natgillin/translations-raw huggingface dataset:
Reserve holdings
Rezervna imetja
Reporting, acknowledgement and verification of the reserve base
Pošiljanje poročil, potrditev in preverjanje osnove za obvezne rezerve
APPENDIX 1 — Examples of Monetary Policy Operations and Procedures
DODATEK 1 – Primeri operacij in postopkov denarne politike
APPENDIX 2 — Glossary
DODATEK 2 – Glosar
APPENDIX 3 — Selection of counterparties for foreign exchange intervention operations and foreign exchange swaps for monetary policy purposes
DODATEK 3 – Izbor nasprotnih strank za posege na deviznem trgu in valutne zamenjave za namene denarne politike
APPENDIX 4 — The reporting framework for the money and banking statistics of the European Central Bank
DODATEK 4 – Okvir Evropske centralne banke za poročanje denarne in bančne statistike
APPENDIX 5 — The Eurosystem Websites
DODATEK 5 – Spletne strani Eurosistema
APPENDIX 6 — Procedures and sanctions to be applied in the event of non-compliance with counterparty obligations
DODATEK 6 – Postopki in sankcije, ki se uporabljajo ob neizpolnjevanju obveznosti nasprotne stranke
ECAI external credit assessment institution ECB European Central Bank
EGP Evropski gospodarski prostor
EEA European Economic Area EEC European Economic Community
ESCB Evropski sistem centralnih bank
ESA 95 European System of Accounts 1995 ESCB European System of Central Banks
ESR 95 Evropski sistem računov 1995
IRB internal ratings-based system ISIN International Securities Identification Number
MCDD mednarodna centralna depotna družba
RTGS real-time gross settlement SSS securities settlement system
SPVP sistem poravnave vrednostnih papirjev
TARGET the Trans-European Automated Real-time Gross settlement Express Transfer system, as defined in Guideline ECB/2005/16
TARGET transevropski sistem bruto poravnave v realnem času, kot je opredeljen v Smernici ECB/2005/16
TARGET2 the Trans-European Automated Real-time Gross settlement Express Transfer system, as defined in Guideline ECB/2007/2 UCITS undertaking for collective investment in transferable securities
TARGET2 transevropski sistem bruto poravnave v realnem času, kot je opredeljen v Smernici ECB/2007/2
This document presents the operational framework chosen by the Eurosystem for the single monetary policy in the euro area.
V tem dokumentu je predstavljen operativni okvir, ki ga je Eurosistem izbral za enotno denarno politiko v euroobmočju.
The legal relationship between the Eurosystem and its counterparties is established in appropriate contractual or regulatory arrangements.
Pravno razmerje med Eurosistemom in njegovimi nasprotnimi strankami se vzpostavi na podlagi ustreznih pogodbenih dogovorov ali predpisov.
Chapter 7 presents the Eurosystem’s minimum reserve system.
Poglavje 7 predstavlja sistem obveznih rezerv Eurosistema.
The appendices contain examples of monetary policy operations, a glossary, criteria for the selection of counterparties for Eurosystem foreign exchange intervention operations, a presentation of the reporting framework for the money and banking statistics of the European Central Bank, a list of the Eurosystem websites, a description of the procedures and sanctions to be applied in the event of non-compliance with counterparty obligations and additional legal requirements for the creation of valid security over credit claims when these are used as collateral with the Eurosystem.
Dodatki vsebujejo primere operacij denarne politike, glosar, merila za izbor nasprotnih strank pri posegih Eurosistema na deviznem trgu, predstavitev okvira poročanja za potrebe denarne in bančne statistike Evropske centralne banke, seznam naslovov spletnih strani Eurosistema, opis postopkov in sankcij, ki se uporabijo v primeru, ko nasprotna stranka ne izpolni svojih obveznosti, ter dodatne pravne zahteve za ustanovitev veljavnega zavarovanja na bančnih posojilih, ko se ta uporabijo za zavarovanje pri operacijah Eurosistema.
