natgillin/translations-raw huggingface dataset:
International debt securities in global bearer form that were issued in the form of classical global notes prior to 1 January 2007 and fungible securities issued under the same ISIN code on or after that date remain eligible until maturity.
Mednarodni dolžniški vrednostni papirji v obliki zbirnih prinosniških listin, ki so bili izdani v obliki klasičnih zbirnih listin (classical global notes) pred 1. januarjem 2007, in zamenljivi vrednostni papirji, ki so bili izdani pod isto kodo ISIN na ta datum ali po njem, ostanejo primerni do zapadlosti.
International debt securities issued in global registered form through the ICSDs Euroclear Bank (Belgium) and Clearstream Banking Luxembourg after 30 September 2010 must, in order to be eligible, be issued under the new safekeeping structure for international debt securities.
Pogoj za primernost mednarodnih dolžniških vrednostnih papirjev, izdanih v obliki zbirnih imenskih listin (global registered form) prek MRVP Euroclear Bank (Belgija) in Clearstream Banking Luxembourg po 30. septembru 2010, je, da so izdani v skladu z novo strukturo hrambe mednarnodnih dolžniških vrednostnih papirjev.
International debt securities in global registered form issued before or on that date remain eligible until their maturity.
Mednarodni dolžniški vrednostni papirji v obliki zbirnih imenskih listin, izdani na ta datum ali pred njim, ostanejo primerni do zapadlosti.
The tenth paragraph (the first paragraph under the heading ‘Settlement procedures’) is replaced by the following:
Deseti odstavek (prvi odstavek pod naslovom „Postopki poravnave“) se nadomesti z naslednjim:
‘The debt instrument must be transferable in book-entry form.
„Dolžniški instrument mora biti prenosljiv v nematerializirani obliki.
It must be held and settled in the euro area through an account with the Eurosystem or with an SSS that fulfils the standards established by the ECB, so that perfection and realisation are subject to the law of a Member State.’
Hraniti in poravnati se mora v euroobmočju prek računa, odprtega pri Eurosistemu ali pri PSVP, ki izpolnjuje standarde, določene s strani ECB, tako da obliko in vsebino ter realizacijo ureja pravo države članice.“
In the twelfth paragraph (the only paragraph under the heading ‘Acceptable markets’), footnote 13 (the last footnote) is replaced by the following:
V dvanajstem odstavku (edinem odstavku pod naslovom „Sprejemljivi trgi“) se opomba 13 (zadnja opomba) nadomesti z naslednjim:
Marketable assets, which were accepted as tier two assets, and which have been issued prior to 31 May 2007 and are traded on non-regulated markets that currently fulfil the Eurosystem's requirements for safety and accessibility, but not for transparency, remain eligible until 31 December 2010, provided they fulfil the other eligibility criteria, and become ineligible after that date.
Tržno finančno premoženje, ki je bilo sprejeto kot finančno premoženje z liste 2 in izdano pred 31. majem 2007 ter se z njim trguje na neorganiziranih trgih, ki trenutno izpolnjujejo zahteve Eurosistema glede varnosti in dostopnosti, ne pa tudi transparentnosti, ostane primerno do 31. decembra 2010 pod pogojem, da izpolnjuje druga merila primernosti, po tem datumu pa postane neprimerno.
This does not apply to uncovered marketable assets issued by credit institutions that were accepted as tier two assets and became ineligible on 31 May 2007.’
To ne velja za nekrito tržno finančno premoženje, izdano s strani kreditnih institucij, ki je bilo sprejeto kot finančno premoženje z liste 2 in je postalo neprimerno 31. maja 2007.“
The fifteenth paragraph (the second paragraph under the heading ‘Place of establishment of the issuer/guarantor’) is replaced by the following:
Petnajsti odstavek (drugi odstavek pod naslovom „Kraj ustanovitve izdajatelja/garanta“) se nadomesti z naslednjim:
‘The guarantor must be established in the EEA, unless a guarantee is not needed to establish the high credit standards for marketable assets, as set out in Section 6.3.2.’
