natgillin/translations-raw huggingface dataset:
Having regard to Guideline ECB/2011/14 of 20 September 2011 on monetary policy instruments and procedures of the Eurosystem [1] and Decision ECB/2013/6 of 20 March 2013 on the rules concerning the use as collateral for Eurosystem monetary policy operations of own-use uncovered government-guaranteed bank bonds [2],
ob upoštevanju Smernice ECB/2011/14 z dne 20. septembra 2011 o instrumentih in postopkih denarne politike Eurosistema [1] ter Sklepa ECB/2013/6 z dne 20. marca 2013 o pravilih v zvezi z uporabo lastnih nekritih bančnih obveznic, za katere jamči država, kot zavarovanja pri operacijah denarne politike Eurosistema [2],
The standard conditions under which the ECB and the NCBs stand ready to enter into credit operations, including the criteria determining the eligibility of collateral for the purposes of Eurosystem credit operations, are laid down in Annex I to Guideline ECB/2011/14 and Decision ECB/2013/6.
Standardni pogoji, po katerih so ECB in NCB pripravljene skleniti kreditne posle, vključno z merili za ugotavljanje primernosti zavarovanja za namene kreditnih poslov Eurosistema, so določeni v Prilogi I k Smernici ECB/2011/14 in Sklepu ECB/2013/6.
Guideline ECB/2013/4 of 20 March 2013 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral and amending Guideline ECB/2007/9 [3] and Decision ECB/2013/22 of 5 July 2013 on temporary measures relating to the eligibility of marketable debt instruments issued or fully guaranteed by the Republic of Cyprus [4], established additional temporary measures relating to the eligibility of collateral for the Eurosystem credit operations.
Smernica ECB/2013/4 z dne 20. marca 2013 o dodatnih začasnih ukrepih v zvezi z Eurosistemovimi operacijami refinanciranja in primernostjo zavarovanja ter o spremembi Smernice ECB/2007/9 [3] ter Sklep ECB/2013/22 z dne 5. julija 2013 o začasnih ukrepih glede primernosti tržnih dolžniških instrumentov, ki jih je izdala ali zanje v celoti jamči Republika Ciper [4], sta vzpostavila dodatne začasne ukrepe v zvezi s primernostjo zavarovanja za kreditne posle Eurosistema.
On 17 July 2013, the Governing Council decided to further strengthen its risk control framework, by adjusting the eligibility criteria and haircuts applied to collateral accepted in Eurosystem monetary policy operations and adopting certain additional measures to improve the overall consistency of the framework and its practical implementation.
Svet ECB je 17. julija 2013 odločil, da svoj okvir za obvladovanje tveganj dodatno okrepi s tem, da prilagodi merila primernosti in odbitke, ki se uporabljajo za zavarovanje, sprejeto v operacijah denarne politike Eurosistema, ter sprejme nekatere dodatne ukrepe za splošno izboljšanje skladnosti tega okvira in njegovega izvajanja v praksi.
The decisions mentioned in Recital 4 should be laid down in an ECB Decision,
Odločitve, navedene v uvodni izjavi 4, je treba sprejeti v obliki sklepa ECB –
Changes and additions to certain provisions of Guideline ECB/2011/14
Spremembe in dopolnitve nekaterih določb Smernice ECB/2011/14
The rules for the conduct of Eurosystem monetary policy operations and the eligibility criteria for collateral laid down in this Decision shall apply in conjunction with other Eurosystem legal acts related to the monetary policy instruments and procedures of the Eurosystem and, in particular, Guideline ECB/2011/14.
Pravila za izvajanje operacij denarne politike Eurosistema in merila primernosti za zavarovanje, določena v tem sklepu, se uporabljajo v povezavi z drugimi pravnimi akti Eurosistema, ki se nanašajo na instrumente in postopke denarne politike Eurosistema, ter zlasti Smernico ECB/2011/14.
In the event of any discrepancy between this Decision and Guideline ECB/2011/14 and/or any measures implementing them at national level, this Decision shall prevail.
V primeru razhajanj med tem sklepom ter Smernico ECB/2011/14 in/ali katerimi koli ukrepi, ki jo izvedejo na nacionalni ravni, prevlada ta sklep.
The NCBs shall continue to apply all provisions of Guideline ECB/2011/14 unaltered unless otherwise provided for in this Decision.
NCB še naprej uporabljajo vse določbe Smernice ECB/2011/14 v nespremenjeni obliki, razen če je v tem sklepu določeno drugače.
Information requests
Zahteve za informacije
As part of the monetary policy framework referred to in Chapter 1 of Annex I to Guideline ECB/2011/14, the Eurosystem reserves the right to request and obtain any relevant information needed to carry out its tasks and achieve its objectives in relation to monetary policy operations.
