natgillin/translations-raw huggingface dataset:
The percentage of allotment at the marginal swap point quotation is:
Odstotek dodelitve pri mejni kotaciji swap točk je:
The allotment to the ith counterparty at the marginal swap point quotation is:
Znesek dodelitve i-ti nasprotni stranki pri mejni kotaciji swap točk je:
sth swap point quotation bid by the counterparties
s-ta kotacija swap točk, ki jo licitirajo nasprotne stranke
amount bid at the sth swap point quotation (Δs) by the ith counterparty
ponujeni znesek pri s-ti kotaciji swap točk (Δs) s strani i-te nasprotne stranke
total amount bid at the sth swap point quotation (Δs)
skupni ponujeni znesek pri s-ti kotaciji swap točk (Δs)
marginal swap point quotation:
mejna kotacija swap točk
for a liquidity-providing foreign exchange swap
pri valutni zamenjavi za povečevanje likvidnosti
for a liquidity-absorbing foreign exchange swap
pri valutni zamenjavi za umikanje likvidnosti
swap point quotation before the marginal swap point quotation (last swap point quotation at which bids are completely satisfied):
kotacija swap točk pred mejno kotacijo swap točk (zadnja kotacija swap točk, pri kateri se protiponudbe v celoti sprejmejo),
percentage of allotment at the marginal swap point quotation
odstotek dodelitve pri mejni kotaciji swap točk
allotment to the ith counterparty at the sth swap point quotation
dodelitev i-ti nasprotni stranki pri s-ti kotaciji swap točke
The results of standard and quick tenders are announced publicly by means of wire services.
Rezultati standardnih in hitrih avkcij se javno objavijo prek elektronskih medijev.
In addition, national central banks may announce the allotment result directly to counterparties without access to wire services.
Poleg tega lahko nacionalne centralne banke o rezultatih dodelitve neposredno obvestijo nasprotne stranke, ki nimajo dostopa do elektronskih medijev.
The public tender result message normally contains the following information:
Javno sporočilo o rezultatih avkcije običajno vsebuje naslednje podatke:
the type of operation;
vrsta operacije;
the total amount bid by Eurosystem counterparties;
skupni znesek protiponudb s strani nasprotnih strank Eurosistema;
the number of bidders;
število ponudnikov;
the currencies involved (in the case of foreign exchange swaps);
valute, uporabljene v operaciji (pri valutnih zamenjavah);
the total amount allotted;
skupni dodeljeni znesek;
the percentage of allotment (in the case of fixed rate tenders);
odstotek dodelitve (pri avkcijah s fiksno mero);
the spot exchange rate (in the case of foreign exchange swaps);
promptni devizni tečaj (pri valutnih zamenjavah);
the marginal interest rate/price/swap point accepted and the percentage of allotment at the marginal interest rate/price/swap point (in the case of variable rate tenders);
mejna obrestna mera/cena/swap točke in odstotek dodelitve pri mejni obrestni meri/ceni/swap točkah (pri avkcijah z variabilno mero);
the minimum bid rate, maximum bid rate and weighted average allotment rate (in the case of multiple rate auctions);
najnižja licitirana obrestna mera/cena/swap točke, najvišja licitirana obrestna mera/cena/swap točke in tehtana povprečna obrestna mera/cena/swap točke dodelitve (pri avkcijah ameriškega tipa);
the start date and maturity date of the operation (if applicable) or the value date and maturity date of the instrument (in the case of the issuance of debt certificates);
datum začetka in datum dospelosti operacije (če je predvideno) ali datum valute in datum dospelosti instrumenta (pri izdaji dolžniških certifikatov);
The national central banks will directly certify the individual allotment result to successful counterparties.
Nacionalne centralne banke obvestijo uspešne ponudnike o rezultatih dodelitve neposredno.
The national central banks may execute operations on the basis of bilateral procedures [34].
