natgillin/translations-raw huggingface dataset:
Credit institutions which have obtained permission to use the IMM shall not revert to the use of the methods set out in Part 3 or Part 5 except for demonstrated good cause and subject to approval of the competent authorities.
Kreditne institucije, ki so pridobile dovoljenje za uporabo IMM, ne smejo ponovno začeti uporabljati metod iz dela 3 ali dela 5, razen iz dokazano upravičenega razloga in pod pogojem, da jim to odobrijo pristojni organi.
If a credit institution ceases to comply with the requirements set out in this Part, it shall either present to the competent authority a plan for a timely return to compliance or demonstrate that the effect of non‐compliance is immaterial.
Če kreditna institucija preneha izpolnjevati zahteve iz tega dela, pristojnemu organu predloži načrt za pravočasno ponovno uskladitev z zahtevami ali pa dokaže, da je učinek neizpolnjevanja zahtev nebistven.
Exposure value
Vrednost izpostavljenosti
The exposure value shall be measured at the level of the netting set.
Vrednost izpostavljenosti se meri na ravni niza pobotov.
The model shall specify the forecasting distribution for changes in the market value of the netting set attributable to changes in market variables, such as interest rates, foreign exchange rates.
Model podrobno določa porazdelitev napovedi sprememb tržnih vrednosti niza pobotov, ki se lahko pripiše spremembam tržnih spremenljivk, kakršne so obrestne mere in devizni tečaji.
The model shall then compute the exposure value for the netting set at each future date given the changes in the market variables.
Model nato izračuna vrednost izpostavljenosti na niz pobotov na vsak prihodnji datum glede na spremembe tržnih spremenljivk.
For margined counterparties, the model may also capture future collateral movements.
Za nasprotne stranke, katerih izpostavljenosti so zavarovane s kritji (margined counterparties), lahko model zajema tudi prihodnja gibanja vrednosti zavarovanja s premoženjem.
Credit institutions may include eligible financial collateral as defined in point 11 of Part 1 of Annex VIII to this Directive and point 9 of Annex II to Directive 2006/49/EC in their forecasting distributions for changes in the market value of the netting set, if the quantitative, qualitative and data requirements for the IMM are met for the collateral.
Kreditne institucije lahko vključijo upravičeno zavarovanje s finančnim premoženjem, kakor je opredeljeno v odstavku 11 dela 1 Priloge VIII te direktive in odstavku 9 Priloge II Direktive 2006/49/ES, v svoje napovedovalne porazdelitve sprememb tržnih vrednosti niza pobotov, če so za zavarovanje s premoženjem izpolnjene zahteve po količini, kakovosti in podatkih za IMM.
The exposure value shall be calculated as the product of α times Effective EPE, as follows:
Vrednost izpostavljenosti se izračuna kot zmnožek alfe (α) in dejanske pričakovane pozitivne izpostavljenosti (dejanska EPE):
Exposure value = α × Effective EPE
vrednost izpostavljenosti = α × dejanska EPE
alpha (α) shall be 1.4, but competent authorities may require a higher α, and Effective EPE shall be computed by estimating expected exposure (EEt) as the average exposure at future date t, where the average is taken across possible future values of relevant market risk factors.
alfa (α) je 1,4, vendar lahko pristojni organi zahtevajo višjo α, in dejanska EPE se izračuna z oceno pričakovane izpostavljenosti (EEt) kot povprečne izpostavljenosti na prihodnji datum t, pri čemer je povprečje vzeto iz možnih prihodnjih vrednosti ustreznih dejavnikov tržnega tveganja.
The model estimates EE at a series of future dates t1, t2, t3, etc.
Notranji model ocenjuje EE na časovni vrsti več prihodnjih datumov t1, t2, t3 itd.
