natgillin/translations-raw huggingface dataset:
With regard to asset-backed securities, the Eurosystem's benchmark for establishing its minimum requirements for high credit standards is defined in terms of a “triple A” credit assessment at issuance.
Za določitev minimalnih zahtev glede visokih bonitetnih standardov za kolateralizirane vrednostne papirje Eurosistem uporablja referenčno vrednost, ki je enaka bonitetni oceni ‚triple A‘ ob izdaji.
Over the lifetime of the asset-backed security, the Eurosystem ' s minimum threshold of “single A” must be retained.
Kolateraliziran vrednostni papir mora ves čas obstoja dosegati Eurosistemov spodnji prag ‚single A‘.
The seventh paragraph is replaced by the following:
Sedmi odstavek se nadomesti z naslednjim:
‘Assets issued or guaranteed by entities subject to a freezing of funds and/or other measures imposed by the EU under Article 75 of the Treaty or by an EU Member State restricting the use of their funds, or in respect of which the ECB's Governing Council has issued a decision suspending or excluding their access to open market operations or the Eurosystem’s standing facilities, may be excluded from the list of eligible assets.’
„Finančno premoženje je lahko izključeno z liste primernega finančnega premoženja za zavarovanje terjatev, če so ga izdali ali zanj jamčijo subjekti, za katere velja zamrznitev sredstev in/ali drugi ukrepi za omejitev uporabe njihovih sredstev, ki jih je naložila EU v skladu s členom 75 Pogodbe ali država članica EU, ali pa je v zvezi s temi subjekti Svet ECB izdal sklep o začasni prepovedi ali izključitvi njihovega dostopa do operacij odprtega trga ali odprtih ponudb Eurosistema.“
Section 6.3.2 is amended as follows:
Oddelek 6.3.2 se spremeni:
The second bullet point in the first paragraph is replaced by the following:
Druga alinea prvega odstavka se nadomesti z naslednjim: „Bonitetna ocena zunanje bonitetne institucije za kolateralizirane vrednostne papirje.
‘ECAI credit assessment of asset-backed securities: For asset-backed securities issued on or after 1 March 2010, the Eurosystem requires at least two credit assessments from any accepted ECAIs for the issue.
Za kolaterializirane vrednostne papirje, izdane 1. marca 2010 ali po tem datumu, Eurosistem zahteva vsaj dve bonitetni oceni katerih koli sprejetih zunanjih bonitetnih institucij za izdajo.
To determine the eligibility of these securities, the “second-best rule” is applied, which means that not only the best, but also the second-best available ECAI credit assessment must comply with the credit quality threshold for asset-backed securities.
Za ugotavljanje primernosti teh vrednostnih papirjev se uporablja ‚pravilo druge najboljše ocene‘, ki pomeni, da mora poleg najboljše tudi druga najboljša razpoložljiva bonitetna ocena zunanje bonitetne institucije dosegati bonitetni prag za kolateralizirane vrednostne papirje.
Based on this rule, the Eurosystem requires for both credit assessments an “AAA”/“Aaa” level at issuance and a “single A” level over the life of the security in order for the securities to be eligible.
Na osnovi tega pravila Eurosistem za primernost vrednostnega papirja zahteva za obe bonitetni oceni ob izdaji raven ‚AAA‘/‚Aaa‘, ves čas obstoja vrednostnega papirja pa raven“ single A„.
From 1 March 2011 all asset-backed securities, regardless of their date of issuance, must have at least two credit assessments from any accepted ECAI for the issue, and the second-best rule must be complied with in order for the securities to remain eligible.
Od 1. marca 2011 morajo imeti za ohranitev primernosti vsi kolateralizirani vrednostni papirji, ne glede na datum njihove izdaje, vsaj dve bonitetni oceni katerih koli sprejetih zunanjih bonitetnih institucij za izdajo, izpolnjeno pa mora biti tudi pravilo druge najboljše ocene.
For asset-backed securities issued between 1 March 2009 and 28 February 2010, the first credit assessment must comply with the “AAA”/“Aaa” level at issuance and the “single A” level over the life of the security, while the second credit assessment must comply with the “single A” level both at issuance and over the life of the security.
Za kolateralizirane vrednostne papirje, ki so bili izdani med 1. marcem 2009 in 28. februarjem 2010, mora prva bonitetna ocena dosegati raven ‚AAA/Aaa‘ ob izdaji in raven ‚single A‘ ves čas obstoja vrednostnega papirja, druga bonitetna ocena pa mora dosegati raven ‚single A‘ ob izdaji in tudi ves čas obstoja vrednostnega papirja.