„Garant mora biti ustanovljen v EGP, razen če za izpolnjevanje visokih bonitetnih standardov za tržno finančno premoženje jamstvo ni potrebno, kakor je določeno v oddelku 6.3.2.“
Section 6.2.2 is amended as follows:
Oddelek 6.2.2 se spremeni:
The second bullet point of the second paragraph (the first paragraph under the heading ‘Credit claims’) is replaced by the following:
Druga alinea drugega odstavka (prvega odstavka pod naslovom „Bančna posojila“) se nadomesti z naslednjim:
‘Type of debtor/guarantor: Eligible debtors and guarantors are non-financial corporations, public sector entities and international or supranational institutions.
„Vrsta dolžnika/garanta: Primerni dolžniki in garanti so nefinančne družbe, osebe javnega sektorja ter mednarodne in nadnacionalne institucije.
Each debtor is individually and severally liable for the full repayment of the credit claim in question (co-debtors jointly liable for individual credit claims are excluded).(b) The third bullet point of the second paragraph is replaced by the following:
Vsak dolžnik je individualno in ločeno odgovoren za celotno poplačilo zadevnega bančnega posojila (sodolžniki, ki so skupno odgovorni za posamezno bančno posojilo, so izključeni).(b) Tretja alinea drugega odstavka se nadomesti z naslednjim:
‘Place of establishment of the debtor and guarantor: The debtor must be established in the euro area.
„Kraj ustanovitve dolžnika in garanta: Dolžnik mora biti ustanovljen v euroobmočju.
The guarantor must also be established in the euro area, unless a guarantee is not needed to establish the high credit standards for non-marketable assets, as set out in Section 6.3.3.
Tudi garant mora biti ustanovljen v euroobmočju, razen če za izpolnjevanje visokih bonitetnih standardov za netržno finančno premoženje jamstvo ni potrebno, kakor je opisano v oddelku 6.3.3.
This requirement does not apply to international or supranational institutions.’
Ta zahteva ne velja za mednarodne in nadnacionalne institucije.“
The fourth bullet point of the second paragraph is replaced by the following:
Četrta alinea drugega odstavka se nadomesti z naslednjim:
‘Credit standards: The quality of credit claims is assessed through the underlying creditworthiness of the debtor or guarantor.
„Bonitetni standard: Kakovost bančnega posojila se oceni prek kreditne sposobnosti dolžnika ali garanta.
Credit claims must meet the high credit standards specified in the ECAF rules for non-marketable assets, as set out in Section 6.3.3.’
Bančna posojila morajo izpolnjevati visoke bonitetne standarde, ki so opredeljeni v pravilih bonitetnega okvira Eurosistema (ECAF) za netržno finančno premoženje, kakor je opisano v oddelku 6.3.3.“
The seventh bullet point of the second paragraph is replaced by the following:
Sedma alinea drugega odstavka se nadomesti z naslednjim:
‘Governing laws: The credit claim agreement and the agreement between the counterparty and the NCB mobilising the credit claim as collateral (“mobilisation agreement”) must both be governed by the law of a Member State.
„Pravo: Posojilno pogodbo ter pogodbo med nasprotno stranko in NCB o mobilizaciji bančnega posojila kot zavarovanje (‚pogodba o mobilizaciji‘) mora urejati pravo države članice.
Furthermore, the total number of different governing laws that are applicable to (a) the counterparty; (b) the creditor; (c) the debtor; (d) the guarantor (if relevant); (e) the credit claim agreement; and (f) the mobilisation agreement may not exceed two.’
Poleg tega skupno število različnih prav, ki se uporabljajo za (i) nasprotno stranko, (ii) upnika; (iii) dolžnika, (iv) garanta (če je predvideno), (v) posojilno pogodbo in (vi) pogodbo o mobilizaciji, ne sme biti večje od dva.“
In the eighth bullet point of the second paragraph footnote 20 is replaced by the following:
V osmi alinei drugega odstavka se opomba 20 nadomesti z naslednjim:
See footnote 20 in this chapter.’
