natgillin/translations-raw huggingface dataset:
The Eurosystem's monetary policy operations are executed under uniform terms and conditions in all Member States.3.
Operacije denarne politike Eurosistema se izvajajo pod enakimi pogoji v vseh državah članicah.3.
Section 1.2 is replaced by the following:
Oddelek 1.2 se nadomesti z naslednjim:
‘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 EU.
Če to ni v nasprotju z njegovim poglavitnim ciljem stabilnosti cen, mora Eurosistem podpirati splošne ekonomske politike v EU.
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.“
Section 1.3.1 is amended as follows:
Oddelek 1.3.1 se spremeni:
The introductory part is replaced by the following:
Uvodni del se nadomesti z naslednjim:
‘Open market operations play an important role in the monetary policy of the Eurosystem for the purposes of steering interest rates, managing the liquidity situation in the market and signalling the stance of monetary policy.
„Operacije odprtega trga imajo pomembno vlogo v denarni politiki Eurosistema, ko gre za uravnavanje obrestnih mer, uravnavanje likvidnosti na trgu in signaliziranje naravnanosti denarne politike.
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, izdaje dolžniških certifikatov ECB, valutne zamenjave in zbiranje vezanih vlog.
Open market operations are initiated by the ECB, which also decides on the instrument to be used and on the terms and conditions for its execution.
Operacije odprtega trga se izvajajo na pobudo ECB, ki tudi odloča o instrumentu, ki se bo uporabil, in pogojih za njegovo izvršitev.
They can be executed on the basis of standard tenders, quick tenders or bilateral procedures.
Lahko se izvajajo na podlagi standardnih avkcij, hitrih avkcij ali dvostranskih postopkov.
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):(b) The third bullet point is replaced by the following:
Glede na njihove cilje, rednost in postopke se lahko operacije odprtega trga Eurosistema razdelijo na naslednje štiri kategorije (glej tudi tabelo 1).(b) Tretja alinea se nadomesti z naslednjim:
‘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 na obrestne mere nepričakovana nihanja likvidnosti na trgu.
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 v 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 vlog.
The instruments and procedures applied in the conduct of fine-tuning operations are adapted to the types of transactions and the specific objectives pursued in the operations.
Instrumenti in postopki, ki se uporabljajo pri izvajanju operacij finega uravnavanja, se prilagodijo glede na vrsto transakcije in posebne cilje, ki se jih želi doseči s temi operacijami.
Fine-tuning operations are normally executed by the NCBs through quick tenders or bilateral procedures.
Operacije finega uravnavanja običajno izvajajo NCB s hitrimi avkcijami ali prek dvostranskih postopkov.
The Governing Council of the ECB can decide that, under exceptional circumstances, fine-tuning bilateral operations may be carried out by the ECB itself.’
Svet ECB lahko odloči, da lahko v izrednih okoliščinah dvostranske operacije finega uravnavanja izvaja sama ECB.“
The fourth bullet point is replaced by the following:
Četrta alinea se nadomesti z naslednjim:
‘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 izdajami 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 izdaj dolžniških instrumentov izvajajo NCB prek standardnih avkcij.
Structural operations in the form of outright transactions are normally executed by the NCBs through bilateral procedures.
Strukturne operacije v obliki dokončnih transakcij običajno izvajajo NCB prek dvostranskih postopkov.
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.“
In Table 1 in Section 1.3, in the fourth row of the third column, ‘Issuance of debt certificates’ is replaced by ‘Issuance of ECB debt certificates’.
V tabeli 1 v oddelku 1.3 se v četrti vrstici tretjega stolpca besedilo „Izdaja dolžniških certifikatov“ nadomesti z besedilom „Izdaja dolžniških certifikatov ECB“.
Section 1.4 is replaced by the following:
Oddelek 1.4 se nadomesti z naslednjim:
‘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 udeležbo 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 na podlagi standardnih avkcij in dokončnih transakcij.
The Eurosystem may select a limited number of counterparties to participate in fine-tuning operations.
Eurosistem lahko izbere omejeno število nasprotnih strank za sodelovanje v operacijah finega uravnavanja.
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 tiste institucije, ki so ustanovljene v euroobmočju in so bile izbrane za posege Eurosistema na deviznem trgu.“
Section 2.1 is amended as follows:
Oddelek 2.1 se spremeni:
The second bullet point of the first paragraph is replaced by the following:
Druga alinea prvega odstavka se nadomesti z naslednjim:
‘Counterparties must be financially sound.
„Nasprotne stranke morajo biti finančno trdne.
