natgillin/translations-raw huggingface dataset:
The haircuts differ according to the residual maturity, type of interest payment (fixed or variable), the credit quality category and the valuation methodology applied by the NCB (see Section 6.5), as described in Table 9 [108].
Višina odbitka je odvisna od preostale zapadlosti, vrste plačila obresti (fiksna ali variabilna obrestna mera), kategorije kreditne kvalitete in metode vrednotenja, ki jo uporablja NCB (glej oddelek 6.5), kakor je opisano v tabeli 9 [108];
The haircut applied to credit claims with variable rate interest payments is that applied to the credit claims with fixed interest payments classified in the zero-to-one-year maturity bucket corresponding to the same credit quality and the same valuation methodology (valuation based on a theoretical price assigned by the NCB or on the outstanding amount assigned by the NCB).
pri bančnih posojilih z variabilno obrestno mero se uporablja takšen odbitek, kakor se uporablja pri razredu bančnih posojil s fiksno obrestno mero z zapadlostjo od nič do enega leta, ki imajo enako kreditno kvaliteto in za katere velja enaka metoda vrednotenja (vrednotenje po teoretični ceni, ki jo določi NCB, ali glede na neodplačano vrednost posojila, ki jo določi NCB).
An interest payment is considered a variable rate payment if it is linked to a reference interest rate and if the resetting period corresponding to this payment is no longer than 1 year.
Plačilo obresti se šteje kot plačilo po variabilni obrestni meri, če je obrestna mera vezana na referenčno obrestno mero in obdobje ponovnega določanja obrestne mere za to plačilo ni daljše od enega leta.
Interest payments for which the resetting period is longer than 1 year are treated as fixed rate payments, with the relevant maturity for the haircut being the residual maturity of the credit claim.
Plačilo obresti, pri katerem obdobje ponovnega določanja presega eno leto, se šteje za plačilo s fiksno obrestno mero, pri čemer je ustrezna zapadlost, ki se uporablja za določanje odbitka, enaka preostali zapadlosti bančnega posojila;
The risk control measures applied to a credit claim with more than one type of interest payment depend only on the interest payments during the remaining life of the credit claim.
ukrepi za obvladovanje tveganj, ki se uporabljajo pri bančnih posojilih z več kot eno vrsto plačila obresti, so odvisni samo od plačila obresti v času do zapadlosti bančnega posojila.
If there is more than one type of interest payment during the remaining life of the credit claim, the remaining interest payments are treated as fixed rate payments, with the relevant maturity for the haircut being the residual maturity of the credit claim.
Če se v času do zapadlosti bančnega posojila uporablja več kot ena vrsta plačila obresti, se preostalo plačilo obresti obravnava kot plačilo po fiksni obrestni meri, pri čemer je ustrezna zapadlost, ki se uporablja za določanje odbitka, enaka preostali zapadlosti bančnega posojila;
The NCBs apply the same trigger point (if applicable) for the execution of margin calls for marketable and non-marketable assets.
NCB pri izvajanju pozivov h kritju uporabljajo enak prag poziva (kjer je to primerno) za tržno in netržno finančno premoženje.
Levels of valuation haircuts applied to credit claims with fixed interest payments
Stopnje odbitkov pri vrednotenju, ki se uporabljajo za bančna posojila s fiksno obrestno mero
Fixed interest payment and valuation based on the outstanding amount assigned by the NCB
Plačilo po fiksni obrestni meri in vrednotenje glede na neodplačano vrednost posojila, ki jo določi NCB
Non-marketable retail mortgage-backed debt instruments are subject to a valuation haircut of 24 %.
Za netržne hipotekarne dolžniške instrumente se uporablja odbitek pri vrednotenju v višini 24 %.
Fixed-term deposits are not subject to any valuation haircut.
Za vezane depozite se odbitek pri vrednotenju ne uporablja.
When determining the value of underlying assets used in reverse transactions, the Eurosystem applies the following principles:
Eurosistem pri določanju vrednosti finančnega premoženja za zavarovanje terjatev, ki se uporablja pri povratnih transakcijah, uporablja naslednja načela.