Glej opombo 20 v tem poglavju.“
The fourth bullet point of the third paragraph (the first paragraph under the heading ‘Non-marketable retail mortgage-backed debt instruments’) is replaced by the following:
Četrta alinea tretjega odstavka (prvega odstavka pod naslovom „Netržni hipotekarni dolžniški instrumenti (RMBD)“) se nadomesti z naslednjim:
‘Place of establishment of the issuer: The issuer must be established in the euro area.’
„Kraj ustanovitve izdajatelja. Izdajatelj mora biti ustanovljen v euroobmočju.“
Footnote 22 in the sixth bullet point of the third paragraph is replaced by the following:
Opomba 22 v šesti alinei tretjega odstavka se nadomesti z naslednjim:
Section 6.2.3 is amended as follows:
Oddelek 6.2.3 se spremeni:
The following paragraph is inserted after the fifth paragraph (the third paragraph under the heading ‘Rules for the use of eligible assets’):
Za petim odstavkom (tretjim odstavkom pod naslovom „Pravila glede uporabe primernega finančnega premoženja“) se vstavi naslednji odstavek:
‘For monetary policy implementation purposes, in particular for the monitoring of compliance with the rules for the use of eligible assets concerning close links, the Eurosystem internally shares information on capital holdings provided by supervisory authorities for such purposes.
„Za potrebe izvajanja denarne politike, zlasti za spremljanje izpolnjevanja pravil glede uporabe primernega finančnega premoženja v zvezi s tesnimi povezavami, si Eurosistem interno izmenjuje informacije o kapitalskih deležih, ki jih za te potrebe zagotavljajo nadzorni organi.
The information is subject to the same secrecy standards as applied by supervisory authorities.’
Za te informacije veljajo enaki standardi zaupnosti, kakor jih uporabljajo nadzorni organi.“
The sixth paragraph (the fourth paragraph under the heading ‘Rules for the use of eligible assets’) is replaced by the following:
Šesti odstavek (četrti odstavek pod naslovom „Pravila glede uporabe primernega finančnega premoženja“) se nadomesti z naslednjim:
‘The above provisions concerning close links do not apply to: (a) close links between the counterparty and an EEA public sector entity which has the right to levy taxes, or in the case where a debt instrument is guaranteed by an EEA public sector entity which has the right to levy taxes; (b) covered bank bonds issued in accordance with the criteria set out in Article 22(4) of the UCITS Directive; or (c) cases in which debt instruments are protected by specific legal safeguards comparable to those instruments given under (b) such as in the case of (i) non-marketable retail mortgage-backed debt instruments (RMBDs) which are not securities; or (ii) residential real estate loan-backed structured covered bonds (i.e. certain covered bonds not declared UCITS compliant by the European Commission) that fulfil all the criteria that apply to asset-backed securities, as set out in Sections 6.2 and 6.3 and the following additional criteria: Any residential real estate loans underlying the structured covered bonds must be denominated in euro; the issuer (and the debtor and guarantor, if they are legal persons), must be incorporated in a Member State, their underlying assets must be located in a Member State, and the law governing the loan must be that of a Member State.
„Zgornje določbe o tesnih povezavah ne veljajo za: (a) tesne povezave med nasprotno stranko in osebo javnega sektorja iz EGP, upravičeno do odmerjanja davkov, ali kadar jamstvo za dolžniški instrument zagotavlja oseba javnega sektorja iz EGP, upravičena do odmerjanja davkov; (b) krite bančne obveznice, ki so izdane v skladu z merili, določenimi v členu 22(4) direktive UCITS; ali (c) primere, kjer dolžniške instrumente ščitijo posebna pravna varovala, primerljiva s tistimi pod točko (b), kakor je to v primeru (i) netržnih hipotekarnih dolžniških instrumentov (RMBD), ki niso vrednostni papirji, ali (ii) strukturiranih kritih obveznic, pri katerih kritni sklad predstavljajo stanovanjska posojila, (tj. določenih kritih obveznic, ki jih Evropska komisija ni razglasila za skladne z direktivo UCITS), ki izpolnjujejo vsa merila za kolateralizirane vrednostne papirje, kakor so določena v oddelkih 6.2 in 6.3, in tudi naslednja dodatna merila: Vsa stanovanjska posojila, ki predstavljajo zavarovanje za strukturirane krite obveznice, morajo biti denominirana v eurih; izdajatelj (ter dolžnik in garant, če sta pravni osebi) mora(-jo) imeti sedež v državi članici; finančno premoženje za zavarovanje terjatev se mora nahajati v državi članici; in pravo, ki ureja posojilo, mora biti pravo države članice.