Kot del okvira denarne politike iz poglavja 1 Priloge I k Smernici ECB/2011/14 si Eurosistem pridržuje pravico, da zahteva in pridobi vse ustrezne informacije, ki jih potrebuje za izvajanje nalog in doseganje svojih ciljev v zvezi z operacijami denarne politike.
This right is without prejudice to any other existing specific rights of the Eurosystem to request information related to monetary policy operations.
Ta pravica ne posega v druge obstoječe posebne pravice Eurosistema, da zahteva informacije v zvezi z operacijami denarne politike.
Common eligibility criteria for marketable assets
Skupna merila primernosti za tržno finančno premoženje
The following paragraphs shall be read in conjunction with the Eurosystem common eligibility requirements for marketable assets mentioned in Section 6.2.1.1(1) of Annex I to Guideline ECB/2011/14 and the risk control measures for marketable assets mentioned in Section 6.4.2 of Annex I to Guideline ECB/2011/14.
Naslednje odstavke je treba brati v povezavi z Eurosistemovimi skupnimi merili primernosti za tržno finančno premoženje, navedenimi v oddelku 6.2.1.1(1) Priloge I k Smernici ECB/2011/14, in ukrepi za obvladovanje tveganj pri tržnem finančnem premoženju, navedenimi v oddelku 6.4.2 Priloge I k Smernici ECB/2011/14.
Each eligible debt instrument shall have:
Vsak primeren dolžniški instrument ima:
a fixed, unconditional principal amount [5]; or
fiksen, brezpogojen znesek glavnice [5], ali
an unconditional principal amount that is linked on a flat basis to only one euro area inflation index at a single point in time, containing no other complex structures [6]; and
brezpogojen znesek glavnice, ki je v posameznem trenutku brez vzvoda vezan na en sam indeks inflacije v euroobmočju in ne vsebuje drugih kompleksnih struktur [6], in
fixed, zero or multi-step coupons with a predefined coupon schedule and predefined coupon values that cannot result in a negative cash flow; or
fiksne kupone ali večstopenjske kupone, ali je brezkuponski, z vnaprej določenim razporedom kuponov in vnaprej določenimi vrednostmi kuponov, ki ne morejo povzročiti negativnega denarnega toka, ali
a floating coupon that cannot result in a negative cash flow and has the following structure: coupon rate = (reference rate * l) ± x, with f ≤ coupon rate ≤ c, where:
variabilni kupon, ki ne more povzročiti negativnega denarnega toka in ima naslednjo strukturo: obrestna mera kupona = (referenčna stopnja * l) ± x, pri čemer je f ≤ obrestna mera kupona ≤ c, kjer velja:
reference rate is only one of the following at a single point in time:
referenčna stopnja je v posameznem trenutku samo eno od naslednjega:
a euro money market rate (e.g. EURIBOR, LIBOR) or similar indices;
obrestna mera na eurskem denarnem trgu (npr. EURIBOR, LIBOR) ali podoben indeks;
a constant maturity swap rate (e.g. CMS, EIISDA, EUSA);
stopnja za zamenjave s konstantno zapadlostjo (npr. CMS, EIISDA, EUSA);
the yield of one or an index of several euro area government bonds that have a maturity of one year or less; or
donosnost državne obveznice iz euroobmočja ali indeksa več državnih obveznic iz euroobmočja z zapadlostjo enega leta ali manj, ali
a euro area inflation index provided by Eurostat or a national statistical authority of a Member State (e.g. HICP);
indeks inflacije v euroobmočju, ki ga zagotovi Eurostat ali nacionalni statistični organ države članice (npr. HICP),
and it must be the same reference rate as under (a)(ii) above in case the repayment of the principal is linked to a reference rate; and
in mora biti ista referenčna stopnja kakor v točki (a)(ii) zgoraj, če je odplačilo glavnice vezano na referenčno stopnjo, in
f (floor), c (ceiling), l (leveraging/deleveraging factor) and x (margin) are, if present, numbers that are fixed and predefined at issuance, which may change over time, where f, c, and x are greater than or equal to zero and l is greater than zero throughout the entire lifetime of the asset.
f (spodnja meja – floor), c (zgornja meja – ceiling), l (faktor vzvoda – leveraging/deleveraging factor) in x (pribitek – margin) so, če so prisotni, številke, določene in vnaprej opredeljene ob izdaji, ki se lahko skozi čas spreminjajo, pri čemer so f, c in x večji od nič ali enaki nič, l pa je večji od nič ves čas obstoja finančnega premoženja.
For floating coupons with an inflation index reference rate, l shall be equal to one.
Pri variabilnih kuponih, kjer je referenčna stopnja indeks inflacije, je l enak ena.
All structures not included in paragraph 2 are ineligible.