Nacionalne centralne banke lahko izvajajo operacije na podlagi dvostranskih postopkov [34].
These procedures may be used for fine-tuning open market operations and structural outright operations.
Ti postopki se lahko uporabljajo za operacije finega uravnavanja na odprtem trgu in strukturne dokončne operacije.
They are defined in a broad sense as any procedures where the Eurosystem conducts a transaction with one or a few counterparties without a tender.
V širšem smislu so opredeljeni kot katerikoli postopki, v katerih Eurosistem izvede transakcijo z eno ali več nasprotnimi strankami brez uporabe avkcijskega postopka.
In this respect, two different types of bilateral procedures can be distinguished: operations where counterparties are contacted directly by the Eurosystem, and operations executed through stock exchanges and market agents.
Tu lahko razlikujemo med dvema različnima vrstama dvostranskih postopkov: operacije, pri katerih Eurosistem neposredno stopi v stik z nasprotnimi strankami, in operacije, ki se izvajajo prek borz vrednostnih papirjev in tržnih posrednikov.
Direct contact with counterparties
Neposreden stik z nasprotnimi strankami
In this procedure, the national central banks directly contact one or a few domestic counterparties, which are selected according to the criteria specified in Section 2.2.
Pri tem postopku nacionalne centralne banke neposredno stopijo v stik z eno ali več domačimi nasprotnimi strankami, izbrano(-imi) v skladu z merili iz poglavja 2.2.
According to the precise instructions given by the ECB, the national central banks decide whether to enter into a deal with the counterparties.
V skladu z natančnimi navodili ECB se nacionalne centralne banke odločijo, ali bodo sklenile posel z nasprotnimi strankami.
The transactions are settled through the national central banks.
Transakcije se poravnajo prek nacionalnih centralnih bank.
If the Governing Council of the ECB were to decide that, under exceptional circumstances, bilateral operations could also be executed by the ECB itself (or by one or a few national central banks acting as the operating arm of the ECB), the procedures for such operations would be adapted accordingly.
Če bi Svet ECB odločil, da lahko v izrednih okoliščinah dvostranske operacije izvaja tudi sama ECB (ali ena ali več nacionalnih centralnih bank, ki bi delovale kot operativna enota ECB), bi se postopki za tovrstne operacije ustrezno prilagodili.
In this case, the ECB (or the national central bank(s) acting as the operating arm of the ECB) would directly contact one or a few counterparties in the euro area, selected according to the criteria specified in Section 2.2.
V tem primeru bi ECB (ali nacionalna(-e) centralna(-e) banka(-e) v vlogi operativne enote ECB) neposredno stopila v stik z eno ali več nasprotnimi strankami v euroobmočju, izbranimi v skladu z merili iz poglavja 2.2.
The ECB (or the national central bank(s) acting as the operating arm of the ECB) would decide whether to enter into a deal with the counterparties.
ECB (ali nacionalna(-e) centralna(-e) banka(-e) v vlogi operativne enote ECB) bi se odločila, ali bo sklenila posel z nasprotnimi strankami.
The transactions would nevertheless be settled in a decentralised manner through the national central banks.
Transakcije bi se kljub temu poravnale decentralizirano prek nacionalnih centralnih bank.
Bilateral operations through direct contact with counterparties can be applied for reverse transactions, outright transactions, foreign exchange swaps and the collection of fixed-term deposits.
Dvostranske operacije prek neposrednega stika z nasprotnimi strankami se lahko uporabijo za povratne transakcije, dokončne transakcije, valutne zamenjave in zbiranje vezanih vlog.
Operations executed through stock exchanges and market agents
Operacije, izvedene prek borz vrednostnih papirjev in tržnih posrednikov
The national central banks can execute outright transactions through stock exchanges and market agents.
Nacionalne centralne banke lahko izvajajo dokončne transakcije prek borz vrednostnih papirjev in tržnih posrednikov.