Residential real estate loans are eligible for the cover pool of relevant structured covered bonds, if they are guaranteed by an eligible guarantee or secured by a mortgage.
Stanovanjska posojila so primerna za kritni sklad strukturiranih kritih obveznic, če je zanje zagotovljeno primerno jamstvo ali so zavarovana s hipoteko.
An eligible guarantee must be payable within 24 months upon default.
Primerno jamstvo mora biti izplačljivo v 24 mesecih po neplačilu dolžnika posojila.
Eligible guarantees for the purposes of such guaranteed loans can be provided in different contractual formats, including contracts of insurance, provided that they are granted by a public sector entity or a financial institution subject to public supervision.
Primerno jamstvo za potrebe takšnih posojil z jamstvom se lahko zagotovi v različnih pogodbenih oblikah, vključno z zavarovalnimi pogodbami, pod pogojem, da zavarovanje odobri oseba javnega sektorja ali finančna institucija pod javnim nadzorom.
The guarantor for the purposes of such guaranteed loans must not have close links to the issuer of the covered bonds, and must be rated at least A+/A1/AH by an accepted ECAI over the life of the transaction.
Garant za potrebe takšnih posojil z jamstvom ne sme imeti tesnih povezav z izdajateljem kritih obveznic in mora imeti oceno sprejete zunanje bonitetne institucije najmanj A+/A1/AH ves čas trajanja transakcije.
High quality substitute collateral up to 10 % of the cover pool is accepted.
Visokokakovostno nadomestno finančno premoženje za zavarovanje se sprejme za največ 10 % kritnega sklada.
This threshold can only be exceeded after an in-depth review by the relevant NCB.
Ta omejitev se lahko preseže samo po temeljiti preučitvi s strani zadevne NCB.
The maximum portion of each individual eligible loan that can be funded through the structured covered bond issuance is 80 % loan-to-value (LTV).
Delež posojila glede na vrednost nepremičnine lahko znaša največ 80 % pri vsakem posameznem primernem posojilu, ki se lahko financira z izdajo strukturiranih kritih obveznic.
The LTV calculation must be based on a conservative market valuation.
Izračun deleža posojila glede na vrednost nepremičnine mora temeljiti na konzervativni oceni tržne vrednosti nepremičnine.
The minimum mandatory over-collateralisation is 8 %.
Najmanjše obvezno presežno zavarovanje znaša 8 %.
The maximum loan amount for residential real estate loans is EUR 1 million.
Najvišji znesek posojila pri stanovanjskih posojilih je 1 milijon EUR.
The stand-alone credit assessment of the cover pool must correspond to an annual PD level of 10 basis points in line with the “single A” threshold (see Section 6.3.1).
Samostojna bonitetna ocena kritnega sklada mora ustrezati verjetnosti neplačila v obdobju enega leta na ravni 10 bazičnih točk v skladu s pragom ‚single A‘ (glej oddelek 6.3.1).
A long-term minimum threshold of “single A” (“A-” by Fitch or Standard & Poor's, or “A3” by Moody's, or “AL” by DBRS) must be applied to the issuer and related entities which are part of or relevant to the transaction relating to the structured covered bond.
Dolgoročni spodnji prag ‚single A‘ (ocena ‚A-‘, ki jo dodeli Fitch ali Standard & Poor's, ‚A3‘, ki jo dodeli Moody's, ali ‚AL‘, ki jo dodeli DBRS) se mora uporabljati za izdajatelja in subjekte, ki so udeleženi v transakciji v zvezi s strukturiranimi kritimi obveznicami ali so pomembni zanjo.
Furthermore, counterparties have to provide legal confirmation from a reputable law firm confirming the fulfilment of the following conditions:
Poleg tega morajo nasprotne stranke predložiti pravno mnenje ugledne odvetniške družbe, da so izpolnjeni naslednji pogoji.