They should be subject to at least one form of harmonised EU/EEA supervision by national authorities.
Biti morajo predmet najmanj ene oblike nadzora s strani nacionalnih organov, ki je usklajen z zahtevami EU/EGP.
In view of their specific institutional nature under EU 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 EU 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 EU/EEA supervision can also be accepted as counterparties, e.g. branches established in the euro area of institutions incorporated outside the EEA.(b) The third paragraph is replaced by the following:
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 EU/EGP, npr. v euroobmočju ustanovljene podružnice institucij, ki imajo sedež zunaj EGP.(b) Tretji odstavek se nadomesti z naslednjim:
‘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 na podlagi standardnih avkcij samo prek NCB države članice, v kateri ima sedež.
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.“
Section 2.2 is amended as follows:
Oddelek 2.2 se spremeni:
‘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 range of counterparties to foreign exchange swaps corresponds to the counterparties established in the euro area which are selected for Eurosystem foreign exchange intervention operations.
Krog nasprotnih strank za valutne zamenjave je enak krogu nasprotnih strank, ki so ustanovljene v euroobmočju in izbrane za posege Eurosistema na deviznem trgu.
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.“
The fifth paragraph is replaced by the following:
Peti odstavek se nadomesti z naslednjim:
‘The Governing Council of the ECB can decide that, under exceptional circumstances, fine-tuning bilateral operations may be carried out by the ECB itself.
„Svet ECB lahko odloči, da lahko v izrednih okoliščinah dvostranske operacije finega uravnavanja izvaja sama ECB.
If the ECB were to carry out bilateral operations, the selection of counterparties would in such cases be made by the ECB according to a rotation scheme among those counterparties in the euro area which are eligible for quick tenders and bilateral operations in order to ensure equitable access.’
V primerih, ko bi dvostranske operacije izvajala ECB, bi ta izbrala nasprotne stranke po sistemu kroženja izmed tistih nasprotnih strank v euroobmočju, ki so primerne za sodelovanje v hitrih avkcijah in dvostranskih operacijah, s čimer bi se jim zagotovil enakopraven dostop.“
Section 2.3 is amended as follows:
Oddelek 2.3 se spremeni:
The third paragraph is replaced by the following:
Tretji odstavek se nadomesti z naslednjim:
‘This relates to cases of infringement of (a) tender rules, if a counterparty fails to transfer a sufficient amount of underlying assets or cash to settle (at the settlement day), or to collateralise, until the maturity of the operation by means of corresponding margin calls, the amount of liquidity it has been allotted in a liquidity-providing operation, or if it fails to transfer a sufficient amount of cash to settle the amount it has been allotted in a liquidity-absorbing operation; and (b) bilateral transaction rules, if a counterparty fails to transfer a sufficient amount of eligible underlying assets, or if it fails to transfer a sufficient amount of cash to settle the amount agreed in bilateral transactions, or if it fails to collateralise an outstanding bilateral transaction at any time until its maturity by means of corresponding margin calls.(b) The fifth paragraph is replaced by the following:
„To velja za primere kršitev (a) avkcijskih pravil, če nasprotna stranka ne prenese zadostnega finančnega premoženja ali denarnih sredstev za poravnavo (na dan poravnave) zneska likvidnosti, ki ji je bil dodeljen v operaciji povečevanja likvidnosti – ali pa tega zneska do zapadlosti operacije ne zavaruje v ustreznih pozivih h kritju –, ali če ne prenese zadostnih denarnih sredstev za poravnavo zneska, ki ji je bil dodeljen v operaciji umikanja likvidnosti; in (b) pravil za dvostranske transakcije, če nasprotna stranka ne prenese zadostnega primernega finančnega premoženja ali zadostnih denarnih sredstev za poravnavo zneska, dogovorjenega v dvostranskih operacijah, ali pa za še nezapadlo dvostransko transakcijo kadar koli pred zapadlostjo ne zagotovi dodatnega zavarovanja v ustreznih pozivih h kritju.(b) Peti odstavek se nadomesti z naslednjim:
‘In addition, a suspension measure taken vis-à-vis a non-complying counterparty may be applied to branches of the same institution established in other Member States.
„Poleg tega se lahko ukrep začasne izključitve nasprotne stranke, ki ne izpolnjuje obveznosti, uporabi tudi za podružnice iste institucije, ki so ustanovljene v drugih državah članicah.
Where, as an exceptional measure, this is required on account of the seriousness of a case of non-compliance, as evidenced by its frequency or duration, for instance, a counterparty may be suspended from all future monetary policy operations for a certain period of time.’