For these operations, the range of counterparties is not restricted a priori and the procedures are adapted to the market conventions for the debt instruments transacted.
Pri teh operacijah krog nasprotnih strank ni vnaprej omejen, postopki pa so prilagojeni tržnim običajem, ki veljajo za dolžniške instrumente, za katere se sklepajo posli.
The Governing Council of the ECB will decide whether, under exceptional circumstances, the ECB itself (or one or a few national central banks acting as the operating arm of the ECB) may execute fine-tuning outright operations through stock exchanges and market agents.
Svet ECB lahko odloči, da v izrednih okoliščinah ECB sama (ali ena ali več nacionalnih centralnih bank v vlogi operativne enote ECB) izvaja dokončne operacije finega uravnavanja prek borz vrednostnih papirjev in tržnih posrednikov.
Announcement of bilateral operations
Najava dvostranskih operacij
Bilateral operations are normally not announced publicly in advance.
Dvostranske operacije se običajno vnaprej javno ne najavijo.
In addition, the ECB may decide not to announce the results of bilateral operations publicly.
Poleg tega se lahko ECB odloči, da rezultatov dvostranskih operacij ne bo javno objavila.
The ECB may decide to conduct fine-tuning bilateral operations on any Eurosystem business day.
ECB se lahko odloči, da bo dvostranske operacije finega uravnavanja izvedla na katerikoli delovni dan Eurosistema.
Only national central banks of Member States where the trade day, the settlement day and the reimbursement day are NCB business days participate in such operations.
V teh operacijah sodelujejo samo nacionalne centralne banke držav članic, v katerih so trgovalni dan, dan poravnave in dan izplačila delovni dnevi nacionalne centralne banke.
Outright bilateral operations for structural purposes are normally only conducted and settled on days which are NCB business days in all Member States.
Dokončne dvostranske operacije za strukturne namene se običajno izvajajo in poravnavajo samo na dneve, ki so delovni dnevi nacionalne centralne banke v vseh državah članicah.
Money transactions relating to the use of Eurosystem standing facilities or to participation in open market operations are settled on the counterparties’ accounts with the national central banks (or on the accounts of settlement banks participating in the TARGET system).
Denarne transakcije, povezane z uporabo odprtih ponudb Eurosistema ali s sodelovanjem v operacijah odprtega trga, se poravnajo prek računov nasprotnih strank pri nacionalnih centralnih bankah (ali prek računov poravnalnih bank udeleženk sistema TARGET).
Money transactions are settled only after (or at the moment of) the final transfer of the assets underlying the operation.
Denarne transakcije se poravnajo šele po (ali ob) dokončnem prenosu primernega finančnega premoženja za zavarovanje terjatev operacije.
This implies that underlying assets need either to have been pre-deposited in a safe custody account at the national central banks or to be settled with said national central banks on an intraday delivery-versus-payment basis.
To pomeni, da je treba primerno finančno premoženje bodisi vnaprej deponirati na skrbniškem računu pri nacionalni centralni banki bodisi poravnati na podlagi sistema dostave proti plačilu pri ustrezni nacionalni centralni banki.
The transfer of underlying assets is executed via the counterparties’ securities settlement accounts with SSSs fulfilling the ECB’s minimum standards [35].
Prenos primernega finančnega premoženja za zavarovanje terjatev se izvrši prek računov za poravnavo poslov z vrednostnimi papirji nasprotnih strank pri poravnalnih sistemih vrednostnih papirjev (PSVP), ki izpolnjujejo minimalne zahteve ECB [35].
Counterparties without a safe custody account with a national central bank or a securities settlement account with an SSS fulfilling the ECB’s minimum standards may settle the transactions of underlying assets through the securities settlement account or the safe custody account of a correspondent credit institution.