Effective EE shall be computed recursively as:
Dejanska EE se izračunava kot:
Effective EEtk = max(Effective EEtk‐1; EEtk)
dejanska EEtk = max(dejanska EEtk-1; EEtk) EEtk)
the current date is denoted as t0 and Effective EEt0 equals current exposure.
tekoči datum je označen kot t0 in dejanska EEt0 je enaka tekoči izpostavljenosti.
In this regard, Effective EPE is the average Effective EE during the first year of future exposure.
V skladu s tem je dejanska EPE povprečje dejanske EE v prvem letu prihodnje izpostavljenosti.
If all contracts in the netting set mature within less than one year, EPE is the average of EE until all contracts in the netting set mature.
Če vse pogodbe v nizu pobotov zapadejo prej kakor v enem letu, je EPE povprečje pričakovane izpostavljenosti do zapadlosti vseh pogodb v nizu pobotov.
Effective EPE is computed as a weighted average of Effective EE:
Dejanska EPE se izračuna kot tehtano povprečje dejanske EE:
the weights Δtk = tk — tk‐1 allow for the case when future exposure is calculated at dates that are not equally spaced over time.
uteži Δtk = tk – tk-1 dopuščajo izračun prihodnjih izpostavljenosti na datume, ki niso enakomerno časovno porazdeljeni.
EE or peak exposure measures shall be calculated based on a distribution of exposures that accounts for the possible non‐normality of the distribution of exposures.
Velikosti EE ali konične izpostavljenosti se izračunajo na podlagi porazdelitve izpostavljenosti, ki upošteva možne nenormalnosti v porazdelitvi izpostavljenosti.
Credit institutions may use a measure that is more conservative than α multiplied by Effective EPE as calculated according to the equation above for every counterparty.
Kreditne institucije lahko uporabijo mero, ki je bolj konzervativno kakor je zmnožek α in dejanske EPE, kakor je izračunana v skladu z zgoraj navedeno enačbo, za vsako nasprotno stranko.
Notwithstanding point 7, competent authorities may permit credit institutions to use their own estimates of α, subject to a floor of 1,2, where α shall equal the ratio of internal capital from a full simulation of CCR exposure across counterparties (numerator) and internal capital based on EPE (denominator).
Ne glede na odstavek 7 lahko pristojni organi dovolijo kreditnim institucijam, da uporabijo svoje lastne ocene α, ob upoštevanju praga 1,2 za α, pri čemer je α enako razmerju med ekonomskim kapitalom, ki izhaja iz popolne simulacije izpostavljenosti do vseh nasprotnih strank (števec), in ekonomskim kapitalom izračunanim na podlagi EPE (imenovalec).
In the denominator, EPE shall be used as if it were a fixed outstanding amount.
V imenovalcu se EPE šteje kot določen neplačan znesek dolga.
Credit institutions shall demonstrate that their internal estimates of α capture in the numerator material sources of stochastic dependency of distribution of market values of transactions or of portfolios of transactions across counterparties.
Kreditne institucije dokažejo, da njihove lastne ocene α v števcu zajemajo bistvene vire stokastične odvisnosti (korelacije) razporeditve tržnih vrednosti poslov ali portfeljev poslov do vseh nasprotnih strank.
Internal estimates of α shall take account of the granularity of portfolios.
Lastne ocene α upoštevajo razdrobljenost portfeljev.
A credit institution shall ensure that the numerator and denominator of α are computed in a consistent fashion with respect to the modelling methodology, parameter specifications and portfolio composition.
Kreditna institucija zagotovi, da se števec in imenovalec za α izračunata dosledno glede na metodologijo modeliranja, specifikacije parametrov in sestavo portfelja.
The approach used shall be based on the credit institution's internal capital approach, be well documented and be subject to independent validation.
Uporabljeni pristop temelji na notranjem ekonomskem kapitalu kreditne institucije, je dobro dokumentiran in je predmet neodvisnega ovrednotenja.
In addition, credit institutions shall review their estimates on at least a quarterly basis, and more frequently when the composition of the portfolio varies over time.