For each eligible marketable asset, the Eurosystem defines the most representative price source to be used for the calculation of the market value.
Eurosistem za vsako primerno tržno finančno premoženje določi najbolj reprezentativen vir cene, ki se bo uporabil pri izračunu tržne vrednosti.
The value of a marketable asset is calculated on the basis of the most representative price on the business day preceding the valuation date.
Vrednost tržnega finančnega premoženja se izračuna na podlagi najbolj reprezentativne cene na delovni dan pred datumom vrednotenja.
If more than one price is quoted, the lowest of these prices (normally the bid price) is used.
Če kotira več kot ena cena, se uporabi najnižja cena (običajno je to ponudbena cena).
In the absence of a representative price for a particular asset on the business day preceding the valuation date, the last trading price is used.
Če za določeno finančno premoženje na delovni dan pred datumom vrednotenja reprezentativna cena ni na voljo, se uporabi zadnja cena trgovanja.
If the reference price obtained is older than 5 days or has not moved for at least 5 days, the Eurosystem defines a theoretical price.
Če je dobljena referenčna cena starejša kot pet dni oziroma se vsaj pet dni ni spremenila, Eurosistem določi teoretično ceno.
The market or theoretical value of a debt instrument is calculated including accrued interest.
Tržna ali teoretična vrednost dolžniškega instrumenta se izračuna vključno z natečenimi obrestmi.
Depending on differences in national legal systems and operational practices, the treatment of income flows (e.g. coupon payments) related to an asset which are received during the life of a reverse transaction may differ between NCBs.
Odvisno od razlik med nacionalnimi pravnimi sistemi in razlik pri operativnih postopkih lahko NCB različno obravnavajo izplačila (npr. kuponska izplačila) v zvezi s finančnim premoženjem, ki se prejmejo v času trajanja povratne transakcije.
If the income flow is transferred to the counterparty, NCBs ensure that the relevant operations will still be fully covered by a sufficient amount of underlying assets before the transfer of the income takes place.
Če se izplačilo prenese na nasprotno stranko, NCB zagotovijo, da so zadevne operacije še naprej popolnoma krite z zadostnim zneskom finančnega premoženja za zavarovanje terjatev, preden pride do takšnega prenosa izplačila.
The NCBs aim to ensure that the economic effect of the treatment of income flows is equivalent to a situation in which the income is transferred to the counterparty on the payment day [109].
NCB imajo cilj zagotoviti, da je gospodarski učinek obravnave prilivov enak kot v primeru, da se priliv na dan plačila prenese na nasprotno stranko [109].
Non-marketable assets are assigned a value corresponding either to the theoretical price or to the outstanding amount.
Netržnemu finančnemu premoženju se pripiše vrednost, ki ustreza bodisi teoretični ceni bodisi neodplačani vrednosti posojila.
If the NCB opts for the valuation corresponding to the outstanding amount, the non-marketable assets may be subject to higher haircuts (see Section 6.4.3).
Če se NCB odloči za vrednotenje po neodplačani vrednosti posojila, se lahko pri netržnem finančnem premoženju uporabi višji odbitek pri vrednotenju (glej oddelek 6.4.3).
Eurosystem counterparties may use eligible assets on a cross-border basis, i.e. they may obtain funds from the NCB of the Member State in which they are established by making use of assets located in another Member State.
Nasprotne stranke Eurosistema lahko uporabijo primerno finančno premoženje za čezmejno zavarovanje terjatev, tj. lahko dobijo denarna sredstva od NCB države članice, v kateri so ustanovljene, z uporabo finančnega premoženja, ki se nahaja v drugi državi članici.
Underlying assets must be usable on a cross-border basis throughout the euro area for the handling of all types of operations in which the Eurosystem provides liquidity against eligible assets.
Finančno premoženje za zavarovanje terjatev mora biti čezmejno uporabljivo na celotnem euroobmočju in za vse vrste operacij, v katerih Eurosistem povečuje likvidnost na podlagi primernega finančnega premoženja.