Nasprotne stranke brez skrbniškega računa pri nacionalni centralni banki ali brez računa za poravnavo poslov z vrednostnimi papirji pri PSVP, ki izpolnjuje minimalne zahteve ECB, lahko transakcije s primernim finančnim premoženjem poravnajo prek računa za poravnavo poslov z vrednostnimi papirji ali skrbniškega računa korespondenčne kreditne institucije.
Further provisions related to the settlement procedures are defined in the contractual arrangements applied by the national central banks (or the ECB) for the specific monetary policy instruments.
Ostale določbe v zvezi s postopki poravnave so opredeljene v pogodbenih ureditvah, ki jih uporabljajo nacionalne centralne banke (ali ECB) za posamezne instrumente denarne politike.
The settlement procedures may differ slightly between national central banks owing to differences in national law and operational practices.
Postopki poravnave v posameznih nacionalnih centralnih bankah se lahko zaradi različnih nacionalnih zakonodaj in operativnih praks med seboj nekoliko razlikujejo.
Normal settlement dates for Eurosystem open market operations [36]
Običajni datumi poravnave za operacije odprtega trga eurosistemaa [36]
Monetary policy instrument
Instrument denarne politike
Settlement date for operations based on standard tenders
Datum poravnave pri standardnih avkcijah
Settlement date for operations based on quick tenders or bilateral procedures
Datum poravnave pri hitrih avkcijah ali dvostranskih postopkih
According to market convention for the underlying assets
V skladu s tržnimi običaji na trgu finančnega premoženja za zavarovanje terjatev
Open market operations based on standard tenders (i.e. main refinancing operations, longer-term refinancing operations and structural operations) are normally settled on the first day following the trade day on which all relevant national RTGS systems and all relevant SSSs are open.
Operacije odprtega trga na podlagi standardnih avkcij (tj. operacije glavnega refinanciranja, operacije dolgoročnejšega refinanciranja in strukturne operacije) se običajno poravnajo na prvi dan po trgovalnem dnevu, ko so odprti vsi ustrezni nacionalni sistemi BPRČ in vsi ustrezni poravnalni sistemi vrednostnih papirjev (PSVP).
As a matter of principle, the Eurosystem aims to settle the transactions related to its open market operations at the same time in all Member States with all counterparties that have provided sufficient underlying assets.
Eurosistem si načeloma prizadeva poravnati transakcije v zvezi s svojimi operacijami odprtega trga istočasno v vseh državah članicah z vsemi nasprotnimi strankami, ki so zagotovile zadostno primerno finančno premoženje za zavarovanje terjatev.
However, owing to operational constraints and the technical features of SSSs, the timing within the day of the settlement of open market operations may differ across the euro area.
Vendar se lahko zaradi operativnih omejitev in tehničnih značilnosti sistemov PSVP časovna razporeditev na dan poravnave operacij odprtega trga znotraj euroobmočja med seboj razlikuje.
The time of settlement of the main and the longer-term refinancing operations normally coincides with the time of reimbursement of a previous operation of corresponding maturity.
Čas poravnave operacij glavnega in dolgoročnejšega refinanciranja običajno sovpada s časom vračila prejšnje operacije z ustrezno dospelostjo.
The Eurosystem aims to settle open market operations based on quick tenders and bilateral procedures on the trade day.
Eurosistem si prizadeva operacije odprtega trga na podlagi hitrih avkcij in dvostranskih postopkov poravnati na trgovalni dan.
However, the Eurosystem may, for operational reasons, occasionally apply other settlement dates for these operations, in particular for outright transactions (for fine-tuning as well as structural purposes) and foreign exchange swaps (see Table 3).
Vendar lahko Eurosistem v teh operacijah zaradi operativnih razlogov, zlasti pri dokončnih transakcijah (za namene finega uravnavanja in strukturne namene) in valutnih zamenjavah, občasno določi druge datume poravnave (glej tabelo 3).
The end-of-day procedures are specified in documentation related to the national RTGS systems and the TARGET system.