Poleg tega kreditne institucije preverjajo lastne ocene α vsaj vsako četrtletje oziroma bolj pogosto, kadar se sestava portfelja spreminja.
Credit institutions shall also assess the model risk.
Kreditne institucije tudi ocenjujejo tveganje, ki izhaja iz modela.
Where appropriate, volatilities and correlations of market risk factors used in the joint simulation of market and credit risk should be conditioned on the credit risk factor to reflect potential increases in volatility or correlation in an economic downturn.
Kjer je to primerno, bi nestanovitnosti in korelacije dejavnikov tržnega tveganja, uporabljene v skupni simulaciji tržnega in kreditnega tveganja, morale biti pogojene z dejavnikom kreditnega tveganja, da bi prikazale potencialna povečanja nestanovitnosti ali korelacije v obdobju gospodarske recesije.
If the netting set is subject to a margin agreement, credit institutions shall use one of the following EPE measures:
Če se za niz pobotov uporablja dogovor o kritju, kreditne institucije uporabijo eno od naslednjih meril EPE:
Effective EPE without taking into account the margin agreement;
dejanska EPE brez upoštevanja dogovora o kritju;
the threshold, if positive, under the margin agreement plus an add‐on that reflects the potential increase in exposure over the margin period of risk.
prag, če je pozitiven, v dogovoru o kritju, plus pribitek, ki prikazuje potencialno povečanje izpostavljenosti v obdobju kritja za tveganje.
The add‐on is computed as the expected increase in the netting set's exposure beginning from a current exposure of zero over the margin period of risk.
Pribitek se izračuna kot pričakovano povečanje izpostavljenosti v nizu pobotov, začenši s tekočo izpostavljenostjo nič v obdobju kritja za tveganje.
A floor of five business days for netting sets consisting only of repo‐style transactions subject to daily remargining and daily mark‐to‐market, and ten business days for all other netting sets is imposed on the margin period of risk used for this purpose; or
Za obdobje kritja za tveganja, ki se uporablja za ta namen, je določen prag petih delovnih dni za nize pobotov, sestavljenih samo iz poslov ali podobnih poslom začasne prodaje/začasnega nakupa, ob upoštevanju dnevnega spreminjanja/oblikovanja kritja in dnevnega vrednotenja na podlagi tekočih tržnih cen, ter desetih delovnih dni za vse druge nize pobotov; ali
if the model captures the effects of margining when estimating EE, the model's EE measure may be used directly in the equation in point 8 subject to the approval of the competent authorities.
če notranji model zajame učinke oblikovanja kritja pri ocenjevanju EE, se ob upoštevanju odobritve pristojnih organov, EE izračunan z modelom lahko uporablja neposredno v enačbi iz odstavka 8.
Minimum requirements for EPE models
Minimalne zahteve za EPE model
A credit institution's EPE model shall meet the operational requirements set out in points 17 to 41.
Model EPE kreditne institucije izpolnjuje operativne zahteve iz odstavkov 17 do 41.
The credit institution shall have a control unit that is responsible for the design and implementation of its CCR management system, including the initial and on‐going validation of the model.
Kreditna institucija vzpostavi kontrolno enoto, ki je pristojna za oblikovanje in izvajanje njenega sistema upravljanja CCR, vključno z začetnim in sprotnim ovrednotenjem notranjega modela.
This unit shall control input data integrity and produce and analyse reports on the output of the credit institution's risk measurement model, including an evaluation of the relationship between measures of risk exposure and credit and trading limits.
Ta enota kontrolira celovitost vhodnih podatkov ter izdeluje in analizira poročila o rezultatih modela glede merjenja tveganj kreditne institucije, vključno z ovrednotenjem odnosa med merami izpostavljenosti tveganjem ter kreditnimi in trgovalnimi limiti.