A mechanism has been developed by the NCBs (and by the ECB) to ensure that all eligible assets issued/deposited in the euro area may be used on a cross-border basis.
NCB (in ECB) so razvile mehanizem, ki omogoča, da se vse primerno finančno premoženje, izdano ali deponirano v euroobmočju, lahko čezmejno uporabi.
This is the correspondent central banking model (CCBM), under which NCBs act as custodians (‘correspondents’) for each other (and for the ECB) in respect of assets accepted in their local depository or settlement system.
Ta mehanizem je korespondenčni centralnobančni model (CCBM), v katerem NCB za finančno premoženje, ki so ga sprejele v svoj lokalni register ali poravnalni sistem, delujejo kot skrbniki („korespondenti“) druga za drugo (in za ECB).
Specific solutions can be used for non-marketable assets, i.e. credit claims and RMBDs, which cannot be transferred through an SSS [110].
Posebne rešitve se lahko uporabljajo za netržno finančno premoženje, tj. bančna posojila in netržne hipotekarne dolžniške instrumente, ki ga ni mogoče prenesti prek SPVP [110].
The CCBM may be used to collateralise all kinds of Eurosystem credit operations.
CCBM se lahko uporabi za zavarovanje terjatev vseh vrst kreditnih poslov Eurosistema.
In addition to the CCBM, eligible links between SSSs can be used for the cross-border transfer of marketable assets [111].
Poleg CCBM se za čezmejni prenos tržnega finančnega premoženja lahko uporabljajo tudi primerne povezave med SPVP [111].
Chart 3
Slika 3
Use of eligible assets deposited in country B by a counterparty established in country A in order to obtain credit from the NCB of country A.
Uporaba primernega finančnega premoženja za zavarovanje terjatev, deponiranega v državi B, s strani nasprotne stranke, ustanovljene v državi A, za pridobitev posojila od NCB države A.
Information on collateral
Informacije o zavarovanju
Collateral
Zavarovanje
SSS
SPVP
Transfer instruction
Navodila za prenos
All NCBs maintain securities accounts with each other for the purpose of the cross-border use of eligible assets.
Vse NCB imajo druga pri drugi odprte račune vrednostnih papirjev za namen uporabe primernega finančnega premoženja za čezmejno zavarovanje terjatev.
Once the home NCB has been informed by the correspondent central bank that the collateral has been received, it transfers the funds to the counterparty.
Ko korespondenčna centralna banka obvesti domačo NCB o tem, da je prejela zavarovanje, domača NCB nakaže denarna sredstva nasprotni stranki.
NCBs do not advance funds until they are certain that the counterparties’ marketable assets have been received by the correspondent central bank.
NCB ne nakažejo denarnih sredstev, dokler niso prepričane o tem, da je korespondenčna centralna banka prejela tržno finančno premoženje nasprotne stranke.
Where necessary to meet settlement deadlines, counterparties may be able to pre-deposit assets with correspondent central banks for the account of their home NCB using the CCBM procedures.
Če je to potrebno zaradi izpolnitve roka za poravnavo, lahko nasprotne stranke vnaprej deponirajo finančno premoženje pri korespondenčnih centralnih bankah za račun njihove domače NCB z uporabo postopkov CCBM.
In a pooling system, the counterparty is able at any time to provide the correspondent central bank with marketable assets for the account of the home NCB.
V sistemu s skladom finančnega premoženja lahko nasprotna stranka v vsakem trenutku zagotovi korespondenčni centralni banki tržno finančno premoženje za račun domače NCB.
Once the home NCB has been informed by the correspondent central bank that the marketable assets have been received, it will add these marketable assets to the pool account of the counterparty.
Ko korespondenčna centralna banka obvesti domačo NCB, da je prejela tržno finančno premoženje, bo domača NCB dodala to tržno finančno premoženje v sklad finančnega premoženja nasprotne stranke.