Postopki ob koncu dneva so opredeljeni v dokumentaciji v zvezi z nacionalnimi sistemi BPRČ in sistemom TARGET.
Counterparties’ requests for access to the marginal lending facility or to the deposit facility must be submitted to the respective national central bank at the latest 30 minutes after the actual closing time of the TARGET system [38].
Nasprotne stranke morajo zahtevek za dostop do mejnega posojila ali mejnega depozita predložiti ustrezni nacionalni centralni banki najpozneje 30 minut po dejanskem zaprtju sistema TARGET [38].
Any negative balances on the settlement accounts (in the national RTGS systems) of eligible counterparties remaining after the finalisation of the end-of-day control procedures are automatically considered to be a request for recourse to the marginal lending facility (see Section 4.1).
Negativna stanja na poravnalnih računih primernih nasprotnih strank (v nacionalnih sistemih BPRČ), ki ostanejo po zaključku kontrolnih postopkov ob koncu dneva, se avtomatsko štejejo kot zahtevek za dostop do mejnega posojanja (glej poglavje 4.1)
ELIGIBLE ASSETS
PRIMERNO FINANČNO PREMOŽENJE ZA ZAVAROVANJE
Article 18.1 of the Statute of the ESCB allows the ECB and the national central banks to transact in financial markets by buying and selling underlying assets outright or under repurchase agreements and requires all Eurosystem credit operations to be based on adequate collateral.
Člen 18.1 Statuta ESCB dovoljuje, da ECB in nacionalne centralne banke sklepajo posle na finančnih trgih z dokončnimi ali začasnimi nakupi in prodajami finančnega premoženja za zavarovanje terjatev, in zahteva, da vse kreditne operacije Eurosistema temeljijo na primernih zavarovanjih.
Consequently, all Eurosystem liquidity-providing operations are based on underlying assets provided by the counterparties either in the form of the transfer of ownership of assets (in the case of outright transactions or repurchase agreements) or in the form of a pledge, an assignment or a charge granted over relevant assets (in the case of collateralised loans) [39].
Zato vse operacije Eurosistema za povečevanje likvidnosti temeljijo na finančnem premoženju za zavarovanje terjatev, ki ga zagotovijo nasprotne stranke bodisi v obliki prenosa lastništva finančnega premoženja (v primeru dokončnih poslov ali repo pogodb) bodisi v obliki zastave premoženja, odstopa terjatve ali zavarovanja (charge) (v primeru zavarovanih posojil) [39].
With the aims of protecting the Eurosystem from incurring losses in its monetary policy operations and of ensuring the equal treatment of counterparties, as well as of enhancing operational efficiency and transparency, underlying assets have to fulfil certain criteria in order to be eligible for Eurosystem monetary policy operations.
Za zaščito Eurosistema pred izgubami v njegovih operacijah denarne politike in za zagotovitev enake obravnave nasprotnih strank, kakor tudi za povečanje poslovne učinkovitosti in preglednosti, mora finančno premoženje za zavarovanje terjatev izpolnjevati določena merila, da bi bilo primerno za operacije denarne politike Eurosistema.
The Eurosystem has developed a single framework for eligible assets common to all Eurosystem credit operations.
Eurosistem je razvil enoten okvir primernega finančnega premoženja za zavarovanje terjatev, ki je skupen za vse kreditne operacije Eurosistema.
This single framework (also referred to as the ‘Single List’) will come into effect on 1 January 2007 and will replace the two-tier system which has been in place from the start of Economic and Monetary Union and will be phased out by 31 May 2007 [40].The single framework comprises two distinct asset classes – marketable assets and non-marketable assets.
Enoten okvir (imenuje se tudi „enotna lista“) začne veljati 1. januarja 2007 in bo nadomestil sistem z dvema listama, ki je veljal od začetka ekonomske in monetarne unije ter bo postopno ukinjen do 31. maja 2007 [40].Enotni okvir obsega dva različna razreda finančnega premoženja, in sicer tržno finančno premoženje in netržno finančno premoženje.