Izjemoma se lahko nasprotno stranko za določeno obdobje izključi iz sodelovanja v vseh prihodnjih operacijah denarne politike, kadar je to potrebno zaradi resnosti primera neizpolnjevanja obveznosti, na primer zaradi njegove pogostosti ali trajanja.“
Section 2.4 is replaced by the following:
Oddelek 2.4 se nadomesti z naslednjim:
Suspension, limitation or exclusion on grounds of prudence or events of default
Začasna izključitev, omejitev ali trajna izključitev zaradi razlogov skrbnega in varnega poslovanja ali dogodkov neplačila
In accordance with the provisions in the contractual or regulatory arrangements applied by the respective NCB (or by the ECB), the Eurosystem may suspend, limit or exclude counterparties' access to monetary policy instruments on the grounds of prudence.
V skladu s pogodbenimi ali zakonskimi ureditvami, ki jih uporablja zadevna NCB (ali ECB), lahko Eurosistem zaradi razlogov skrbnega in varnega poslovanja nasprotne stranke začasno ali trajno izključi iz uporabe instrumentov denarne politike ali jim uporabo omeji.
In addition, a suspension, limitation or exclusion of counterparties may be warranted in some of the cases which fall within the notion of the “default” of a counterparty as defined in the contractual or regulatory arrangements applied by the NCBs.
Poleg tega se lahko začasna izključitev, omejitev ali trajna izključitev nasprotnih strank odobri v nekaterih izmed primerov, ki sodijo pod pojem ‚neplačilo‘ nasprotne stranke, kakor je opredeljen v pogodbenih ali zakonskih ureditvah, ki jih uporabljajo NCB.
Finally, on the grounds of prudence, the Eurosystem may also reject assets, limit the use of assets or apply supplementary haircuts to assets submitted as collateral in Eurosystem credit operations by specific counterparties.’
Končno lahko Eurosistem zaradi razlogov skrbnega in varnega poslovanja tudi zavrne finančno premoženje, omeji uporabo finančnega premoženja ali uporabi dodatne odbitke za finančno premoženje, ki ga za zavarovanje pri kreditnih operacijah Eurosistema predložijo posamezne nasprotne stranke.“
The introductory paragraph to Chapter 3 is replaced by the following:
Uvodni odstavek poglavja 3 se nadomesti z naslednjim:
‘Open market operations play an important role in the Eurosystem4s monetary policy.
„Operacije odprtega trga imajo pomembno vlogo v denarni politiki Eurosistema.
With regard to their aims, regularity and procedures, Eurosystem open market operations can be divided into four categories: main refinancing operations, longer-term refinancing operations, fine-tuning operations and structural operations.
Glede na njihove cilje, rednost in postopke se lahko operacije odprtega trga Eurosistema razdelijo na štiri kategorije: operacije glavnega reﬁnanciranja, operacije dolgoročnejšega refinanciranja, operacije ﬁnega uravnavanja in strukturne operacije.
As for the instruments used, reverse transactions are the main open market instrument of the Eurosystem and can be employed in all four categories of operations, whereas ECB debt certificates may be used for structural absorption operations.
Z vidika uporabljenih instrumentov so povratne transakcije glavni instrument operacij odprtega trga Eurosistema in se lahko uporabijo za vse štiri kategorije operacij, medtem ko se lahko dolžniški certiﬁkati ECB uporabijo za strukturne operacije umikanja likvidnosti.
Structural operations may also be conducted by means of outright transactions i.e. purchases and sales.
Strukturne operacije se lahko izvajajo tudi z dokončnimi transakcijami, tj. nakupi in prodajami.
In addition, the Eurosystem has two other instruments available for the conduct of fine-tuning operations: foreign exchange swaps and the collection of fixed-term deposits.
Poleg tega ima Eurosistem na razpolago dva druga instrumenta za izvajanje operacij ﬁnega uravnavanja: valutne zamenjave in zbiranje vezanih vlog.
In the following sections, specific features of the different types of open market instruments used by the Eurosystem are presented in detail.’