OVERVIEW OF THE MONETARY POLICY FRAMEWORK
PREGLED OKVIRA DENARNE POLITIKE
The European System of Central Banks (ESCB) consists of the European Central Bank (ECB) and the central banks of the EU Member States [1].
Evropski sistem centralnih bank (ESCB) sestavljajo Evropska centralna banka (ECB) in centralne banke držav članic EU [1].
The activities of the ESCB are carried out in accordance with the Treaty on the Functioning of the European Union and the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘Statute of the ESCB’).
Dejavnosti ESCB se izvajajo v skladu s Pogodbo o delovanju Evropske unije ter Statutom Evropskega sistema centralnih bank in Evropske centralne banke (v nadaljnjem besedilu: Statut ESCB).
In this respect, the Governing Council of the ECB is responsible for the formulation of monetary policy, while the Executive Board is empowered to implement monetary policy according to the decisions made and guidelines laid down by the Governing Council.
Svet ECB je tako odgovoren za oblikovanje denarne politike, Izvršilni odbor pa je pooblaščen za izvajanje denarne politike v skladu z odločitvami in smernicami, ki jih sprejme Svet ECB.
To the extent deemed possible and appropriate and with a view to ensuring operational efficiency, the ECB has recourse to the NCBs [2] for carrying out the operations which form part of the tasks of the Eurosystem.
Kolikor je možno in ustrezno ter s ciljem zagotoviti operativno učinkovitost, ECB izvaja operacije, ki so sestavni del nalog Eurosistema, preko NCB [2].
The NCBs may, if necessary for the implementation of monetary policy, share amongst the Eurosystem members individual information, such as operational data, related to counterparties participating in Eurosystem operations [3].
NCB lahko med članicami Eurosistema izmenjujejo posamezne informacije, kot so na primer operativni podatki v zvezi z nasprotnimi strankami, ki sodelujejo v operacijah Eurosistema, če je to potrebno za izvajanje denarne politike [3].
The primary objective of the Eurosystem is to maintain price stability, as defined in Article 127(1) of the Treaty.
Poglavitni cilj Eurosistema je ohranjanje stabilnosti cen, kakor je opredeljeno v členu 127(1) Pogodbe.
Without prejudice to the primary objective of price stability, the Eurosystem has to support the general economic policies in the Union.
Če to ni v nasprotju z njegovim poglavitnim ciljem stabilnosti cen, mora Eurosistem podpirati splošne ekonomske politike v Uniji.
In pursuing its objectives, the Eurosystem has to act in accordance with the principle of an open market economy with free competition, favouring an efficient allocation of resources.
Pri uresničevanju svojih ciljev mora Eurosistem ravnati po načelu odprtega tržnega gospodarstva s svobodno konkurenco, pri čemer daje prednost učinkovitemu razporejanju virov.
In order to achieve its objectives, the Eurosystem has at its disposal a set of monetary policy instruments; the Eurosystem conducts open market operations, offers standing facilities and requires credit institutions to hold minimum reserves on accounts with the Eurosystem.
Eurosistem ima za doseganje svojih ciljev na voljo vrsto instrumentov denarne politike; Eurosistem izvaja operacije odprtega trga, nudi odprte ponudbe in od kreditnih institucij zahteva, da imajo obvezne rezerve na računih pri Eurosistemu.
The most important instrument is the reverse transaction (applicable on the basis of repurchase agreements or collateralised loans).
Najpomembnejši instrument so povratne transakcije (izvajajo se na podlagi pogodb o začasni prodaji ali zavarovanih posojil).
The Eurosystem may also use outright transactions, the issuance of ECB debt certificates, foreign exchange swaps and the collection of fixed-term deposits.
Eurosistem lahko uporabi tudi dokončne transakcije, izdajo dolžniških certifikatov ECB, valutne zamenjave in zbiranje vezanih depozitov.
They can be executed on the basis of standard tenders, quick tenders or bilateral procedures [5].