No distinction is made between the two asset classes 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 obema razredoma ni razlik glede kakovosti finančnega premoženja in njegove primernosti za različne vrste operacij denarne politike Eurosistema, razen dejstva, da se netržno finančno premoženje v Eurosistemu ne uporablja za dokončne transakcije.
The assets eligible for Eurosystem monetary policy operations can also be used as underlying assets for intraday credit.
Premoženje, ki je primerno za operacije denarne politike Eurosistema, se lahko uporablja tudi kot finančno premoženje za zavarovanje terjatev za posojila čez dan.
The eligibility criteria for the two asset classes are uniform across the euro area [41] and are set out in Section 6.2.
Merila primernosti za oba razreda finančnega premoženja so poenotena za celotno euroobmočje [41] in so opisana v poglavju 6.2.
To ensure that the two asset classes comply with the same credit standards, a Eurosystem credit assessment framework (ECAF) has been set up, which relies on different credit assessment sources.
Da bi zagotovili, da oba razreda finančnega premoženja izpolnjujeta enake bonitetne standarde, je Eurosistem vzpostavil bonitetni okvir Eurosistema (ECAF), ki temelji na različnih bonitetnih virih.
The procedures and rules establishing and controlling the Eurosystem’s requirement of ‘high credit standards’ for all eligible collateral are outlined in Section 6.3.
Postopki in pravila, s katerimi Eurosistem ugotavlja in nadzira zahtevane „visoke bonitetne standarde“ za vse primerno finančno premoženje, so opisana v poglavju 6.3.
The risk control measures and valuation principles for underlying assets are set out in Sections 6.4 and 6.5.
Ukrepi za obvladovanje tveganj in načela vrednotenja, ki veljajo za finančno premoženje za zavarovanje terjatev, so razložena v poglavjih 6.4 in 6.5.
Eurosystem counterparties may use eligible assets on a cross-border basis (see Section 6.6).
Nasprotne stranke Eurosistema lahko uporabijo primerno finančno premoženje za zavarovanje terjatev tudi preko meje (glej poglavje 6.6).
The ECB establishes, maintains and publishes a list of eligible marketable assets [42].
ECB oblikuje, vzdržuje in objavlja listo primernega tržnega finančnega premoženja [42].
For non-marketable assets, the ECB will neither publish a list of eligible assets nor a list of eligible debtors/guarantors.
ECB za netržno finančno premoženje ne bo objavljala niti liste primernega finančnega premoženja niti liste primernih dolžnikov/garantov.
Debt certificates issued by the ECB and all debt certificates issued by the national central banks of the Eurosystem prior to the date of adoption of the euro in their respective Member State are eligible.
Dolžniški certifikati, ki jih je izdala ECB, ter vsi dolžniški certifikati, ki so jih izdale nacionalne centralne banke Eurosistema pred uvedbo eura v svoji državi članici, so primerni.
To determine the eligibility of other marketable assets, the following eligibility criteria are applied (see also Table 4):
Pri določanju primernosti drugega tržnega finančnega premoženja se uporabljajo naslednja merila primernosti (glej tudi tabelo 4).
Type of asset
Vrsta finančnega premoženja
It must be a debt instrument having:
Biti mora dolžniški instrument, ki ima:
a coupon that cannot result in a negative cash flow.
kupon, ki ne more povzročiti negativnega denarnega toka.
Furthermore, inflation-indexed bonds are also eligible.
Poleg tega so primerne tudi obveznice, ki so indeksirane na inflacijo.
Debt instruments may not afford rights to the principal and/or the interest that are subordinated to the rights of holders of other debt instruments of the same issuer.
Dolžniški instrumenti ne smejo dati pravice do glavnice in/ali obresti, ki so podrejene pravicam imetnikov drugih dolžniških instrumentov istega izdajatelja.