natgillin/translations-raw huggingface dataset:
In fixed rate tenders, counterparties must state in their bids the amount of money that they are willing to transact with the NCBs [35].
Pri avkcijah s fiksno mero morajo nasprotne stranke v svojih protiponudbah navesti denarni znesek, v višini katerega so pripravljene skleniti posel z NCB [35].
In variable rate tenders, counterparties may submit bids for up to 10 different interest rate/price/swap point levels.
Pri avkcijah z variabilno mero lahko nasprotne stranke predložijo do deset protiponudb z različnimi obrestnimi merami/cenami/swap točkami.
In each bid, counterparties must state the amount of money that they are willing to transact with the NCBs and the relevant interest rate [36], [37].
Nasprotne stranke morajo v vsaki protiponudbi navesti denarni znesek, v višini katerega so pripravljene skleniti posel z NCB, in ustrezno obrestno mero [36], [37].
In the case of a variable rate foreign exchange swap tender, the swap points must be quoted according to standard market conventions and bids must be expressed as multiples of 0,01 swap points.
Pri operacijah valutnih zamenjav z variabilno mero je treba swap točke kotirati v skladu s splošnimi tržnimi običaji, protiponudbe pa morajo biti izražene kot mnogokratnik 0,01 swap točke.
Counterparties are expected always to be in a position to cover the amounts allotted to them with a sufficient amount of eligible underlying assets [38].
Od nasprotnih strank se pričakuje, da imajo za kritje zneska, ki jim je bil dodeljen, vedno na razpolago zadostno količino primernega ﬁnančnega premoženja za zavarovanje terjatev [38].
The contractual or regulatory arrangements applied by the relevant NCB allow the imposition of penalties if a counterparty fails to transfer a sufficient amount of underlying assets or cash to settle the amount it has been allotted in a tender operation.
Pogodbeni dogovori ali predpisi, ki jih uporablja zadevna NCB, dovoljujejo naložiti kazen, če nasprotna stranka ne prenese zadostne količine ﬁnančnega premoženja za zavarovanje terjatev ali denarnih sredstev za poravnavo zneska, ki ji je bil dodeljen na avkciji.
Bids are revocable up to the tender submission deadline.
Nasprotne stranke lahko umaknejo protiponudbe do roka za oddajo protiponudb.
Bids submitted after the deadline specified in the tender announcement message are invalid.
Protiponudbe, predložene po roku, določenem v najavi avkcije, so neveljavne.
Respect of the deadline is judged by the NCBs.
O upoštevanju skrajnega roka presojajo NCB.
The NCBs discard all the bids of a counterparty if the aggregate amount bid exceeds any maximum bid limit established by the ECB.
NCB zavržejo vse protiponudbe nasprotne stranke, če skupni znesek protiponudb presega zgornjo mejo protiponudb, ki jo določi ECB.
The NCBs also discard any bid which is below the minimum bid amount or which is below any minimum or above any maximum accepted interest rate/price/swap point.
NCB prav tako zavržejo vsako protiponudbo, ki je pod spodnjim zneskom protiponudbe ali ki je pod najnižjo ali nad najvišjo izklicno obrestno mero/ceno/swap točkami.
Furthermore, the NCBs may discard bids which are incomplete or which do not follow the pro forma example.
Poleg tega lahko NCB zavržejo protiponudbe, ki niso popolne ali niso pripravljene v skladu z vzorcem.
If a bid is discarded, the respective NCB informs the counterparty about its decision prior to the tender allotment.
Če se protiponudba zavrže, zadevna NCB o svoji odločitvi obvesti nasprotno stranko pred dodelitvijo.
In the allotment of a fixed rate tender, the bids received from counterparties are added together.
Pri dodelitvi na avkciji s fiksno mero se protiponudbe, ki so jih predložile nasprotne stranke, seštejejo.
If the aggregate amount bid exceeds the total amount of liquidity to be allotted, the submitted bids will be satisfied pro rata, according to the ratio of the amount to be allotted to the aggregate amount bid (see Box 4).
Če skupni znesek protiponudb presega skupni znesek likvidnosti za dodelitev, se predložene protiponudbe sprejmejo sorazmerno glede na razmerje med zneskom za dodelitev in skupnim zneskom protiponudb (glej okvir 4).