The issuer of the bonds is a credit institution incorporated in an EU Member State, and is not a special-purpose vehicle, even if such bonds are guaranteed by a credit institution incorporated in an EU Member State.
Izdajatelj obveznic je kreditna institucija s sedežem v državi članici EU in ni subjekt za posebne namene, tudi če za te obveznice jamči kreditna institucija s sedežem v državi članici EU.
The issuer/issue of the bonds is subject, by the law of the Member State where the issuer is incorporated or where the bonds were issued, to special public supervision designed to protect bondholders.
Izdajatelj/izdaja obveznic je v skladu s pravom države članice, kjer ima izdajatelj sedež ali kjer so bile obveznice izdane, pod posebnim javnim nadzorom, namenjenim zaščiti imetnikov obveznic.
In the event of the insolvency of the issuer, bondholders have priority as regards reimbursement of the principal and payment of interest deriving from the (underlying) eligible assets.
V primeru insolventnosti izdajatelja imajo imetniki obveznic prednostno pravico do vračila glavnice in izplačila obresti iz naslova primernega finančnega premoženja (v kritnem skladu).
Sums deriving from the issue of the bonds must be invested (according to the investment rules set out by the bond documentation) in conformity with the relevant national covered bond legislation or other legislation applicable to the assets in question.
Denarni zneski, zbrani z izdajo obveznic, morajo biti naloženi (po pravilih vlaganja, določenih v dokumentaciji o obveznicah) v skladu z ustrezno nacionalno zakonodajo, ki ureja krite obveznice, ali drugo zakonodajo, ki velja za zadevno finančno premoženje.
Eligible assets for Eurosystem monetary policy operations
Primerno finančno premoženje za operacije denarne politike Eurosistema
Eligibility criteria
Merila primernosti
Marketable assets [20]
Tržno finančno premoženje [20]
Non-marketable assets [21]
Netržno finančno premoženje [21]
Other marketable debt instruments [22]
Drugi tržni dolžniški instrumenti [22]
The high credit standards are assessed using ECAF rules for marketable assets [22]
Izpolnjevanje visokih bonitetnih standardov se oceni s pomočjo pravil bonitetnega okvira Eurosistema za tržno finančno premoženje [22]
The creditworthiness is assessed using ECAF rules for credit claims
Boniteta se oceni s pomočjo pravil bonitetnega okvira Eurosistema za bančna posojila
The high credit standards are assessed using ECAF rules for RMBDs
Izpolnjevanje visokih bonitetnih standardov se oceni s pomočjo pravil bonitetnega okvira Eurosistema za RMBD
EEA [22]
EGP [22]
Settlement/handling procedures
Poravnava/postopki upravljanja
Instruments must be centrally deposited in book-entry form with central banks or a SSS fulfilling the ECB's minimum standards
Instrumenti morajo biti centralno registrirani v nematerializirani obliki pri centralni banki ali PSVP, ki izpolnjuje minimalne standarde ECB
Place of establishment of the issuer, debtor and guarantor
Kraj ustanovitve izdajatelja, dolžnika in garanta
Issuer [22]: EEA or non-EEA G10 countries
Izdajatelj [22]: EGP ali države skupine G10 zunaj EGP
Debtor: EEA
Dolžnik: EGP
Guarantor [22]: EEA
Garant [22]: EGP
Minimum size threshold at the time of submission of the credit claim
Najmanjši dovoljeni znesek v času predložitve bančnega posojila
for domestic use: choice of the NCB,
domača uporaba: izbira NCB,
for cross-border use: common threshold of EUR 500000,
čezmejna uporaba: enoten najmanjši dovoljeni znesek 500000 EUR
As from 1 January 2012:
Od 1. januarja 2012:
common minimum threshold of EUR 500000 throughout the euro area
enoten najmanjši dovoljeni znesek 500000 EUR v celotnem euroobmočju
Governing laws
Pravo
For asset-backed securities the acquisition of the underlying assets must be governed by the law of an EU Member State.
Pri kolateraliziranih vrednostnih papirjih mora pridobitev finančnega premoženja za zavarovanje terjatev urejati pravo države članice EU.
