost zbiranja vlog ni standardizirana;
the maturity of the deposits is not standardised;
dospelost vlog ni standardizirana;
the collection of deposits is normally executed through quick tenders, although the possibility of using bilateral procedures is not excluded (see Chapter 5);
zbiranje vlog se običajno izvaja na podlagi hitrih avkcij, čeprav možnost uporabe dvostranskih postopkov ni izključena (glej poglavje 5);
the Eurosystem may select, according to the criteria specified in Section 2.2, a limited number of counterparties for the collection of fixed-term deposits.
Eurosistem lahko v skladu z merili, določenimi v poglavju 2.2, izbere omejeno število nasprotnih strank za zbiranje vezanih vlog.
STANDING FACILITIES
ODPRTE PONUDBE
Counterparties may use the marginal lending facility to obtain overnight liquidity from national central banks at a pre-specified interest rate against eligible assets (as set out in Chapter 6).
Nasprotne stranke lahko uporabijo odprto ponudbo mejnega posojila, da pridobijo likvidnost čez noč od nacionalnih centralnih bank po vnaprej določeni obrestni meri na podlagi primernega finančnega premoženja za zavarovanje terjatev (kakor je določeno v poglavju 6).
The facility is intended to satisfy counterparties’ temporary liquidity needs.
Namen instrumenta je zadovoljiti začasne likvidnostne potrebe nasprotnih strank.
Under normal circumstances, the interest rate on the facility provides a ceiling for the overnight market interest rate.
V normalnih okoliščinah predstavlja obrestna mera za mejno posojilo zgornjo mejo obrestne mere na trgu čez noč.
The terms and conditions of the facility are identical throughout the euro area.
Pogoji za to operacijo so enaki v celotnem euroobmočju.
The national central banks may provide liquidity under the marginal lending facility either in the form of overnight 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 on the next business day) or as overnight collateralised loans (i.e. an enforceable security interest is provided over the assets but, assuming fulfilment of the debt obligation, ownership of the asset is retained by the debtor).
Nacionalne centralne banke lahko ponudijo odprto ponudbo mejnega posojila bodisi v obliki repo pogodb čez noč (tj. lastništvo nad finančnim premoženjem se prenese na upnika, istočasno pa stranki skleneta povratno transakcijo vračila lastništva finančnega premoženja nazaj na dolžnika z naslednjim delovnim dnem) ali z zavarovanimi posojili čez noč (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 repurchase agreements are specified in the contractual arrangements applied by the respective national central bank.
Ostale določbe za repo pogodbe so določene v pogodbenih ureditvah, ki jih uporablja posamezna nacionalna centralna banka.
Arrangements for providing the liquidity in the form of 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 (a pledge, an assignment or a charge) which apply in different jurisdictions.
Ureditve za zagotavljanje likvidnosti 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)).
Access conditions
Pogoji dostopa
Institutions fulfilling the general counterparty eligibility criteria specified in Section 2.1 may access the marginal lending facility.
Do odprte ponudbe mejnega posojila imajo dostop institucije, ki izpolnjujejo splošna merila primernosti za nasprotne stranke, določena v poglavju 2.1.
Access to the marginal lending facility is granted through the national central bank in the Member State in which the institution is established.
Dostop do mejnega posojila je mogoč prek nacionalne centralne banke v državi članici, v kateri je institucija ustanovljena.
Access to the marginal lending facility is granted only on days when the relevant national real-time gross settlement (RTGS) system and the relevant securities settlement system(s) (SSS(s)) are operational.
Dostop do odprte ponudbe mejnega posojila je mogoč samo ob dnevih, ko sta ustrezni nacionalni sistem bruto poravnave v realnem času (BPRČ) in ustrezni poravnalni sistem vrednostnih papirjev (PSVP) odprta za poslovanje.
At the end of each business day, counterparties’ intraday debit positions on their settlement account with the national central banks are automatically considered to be a request for recourse to the marginal lending facility.
Morebitna dolžniška pozicija nasprotne stranke na poravnalnem računu pri nacionalni centralni banki ob koncu vsakega delovnega dne se samodejno šteje kot zahtevek za dostop do mejnega posojila.
The procedures for end-of-day access to the marginal lending facility are specified in Section 5.3.3.
Postopki dostopa do mejnega posojila ob koncu dneva so določeni v poglavju 5.3.3.
