natgillin/translations-raw huggingface dataset:
The deadline for requesting access to the Eurosystem’s standing facilities is postponed by an additional 15 minutes on the last Eurosystem business day of a minimum reserve maintenance period.
Rok za zahtevek za dostop do odprtih ponudb Eurosistema se na zadnji delovni dan Eurosistema v obdobju izpolnjevanja obveznih rezerv podaljša za dodatnih 15 minut.
Any negative balances on the settlement accounts in TARGET2 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 sistemu TARGET2, ki ostanejo po zaključku kontrolnih postopkov ob koncu dneva, se avtomatično štejejo kot zahtevek za dostop do mejnega posojila (glej oddelek 4.1).
ELIGIBLE ASSETS
PRIMERNO FINANČNO PREMOŽENJE
Article 18.1 of the Statute of the ESCB allows the ECB and the NCBs 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 NCB sklepajo posle na finančnih trgih z dokončnimi nakupi in prodajami ali na podlagi pogodb o začasni prodaji, in zahteva, da se vsi kreditni posli Eurosistema sklepajo na podlagi ustreznega zavarovanja.
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) [44].
Zato vse operacije Eurosistema za povečevanje likvidnosti temeljijo na finančnem premoženju za zavarovanje terjatev, ki ga zagotovijo nasprotne stranke bodisi v obliki prenosa imetništva nad finančnim premoženjem (v primeru dokončnih poslov ali pogodb o začasni prodaji) bodisi v obliki zastave premoženja, odstopa terjatve ali zavarovanja (charge) (v primeru zavarovanih posojil) [44].
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 operativne 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, ki je skupen za vse kreditne posle Eurosistema.
This single framework, also referred to as the ‘Single List’, entered into effect on 1 January 2007 and replaced the two-tier system which had been in place from the start of stage three of economic and monetary union.
Enoten okvir (imenovan tudi „enotna lista“) je začel veljati 1. januarja 2007 in je nadomestil sistem z dvema listama, ki je veljal od začetka tretje faze ekonomske in monetarne unije.
The single framework comprises two distinct asset classes, marketable assets and non-marketable assets.
Enotni okvir obsega dve vrsti 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 njima ni razlik glede kvalitete finančnega premoženja in njegove primernosti za različne vrste operacij denarne politike Eurosistema, razen tega, 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.
Finančno premoženje, ki je primerno za operacije denarne politike Eurosistema, se lahko uporablja tudi kot finančno premoženje za zavarovanje terjatev pri posojilu čez dan.
The eligibility criteria for the two asset classes are uniform across the euro area and are set out in Section 6.2 [45].
Merila primernosti za obe vrsti finančnega premoženja so poenotena za celotno euroobmočje in določena v oddelku 6.2 [45].
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 obe vrsti finančnega premoženja izpolnjujeta enake bonitetne standarde, je Eurosistem vzpostavil bonitetni okvir Eurosistema, 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 določa in nadzira zahtevane „visoke bonitetne standarde“ za vse primerno zavarovanje, so opisani v oddelku 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 določeni v oddelkih 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 tudi preko meje (glej oddelek 6.6).
The ECB establishes, maintains and publishes a list of eligible marketable assets [46].
ECB oblikuje, vodi in objavlja listo primernega tržnega finančnega premoženja [46].
The Eurosystem shall only provide counterparties with advice regarding eligibility as Eurosystem collateral if already issued marketable assets or outstanding non-marketable assets are submitted to the Eurosystem as collateral.
Eurosistem daje pojasnila nasprotnim strankam glede primernosti zavarovanja za Eurosistem samo, če je bilo izdano tržno finančno premoženje ali obstoječe netržno finančno premoženje predloženo Eurosistemu v zavarovanje.
There shall thus be no pre-issuance advice.
Pojasnil pred izdajo tako ni mogoče dobiti.
Debt certificates issued by the ECB and all debt certificates issued by the NCBs prior to the date of adoption of the euro in their respective Member State are eligible.