The law governing underlying credit claims must be the law of an EEA country
Pravo, ki ureja bančna posojila, s katerimi so terjatve zavarovane, mora biti pravo države EGP
Governing law for credit claim agreement and mobilisation: law of a MemberState
Pravo, ki ureja posojilno pogodbo in mobilizacijo: pravo države članice
The total number of different laws applicable to
Skupno število različnih prav, ki se uporabljajo za
the counterparty;
nasprotno stranko;
the creditor;
upnika;
the guarantor (if relevant);
garanta (če je predvideno);
the credit claim agreement; and
posojilno pogodbo; in
the mobilisation agreement shall not exceed two
pogodbo o mobilizaciji, ne sme biti večje od dva
Section 6.3.1 is amended as follows:
Oddelek 6.3.1 se spremeni:
The fourth paragraph is replaced by the following:
Četrti odstavek se nadomesti z naslednjim:
‘With regard to the ECAI source, the assessment must be based on a public rating.
„Ko gre za zunanje bonitetne institucije, mora ocena temeljiti na javni bonitetni oceni.
The Eurosystem reserves the right to request any clarification that it considers necessary.
Eurosistem si pridržuje pravico, da lahko zahteva kakršna koli pojasnila, ki se mu zdijo potrebna.
For asset-backed securities, ratings must be explained in a publicly available credit rating report, namely a detailed pre-sale or new issue report, including, inter alia, a comprehensive analysis of structural and legal aspects, a detailed collateral pool assessment, an analysis of the transaction participants, as well as an analysis of any other relevant particularities of a transaction.
Pri kolateraliziranih vrednostnih papirjih morajo biti bonitetne ocene pojasnjene v javno dostopnem bonitetnem poročilu, in sicer v obliki podrobnega poročila pred prodajo ali poročila o novi izdaji, ki mora med drugim vsebovati celovito analizo strukturnih in pravnih vidikov, podrobno oceno sklada finančnega premoženja, analizo udeležencev v transakciji ter analizo vseh drugih relevantnih posebnosti transakcije.
Moreover ECAIs must publish regular surveillance reports for asset-backed securities.
Poleg tega morajo zunanje bonitetne institucije za kolateralizirane vrednostne papirje objavljati redna nadzorna poročila.
The publication of these reports should be in line with the frequency and timing of coupon payments.
Objavljanje teh poročil bi moralo biti usklajeno s pogostostjo in časovnim razporedom kuponskih plačil.
These reports should at least contain an update of the key transaction data (e.g. composition of the collateral pool, transaction participants, capital structure), as well as performance data.’
Ta poročila morajo vsebovati vsaj najnovejše ključne podatke o transakciji (npr. sestavo sklada finančnega premoženja, udeležence v transakciji, kapitalsko strukturo) ter podatke o uspešnosti.“
‘The Eurosystem's benchmark for establishing its minimum requirement for high credit standards (its “credit quality threshold”) is defined in terms of a “single A” credit assessment.
„Za določitev minimalnih zahtev glede visokih bonitetnih standardov (‚bonitetni prag‘) Eurosistem uporablja referenčno vrednost, ki je enaka bonitetni oceni ‚single A‘.
The Eurosystem considers a PD over a one-year horizon of 0,10 % as equivalent to a “single A” credit assessment, subject to a regular review.
Eurosistem obravnava verjetnost neplačila v obdobju enega leta v višini 0,10 % kot enakovredno bonitetni oceni ‚single A‘, kar se redno preverja.
The ECAF follows the definition of a default event given in the Capital Requirements Directive (CRD).
Bonitetni okvir Eurosistema upošteva opredelitev dogodka neplačila iz direktive o kapitalskih zahtevah.
The Eurosystem publishes the lowest rating grade meeting the required credit quality threshold for each accepted ECAI, without assuming any responsibility for its assessment of the ECAI, again subject to regular review.
Eurosistem za vsako sprejeto zunanjo bonitetno institucijo objavlja najnižjo bonitetno oceno, ki dosega bonitetni prag, in jo redno preverja, vendar ne prevzema nobene odgovornosti za svojo oceno zunanje bonitetne institucije.