A counterparty may also be granted access to the marginal lending facility by sending a request to the national central bank in the Member State in which the counterparty is established.
Nasprotna stranka lahko dobi dostop do odprte ponudbe mejnega posojila tudi tako, da pošlje zahtevek nacionalni centralni banki države članice, v kateri je ustanovljena.
The deadline for requesting access to the marginal lending facility is postponed by an additional 30 minutes on the last Eurosystem business day of a reserve maintenance period.
Skrajni rok za zahtevek za dostop do odprte ponudbe mejnega posojanja se na zadnji delovni dan Eurosistema v obdobju izpolnjevanja obveznih rezerv podaljša za dodatnih 30 minut.
In the request, the amount of credit must be stated and, if underlying assets for the transaction have not already been pre-deposited with the national central bank, the underlying assets to be delivered for the transaction must be specified.
V zahtevku je treba navesti znesek posojila, če primerno finančno premoženje za zavarovanje terjatev za transakcijo ni bilo vnaprej deponirano pri nacionalni centralni banki, pa je treba opredeliti tudi primerno finančno premoženje za zavarovanje terjatev mejnega posojanja.
Apart from the requirement to present sufficient underlying eligible assets, there is no limit to the amount of funds that can be advanced under the marginal lending facility.
Razen zahteve po predložitvi zadostnega primernega finančnega premoženja za zavarovanje terjatve ni omejitve glede denarnega zneska, ki se lahko odobri v okviru odprte ponudbe mejnega posojila.
Maturity and interest terms
Dospelost in izračun obresti
The maturity of credit extended under the facility is overnight.
Dospelost posojila, odobrenega na podlagi odprte ponudbe mejnega posojila, je čez noč.
For counterparties participating directly in TARGET, the credit is repaid on the next day on which the relevant national RTGS system and the relevant SSS(s) are operational, at the time at which those systems open.
Nasprotne stranke, ki so neposredno udeležene v sistemu TARGET, posojilo odplačajo naslednji dan, ko sta ustrezni nacionalni sistem BPRČ in ustrezni poravnalni sistem vrednostnih papirjev (PSVP) operativna, in sicer v trenutku, ko se odpreta za poslovanje.
The interest rate is announced in advance by the Eurosystem and is calculated as a simple interest rate based on the day-count convention ‘actual/360’.
Obrestno mero objavi Eurosistem vnaprej in se izračuna kot linearna obrestna mera, pri čemer se za štetje dni uporablja konvencija „dejansko število dni/360 dni v letu“.
Suspension of the facility
Ukinitev odprte ponudbe
Access to the facility is granted only in accordance with the objectives and general monetary policy considerations of the ECB.
Dostop do odprte ponudbe mejnega depozita se odobri samo v skladu s cilji in splošnimi usmeritvami denarne politike ECB.
The ECB may adapt the conditions of the facility or suspend it at any time.
ECB lahko kadar koli prilagodi pogoje instrumenta ali ga ukine.
Counterparties can use the deposit facility to make overnight deposits with national central banks.
Nasprotne stranke lahko uporabijo odprto ponudbo mejnega depozita za sklenitev depozitov čez noč pri nacionalnih centralnih bankah.
The deposits are remunerated at a pre-specified interest rate.
Depoziti se obrestujejo po vnaprej določeni obrestni meri.
Under normal circumstances, the interest rate on the facility provides a floor for the overnight market interest rate.
V normalnih okoliščinah obrestna mera za odprto ponudbo mejnega depozita predstavlja spodnjo mejo obrestne mere na trgu čez noč.
The terms and conditions of the deposit facility are identical throughout the euro area [19].
Pogoji za mejni depozit so enaki v celotnem euroobmočju [19].
The overnight deposits accepted from counterparties are remunerated at a fixed rate of interest.
Depoziti čez noč, sprejeti od nasprotnih strank, se obrestujejo po fiksni obrestni meri.
No collateral is given to the counterparty in exchange for the deposits.
V zameno za depozite se nasprotnim strankam ne daje zavarovanja.
Access conditions [20]
Pogoji dostopa [20]
Institutions fulfilling the general counterparty eligibility criteria specified in Section 2.1 may access the deposit facility.
Do odprte ponudbe mejnega depozita lahko dostopijo institucije, ki izpolnjujejo splošna merila primernosti za nasprotne stranke, določena v poglavju 2.1.