This unit shall be independent from units responsible for originating, renewing or trading exposures and free from undue influence; it shall be adequately staffed; it shall report directly to the senior management of the credit institution.
Ta enota je neodvisna od enote za poslovanje s krediti in enote trgovanja in ni izpostavljena neprimernim vplivom; enota ima primerno osebje; enota poroča neposredno višjemu vodstvu kreditne institucije.
The work of this unit shall be closely integrated into the day‐to‐day credit risk management process of the credit institution.
Delo te enote je tesno vključeno v procese vsakodnevnega upravljanja s kreditnimi tveganji kreditne institucije.
Its output shall, accordingly, be an integral Part of the process of planning, monitoring and controlling the credit institution's credit and overall risk profile.
Njeni rezultati so v skladu s tem sestavni del procesa načrtovanja, spremljanja in kontroliranja kreditnega tveganja in celotnega profila tveganja kreditne institucije.
A credit institution shall have CCR management policies, processes and systems that are conceptually sound and implemented with integrity.
Kreditna institucija ima politike, procese in sisteme upravljanja CCR, ki so zanesljivi in se izvajajo celovito.
A sound CCR management framework shall include the identification, measurement, management, approval and internal reporting of CCR.
Zanesljiv okvir upravljanja CCR vključuje prepoznavanje, merjenje, upravljanje, odobritev in notranje poročanje o CCR.
A credit institution's risk management policies shall take account of market, liquidity, and legal and operational risks that can be associated with CCR.
Politike kreditne institucije za upravljanje s tveganji upoštevajo tržna, likvidnostna ter pravna in operativna tveganja, ki jih je mogoče povezati s CCR.
The credit institution shall not undertake business with a counterparty without assessing its creditworthiness and shall take due account of settlement and pre‐settlement credit risk.
Kreditna institucija ne sklepa poslov z nasprotno stranko, če ne preveri njene kreditne sposobnosti, in primerno upošteva kreditno tveganje pri poravnavi in pred poravnavo posla.
These risks shall be managed as comprehensively as practicable at the counterparty level (aggregating CCR exposures with other credit exposures) and at the firm‐wide level.
Ta tveganja se upravljajo čim bolj celovito na ravni nasprotne stranke (s seštevanjem izpostavljenosti nasprotne stranke z drugimi kreditnimi izpostavljenostmi) in na ravni celotne kreditne institucije.
A credit institution's board of directors and senior management shall be actively involved in the CCR control process and shall regard this as an essential aspect of the business to which significant resources need to be devoted.
Uprava kreditne institucije ter višje vodstvo se aktivno vključujejo v proces kontrole CCR in to obravnavajo kot bistveni vidik poslovanja, kateremu je treba nameniti znatna sredstva.
Senior management shall be aware of the limitations and assumptions of the model used and the impact these can have on the reliability of the output.
Višje vodstvo se zaveda omejitev in predpostavk uporabljenih v modelu ter vpliva, ki ga lahko imajo na zanesljivost dobljenih podatkov.
Senior management shall also consider the uncertainties of the market environment and operational issues and be aware of how these are reflected in the model.
Višje vodstvo upošteva tudi negotovosti tržnega okolja ter operativne zadeve in so seznanjeni, kako so te odražane v modelu.
The daily reports prepared on a credit institution's exposures to CCR shall be reviewed by a level of management with sufficient seniority and authority to enforce both reductions of positions taken by individual credit managers or traders and reductions in the credit institution's overall CCR exposure.
V tej zvezi, samo raven vodstva z dovolj visoko ravnijo pristojnosti za izvajanje tako znižanj pozicij, ki jih odobrijo posamezni vodje pri poslovanju s krediti ali trgovci, kot znižanj celotne izpostavljenosti CCR kreditne institucije, pregleduje dnevna poročila o izpostavljenostih kreditne institucije do CCR.
A credit institution's CCR management system shall be used in conjunction with internal credit and trading limits.