V nadaljevanju so podrobno predstavljene značilnosti posameznih vrst instrumentov za operacije odprtega trga, ki jih uporablja Eurosistem.“
In Section 3.1.4, the sixth bullet point of the second paragraph is replaced by the following:
V oddelku 3.1.4 se šesta alinea drugega odstavka nadomesti z naslednjim:
‘they are normally executed in a decentralised manner by the NCBs (the Governing Council of the ECB can decide that, under exceptional circumstances, bilateral fine-tuning reverse operations may be executed by the ECB);’
„običajno se izvajajo decentralizirano s strani NCB (Svet ECB lahko odloči, da lahko v izrednih okoliščinah dvostranske povratne operacije finega uravnavanja izvaja ECB);“
In Section 3.2, the fourth bullet point of the fourth paragraph is replaced by the following:
V oddelku 3.2 se četrta alinea četrtega odstavka nadomesti z naslednjim:
‘they are normally executed in a decentralised manner by the NCBs (the Governing Council of the ECB can decide that, under exceptional circumstances, outright transactions may be executed by the ECB);’
„običajno se izvajajo decentralizirano s strani NCB (Svet ECB lahko odloči, da lahko v izrednih okoliščinah dokončne transakcije izvaja ECB);“
Section 3.3 is amended as follows:
Oddelek 3.3 se spremeni:
‘ECB debt certificates constitute a debt obligation of the ECB vis-à-vis the holder of the certificate.
„Dolžniški certifikati ECB predstavljajo dolg ECB do imetnika certifikata.
They are issued and held in book-entry form in securities depositories in the euro area.
Izdajo in hranijo se v nematerializirani obliki pri registrih vrednostnih papirjev v euroobmočju.
Further provisions related to ECB debt certificates will be contained in the terms and conditions for such certificates.’
Ostale določbe v zvezi z dolžniškimi certifikati ECB bodo vsebovali pogoji za takšne certifikate.“
‘ECB debt certificates are issued at a discount, i.e. they are issued at below the nominal amount and are redeemed at maturity at the nominal amount.
„Dolžniški certiﬁkati ECB se izdajo z diskontom, tj. izdajo se v znesku, ki je manjši od nominalnega zneska, ob zapadlosti pa se izplačajo v nominalnem znesku.
The difference between the issue amount and the redemption amount equals the interest accrued on the issue amount, at the agreed interest rate, over the maturity of the certificate.
Razlika med zneskom izdaje in odkupnim zneskom je enaka obračunanim obrestim na znesek izdaje po dogovorjeni obrestni meri za obdobje do zapadlosti certiﬁkata.
The interest rate applied is a simple interest rate based on the day-count convention “actual/360”.
Uporabljena obrestna mera je linearna obrestna mera, pri čemer se za štetje dni uporablja konvencija ‚dejansko število dni/360 dni v letu‘.
The calculation of the issue amount is shown in Box 1.’
Izračun zneska izdaje je prikazan v okvirju 1.“
Box 1 is replaced by the following:
Okvir 1 se nadomesti z naslednjim:
‘BOX 1
„OKVIR 1
N nominal amount of the ECB debt certificate
N nominalni znesek dolžniškega certifikata ECB
interest rate (in %)
obrestna mera (v %)
D maturity of the ECB debt certificate (in days)
D rok zapadlosti dolžniškega certifikata ECB (v dnevih)
discounted issue amount of the ECB debt certificate’
diskontirani znesek izdaje dolžniškega certifikata ECB“
In Section 3.4, the fifth bullet point of the fourth paragraph is replaced by the following:
V oddelku 3.4 se peta alinea četrtega odstavka nadomesti z naslednjim:
‘they are normally executed in a decentralised manner by the NCBs (the Governing Council of the ECB can decide that, under exceptional circumstances, bilateral foreign exchange swaps may be executed by the ECB); and’
„običajno se izvajajo decentralizirano s strani NCB (Svet ECB lahko odloči, da lahko v izrednih okoliščinah valutne zamenjave v obliki dvostranskih postopkov izvaja ECB); in“
In Section 3.5, the fifth bullet point of the fourth paragraph is replaced by the following:
V oddelku 3.5 se peta alinea četrtega odstavka nadomesti z naslednjim:
‘the collection of deposits is normally executed in a decentralised manner by the NCBs (the Governing Council of the ECB can decide that, under exceptional circumstances, the bilateral collection of fixed-term deposits may be executed by the ECB); and17.
„zbiranje vlog se običajno izvaja decentralizirano s strani NCB (Svet ECB lahko odloči, da lahko v izrednih okoliščinah zbiranje vezanih vlog v obliki dvostranskih postopkov izvaja ECB); in17.
In Section 4.1, footnotes 1 and 2 in the third paragraph are replaced by the following:
V oddelku 4.1 se opombi 1 in 2 v tretjem odstavku nadomestita z naslednjim:
Since 19 May 2008, the decentralised technical infrastructure of TARGET has been replaced by TARGET2.
Decentralizirano tehnično infrastrukturo sistema TARGET je 19. maja 2008 nadomestil sistem TARGET2.