However, the ECB may decide to allot a minimum amount/ratio to each bidder in fixed rate tenders.
ECB se lahko odloči, da vsakemu ponudniku na avkciji s fiksno mero dodeli najnižji znesek/stopnjo dodelitve.
The amount allotted to the ith counterparty is:
Znesek dodelitve i-ti nasprotni stranki je:
all% percentage of allotment
all% odstotek dodelitve
Variable rate tenders in euro
Avkcije z variabilno mero v eurih
In the allotment of liquidity-providing variable rate tenders in euro, bids are listed in descending order of offered interest rates.
Pri dodelitvi na avkcijah z variabilno mero v eurih, na katerih Eurosistem povečuje likvidnost, se protiponudbe razvrstijo po padajočem vrstnem redu glede na licitirano obrestno mero.
Bids with the highest interest rate levels are satisfied first and subsequently bids with successively lower interest rates are accepted until the total liquidity to be allotted is exhausted.
Najprej se sprejmejo protiponudbe z najvišjimi obrestnimi merami, nato pa se sprejemajo protiponudbe z vedno nižjimi obrestnimi merami, dokler se ne izčrpa celotni znesek za dodelitev.
If, at the lowest interest rate level accepted (i.e. the marginal interest rate), the aggregate amount bid exceeds the remaining amount to be allotted, the remaining amount is allocated pro rata among the bids according to the ratio of the remaining amount to be allotted to the total amount bid at the marginal interest rate (see Box 5).
Če pri najnižji sprejeti obrestni meri (tj. pri mejni obrestni meri) skupni znesek protiponudb presega preostali znesek za dodelitev, se preostali znesek razdeli med protiponudbe sorazmerno glede na razmerje med preostalim zneskom za dodelitev in skupnim zneskom protiponudb pri mejni obrestni meri (glej okvir 5).
In the allotment of liquidity-absorbing variable rate tenders (which may be used for the issuance of ECB debt certificates and the collection of fixed-term deposits), bids are listed in ascending order of offered interest rates (or descending order of offered prices).
Pri dodelitvi na avkcijah z variabilno mero, na katerih Eurosistem umika likvidnost (takšne avkcije se lahko uporabljajo za izdajo dolžniških certifikatov ECB in zbiranje vezanih depozitov), se protiponudbe razvrstijo po naraščajočem vrstnem redu licitiranih obrestnih mer (ali padajočem vrstnem redu licitiranih cen).
Bids with the lowest interest rate (highest price) levels are satisfied first and subsequently bids with successively higher interest rates (lower price bids) are accepted until the total liquidity to be absorbed is exhausted.
Najprej se sprejmejo protiponudbe z najnižjimi obrestnimi merami (najvišjimi cenami), nato pa se sprejemajo protiponudbe z vedno višjimi obrestnimi merami (nižjimi cenami), dokler se ne izčrpa celoten znesek likvidnosti, ki jo želi Eurosistem z operacijo umakniti.
If, at the highest interest rate (lowest price) level accepted (i.e. the marginal interest rate/price), the aggregate bid amount exceeds the remaining amount to be allotted, the remaining amount is allocated pro rata among the bids according to the ratio of the remaining amount to be allotted to the total bid amount at the marginal interest rate/price (see Box 5).
Če pri najvišji sprejeti obrestni meri (najnižji ceni) (tj. pri mejni obrestni meri/ceni) skupni znesek protiponudb presega preostali znesek za dodelitev, se preostali znesek razdeli med protiponudbe sorazmerno glede na razmerje med preostalim zneskom za dodelitev in skupnim zneskom protiponudb pri mejni obrestni meri/ceni (glej okvir 5).
The ECB may decide to allot a minimum amount to each successful bidder in variable rate tenders.
ECB se lahko odloči, da vsakemu uspešnemu ponudniku na avkciji z variabilno mero dodeli najnižji znesek dodelitve.