Dolžniški certifikati, ki jih izda ECB, ter vsi dolžniški certifikati, ki so jih izdale NCB pred uvedbo eura v njihovi 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):
a fixed, unconditional principal amount [47]; and
fiksen, brezpogojen znesek glavnice [47]; in
In addition, the coupon should be one of the following: (i) a zero coupon; (ii) a fixed rate coupon; or (iii) a floating rate coupon linked to an interest rate reference.
Poleg tega mora biti kupon eden od naslednjih: (i) brezkuponski; (ii) kupon s fiksno mero; ali (iii) kupon z variabilno mero, vezano na referenčno obrestno mero.
These features must be maintained until the redemption of the obligation.
Te značilnosti morajo biti ohranjene do dokončnega odplačila obveznosti;
Requirement (a) does not apply to asset-backed securities, with the exception of bonds issued by credit institutions in accordance with the criteria set out in Article 52 of the UCITS Directive [48] (referred to as ‘covered bank bonds’).
Zahteva (a) ne velja za listinjene vrednostne papirje, razen za obveznice, ki jih izdajo kreditne institucije v skladu z merili, določenimi v členu 52 direktive KNPVP [48] („krite bančne obveznice“).
The Eurosystem assesses the eligibility of asset-backed securities other than covered bank bonds against the following criteria.
Eurosistem ocenjuje primernost listinjenih vrednostnih papirjev, razen kritih bančnih obveznic, po naslednjih merilih.
The cash flow generating assets backing the asset-backed securities must fulfil the following requirements:
Finančno premoženje, ki ustvarja denarni tok in s katerim so zavarovani listinjeni vrednostni papirji, mora izpolnjevati naslednje zahteve:
they must be acquired from the originator or from an intermediary by the securitisation special-purpose vehicle in a manner which the Eurosystem considers to be a ‘true sale’ that is enforceable against any third party, and be beyond the reach of the originator and its creditors, or the intermediary and its creditors, including in the event of the originator’s or the intermediary’s insolvency;
subjekt s posebnim namenom pri listinjenju ga mora pridobiti od originatorja ali posrednika na način, ki ga Eurosistem šteje za „pravo prodajo“, izvršljivo proti tretjim osebam, ter mora biti zunaj dosega originatorja in njegovih upnikov ali posrednika in njegovih upnikov, tudi v primeru originatorjeve ali posrednikove insolventnosti;
they must be originated and sold to the issuer by an originator or, if applicable, an intermediary incorporated in the EEA;
ustvari in izdajatelju ga proda originator ali, če je predvideno, posrednik, ki imata sedež v EGP;
they must not consist, in whole or in part, actually or potentially, of tranches of other asset-backed securities [49].
ne sme vsebovati, v celoti ali delno, dejansko ali potencialno, tranš drugih listinjenih vrednostnih papirjev [49].
In addition, they must not consist, in whole or in part, actually or potentially, of credit-linked notes, swaps or other derivatives instruments [50], [51], or synthetic securities;
Poleg tega ne sme vsebovati, v celoti ali delno, dejansko ali potencialno, kreditnih zapisov, poslov zamenjav ali drugih izvedenih instrumentov [50], [51], ali sintetičnih vrednostnih papirjev;
if they are credit claims, the obligors and the creditors must be incorporated (or, if natural persons, resident) in the EEA and, if relevant, the related security must be located in the EEA.
če gre za bančna posojila, morajo imeti dolžniki in upniki sedež (če so fizične osebe, pa morajo biti rezidenti) v EGP, kjer se mora tudi nahajati zadevno zavarovanje, če pride v poštev.
If they are bonds, the issuers must be incorporated in the EEA, they must be issued in an EEA country under the law of an EEA country and any related security must be located in the EEA [52].
Če gre za obveznice, morajo njihovi izdajatelji imeti sedež v EGP, izdane morajo biti v državi EGP po pravu države EGP in zadevno zavarovanje se mora nahajati v EGP [52].
In cases where originators or, if applicable, intermediaries, were incorporated in the euro area, or in the United Kingdom, the Eurosystem has verified that there were no severe clawback provisions in those jurisdictions.
Za primere, ko imajo originatorji ali, če je predvideno, posredniki sedež v euroobmočju ali v Združenem kraljestvu, je Eurosistem preveril, da v teh pravnih sistemih ni strogih določb o razveljavitvi prodaje premoženja.