Specific procedures for cross-border use have been developed for non-marketable assets, i.e. credit claims and RMBDs [113].
Posebni postopki za čezmejno uporabo so bil razviti za netržno finančno premoženje, tj. za bančna posojila in netržne hipotekarne dolžniške instrumente [113].
When credit claims are used as collateral in a cross-border context, a CCBM variant is applied to credit claims, which is based on a transfer of ownership to, an assignment to, a pledge in favour of the home NCB, or a charge in favour of the correspondent central bank acting as the agent for the home NCB.
Ko se za zavarovanje terjatev čez mejo uporabljajo bančna posojila, zanje velja različica CCBM, ki temelji na prenosu lastništva, odstopu terjatve ali zastavi v korist domače NCB oziroma na zavarovanju ( charge) v korist korespondenčne centralne banke, ki deluje kot agent za domačo NCB.
A further ad-hoc variant based on the charge in favour of the correspondent central bank acting as the agent for the home NCB has been implemented to allow the cross-border use of RMBDs.
Nadaljnja ad hoc različica, ki temelji na zavarovanju (charge) v korist korespondenčne centralne banke, ki deluje kot agent za domačo NCB, je bila razvita za čezmejno uporabo netržnih hipotekarnih dolžniških instrumentov.
The CCBM is available to counterparties (both for marketable and non-marketable assets) from 9 a.m. to 4 p.m. ECB time (CET) on each Eurosystem business day.
CCBM je nasprotnim strankam (za tržno in netržno finančno premoženje) na voljo od 9.00 do 16.00 ure po času ECB (srednjeevropski čas) na vsak delovni dan Eurosistema.
A counterparty wishing to make use of the CCBM must advise the NCB from which it wishes to receive credit, i.e. its home NCB, before 4 p.m. ECB time (CET).
Nasprotna stranka, ki želi uporabiti CCBM, mora to sporočiti NCB, od katere želi dobiti posojilo, tj. svoji domači NCB, pred 16.00 uro po času ECB (srednjeevropski čas).
Furthermore, the counterparty must ensure that the collateral for securing monetary policy operations is delivered to the account of the correspondent central bank by 4.45 p.m. ECB time (CET) at the latest.
Poleg tega mora nasprotna stranka zagotoviti, da se finančno premoženje za zavarovanje terjatev pri operacijah denarne politike dostavi na račun korespondenčne centralne banke najkasneje do 16.45 ure po času ECB (srednjeevropski čas).
Instructions or deliveries not respecting this deadline will only be considered for credit given on the following business day.
Sporočila ali dostave, ki ne bodo prispela pravočasno, se bodo upoštevale šele za posojilo, odobreno na naslednji delovni dan.
When the counterparties foresee a need to use the CCBM late in the day, they should, where possible, deliver the assets in advance (i.e. pre-deposit them).
Če nasprotne stranke predvidijo potrebo po uporabi CCBM proti koncu dneva, morajo, kjer je to možno, dostaviti finančno premoženje vnaprej (tj. vnaprej deponirati finančno premoženje).
In exceptional circumstances or when required for monetary policy purposes, the ECB may decide to extend the CCBM’s closing time until the TARGET2 closing time.
V izjemnih okoliščinah ali kadar se to zahteva za namene denarne politike, se ECB lahko odloči, da odloži čas zaprtja modela CCBM do časa zaprtja sistema TARGET2.
In addition to the CCBM, eligible links between Union SSSs can be used for the cross-border transfer of marketable assets.
Poleg modela CCBM se lahko za prenos tržnega finančnega premoženja prek meje uporabljajo primerne povezave med SPVP v Uniji.
A direct or relayed link between two SSSs allows a participant in one SSS to hold securities issued in another SSS without being a participant in that other SSS [114].
Neposredna ali posredna (relayed) povezava med dvema SPVP dovoljuje udeleženki enega SPVP, da ima vrednostne papirje, izdane v drugem SPVP, ne da bi bila udeleženka tega drugega SPVP [114].
The CCBM and the links between SSSs perform this function in different ways.