Fungible tap issuances of asset-backed securities are considered to be new issuances of asset-backed securities.
Naknadne zamenljive izdaje kolateraliziranih vrednostnih papirjev se obravnavajo kot nove izdaje kolateraliziranih vrednostnih papirjev.
All asset-backed securities issued under the same ISIN code must comply with the eligibility criteria in place at the date of the latest fungible tap issuance.
Vsi kolateralizirani vrednostni papirji, izdani pod enako kodo ISIN, morajo izpolnjevati merila primernosti, ki veljajo na datum zadnje naknadne zamenljive izdaje.
For fungible tap issues of asset-backed securities which are not compliant with the eligibility criteria in place at the date of the latest fungible tap issuance, all the asset-backed securities issued under the same ISIN code are considered ineligible.
V primeru naknadnih zamenljivih izdaj kolateraliziranih vrednostnih papirjev, ki ne izpolnjujejo meril primernosti, ki veljajo na datum zadnje naknadne zamenljive izdaje, se šteje, da so neprimerni vsi kolateralizirani vrednostni papirji, izdani pod enako kodo ISIN.
This rule shall not apply in the case of fungible tap issuances of asset-backed securities which were on the Eurosystem list of eligible assets on 10 October 2010 if the latest tap issuance occurred before that date.
To pravilo ne velja za naknadne zamenljive izdaje kolateraliziranih vrednostnih papirjev, ki so bili na listi primernega finančnega premoženja Eurosistema na 10. oktober 2010, če je bila zadnja naknadna zamenljiva izdaja izvedena pred tem datumom.
Non-fungible tap issuances are considered to be different asset-backed securities.
Naknadne nezamenljive izdaje vrednostnih papirjev se obravnavajo kot novi kolateralizirani vrednostni papirji.
The third indent of the third bullet point of the first paragraph is replaced by the following:
Tretja podalinea tretje alinee prvega odstavka se nadomesti z naslednjim:
‘The guarantee must be governed by the law of an EU Member State and be legally valid, and binding and enforceable against the guarantor.’
„jamstvo mora urejati pravo države članice EU, mora biti pravno veljavno ter zavezujoče za garanta in izvršljivo zoper njega.“
The introductory part of the first bullet point of the second paragraph is replaced by the following:
Uvodni del prve alinee drugega odstavka se nadomesti z naslednjim: „Izdajatelji ali garanti iz javnega sektorja euroobmočja.
‘Euro area public sector issuers or guarantors: If a marketable asset is issued or guaranteed by a regional government, local authority or public sector entity (PSE) established in the euro area as defined in the CRD, the following procedure applies:’
Če tržno ﬁnančno premoženje izda ali zanj jamči enota regionalne ravni države, lokalna oblast ali oseba javnega sektorja, ustanovljena v euroobmočju, kakor je določeno v direktivi o kapitalskih zahtevah, velja naslednji postopek:“
The second bullet point of the second paragraph is replaced by the following:
Druga alinea drugega odstavka se nadomesti z naslednjim:
‘Euro area non-financial corporate issuers or guarantors: If the high credit standards for marketable assets which are issued/guaranteed by non-financial corporations established in the euro area cannot be established on the basis of an ECAI credit assessment for the issue, issuer or guarantor, the ECAF rules for credit claims will be applicable and counterparties are allowed to make use of their own IRB system, NCBs’ in-house credit assessment systems or third-party rating tools.
„Izdajatelji ali garanti iz sektorja nefinančnih družb euroobmočja. Če za tržno finančno premoženje, ki so ga izdale ali zanj jamčijo neﬁnančne družbe, ustanovljene v euroobmočju, visokih bonitetnih standardov ni mogoče ugotoviti na podlagi bonitetne ocene zunanje bonitetne institucije za izdajo, izdajatelja ali garanta, se uporabijo pravila bonitetnega okvira Eurosistema za bančna posojila, nasprotne stranke pa lahko uporabijo tudi lasten interni bonitetni sistem, interni bonitetni sistem NCB ali bonitetna orodja zunanjih ponudnikov.
The non-rated marketable debt instruments issued by non-financial corporations are not included in the public list of eligible marketable assets.33.
Tržni dolžniški instrumenti, ki so jih izdale nefinančne družbe in so brez bonitetne ocene, niso vključeni na javno listo primernega tržnega ﬁnančnega premoženja.33.