Sistem upravljanja CCR kreditne institucije se uporablja v povezavi z notranjimi kreditnimi in trgovalnimi limiti.
Credit and trading limits shall be related to the credit institution's risk measurement model in a manner that is consistent over time and that is well understood by credit managers, traders and senior management.
V tej zvezi so kreditni limiti in limiti za trgovanje povezani z modelom merjenja tveganja kreditne institucije na način, ki je ves čas dosleden in ga osebje, ki odobravajo kredite in trgujejo, ter višje vodstvo dobro razumejo.
A credit institution's measurement of CCR shall include measuring daily and intra‐day usage of credit lines.
Merjenje CCR kreditne institucije vključuje merjenje dnevne in med dnevne uporabe kreditnih linij.
The credit institution shall measure current exposure gross and net of collateral.
Kreditna institucija meri tekoče izpostavljenosti bruto in neto glede na zavarovanje s premoženjem, ki ga ima.
At portfolio and counterparty level, the credit institution shall calculate and monitor peak exposure or PFE at the confidence interval chosen by the credit institution.
Kreditna institucija na ravni portfelja in na ravni nasprotne stranke izračuna in spremlja konično izpostavljenost ali potencialno prihodnjo izpostavljenost (PFE) v intervalu zaupanja, ki ga sama izbere.
The credit institution shall take account of large or concentrated positions, including by groups of related counterparties, by industry, by market, etc.
Kreditna institucija upošteva velike pozicije ali koncentracije pozicij, ki jih ima po skupinah povezanih nasprotnih strank, po gospodarskih panogah, po trgih itd.
A credit institution shall have a routine and rigorous program of stress testing in place as a supplement to the CCR analysis based on the day‐to‐day output of the credit institution's risk measurement model.
Kreditna institucija ima vzpostavljen rutinski in natančen program testiranja izjemnih situacij, kot dodatek k analizi CCR na podlagi vsakodnevnih rezultatov modela za merjenje tveganj kreditne institucije.
The results of this stress testing shall be reviewed periodically by senior management and shall be reflected in the CCR policies and limits set by management and the board of directors.
Višje vodstvo redno pregleduje rezultate tega testiranja izjemnih situacij, ki so odražani v politikah CCR in v limitih, ki jih določi vodstvo ter uprava.
Where stress tests reveal particular vulnerability to a given set of circumstances, prompt steps shall be taken to manage those risks appropriately.
Če testiranje izjemnih situacij pokaže posebno ranljivost v določenih okoliščinah, se takoj sprejmejo ukrepi za primerno upravljanje teh tveganj.
A credit institution shall have a routine in place for ensuring compliance with a documented set of internal policies, controls and procedures concerning the operation of the CCR management system.
Kreditna institucija ima rutinske postopke za zagotavljanje skladnosti z dokumentiranim nizom internih politik, kontrol in postopkov v zvezi z delovanjem sistema za upravljanje CCR.
The credit institution's CCR management system shall be well documented and shall provide an explanation of the empirical techniques used to measure CCR.
Sistem upravljanja CCR kreditne institucije je natančno dokumentiran in zagotavlja razlago empiričnih tehnik, ki se uporabljajo za merjenje CCR.
A credit institution shall conduct an independent review of its CCR management system regularly through its own internal auditing process.
Kreditna institucija redno opravlja neodvisen pregled sistema upravljanja CCR preko lastnega procesa interne revizije.
This review shall include both the activities of the business units referred to in point 17 and of the independent CCR control unit.
Ta pregled vključuje tako delovanje enot za kreditiranje in trgovanje, kot tudi neodvisne enote za kontrolo CCR.