Vse strukture, ki niso vključene v odstavek 2, so neprimerne.
Hence, the list of excluded coupon structures of the second subparagraph of Section 6.2.1.1(1) of Annex I to Guideline ECB/2011/14 shall be deemed inapplicable.
Tako se šteje, da se seznam izključenih struktur kuponov iz drugega pododstavka oddelka 6.2.1.1(1)(b)(v) Priloge I k Smernici ECB/2011/14 ne uporablja.
Assets that were on the list of eligible assets on the date of entry into force of this Decision and that become ineligible because of paragraph 2 will remain eligible for 12 months from the date of entry into force of this Decision.
Finančno premoženje, ki je bilo na datum začetka veljavnosti tega sklepa na listi primernega finančnega premoženja in postane neprimerno zaradi odstavka 2, ostane primerno še 12 mesecev od datuma začetka veljavnosti tega sklepa.
The eligibility assessment of an asset as regards its coupon structure, in the event that the coupon is of a multi-step type — either fixed or floating — shall be based on the entire lifetime of the asset with both a forward and backward-looking perspective.
V primeru, da ima finančno premoženje večstopenjski – fiksen ali variabilen – kupon, temelji ocena primernosti tega finančnega premoženja z vidika njegove strukture kuponov na celotnem času obstoja finančnega premoženja ter na v prihodnost in preteklost usmerjenih perspektivah.
Eligible coupons shall have no issuer optionalities, i.e. they shall not allow changes in the coupon structure during the entire lifetime of the asset, based on a forward and backward-looking perspective, that are contingent on an issuer’s decision.
Primerni kuponi nimajo opcij za izdajatelja, tj. ne smejo omogočati od odločitve izdajatelja odvisnih sprememb strukture kupona v celotnem času obstoja finančnega premoženja, ki temeljijo na v prihodnost in preteklost usmerjenih perspektivah.
The second paragraph of Section 6.7 of Annex I to Guideline ECB/2011/14 shall cease to apply.
Drugi odstavek oddelka 6.7 Priloge I k Smernici ECB/2011/14 se preneha uporabljati.
Additional eligibility criterion for commercial-mortgage backed securities
Dodatno merilo primernosti za vrednostne papirje, zavarovane s hipotekami na poslovnih nepremičninah
Without prejudice to the eligibility criteria of Section 6.2.1.1.2 of Annex I to Guideline ECB/2011/14, the cash-flow generating assets backing commercial-mortgage backed securities shall not contain loans which are at any time, structured, syndicated or leveraged.
Brez poseganja v merila primernosti iz oddelka 6.2.1.1.2 Priloge I k Smernici ECB/2011/14, finančno premoženje, ki ustvarja denarni tok in s katerim so zavarovani vrednostni papirji, zavarovani s hipotekami na poslovnih nepremičninah, ne vsebuje posojil, ki so ob katerem koli času strukturirana, sindicirana ali s finančnim vzvodom.
For the purposes of this Article, the terms ‘structured loan’, ‘syndicated loan’ and ‘leveraged loan’ shall have the meanings given to them in points 4 to 6 of Article 3(6) of Guideline ECB/2013/4.
Za namene tega člena imajo pojmi „strukturirano posojilo“, „sindicirano posojilo“ in „posojilo s finančnim vzvodom“ pomen, ki je določen v točkah 4 do 6 člena 3(6) Smernice ECB/2013/4.
Specific eligibility criteria for covered bonds
Posebna merila primernosti za krite obveznice
The following paragraphs shall be read in conjunction with the additional eligibility criteria for covered bonds specified in Section 6.2.1.1.3 of Annex I to Guideline ECB/2011/14.
Naslednje odstavke je treba brati v povezavi z dodatnimi merili primernosti za krite obveznice, določenimi v oddelku 6.2.1.1.3 Priloge I k Smernici ECB/2011/14.
For the purposes of Section 6.2.1.1.3(b) of Annex I to Guideline ECB/2011/14, an entity is considered to be part of a consolidated group or affiliated to the same central body if there are close links between the entities involved as described in Section 6.2.3.2.
Za namene oddelka 6.2.1.1.3 (b) Priloge I k Smernici ECB/2011/14 se šteje, da je subjekt del konsolidirane skupine ali povezan z istim centralnim organom, če obstajajo tesne povezave med udeleženimi subjekti, kakor je opisano v oddelku 6.2.3.2.
The common group membership or affiliation is to be determined at the time the senior units of the asset-backed security are transferred into the cover pool of the covered bond, in line with Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions [7].
Članstvo v isti skupini ali povezanost se ugotovi ob prenosu prednostnih enot listinjenega vrednostnega papirja v kritni sklad krite obveznice, v skladu z Direktivo 2006/48/ES Evropskega parlamenta in Sveta z dne 14. junija 2006 o začetku opravljanja in opravljanju dejavnosti kreditnih institucij [7].