Lahko se izvajajo v obliki standardnih avkcij, hitrih avkcij ali dvostranskih postopkov [5].
With regard to their aims, regularity and procedures, the Eurosystem’s open market operations can be divided into the following four categories (see also Table 1): (a) The main refinancing operations are regular liquidity-providing reverse transactions with a weekly frequency and a maturity of normally 1 week.
Glede na cilje, rednost in postopke se lahko operacije odprtega trga Eurosistema razdelijo na naslednje štiri kategorije (glej tudi tabelo 1): (a) operacije glavnega refinanciranja so redne povratne transakcije za povečevanje likvidnosti, organizirane tedensko in z običajno zapadlostjo enega tedna.
These operations are executed by the NCBs on the basis of standard tenders.
Te operacije izvajajo NCB v obliki standardnih avkcij.
The main refinancing operations play a pivotal role in pursuing the objectives of the Eurosystem’s open market operations.
Operacije glavnega refinanciranja igrajo osrednjo vlogo pri uresničevanju ciljev operacij odprtega trga Eurosistema;
The longer-term refinancing operations are liquidity-providing reverse transactions with a monthly frequency and a maturity of normally 3 months.
operacije dolgoročnejšega refinanciranja so povratne transakcije za povečevanje likvidnosti, organizirane mesečno in z običajno zapadlostjo treh mesecev.
These operations are aimed at providing counterparties with additional longer-term refinancing and are executed by the NCBs on the basis of standard tenders.
Te operacije imajo za cilj zagotoviti nasprotnim strankam dodatno dolgoročnejše refinanciranje, izvajajo pa jih NCB v obliki standardnih avkcij.
In these operations, the Eurosystem does not, as a rule, intend to send signals to the market and therefore normally acts as a rate taker.
S temi operacijami Eurosistem trgu praviloma ne želi signalizirati svojih namer in zato običajno le sprejema ponujene mere.
Fine-tuning operations are executed on an ad-hoc basis with the aim of managing the liquidity situation in the market and steering interest rates, in particular in order to smooth the effects on interest rates caused by unexpected liquidity fluctuations in the market.
operacije finega uravnavanja se izvajajo občasno s ciljem uravnavanja likvidnosti na trgu in uravnavanja obrestnih mer, zlasti z namenom izravnati učinke, ki jih imajo nepričakovana nihanja likvidnosti na trgu na obrestne mere.
Fine-tuning operations may be conducted on the last day of a reserve maintenance period to counter liquidity imbalances which may have accumulated since the allotment of the last main refinancing operation.
Operacije finega uravnavanja se lahko izvajajo na zadnji dan obdobja izpolnjevanja obveznih rezerv z namenom uravnavati morebitno likvidnostno neravnovesje, nastalo po dodelitvi na zadnji operaciji glavnega refinanciranja.
Fine-tuning operations are primarily executed as reverse transactions, but may also take the form of either foreign exchange swaps or the collection of fixed-term deposits.
Operacije finega uravnavanja se v prvi vrsti izvajajo kot povratne transakcije, lahko pa so tudi v obliki valutnih zamenjav ali zbiranja vezanih depozitov.
The Governing Council of the ECB can decide that, under exceptional circumstances, fine-tuning bilateral operations may be executed by the ECB itself.
Svet ECB lahko odloči, da lahko v izrednih okoliščinah dvostranske operacije finega uravnavanja izvaja sama ECB;
In addition, the Eurosystem may carry out structural operations through the issuance of ECB debt certificates, reverse transactions and outright transactions.
poleg tega lahko Eurosistem izvaja strukturne operacije z izdajanjem dolžniških certifikatov ECB, povratnimi transakcijami in dokončnimi transakcijami.
Structural operations in the form of reverse transactions and the issuance of debt instruments are carried out by the NCBs through standard tenders.
Strukturne operacije v obliki povratnih transakcij in izdajanja dolžniških instrumentov izvajajo NCB prek standardnih avkcij.