Allotment of variable rate tenders in euro
Dodelitev na avkcijah z variabilno mero v eurih
amount bid at the sth interest rate (rs) by the ith counterparty
znesek, ki ga pri s-ti obrestni meri (rs) licitira i-ta nasprotna stranka
r1 ≥ rs ≥ rm for a liquidity-providing tender
r1 ≥ rs ≥ rm pri avkciji za povečevanje likvidnosti
rm ≥ rs ≥ r1 for a liquidity-absorbing tender
rm ≥ rs ≥ r1 pri avkciji za umikanje likvidnosti
rm–1 > rm for a liquidity-providing tender
rm–1 > rm pri avkciji za povečevanje likvidnosti
rm > rm–1 for a liquidity-absorbing tender
rm > rm–1 pri avkciji za umikanje likvidnosti
all%(r m)
all%(rm)
Variable rate foreign exchange swap tenders
Avkcije valutnih zamenjav z variabilno mero
In the allotment of liquidity-providing variable rate foreign exchange swap tenders, bids are listed in ascending order of swap point quotations [39].
Pri dodelitvi na avkcijah valutnih zamenjav z variabilno mero, na katerih Eurosistem povečuje likvidnost, se protiponudbe razvrstijo po naraščajočem vrstnem redu glede na kotirane swap točke [39].
The bids with the lowest swap point quotations are satisfied first and subsequently successively higher swap point quotations are accepted until the total amount of the fixed currency to be allotted is exhausted.
Najprej se sprejmejo protiponudbe z najnižjimi kotacijami swap točk, nato pa se sprejemajo protiponudbe z vedno višjimi kotacijami swap točk, dokler se ne izčrpa celotni znesek za dodelitev v osnovni valuti.
If, at the highest swap point quotation accepted (i.e. the marginal swap point quotation), the aggregate amount bid exceeds the remaining amount to be allotted, the remaining amount is allocated pro rata among the bids according to the ratio of the remaining amount to be allotted to the total amount bid at the marginal swap point quotation (see Box 6).
Če pri najvišji sprejeti kotaciji swap točk (tj. pri mejni kotaciji swap točk) skupni znesek protiponudb presega preostali znesek za dodelitev, se preostali znesek razdeli med protiponudbe sorazmerno glede na razmerje med preostalim zneskom za dodelitev in skupnim zneskom protiponudb pri mejni kotaciji swap točk (glej okvir 6).
In the allotment of liquidity-absorbing variable rate foreign exchange swap tenders, bids are listed in descending order of offered swap point quotations.
Pri dodelitvi na avkcijah valutnih zamenjav z variabilno mero, na katerih Eurosistem umika likvidnost, se protiponudbe razvrstijo po padajočem vrstnem redu licitiranih kotacij swap točk.
The bids with the highest swap point quotations are satisfied first and subsequently successively lower swap point quotations are accepted until the total amount of the fixed currency to be absorbed is exhausted.
Najprej se sprejmejo protiponudbe z najvišjimi kotacijami swap točk, nato pa se sprejemajo naslednje nižje kotacije swap točk, dokler se ne izčrpa celotni znesek v osnovni valuti, namenjen za umik.
If, at the lowest swap point quotation accepted (i.e. the marginal swap point quotation), the aggregate amount bid exceeds the remaining amount to be allotted, the remaining amount is allocated pro rata among the bids according to the ratio of the remaining amount to be allotted to the total amount bid at the marginal swap point quotation (see Box 6).
Če pri najnižji sprejeti kotaciji swap točk (tj. pri mejni kotaciji swap točk) skupni znesek protiponudb presega preostali znesek za dodelitev, se preostali znesek razdeli med protiponudbe sorazmerno glede na razmerje med preostalim zneskom za dodelitev in skupnim zneskom protiponudb pri mejni kotaciji swap točk (glej okvir 6).
Type of auction
Vrsta avkcije
For variable rate tenders, the Eurosystem may apply either single rate or multiple rate auction procedures.
Pri avkcijah z variabilno mero lahko Eurosistem uporabi postopek za avkcije z enotno mero ali avkcije z različnimi merami.
In a single rate auction (Dutch auction), the allotment interest rate/price/swap point applied for all satisfied bids is equal to the marginal interest rate/price/swap point (i.e. that at which the total allotment is exhausted).
Pri avkciji z enotno mero (avkcija nizozemskega tipa) je dodelitvena obrestna mera/cena/swap točke, ki se uporablja za vse sprejete protiponudbe, enaka mejni obrestni meri/ceni/swap točkam (tj. tisti, pri kateri se izčrpa skupni znesek za dodelitev).