If the originator or, if applicable, the intermediary, is incorporated in another EEA country, the asset-backed securities can only be considered eligible if the Eurosystem ascertains that its rights would be protected in an appropriate manner against claw back provisions considered relevant by the Eurosystem under the law of the relevant EEA country.
Če ima originator ali, če je predvideno, posrednik sedež v drugi državi EGP, se lahko listinjeni vrednostni papirji štejejo za primerne samo, če se Eurosistem prepriča, da bi bile njegove pravice ustrezno zavarovane pred določbami o razveljavitvi prodaje premoženja po pravu zadevne države EGP, ki jih Eurosistem šteje za pomembne.
For this purpose, an independent legal assessment in a form acceptable to the Eurosystem must be submitted setting out the applicable clawback rules in the country, before the asset-backed securities can be considered eligible [53].
V ta namen je treba, preden se listinjeni vrednostni papirji lahko štejejo za primerne, predložiti neodvisno pravno oceno v obliki, sprejemljivi za Eurosistem, ki vsebuje upoštevna pravila o razveljavitvi prodaje premoženja v tej državi [53].
Claw back rules which the Eurosystem considers to be severe and therefore not acceptable include rules whereby the sale of underlying assets can be invalidated by the liquidator solely on the basis that it was concluded within a certain period (suspect period) before the declaration of insolvency of the seller (originator/intermediary), or where such invalidation can only be prevented by the transferee if they can prove that they were not aware of the insolvency of the seller (originator/intermediary) at the time of the sale.Within a structured issue, in order to be eligible, a tranche (or sub-tranche) may not be subordinated to other tranches of the same issue.
Pravila o razveljavitvi prodaje premoženja, ki jih Eurosistem šteje za stroga in zato nesprejemljiva, vključujejo pravila, po katerih lahko upravitelj v postopku zaradi insolventnosti doseže razveljavitev prodaje finančnega premoženja za zavarovanje terjatev zgolj zato, ker je bila izvedena znotraj določenega obdobja (obdobja izpodbojnosti) pred razglasitvijo insolventnosti prodajalca (originatorja/posrednika), in primere, ko lahko prevzemnik prepreči takšno razveljavitev samo, če lahko dokaže, da v času prodaje ni vedel za insolventnost prodajalca (originatorja/posrednika).Finančno premoženje je primerno, če znotraj strukturirane izdaje tranša (ali podtranša) ni podrejena drugim tranšam iste izdaje.
For structured issues where the prospectus provides for the delivery of an acceleration and an enforcement notice, non-subordination of a tranche (or sub-tranche) must be ensured under both acceleration and enforcement notice-related priority of payments.
Pri strukturiranih izdajah, kjer prospekt predvideva dostavo obvestila o predčasni izpolnitvi in obvestila o izvršbi, je treba zagotoviti nepodrejenost tranše (ali podtranše) pri vrstnem redu poplačila tako v zvezi z obvestilom o predčasni izpolnitvi kot tudi v zvezi z obvestilom o izvršbi.
The Eurosystem reserves the right to request from any relevant third party (such as the issuer, the originator or the arranger) any clarification and/or legal confirmation that it considers necessary to assess the eligibility of asset-backed securities.
Eurosistem si pridržuje pravico, da od posameznih tretjih oseb (kot so izdajatelj, originator ali organizator) zahteva kakršno koli pojasnilo in/ali pravno potrditev, za katero šteje, da je potrebna za oceno primernosti listinjenih vrednostnih papirjev.
Credit standards
Bonitetni standardi
The debt instrument must meet the high credit standards specified in the ECAF rules for marketable assets as set out in Section 6.3.2.
Dolžniški instrument mora izpolnjevati visoke bonitetne standarde, ki so opredeljeni v pravilih bonitetnega okvira Eurosistema za tržno finančno premoženje, kakor je opisano v oddelku 6.3.2.
The debt instrument must be deposited/registered (issued) in the EEA with a central bank or with a central securities depository (CSD) which fulfils the minimum standards established by the ECB [54].