The Governing Council of the ECB can decide that, under exceptional circumstances, structural operations may be executed by the ECB itself.
Svet ECB lahko odloči, da lahko v izrednih okoliščinah strukturne operacije izvaja sama ECB.
Standing facilities are aimed at providing and absorbing overnight liquidity, signal the general stance of monetary policy and bound overnight market interest rates.
Namen odprtih ponudb je povečevati oziroma umikati likvidnost čez noč, signalizirati splošno naravnanost denarne politike in določiti mejo nihanja obrestnih mer na trgu čez noč.
Two standing facilities are available to eligible counterparties on their own initiative, subject to their fulfilment of certain operational access conditions (see also Table 1):
Primerne nasprotne stranke imajo na lastno pobudo na voljo dve odprti ponudbi, pod pogojem, da izpolnjujejo določene operativne pogoje dostopa (glej tudi tabelo 1):
Counterparties can use the marginal lending facility to obtain overnight liquidity from the NCBs against eligible assets.
nasprotne stranke lahko uporabijo mejno posojilo za pridobitev likvidnosti čez noč od NCB na podlagi primernega finančnega premoženja.
Under normal circumstances, there are no credit limits or other restrictions on counterparties’ access to the facility apart from the requirement to present sufficient underlying assets.
V normalnih okoliščinah ni omejitev zneska posojila ali drugih omejitev dostopa nasprotnih strank do posojila, razen zahteve po predložitvi zadostnega finančnega premoženja za zavarovanje terjatev.
The interest rate on the marginal lending facility normally provides a ceiling for the overnight market interest rate.
Obrestna mera za mejno posojilo praviloma predstavlja zgornjo mejo obrestne mere na trgu čez noč;
Counterparties can use the deposit facility to make overnight deposits with the NCBs.
nasprotne stranke lahko uporabijo mejni depozit za deponiranje čez noč pri NCB.
Under normal circumstances, there are no deposit limits or other restrictions on counterparties’ access to the facility.
V normalnih okoliščinah ni omejitev višine depozitov ali drugih omejitev dostopa nasprotnih strank do te odprte ponudbe.
The interest rate on the deposit facility normally provides a floor for the overnight market interest rate.
Obrestna mera za mejni depozit praviloma predstavlja spodnjo mejo obrestne mere na trgu čez noč.
The standing facilities are administered in a decentralised manner by the NCBs.
Odprte ponudbe decentralizirano upravljajo NCB.
Compliance with the reserve requirement is determined on the basis of the institutions’ average daily reserve holdings over the maintenance period.
Izpolnjevanje obveznih rezerv se določi na podlagi povprečnih dnevnih stanj rezervnih imetij institucije v obdobju izpolnjevanja.
Institutions’ holdings of required reserves are remunerated at the rate of the Eurosystem’s main refinancing operations.
Imetja zahtevanih rezerv institucij se obrestujejo po obrestni meri za operacije glavnega refinanciranja Eurosistema.
Provision of liquidity
Povečanje likvidnosti
1 week
En teden
3 months
Tri mesece
Quick tenders
Hitre avkcije
Marginal lending facility
Mejno posojilo
Deposit facility
Mejni depozit
The Eurosystem’s monetary policy framework is formulated with a view to ensuring the participation of a broad range of counterparties.
Okvir denarne politike Eurosistema je oblikovan tako, da zagotavlja sodelovanje širokega kroga nasprotnih strank.
Institutions subject to minimum reserve requirements according to Article 19.1 of the Statute of the ESCB may access the standing facilities and participate in open market operations based on standard tenders as well as outright transactions.
Institucije, ki so obvezniki za obvezne rezerve v skladu s členom 19.1 Statuta ESCB, lahko dostopajo do odprtih ponudb in sodelujejo v operacijah odprtega trga v obliki standardnih avkcij in dokončnih transakcij.
For foreign exchange swaps conducted for monetary policy purposes, active players in the foreign exchange market are used.