Section 6.3.3 is amended as follows:
Oddelek 6.3.3 se spremeni:
In point (ii) in the first bullet point (Public sector debtors or guarantors) of the fifth paragraph footnote 35 is replaced by the following:
V točki (ii) prve alinee (Dolžniki ali garanti javnega sektorja) petega odstavka se opomba 35 nadomesti z naslednjim:
See footnote 34 in this chapter.’
Glej opombo 34 v tem poglavju.“
In point (iii) in the first bullet point of the fifth paragraph footnote 36 is replaced by the following:
V točki (iii) prve alinee petega odstavka se opomba 36 nadomesti z naslednjim:
See footnote 39 in this chapter.’
Glej opombo 39 v tem poglavju.“
In the second bullet point (Non-financial corporate debtors or guarantors) of the fifth paragraph footnote 37 (the first footnote in that bullet point) is replaced by the following:
V drugi alinei (Dolžniki ali garanti iz sektorja nefinančnih družb) petega odstavka se opomba 37 (prva opomba v tej alinei) nadomesti z naslednjim:
If the counterparty has chosen an ECAI as a credit assessment source, it may use the first-best rule (see footnote 34 in this chapter).’
Če je nasprotna stranka kot vir bonitetne ocene izbrala zunanjo bonitetno institucijo, lahko uporabi pravilo prve najboljše ocene (glej opombo 34 v tem poglavju).“
The third bullet point of the sixth paragraph is replaced by the following:
Tretja alinea šestega odstavka se nadomesti z naslednjim:
In Section 6.3.4, the fourteenth paragraph (the first paragraph under the heading ‘Third-party rating tool source’) is replaced by the following:
V oddelku 6.3.4 se štirinajsti odstavek (prvi odstavek pod naslovom „Bonitetna orodja zunanjih ponudnikov“) nadomesti z naslednjim:
‘The RT source consists of entities that assess the credit quality of debtors by using primarily quantitative models in a systematic and mechanical manner, relying among other information on audited accounts, and whose credit assessments are not intended for general public disclosure.
„Ta vir vključuje subjekte, ki ocenjujejo boniteto dolžnikov predvsem s sistematično in mehanično uporabo kvantitativnih modelov, pri čemer poleg drugih informacij uporabljajo revidirane računovodske izkaze, njihove bonitetne ocene pa niso namenjene za razkritje splošni javnosti.
An RT provider wishing to participate in the ECAF has to submit a request to the NCB of the country in which it is incorporated, using the template provided by the Eurosystem, supplemented by additional documentation as specified in the template.
Ponudnik bonitetnih orodij, ki želi sodelovati v bonitetnem okviru Eurosistema, mora predložiti zahtevo NCB v državi, kjer ima sedež, na obrazcu, ki ga predpiše Eurosistem, in priložiti dodatno dokumentacijo, kakor je določeno na obrazcu.
Counterparties wishing to use a specific RT provider for ECAF purposes that is not accepted by the Eurosystem have to submit a request to the NCB of the country in which they are incorporated, using the template provided by the Eurosystem, supplemented by additional documentation as specified in the template.
Nasprotne stranke, ki želijo za potrebe bonitetnega okvira Eurosistema uporabiti določenega ponudnika bonitetnih orodij, ki ga Eurosistem ni sprejel, morajo predložiti zahtevo NCB v državi članici, kjer imajo sedež, na obrazcu, ki ga predpiše Eurosistem, in priložiti dodatno dokumentacijo, kakor je določeno na obrazcu.
The Eurosystem decides whether to accept the RT provider based on evaluation of compliance with the acceptance criteria set by the Eurosystem.35.
Eurosistem odloči, ali bo sprejel ponudnika bonitetnih orodij, na podlagi ocene skladnosti z merili sprejemljivosti, ki jih je sprejel Eurosistem.35.
In Section 6.4.1, Box 7 is replaced by the following:
V oddelku 6.4.1 se okvir 7 nadomesti z naslednjim:
The Eurosystem applies “valuation haircuts” in the valuation of underlying assets.
Eurosistem pri vrednotenju finančnega premoženja za zavarovanje terjatev uporablja ‚odbitke pri vrednotenju‘.
This implies that if the value, measured on a regular basis, of the underlying assets falls below a certain level, the NCB will require the counterparty to supply additional assets or cash (i.e. it will make a margin call).