Access to the deposit facility is granted through the national central bank in the Member State in which the institution is established.
Dostop do odprte ponudbe je mogoč prek nacionalne centralne banke v državi članici, v kateri je institucija ustanovljena.
Access to the deposit facility is granted only on days when the relevant national RTGS system is open.
Dostop je mogoč samo na dneve, ko je ustrezni nacionalni sistem BPRČ odprt za poslovanje.
To be granted access to the deposit facility, the counterparty must send a request to the national central bank in the Member State in which the counterparty is established.
Da se nasprotni stranki dovoli dostop do odprte ponudbe mejnega depozita, mora poslati zahtevek nacionalni centralni banki države članice, v kateri je ustanovljena.
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, which is, as a general rule, 6 p.m. ECB time (CET) [21] [22].
Da bi nacionalna centralna banka lahko obravnavala zahtevek še isti dan, mora nacionalna centralna banka zahtevek prejeti najpozneje 30 minut po dejanskem času zaprtja sistema TARGET, ki je praviloma ob 18.00 uri po času ECB (srednjeevropski čas) [21] [22].
The deadline for requesting access to the deposit facility is postponed by an additional 30 minutes on the last Eurosystem business day of a reserve maintenance period.
Skrajni rok za zahtevek za dostop do odprte ponudbe mejnega depozita se na zadnji delovni dan Eurosistema v obdobju izpolnjevanja obveznih rezerv podaljša za dodatnih 30 minut.
In the request, the amount to be deposited under the facility is to be stated.
V zahtevku je treba navesti znesek depozita.
There is no limit to the amount a counterparty may deposit under the facility.
Znesek, ki ga nasprotna stranka lahko deponira v okviru odprte ponudbe mejnega depozita, ni omejen.
The maturity of deposits under the facility is overnight.
Dospelost depozita v okviru odprte ponudbe mejnega depozita je čez noč.
For counterparties participating directly in TARGET, deposits held under the facility mature on the next day on which the relevant national RTGS system is operational, at the time at which this system opens.
Za nasprotne stranke, ki so neposredno udeležene v sistemu TARGET, imajo depoziti rok dospelosti naslednji dan, ko je ustrezni nacionalni sistem BPRČ operativen, in sicer v trenutku, ko se odpre za poslovanje.
The ECB may change the interest rate at any time, effective, at the earliest, from the following Eurosystem business day [23].
ECB lahko kadar koli spremeni obrestno mero, z veljavnostjo ne prej kot naslednji delovni dan Eurosistema [23].
Interest on the deposits is payable on maturity of the deposit.
Obresti na depozite se plačajo ob dospelosti depozita.
PROCEDURES
POSTOPKI
Eurosystem open market operations are normally executed in the form of tenders.
Operacije odprtega trga Eurosistema se običajno izvajajo v obliki avkcij.
The Eurosystem’s tender procedures are performed in six operational steps, as specified in Box 3.
Avkcijski postopki Eurosistema se izvajajo v šestih operativnih korakih, kakor so navedeni v okvirju 3.
The Eurosystem distinguishes between two different types of tender procedures: standard tenders and quick tenders.
Eurosistem razlikuje med dvema različnima avkcijskima postopkoma: standardne avkcije in hitre avkcije.
The procedures for standard and quick tenders are identical, except for the time frame and the range of counterparties.
Postopki za standardne in hitre avkcije so enaki, razen rokov izvedbe in kroga nasprotnih strank.
For standard tenders, a maximum of 24 hours elapses from the announcement of the tender to the certification of the allotment result (where the time between the submission deadline and the announcement of the allotment result is approximately two hours).
Pri standardnih avkcijah lahko poteče največ 24 ur od najave avkcije do pošiljanja obvestil uspešnim ponudnikom (pri čemer je čas med rokom za posredovanje protiponudb in objavo dodelitve približno dve uri).
Chart 1 gives an overview of the normal time frame for the operational steps for standard tenders.
Slika 1 prikazuje običajen časovni okvir za operativne korake standardnih avkcij.
The ECB may decide to adjust the time frame in individual operations, if deemed appropriate.
ECB se lahko odloči, da prilagodi časovni okvir pri posameznih operacijah, če meni, da je to primerno.
The main refinancing operations, the longer-term refinancing operations and structural operations (with the exception of outright transactions) are always executed in the form of standard tenders.