Pri operacijah valutnih zamenjav, ki se izvajajo za namene denarne politike, se uporabljajo aktivni udeleženci na deviznem trgu.
The set of counterparties for these operations is limited to those institutions selected for Eurosystem foreign exchange intervention operations which are established in the euro area.
Krog nasprotnih strank za te operacije je omejen na institucije, izbrane za posege Eurosistema na deviznem trgu, ki so ustanovljene v euroobmočju.
Counterparties shall be deemed to be aware of, and shall comply with, all obligations imposed on them by anti-money laundering and counter-terrorist financing legislation.
Šteje se, da so nasprotne stranke seznanjene z vsemi obveznostmi, ki jim jih nalaga zakonodaja o preprečevanju pranja denarja in financiranja terorizma, ter jih tudi izpolnjujejo.
Pursuant to Article 18.1 of the Statute of the ESCB, all Eurosystem credit operations (i.e. liquidity-providing monetary policy operations and intraday credit) have to be based on adequate collateral.
Na podlagi člena 18.1 Statuta ESCB se morajo vsi kreditni posli Eurosistema (tj. operacije denarne politike za povečevanje likvidnosti in posojilo čez dan) sklepati na podlagi ustreznega zavarovanja.
The Eurosystem has developed a single framework for eligible collateral common to all Eurosystem credit operations (also referred to as the ‘Single List’).
Eurosistem je razvil enoten okvir primernega zavarovanja, ki je skupen za vse kreditne posle Eurosistema (imenuje se tudi „enotna lista“).
On 1 January 2007, this single framework replaced the two-tier system that had been in place since the start of stage three of economic and monetary union.
Enotni okvir je 1. januarja 2007 nadomestil sistem z dvema listama, ki je veljal od začetka tretje faze ekonomske in monetarne unije.
No distinction is made between marketable and non-marketable assets with regard to the quality of the assets and their eligibility for the various types of Eurosystem monetary policy operations, except that non-marketable assets are not used by the Eurosystem for outright transactions.
Med tržnim in netržnim finančnim premoženjem ni razlik glede kvalitete finančnega premoženja in njegove primernosti za različne vrste operacij denarne politike Eurosistema, razen dejstva, da se netržno finančno premoženje ne uporablja za dokončne transakcije v Eurosistemu.
All eligible assets may be used on a cross-border basis by means of the correspondent central banking model (CCBM) and, in the case of marketable assets, through eligible links between Union securities settlement systems (SSSs).
Vse primerno finančno premoženje se lahko uporablja prek meje s pomočjo korespondenčnega centralnobančnega modela (CCBM) ter v primeru tržnega premoženja tudi prek primernih povezav med sistemi poravnave vrednostnih papirjev (SPVP) v Uniji.
These criteria are defined with a view to giving a broad range of institutions access to Eurosystem monetary policy operations, enhancing equal treatment of institutions across the euro area and ensuring that counterparties fulfil certain operational and prudential requirements:
Ta merila so določena s ciljem, da se širokemu krogu institucij omogoči dostop do operacij denarne politike Eurosistema, krepi enako obravnavo institucij v celotnem euroobmočju in zagotovi, da nasprotne stranke izpolnjujejo določene operativne zahteve in zahteve glede skrbnega in varnega poslovanja:
Only institutions subject to the Eurosystem’s minimum reserve system according to Article 19.1 of the Statute of the ESCB are eligible to be counterparties.
samo institucije, ki so obvezniki v sistemu obveznih rezerv Eurosistema v skladu s členom 19.1 Statuta ESCB, so primerne nasprotne stranke.
Institutions which are exempt from their obligations under the Eurosystem’s minimum reserve system (see Section 7.2) are not eligible to be counterparties to Eurosystem standing facilities and open market operations.
Institucije, ki so izvzete iz obveznosti v okviru sistema obveznih rezerv Eurosistema (glej oddelek 7.2), niso primerne nasprotne stranke za odprte ponudbe in operacije odprtega trga Eurosistema;
Counterparties must be financially sound.
nasprotne stranke morajo biti finančno trdne.