Če redno merjena vrednost finančnega premoženja za zavarovanje terjatev pade pod določeno raven, NCB zahteva od nasprotne stranke, da zagotovi dodatno finančno premoženje ali denarna sredstva (tj. sproži poziv h kritju).
Similarly, if the value of the underlying assets, following their revaluation, exceeds a certain level, the counterparty may retrieve the excess assets or cash.
Podobno, če ob prevrednotenju vrednost finančnega premoženja za zavarovanje terjatev preseže določeno raven, lahko nasprotna stranka umakne presežno finančno premoženje ali denarna sredstva.
(The calculations relevant for the execution of margin calls are presented in Box 8.)
(Izračuni, ki se nanašajo na izvedbo pozivov h kritju, so predstavljeni v okvirju 8.)
Limits in relation to the use of unsecured debt instruments
Omejitve v zvezi z uporabo nezavarovanih dolžniških instrumentov
The Eurosystem applies limits to the use of unsecured debt instruments as described in Section 6.4.2.
Eurosistem uporablja omejitve v zvezi z uporabo nezavarovanih dolžniških instrumentov, ki so opisane v oddelku 6.4.2.
The following risk control measures may also be applied by the Eurosystem at any time if required to ensure adequate risk protection of the Eurosystem in line with Article 18.1 of the Statute of the ESCB:
Eurosistem lahko kadar koli uporabi tudi naslednje ukrepe za obvladovanje tveganj, če je to potrebno za zagotovitev zadostne zaščite Eurosistema pred tveganjem v skladu s členom 18.1 Statuta ESCB:
This means that counterparties would need to provide underlying assets with a value at least equal to the liquidity provided by the Eurosystem plus the value of the initial margin.
To pomeni, da bi morale nasprotne stranke priskrbeti finančno premoženje za zavarovanje terjatev v vrednosti, ki je najmanj enaka likvidnosti, ki jo zagotovi Eurosistem, povečani za vrednost začetnega kritja.
The Eurosystem may apply additional limits, other than those applied to the use of unsecured debt instruments, to the exposure vis-à-vis issuers/debtors or guarantors.
Eurosistem lahko poleg omejitev, ki veljajo za nezavarovane dolžniške instrumente, uporabi dodatne omejitve glede izpostavljenosti do izdajateljev/dolžnikov ali garantov.
Application of supplementary haircuts
Uporaba dodatnih odbitkov
The Eurosystem may apply supplementary haircuts if required to ensure adequate risk protection of the Eurosystem in line with Article 18.1 of the Statute of the ESCB.
Eurosistem lahko uporabi dodatne odbitke, če je to potrebno za zagotovitev zadostne zaščite Eurosistema pred tveganjem v skladu s členom 18.1 Statuta ESCB.
The Eurosystem may require additional guarantees from financially sound entities in order to accept certain assets.
Eurosistem lahko pogojuje sprejetje določenega finančnega premoženja z dodatnimi jamstvi s strani finančno trdnih subjektov.
Such exclusion may also be applied to specific counterparties, in particular if the credit quality of the counterparty appears to exhibit a high correlation with the credit quality of the collateral submitted by the counterparty.’
Takšna izločitev se lahko uporabi tudi pri določenih nasprotnih strankah, zlasti če se zdi kreditna kakovost nasprotne stranke močno povezana s kreditno kakovostjo finančnega premoženja, ki ga je kot zavarovanje predložila ta nasprotna stranka.“
Section 6.4.2 is amended as follows:
Oddelek 6.4.2 se spremeni:
The third bullet point is replaced by the following:
Tretja alinea se nadomesti z naslednjim:
‘The Eurosystem limits the use of unsecured debt instruments issued by a credit institution or by any other entity with which the credit institution has close links as defined in Section 6.2.3.
„Eurosistem omeji uporabo nezavarovanih dolžniških instrumentov, ki jih izda kreditna institucija ali kateri koli drug subjekt, s katerim je kreditna institucija v tesni povezavi, kakor je opredeljeno v oddelku 6.2.3.
Such assets may only be used as collateral by a counterparty to the extent that the value assigned to that collateral by the Eurosystem after the application of haircuts does not exceed 10 % of the total value of the collateral submitted by that counterparty after the haircuts.
Takšno finančno premoženje lahko nasprotna stranka uporabi kot zavarovanje samo v takšnem obsegu, da vrednost, ki jo takšnemu zavarovanju pripiše Eurosistem, po uporabi odbitkov ne preseže 10 % skupne vrednosti zavarovanja, ki ga predloži ta nasprotna stranka, po upoštevanju odbitkov.