Dolžniški instrument mora biti deponiran/registriran (izdan) v EGP pri centralni banki ali pri centralni depotni družbi (CDD), ki izpolnjuje minimalne standarde, določene s strani ECB [54].
In case a marketable debt instrument is issued by a non-financial corporation [55] that is not rated by an accepted external credit assessment institution (ECAI), the place of issue must be the euro area.
Če tržni dolžniški instrument izda nefinančna družba [55], katere bonitete ni ocenila sprejeta zunanja bonitetna institucija, mora biti kraj izdaje euroobmočje.
It must be held and settled in the euro area through an account with the Eurosystem or with an SSS that fulfils the standards established by the ECB, so that perfection and realisation are subject to the law of a Member State.
Hraniti in poravnati se mora v euroobmočju prek računa, odprtega pri Eurosistemu ali pri SPVP, ki izpolnjuje standarde, določene s strani ECB, tako da obliko in vsebino ter unovčenje ureja pravo države članice.
If the CSD where the asset is issued and the SSS where it is held are not identical, then the two institutions have to be connected by a link approved by the ECB [56].
Če CDD, kjer se finančno premoženje izda, in SPVP, kjer se poravnava, nista ista ustanova, morata biti obe ustanovi med seboj povezani na način, ki ga odobri ECB [56].
The debt instrument must be admitted to trading on a regulated market as defined in the Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC [57], or traded on certain non-regulated markets as specified by the ECB [58].
Dolžniški instrument mora biti sprejet v trgovanje na reguliranem trgu, kot je določeno v Direktivi 2004/39/ES Evropskega parlamenta in Sveta z dne 21. aprila 2004 o trgih finančnih instrumentov in o spremembah direktiv Sveta 85/611/EGS, 93/6/EGS in Direktive 2000/12/ES Evropskega parlamenta in Sveta ter o razveljavitvi Direktive Sveta 93/22/EGS [57], ali pa se mora z njim trgovati na nereguliranih trgih, ki jih določi ECB [58].
The debt instrument may be issued or guaranteed by central banks of the EU Member States, public sector entities, private sector entities, or international or supranational institutions.
Dolžniški instrument lahko izdajo ali zanj jamčijo centralne banke držav članic EU, osebe javnega sektorja, osebe zasebnega sektorja ali mednarodne oziroma nadnacionalne institucije.
Place of establishment of the issuer/guarantor
Kraj ustanovitve izdajatelja/garanta
The issuer must be established in the EEA or in one of the non-EEA G10 countries [60] [61].
Izdajatelj mora biti ustanovljen v EGP ali eni od držav skupine G-10 zunaj EGP [60] [61].
In the latter case, the debt instruments can only be considered eligible if the Eurosystem ascertains that its rights would be protected in an appropriate manner, as determined by the Eurosystem, under the laws of the respective non-EEA G10 country.
V slednjem primeru se dolžniški instrumenti štejejo za primerne samo, če se Eurosistem prepriča, da bodo njegove pravice ustrezno zaščitene v okviru zakonodaj zadevne države skupine G-10 zunaj EGP na način, ki ga določa Eurosistem.
For this purpose, a legal assessment in a form and with substance acceptable to the Eurosystem will have to be submitted before the assets can be considered eligible.
V ta namen bo treba, preden se finančno premoženje šteje za primerno, Eurosistemu predložiti pravno oceno, ki je po obliki in vsebini sprejemljiva za Eurosistem.
In the case of an asset-backed security, the issuer must be established in the EEA.The guarantor must be established in the EEA, unless a guarantee is not needed to establish the high credit standards for marketable assets, as set out in Section 6.3.2.
V primeru listinjenega vrednostnega papirja mora biti izdajatelj ustanovljen v EGP.Garant mora biti ustanovljen v EGP, razen če za izpolnjevanje visokih bonitetnih standardov za tržno finančno premoženje jamstvo ni potrebno, kakor je določeno v oddelku 6.3.2.
International or supranational institutions are eligible issuers/guarantors irrespective of their place of establishment.
Mednarodne ali nadnacionalne institucije so primerni izdajatelji/garanti ne glede na kraj njihove ustanovitve.