CCBM in povezave med SPVP to funkcijo opravljajo na različna načina.
In the CCBM, the cross-border relationship is between the NCBs.
V CCBM čezmejno razmerje predstavlja razmerje med NCB.
They act as custodians for one another.
Druga za drugo delujejo kot skrbnik.
Using the links, the cross-border relationship is between the SSSs.
Pri uporabi povezav pa čezmejno razmerje predstavlja razmerje med SPVP.
Assets deposited with a correspondent central bank can only be used to collateralise Eurosystem credit operations.
Finančno premoženje, deponirano pri korespondenčni centralni banki, se lahko uporablja samo za zavarovanje terjatev pri kreditnih poslih Eurosistema.
Assets held through a link can be used for Eurosystem credit operations, as well as for any other purpose selected by the counterparty.
Finančno premoženje, ki je dostopno prek povezave, se lahko uporablja za kreditne posle Eurosistema kot tudi za kateri koli drugi namen, ki ga izbere nasprotna stranka.
When using links between SSSs, the counterparties hold the assets on their own account with their home SSS and have no need for a custodian.
Ob uporabi povezav med SPVP imajo nasprotne stranke finančno premoženje na svojih lastnih računih pri svojem domačem SPVP in nimajo potrebe po skrbniku.
Chart 4
Slika 4
Use of eligible assets issued in the SSS of country B held by a counterparty established in country A through a link between the SSSs in countries A and B in order to obtain credit from the NCB of country A.
Uporaba primernega finančnega premoženja, izdanega v SPVP države B, ki je v imetništvu nasprotne stranke, ustanovljene v državi A, prek povezave med SPVP v državah A in B za pridobitev posojila od NCB države A.
SSS A holds assets in an omnibus account in SSS B
SPVP A ima finančno premoženje na zbirnem računu v SPVP B
In certain situations the Governing Council may decide to accept as eligible collateral certain marketable debt instruments issued by one or more non-euro area G10 central governments in their domestic currency.
V določenih okoliščinah lahko Svet ECB odloči, da bo kot primerno zavarovanje sprejel tudi nekatere tržne dolžniške instrumente, ki jih je v svoji valuti izdala enota centralne ravni države ene ali več držav skupine G-10 zunaj euroobmočja.
Upon such decision the applicable criteria shall be clarified and the procedures to be applied for the selection and mobilisation of foreign collateral, including the sources and principles of valuation, the risk control measures and the settlement procedures shall also be communicated to counterparties.
Ob sprejetju takšne odločitve bodo pojasnjena veljavna merila za izbor in mobilizacijo tujega finančnega premoženja, vključno z viri in načeli vrednotenja, ukrepi za obvladovanje tveganj in postopki poravnave pa bodo tudi sporočeni nasprotnim strankam.
Notwithstanding the provisions of Section 6.2.1, such assets may be deposited/registered (issued), held and settled outside the EEA and, as stated above, may be denominated in currencies other than the euro.
Ne glede na določbe iz oddelka 6.2.1 se lahko takšno finančno premoženje deponira/registrira (izda), hrani in poravna zunaj EGP in, kot že omenjeno zgoraj, je lahko denominirano v valutah, ki niso euro.
Any such assets used by a counterparty must be owned by the counterparty.
Če nasprotna stranka uporabi takšno finančno premoženje, mora le-to biti v njeni lasti.
Counterparties that are branches of credit institutions incorporated outside the EEA or Switzerland cannot use such assets as collateral.
Nasprotne stranke, ki so podružnice kreditnih institucij s sedežem zunaj EGP ali Švice, takšnega finančnega premoženja ne morejo uporabiti za zavarovanje.
MINIMUM RESERVES [117]
OBVEZNE REZERVE [117]
The ECB requires credit institutions to hold minimum reserves on accounts with the NCBs within the framework of the Eurosystem’s minimum reserve system.
ECB od kreditnih institucij zahteva, da imajo obvezne rezerve na računih pri NCB v sklopu sistema obveznih rezerv Eurosistema.