In Table 6, footnote 4 is replaced by the following;
V tabeli 6 se opomba 4 nadomesti z naslednjim:
Only marketable assets issued by issuers that have been classified as agencies by the ECB are included in liquidity category II.
V likvidnostno kategorijo II se uvršča samo tržno finančno premoženje, ki so ga izdali izdajatelji, ki jih je ECB klasificirala kot agencije.
Marketable assets issued by other agencies are included in liquidity category III or IV, depending on the issuer and asset type.’
Tržno finančno premoženje, ki so ga izdale druge agencije, je vključeno v likvidnostno kategorijo III ali IV, odvisno od izdajatelja in vrste finančnega premoženja.“
Section 6.6.1 is amended as follows:
Oddelek 6.6.1 se spremeni:
In the second paragraph, footnote 52 is replaced by the following:
V drugem odstavku se opomba 52 nadomesti z naslednjim:
See footnote 57 in this chapter.’
Glej opombo 57 v tem poglavju.“
In the third paragraph, footnote 53 is replaced by the following:
V tretjem odstavku se opomba 53 nadomesti z naslednjim:
In Section 6.7, the third paragraph is replaced by the following:
V oddelku 6.7 se tretji odstavek nadomesti z naslednjim:
‘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 kot zavarovanje.“
In Section 7.1, the fourth paragraph is replaced by the following:
V oddelku 7.1 se četrti odstavek nadomesti z naslednjim:
‘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 izvajanju 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.“
Section 7.2 is replaced by the following:
Oddelek 7.2 se nadomesti z naslednjim:
‘Pursuant to Article 19.1 of the Statute of the ESCB, the ECB requires credit institutions established in Member States to hold minimum reserves.
„Na podlagi člena 19.1 Statuta ESCB ECB od kreditnih institucij, ustanovljenih v državah članicah, zahteva, da imajo obvezne rezerve.
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.
However, branches established outside the euro area of credit institutions incorporated in the euro area are not subject to this system.
Za zunaj euroobmočja ustanovljene podružnice kreditnih institucij, ki imajo sedež v euroobmočju, pa ta sistem ne velja.
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 obveznih rezerv, 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.
According to Council Regulation (EC) No 2531/98 and Regulation ECB/2003/9, the ECB may also exempt institutions from their obligations under the Eurosystem’s minimum reserve system on a non-discriminatory basis if they are subject to reorganisation measures or the freezing of funds and/or other measures imposed by the EU under Article 75 of the Treaty or by a Member State restricting the use of their funds or in respect of which the ECB’s Governing Council has issued a decision suspending or excluding their access to open market operations or the Eurosystem’s standing facilities or if the purposes of the Eurosystem’s minimum reserve system would not be met by imposing these obligations on those particular institutions.
V skladu z Uredbo Sveta (ES) št. 2531/98 in Uredbo ECB/2003/9 lahko ECB iz sistema obveznih rezerv Eurosistema izvzame tudi druge institucije na nediskriminatorni osnovi, če zanje veljajo ukrepi reorganizacije, zamrznitev sredstev in/ali drugi ukrepi za omejitev uporabe njihovih sredstev, ki jih je naložila EU v skladu s členom 75 Pogodbe ali država članica, ali je v zvezi z njimi Svet ECB izdal sklep o začasni prepovedi ali izključitvi njihovega dostopa do operacij odprtega trga ali odprtih ponudb Eurosistema, ali če cilji sistema obveznih rezerv Eurosistema ne bi bili doseženi z vključitvijo teh institucij v sistem obveznih rezerv.
If its decision on any such exemption is based on the purposes of the Eurosystem’s minimum reserve system, the ECB takes into account one or more of the following criteria:
Če sklep o tovrstnih izjemah temelji na namenu sistema obveznih rezerv Eurosistema, ECB upošteva eno ali več naslednjih meril:
the institution is authorised to pursue special-purpose functions only;
institucija ima dovoljenje zgolj za opravljanje funkcij s posebnim namenom;
the institution is prohibited from exercising active banking functions in competition with other credit institutions; and/or
institucija ima prepoved izvajanja aktivnih bančnih funkcij v konkurenci z drugimi kreditnimi institucijami; in/ali
the institution is under a legal obligation to have all its deposits earmarked for purposes related to regional and/or international development assistance.
institucija je zakonsko obvezana, da uporablja vse svoje vloge za namene, povezane z regionalno in/ali mednarodno razvojno pomočjo.