They should be subject to at least one form of harmonised Union/EEA supervision by national authorities [7].
Biti morajo predmet najmanj ene oblike nadzora s strani nacionalnih organov, ki je usklajen z zahtevami Unije/EGP [7].
In view of their specific institutional nature under Union law, financially sound institutions within the meaning of Article 123(2) of the Treaty that are subject to supervision of a standard comparable to supervision by competent national authorities can be accepted as counterparties.
Glede na njihovo specifično institucionalno naravo po pravu Unije se kot nasprotne stranke lahko sprejmejo finančno trdne institucije v smislu člena 123(2) Pogodbe, ki so predmet nadzora, po standardu primerljivega nadzoru s strani pristojnih nacionalnih organov.
Financially sound institutions that are subject to non-harmonised supervision by competent national authorities of a standard comparable to harmonised Union/EEA supervision can also be accepted as counterparties, e.g. branches established in the euro area of institutions incorporated outside the EEA.
Kot nasprotne stranke se lahko sprejmejo tudi finančno trdne institucije, ki so predmet neusklajenega nadzora s strani pristojnih nacionalnih organov, po standardu primerljivega nadzoru, ki je usklajen z zahtevami Unije/EGP, npr. v euroobmočju ustanovljene podružnice institucij, ki imajo sedež zunaj EGP;
Counterparties must fulfil any operational criteria specified in the relevant contractual or regulatory arrangements applied by the respective NCB (or the ECB), so as to ensure the efficient conduct of Eurosystem monetary policy operations.
za zagotovitev učinkovitega izvajanja operacij denarne politike Eurosistema morajo nasprotne stranke izpolnjevati vsa operativna merila, določena v upoštevnih pogodbenih dogovorih ali predpisih, ki jih uporablja posamezna NCB (ali ECB).
These general eligibility criteria are uniform throughout the euro area.
Ta splošna merila primernosti so poenotena za celotno euroobmočje.
Institutions fulfilling the general eligibility criteria may:
Institucije, ki izpolnjujejo splošna merila primernosti, lahko:
access the Eurosystem’s standing facilities; and
dostopajo do odprtih ponudb Eurosistema in
participate in Eurosystem open market operations that are based on standard tenders.
sodelujejo v operacijah odprtega trga Eurosistema v obliki standardnih avkcij.
An institution may access the Eurosystem’s standing facilities and open market operations based on standard tenders only through the NCB of the Member State in which it is incorporated.
Institucija lahko dostopa do odprtih ponudb in operacij odprtega trga Eurosistema v obliki standardnih avkcij samo prek NCB države članice, v kateri je ustanovljena.
If an institution has establishments (its head office or branches) in more than one Member State, each establishment has access to these operations through the NCB of the Member State in which it is established, notwithstanding the fact that the bids of an institution may only be submitted by one establishment (either the head office or a designated branch) in each Member State.
Če ima institucija poslovne enote (sedež ali podružnice) v več kakor eni državi članici, ima vsaka poslovna enota dostop do teh operacij prek NCB države članice, v kateri je ustanovljena, kar pa ne posega v dejstvo, da lahko protiponudbe ene institucije predloži samo ena poslovna enota (bodisi sedež bodisi izbrana podružnica) v vsaki državi članici.
For foreign exchange swaps executed for monetary policy purposes, counterparties must be able to conduct large-volume foreign exchange operations efficiently under all market conditions.
Pri valutnih zamenjavah, ki se izvajajo za namene denarne politike, morajo biti nasprotne stranke sposobne učinkovito opravljati devizne operacije velikega obsega v vseh tržnih pogojih.
The criteria and procedures applied for the selection of counterparties to foreign exchange intervention operations are presented in Appendix 3.
Merila in postopki, ki se uporabljajo pri izbiri nasprotnih strank za posege na deviznem trgu, so predstavljeni v dodatku 3.