In a multiple rate auction (American auction), the allotment interest rate/price/swap point is equal to the interest rate/price/swap point offered for each individual bid.
Pri avkciji z različnimi merami (avkcija ameriškega tipa) je dodelitvena obrestna mera/cena/swap točke enaka obrestnim meram/cenam/swap točkam, ponujenim za vsako posamezno protiponudbo.
Allotment of variable rate foreign exchange swap tenders
Dodelitev na avkcijah valutnih zamenjav z variabilno mero
amount bid at the sth swap point quotation (Δs) by the ith counterparty
znesek pri s-ti kotaciji swap točk (Δs), ki ga licitira i-ta nasprotna stranka
total amount bid at the sth swap point quotation (Δs)
skupni znesek protiponudb pri s-ti kotaciji swap točk (Δs)
marginal swap point quotation:
mejna kotacija swap točk:
Δm ≥ Δs ≥ Δ1 for a liquidity-providing foreign exchange swap
Δm ≥ Δs ≥ Δ1 pri valutni zamenjavi za povečevanje likvidnosti
Δ1 ≥ Δs ≥ Δm for a liquidity-absorbing foreign exchange swap
Δ1 ≥ Δs ≥ Δm 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):
Δm > Δm–1 for a liquidity-providing foreign exchange swap
Δm > Δm–1 pri valutni zamenjavi za povečevanje likvidnosti
Δm–1 > Δm for a liquidity-absorbing foreign exchange swap
Δm–1 > Δm pri valutni zamenjavi za umikanje likvidnosti
all%(Δ m)
all%(Δm)
The results of standard and quick tenders are announced publicly by means of wire services and the ECB’s website.
Rezultati standardnih in hitrih avkcij se javno objavijo prek elektronskih medijev in spletne strani ECB.
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);
sprejeta 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 izklicna obrestna mera/cena/swap točke, najvišja izklicna obrestna mera/cena/swap točke in tehtana povprečna obrestna mera dodelitve (pri avkcijah z različnimi obrestnimi merami);
the start date and the maturity date of the operation (if applicable) or the value date and the maturity date of the instrument (in the case of the issuance of ECB debt certificates);
datum začetka in datum zapadlosti operacije (če je predvideno) ali datum valutacije in datum zapadlosti instrumenta (pri izdaji dolžniških certifikatov ECB);
The NCBs will directly certify the individual allotment result to successful counterparties.
NCB obvestijo uspešne ponudnike o rezultatih dodelitve neposredno.
The NCBs may execute operations on the basis of bilateral procedures.
NCB lahko izvajajo operacije na podlagi dvostranskih postopkov.
These procedures may be used for fine-tuning open market operations and structural outright operations [40].
Ti postopki se lahko uporabljajo za operacije ﬁnega uravnavanja na odprtem trgu in strukturne dokončne operacije [40].
In this procedure, the NCBs directly contact one or a few domestic counterparties, which are selected according to the criteria specified in Section 2.2.
Pri tem postopku NCB neposredno stopijo v stik z eno ali nekaj domačimi nasprotnimi strankami, izbranimi v skladu z merili iz oddelka 2.2.
According to the precise instructions given by the ECB, the NCBs decide whether to enter into a deal with the counterparties.
V skladu z natančnimi navodili ECB se NCB odločijo, ali bodo sklenile posel z nasprotnimi strankami.
The transactions are settled through the NCBs.
Transakcije se poravnajo prek NCB.
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 NCBs 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 nekaj NCB, ki bi delovale kot operativna enota ECB), bi se postopki za tovrstne operacije ustrezno prilagodili.
In this case, the ECB (or the NCB(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 (oziroma ena ali več NCB v vlogi operativne enote ECB) neposredno stopila v stik z eno ali nekaj nasprotnimi strankami v euroobmočju, izbranimi v skladu z merili iz oddelka 2.2.
The ECB (or the NCB(s) acting as the operating arm of the ECB) would decide whether to enter into a deal with the counterparties.
ECB (oziroma ena ali več NCB 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 NCBs.
Transakcije bi se kljub temu poravnale decentralizirano prek NCB.
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 depozitov.
The NCBs can execute outright transactions through stock exchanges and market agents.
NCB lahko izvajajo dokončne transakcije prek borz vrednostnih papirjev in tržnih posrednikov.