A review of the overall CCR management process shall take place at regular intervals and shall specifically address, at a minimum:
Pregled celotnega procesa upravljanja CCR poteka redno (v idealnih razmerah najmanj enkrat na leto) in posebej obravnava vsaj:
the adequacy of the documentation of the CCR management system and process;
primernost dokumentacije sistema upravljanja in procesa CCR;
the organisation of the CCR control unit;
organizacijo kontrolne enote CCR;
the integration of CCR measures into daily risk management;
vključevanje ukrepov CCR v dnevno upravljanje s tveganji;
the approval process for risk pricing models and valuation systems used by front and back‐office personnel;
proces odobritve za modele za ocenjevanje tveganj in sisteme ovrednotenja, ki jih uporabljajo zaposleni v enoti za trgovanje in zaledni službi;
the validation of any significant change in the CCR measurement process;
ovrednotenje vsake pomembne spremembe v procesu merjenja CCR;
the scope of CCR captured by the risk measurement model;
obseg CCR, ki ga zajema model za merjenje tveganja;
the integrity of the management information system;
celovitost sistema obveščanja vodstva ;
the accuracy and completeness of CCR data;
natančnost in popolnost podatkov CCR;
the verification of the consistency, timeliness and reliability of data sources used to run models, including the independence of such data sources;
preverjanje doslednosti, pravočasnosti in zanesljivosti virov podatkov, na katerih temeljijo notranji modeli, vključno z neodvisnostjo takih virov podatkov;
the accuracy and appropriateness of volatility and correlation assumptions;
natančnost in ustreznost predpostavk v zvezi z nestanovitnostjo in korelacijo;
the accuracy of valuation and risk transformation calculations; and
natančnost vrednotenja in pretvorbe izračunov tveganja;
the verification of the model's accuracy through frequent back‐testing.
preverjanje natančnosti modela s pogostim testiranjem za nazaj.
Use test
Test uporabnosti
The distribution of exposures generated by the model used to calculate effective EPE shall be closely integrated into the day‐to‐day CCR management process of the credit institution.
Porazdelitev izpostavljenosti, oblikovane z notranjim modelom, uporabljena za izračun efektivne EPE, je vključena v vsakodnevnem procesu upravljanja CCR kreditne institucije.
The model's output shall accordingly play an essential role in the credit approval, CCR management, internal capital allocation and corporate governance of the credit institution.
V skladu s tem rezultati notranjega modela igrajo ključno vlogo pri odobravanju kreditov, upravljanju CCR, notranji razporeditvi kapitala in upravljanju kreditne institucije.
A credit institution shall have a track record in the use of models that generate a distribution of exposures to CCR.
Kreditna institucija vodi evidenco uporabe notranjih modelov, ki oblikujejo razporeditev izpostavljenosti do CCR.
Thus, the credit institution shall demonstrate that it has been using a model to calculate the distributions of exposures upon which the EPE calculation is based that meets, broadly, the minimum requirements set out in this Part for at least one year prior to approval by the competent authorities.
Na ta način kreditna institucija dokaže, da je vsaj eno leto pred odobritvijo pristojnih organov uporabljala notranji model, ki izpolnjuje minimalne zahteve za izračun porazdelitve izpostavljenosti, na kateri temelji izračun EPE.
The model used to generate a distribution of exposures to CCR shall be Part of a CCR management framework that includes the identification, measurement, management, approval and internal reporting of CCR.
Notranji model, ki se uporablja za pripravo porazdelitve izpostavljenosti CCR, je del okvira za upravljanje CCR, ki vključuje ugotavljanje, merjenje, upravljanje, odobritev in interno poročanje CCR.
This framework shall include the measurement of usage of credit lines (aggregating CCR exposures with other credit exposures) and internal capital allocation.
Ta okvir vključuje merjenje uporabe kreditnih linij (seštevanje izpostavljenosti nasprotne stranke z drugimi kreditnimi izpostavljenostmi) in razporejanje ekonomskega kapitala.
In addition to EPE, a credit institution shall measure and manage current exposures.
Poleg EPE (merjenje prihodnje izpostavljenosti) kreditna institucije meri in upravlja tekoče izpostavljenosti.