In case a marketable debt instrument is issued by a non-financial corporation that is not rated by an ECAI, the issuer/guarantor must be established in the euro area.
Če tržni dolžniški instrument izda nefinančna družba, katere bonitete ni ocenila zunanja bonitetna institucija, mora biti izdajatelj/garant ustanovljen v euroobmočju.
The debt instrument must be denominated in euro [62].
Dolžniški instrument mora biti denominiran v eurih [62].
Three types of non-marketable assets are eligible as collateral in the single framework for eligible assets: fixed-term deposits from eligible counterparties, credit claims and non-marketable retail mortgage-backed debt instruments (RMBDs) [63].
V enotnem okviru primernega finančnega premoženja so za zavarovanje primerne tri vrste netržnega finančnega premoženja: vezani depoziti primernih nasprotnih strank, bančna posojila in netržni hipotekarni dolžniški instrumenti [63].
To be eligible, a credit claim [64] has to fulfil the following eligibility criteria (see also Table 4):
Da bi bilo primerno, mora bančno posojilo [64] izpolnjevati naslednja merila primernosti (glej tudi tabelo 4):
Type of asset: It must be a credit claim which is a debt obligation of a debtor vis-à-vis a Eurosystem counterparty.
vrsta finančnega premoženja: biti mora bančno posojilo, ki je dolžniška obveznost dolžnika do nasprotne stranke Eurosistema.
Credit claims that have a ‘reducing balance’ (i.e. where the principal and interest are paid off according to a pre-agreed schedule) are also eligible.
Bančna posojila s postopnim odplačevanjem glavnice (tj. kjer se glavnica in obresti odplačujejo po vnaprej določenem načrtu) so ravno tako primerna.
Credit claims may not afford rights to the principal and/or the interest that are subordinated to the rights of holders of other credit claims (or other tranches or sub-tranches in the same syndicated loan) or debt instruments of the same issuer.
Pri bančnih posojilih pravica do glavnice oziroma obresti ne sme biti podrejena pravicam imetnikov drugih bančnih posojil (ali drugih tranš ali podtranš v istem sindiciranem posojilu) ali dolžniških instrumentov istega izdajatelja;
The credit claim must have (i) a fixed, unconditional principal amount and (ii) an interest rate that cannot result in a negative cash flow.
bančno posojilo mora imeti (i) fiksen, brezpogojen znesek glavnice ter (ii) obrestno mero, ki ne more povzročiti negativnega denarnega toka.
Furthermore, credit claims with interest rate linked to the inflation rate are also eligible.
Poleg tega so primerna tudi bančna posojila z obrestno mero, vezano na stopnjo inflacije.
Type of debtor/guarantor: Eligible debtors and guarantors are non-financial corporations [65], public sector entities and international or supranational institutions.
vrsta dolžnika/garanta: primerni dolžniki in garanti so nefinančne družbe [65], osebe javnega sektorja ter mednarodne in nadnacionalne institucije.
Each debtor is individually and severally liable for the full repayment of the credit claim in question (co-debtors jointly liable for individual credit claims are excluded).
Vsak dolžnik je individualno in ločeno odgovoren za celotno poplačilo zadevnega bančnega posojila (sodolžniki, ki so skupno odgovorni za posamezno bančno posojilo, so izključeni);
Place of establishment of the debtor and guarantor: The debtor must be established in the euro area.
kraj ustanovitve dolžnika in garanta: dolžnik mora biti ustanovljen v euroobmočju.
This requirement does not apply to international or supranational institutions.
Ta zahteva ne velja za mednarodne in nadnacionalne institucije;
Credit standards: The quality of credit claims is assessed through the underlying creditworthiness of the debtor or guarantor.
bonitetni standardi: kvaliteta bančnega posojila se oceni prek kreditne sposobnosti dolžnika ali garanta.
Credit claims must meet the high credit standards specified in the ECAF rules for non-marketable assets, as set out in Section 6.3.3.
Bančna posojila morajo izpolnjevati visoke bonitetne standarde, ki so opredeljeni v pravilih bonitetnega okvira Eurosistema za netržno finančno premoženje, kakor je opisano v oddelku 6.3.3;