Bilateral operations are normally not announced publicly in advance.
Dvostranske operacije se običajno javno ne najavijo vnaprej.
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 kateri koli delovni dan Eurosistema.
Only NCBs 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 NCB držav članic, v katerih so trgovalni dan, dan poravnave in dan izplačila delovni dnevi NCB.
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 NCB 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 NCBs or on the accounts of settlement banks participating in TARGET2.
Denarne transakcije, povezane z uporabo odprtih ponudb Eurosistema ali sodelovanjem pri operacijah odprtega trga, se poravnajo prek računov nasprotnih strank pri NCB ali preko računov poravnalnih bank udeleženk v sistemu TARGET2.
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 finančnega premoženja za zavarovanje terjatev pri operaciji.
This implies that underlying assets need either to have been pre-deposited in a safe custody account at the NCBs or to be settled with said NCBs on an intraday delivery-versus-payment basis.
To pomeni, da je treba primerno finančno premoženje za zavarovanje terjatev bodisi vnaprej deponirati na skrbniškem računu pri NCB bodisi poravnati po načelu dostave proti plačilu znotraj dneva pri ustrezni NCB.
The transfer of underlying assets is executed via the counterparties’ securities settlement accounts with SSSs fulfilling the ECB’s minimum standards [41].
Prenos finančnega premoženja za zavarovanje terjatev se izvrši prek računov za poravnavo poslov z vrednostnimi papirji nasprotnih strank pri SPVP, ki izpolnjujejo minimalne standarde ECB [41].
Counterparties without a safe custody account with an NCB 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 NCB ali brez računa za poravnavo poslov z vrednostnimi papirji pri SPVP, ki izpolnjuje minimalne standarde ECB, lahko transakcije s finančnim premoženjem za zavarovanje terjatev 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 NCBs (or the ECB) for the specific monetary policy instruments.
Ostale določbe v zvezi s postopki poravnave so opredeljene v pogodbenih dogovorih, ki jih uporabljajo NCB (ali ECB) za posamezne instrumente denarne politike.
The settlement procedures may differ slightly between NCBs owing to differences in national law and operational practices.
Postopki poravnave v posameznih NCB se lahko zaradi različnih nacionalnih zakonodaj in operativnih praks med seboj nekoliko razlikujejo.
Normal settlement dates for Eurosystem open market operations [42]
Običajni datumi poravnave za operacije odprtega trga Eurosistema [42]
Settlement date for operations based on standard tenders
Datum poravnave za operacije v obliki standardnih avkcij
Settlement date for operations based on quick tenders or bilateral procedures
Datum poravnave za operacije v obliki hitrih avkcij ali dvostranskih postopkov
According to market convention for underlying assets
V skladu s tržnimi običaji za finančno premoženje 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 TARGET2 and all relevant SSSs are open.
Operacije odprtega trga v obliki standardnih avkcij (tj. operacije glavnega refinanciranja, operacije dolgoročnejšega refinanciranja in strukturne operacije) se običajno poravnajo na prvi dan po trgovalnem dnevu, ko so odprti sistem TARGET2 in vsi ustrezni SPVP.
However, the issuance of ECB debt certificates is settled on the second day following the trade day on which TARGET2 and all relevant SSSs are open.
Pri izdaji dolžniških certifikatov ECB pa se poravnava izvede na drugi dan po trgovalnem dnevu, ko so odprti sistem TARGET2 in vsi ustrezni SPVP.
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 SPVP 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 izplačila prejšnje operacije z ustrezno zapadlostjo.
However, the Eurosystem may occasionally apply for operational reasons other settlement dates for these operations, in particular for outright transactions and foreign exchange swaps (see Table 3).
Vendar lahko Eurosistem zaradi operativnih razlogov občasno določi druge datume poravnave za te operacije, zlasti za dokončne transakcije in valutne zamenjave (glej tabelo 3).
Counterparties’ requests for access to the marginal lending facility or to the deposit facility must be submitted to the respective NCB at the latest 15 minutes following the TARGET2 closing time.
Nasprotne stranke morajo zahtevke za dostop do odprte ponudbe mejnega posojila ali mejnega depozita predložiti ustrezni NCB najkasneje 15 minut po času zaprtja sistema TARGET2.