Operacije glavnega refinanciranja, operacije dolgoročnejšega refinanciranja in strukturne operacije (razen dokončnih transakcij) se vedno izvajajo v obliki standardnih avkcij.
Counterparties fulfilling the general eligibility criteria specified in Section 2.1 may participate in standard tenders.
Standardnih avkcij se lahko udeležijo nasprotne stranke, ki izpolnjujejo splošna merila primernosti iz poglavja 2.1.
Quick tenders are normally executed within 90 minutes of the announcement of the tender, with certification taking place immediately after the announcement of the allotment result.
Hitre avkcije se običajno izvedejo v roku 90 minut po najavi avkcije, obvestila uspešnim ponudnikom pa se pošljejo takoj po objavi rezultatov.
The normal time frame for the operational steps for quick tenders is specified in Chart 2.
Običajni časovni okvir za izvajanje operativnih korakov v hitrih avkcijah je prikazan v sliki 2.
Quick tenders are only used for the execution of fine-tuning operations.
Hitre avkcije se uporabljajo izključno pri izvajanju operacij finega uravnavanja.
The Eurosystem may select, according to the criteria and procedures specified in Section 2.2, a limited number of counterparties to participate in quick tenders.
Eurosistem lahko v skladu z merili in postopki iz poglavja 2.2 izbere omejeno število nasprotnih strank za sodelovanje na hitrih avkcijah.
Fixed rate and variable rate tenders
Avkcije s fiksno mero in avkcije z variabilno mero
The Eurosystem has the option of conducting either fixed rate (volume) or variable rate (interest) tenders.
Eurosistem ima možnost izvajati bodisi avkcije s fiksno mero (licitira se količina) bodisi avkcije z variabilno mero (licitira se obrestna mera).
In a fixed rate tender, the ECB specifies the interest rate in advance and participating counterparties bid the amount of money they want to transact at the fixed interest rate [24].
Pri avkciji s fiksno mero ECB vnaprej določi obrestno mero in udeležene nasprotne stranke v protiponudbah navedejo denarni znesek posla, ki ga želijo skleniti po fiksni obrestni meri [24].
In a variable rate tender, counterparties bid the amounts of money and the interest rates at which they want to enter into transactions with the national central banks [25].
Pri avkciji z variabilno mero nasprotne stranke v protiponudbah navedejo denarne zneske in obrestne mere, po katerih želijo skleniti posle z nacionalnimi centralnimi bankami [25].
BOX 3
OKVIR 3
Operational steps for tender procedures
Operativni koraki avkcijskih postopkov
Step 1 Tender announcement
Korak 1 Najava avkcije
Announcement by the ECB through public wire services
objava s strani ECB prek javnih elektronskih medijev
Announcement by the national central banks through national wire services and directly to individual counterparties (if deemed necessary)
objava s strani nacionalnih centralnih bank prek nacionalnih elektronskih medijev in neposredno posameznim nasprotnim strankam (po potrebi)
Step 2 Counterparties’ preparation and submission of bids
Korak 2 Priprava in posredovanje protiponudb s strani nasprotnih strank
Step 3 Compilation of bids by the Eurosystem
Korak 3 Zbiranje protiponudb s strani Eurosistema
Step 4 Tender allotment and announcement of tender results
Korak 4 Dodelitev in objava rezultatov avkcije
ECB allotment decision
odločitev ECB o dodelitvi
Announcement of the allotment result
objava dodelitve
Step 5 Certification of individual allotment results
Korak 5 Pošiljanje obvestil uspešnim ponudnikom
Step 6 Settlement of the transactions (see Section 5.3)
Korak 6 Poravnava transakcij (glej poglavje 5.3)
Main and longer-term refinancing operations
Operacije glavnega in dolgoročnejšega refinanciranja
The main and the longer-term refinancing operations are executed according to an indicative calendar published by the Eurosystem [26].
Operacije glavnega in dolgoročnejšega refinanciranja se izvajajo v skladu z okvirnim koledarjem, ki ga objavi Eurosistem [26].
The calendar is published at least three months before the start of the year for which it is valid.
Koledar se objavi najmanj tri mesece pred začetkom leta, za katerega velja.
The normal trade days for the main and the longer-term refinancing operations are specified in Table 2.
Običajni trgovalni dnevi za operacije glavnega in dolgoročnejšega refinanciranja so navedeni v tabeli 2.