The legal framework for this system is laid down in Article 19 of the Statute of the ESCB, Regulation (EC) No 2531/98 and Regulation ECB/2003/9.
Pravni okvir za ta sistem je opredeljen v členu 19 Statuta ESCB, Uredbi (ES) št. 2531/98 in Uredbi ECB/2003/9.
The application of Regulation ECB/2003/9 ensures that the terms and conditions of the Eurosystem’s minimum reserve system are uniform throughout the euro area.
Uporaba Uredbe ECB/2003/9 zagotavlja, da so pogoji sistema obveznih rezerv Eurosistema enotni v celotnem euroobmočju.
The amount of minimum reserves to be held by each institution is determined in relation to its reserve base.
Znesek obveznih rezerv, ki jih mora imeti vsaka institucija, se določi glede na njeno osnovo za obvezne rezerve.
The Eurosystem’s minimum reserve system enables counterparties to make use of averaging provisions, implying that compliance with reserve requirements is determined on the basis of the average of the end-of-calendar-day balances on the counterparties’ reserve accounts over a maintenance period.
Sistem obveznih rezerv Eurosistema omogoča nasprotnim strankam uporabo določbe o povprečenju, kar pomeni, da se obvezne rezerve izpolnjujejo na podlagi povprečnih stanj ob koncu koledarskega dneva na računih rezerv nasprotnih strank v obdobju izpolnjevanja.
Institutions’ holdings of required reserves are remunerated at the rate on the Eurosystem’s main refinancing operations.
Rezervna imetja institucij se obrestujejo po obrestni meri operacij glavnega refinanciranja Eurosistema.
Stabilisation of money market interest rates
stabiliziranje obrestnih mer denarnega trga
The averaging provision of the Eurosystem’s minimum reserve system aims to contribute to the stabilisation of money market interest rates by giving institutions an incentive to smooth the effects of temporary liquidity fluctuations.
Določba sistema obveznih rezerv Eurosistema o povprečenju ima za cilj prispevati k stabilizaciji obrestnih mer denarnega trga s tem, da daje institucijam spodbude za izravnavo učinkov začasnih nihanj likvidnosti;
Creation or enlargement of a structural liquidity shortage
ustvarjanje ali povečanje strukturnega likvidnostnega primanjkljaja
The Eurosystem’s minimum reserve system contributes to creating or enlarging a structural liquidity shortage.
Sistem obveznih rezerv Eurosistema prispeva k nastanku ali povečanju strukturnega likvidnostnega primanjkljaja.
In the application of minimum reserves, the ECB is bound to act in pursuance of the objectives of the Eurosystem as defined in Article 127 of the Treaty and Article 2 of the Statute of the ESCB, which implies, inter alia, the principle of not inducing significant undesirable delocation or disintermediation.
Pri uporabi obveznih rezerv je ECB zavezana, da ravna v skladu s cilji Eurosistema, kakor so opredeljeni v členu 127 Pogodbe in členu 2 Statuta ESCB, kar med drugim pomeni, da ne spodbuja znatne nezaželene delokacije ali zmanjševanja obsega finančnega posredništva.
This implies that branches in the euro area of credit institutions not incorporated in the euro area are also subject to the Eurosystem’s minimum reserve system.
To pomeni, da velja sistem obveznih rezerv Eurosistema tudi za v euroobmočju ustanovljene podružnice kreditnih institucij, ki nimajo sedeža v euroobmočju.
Institutions will be automatically exempt from reserve requirements from the start of the maintenance period within which their authorisation is withdrawn or surrendered, or within which a decision to submit the institution to winding-up proceedings is taken by a judicial authority or any other competent authority of a Member State.
Institucije bodo avtomatično izvzete iz sistema obveznih rezerv od začetka obdobja izpolnjevanja, v katerem jim je bilo odvzeto dovoljenje za poslovanje oziroma so to dovoljenje vrnile ali v katerem je pravosodni ali drug pristojni organ države članice sklenil sprožiti postopek prenehanja zadevne institucije.