Paragraphs 1 to 3 above shall be understood without prejudice to the rules of Decision ECB/2013/6 concerning the use as collateral for Eurosystem monetary policy operations of own-use uncovered government-guaranteed bank bonds.
Odstavki 1 do 3 zgoraj veljajo brez poseganja v pravila Sklepa ECB/2013/6 v zvezi z uporabo lastnih nekritih bančnih obveznic, za katere jamči država, kot zavarovanja pri operacijah denarne politike Eurosistema.
Additional high credit standards for marketable assets
Dodatni visoki bonitetni standardi za tržno finančno premoženje
The ECAI credit assessment of marketable assets other than asset-backed securities, mentioned in Section 6.3.2(a) ECAI credit assessment, of Annex I to Guideline ECB/2011/14, shall be subject to the following criteria:
Za bonitetno oceno zunanje bonitetne institucije za tržno finančno premoženje razen listinjenih vrednostnih papirjev, ki je navedena v oddelku 6.3.2 (a) (bonitetna ocena zunanje bonitetne institucije) Priloge I k Smernici ECB/2011/14, veljajo naslednja merila:
At least one credit assessment from an accepted ECAI [8] for either the issue or, in the absence of an issue rating from the same ECAI, the programme/issuance series under which the asset is issued, must comply with the Eurosystem’s credit quality threshold [9].
Vsaj ena bonitetna ocena sprejete zunanje bonitetne institucije [8] za izdajo ali, če ni bonitetne ocene izdaje s strani iste zunanje bonitetne institucije, za program/serijo izdaj, v okviru katere(ga) je finančno premoženje izdano, mora dosegati Eurosistemov prag kreditne kvalitete [9].
The ECB publishes the credit quality threshold for all accepted ECAIs, as established under Section 6.3.1 of Annex I to Guideline ECB/2011/14 [10].
ECB objavlja prag kreditne kvalitete za vse sprejete zunanje bonitetne institucije, kakor je navedeno v oddelku 6.3.1 Priloge I k Smernici ECB/2011/14 [10].
If multiple ECAI credit assessments are available for the same issue or, if applicable, for programme/issuance series, then the first-best rule (i.e. the best available ECAI credit assessment for the issue or, if applicable, for the programme/issuance series) is applied.
Če za isto izdajo ali, kjer pride v poštev, za program/serijo izdaj obstaja več bonitetnih ocen zunanje bonitetne institucije, velja pravilo najboljše ocene (tj. uporabi se najboljša razpoložljiva ocena zunanje bonitetne institucije za izdajo ali, kjer pride v poštev, za program/serijo izdaj).
If the first-best credit assessment for the issue or, if applicable, for the programme/issuance series does not comply with the Eurosystem’s credit quality threshold, the asset is not eligible, even if a guarantee acceptable under Section 6.3.2(c) of Annex I to Guideline ECB/2011/14 exists.
Če najboljša bonitetna ocena za izdajo ali, kjer pride v poštev, za program/serijo izdaj ne dosega Eurosistemovega praga kreditne kvalitete, finančno premoženje ni primerno, četudi obstaja jamstvo, ki je sprejemljivo v skladu z oddelkom 6.3.2 (c) Priloge I k Smernici ECB/2011/14.
In the absence of an ECAI credit assessment for the issue or, if applicable, the programme/issuance series, the best available ECAI credit assessment for the issuer or the guarantor (if the guarantee is acceptable under Section 6.3.2(c) of Annex I to Guideline ECB/2011/14) must comply with the Eurosystem’s credit quality threshold for the asset to be eligible.
Če bonitetna ocena zunanje bonitetne institucije za izdajo ali, kjer pride v poštev, za program/serijo izdaj ni na voljo, mora za to, da bi bilo finančno premoženje primerno, najboljša razpoložljiva bonitetna ocena zunanje bonitetne institucije za izdajatelja ali garanta (če je jamstvo sprejemljivo v skladu z oddelkom 6.3.2 (c) Priloge I k Smernici ECB/2011/14) dosegati Eurosistemov prag kreditne kvalitete.
For ECAI issue and programme/issuance series ratings, no distinction by original maturity of the asset is made for the purposes of establishing high credit standards for marketable assets.
Pri bonitetnih ocenah zunanje bonitetne institucije za izdajo in program/serijo izdaj ni razlikovanja po prvotni zapadlosti finančnega premoženja za potrebe določitve visokih bonitetnih standardov za tržno finančno premoženje.
Any ECAI rating assigned to the issue or programme/issuance series that meets the Eurosystem credit quality threshold is acceptable.
Sprejemljiva je vsaka bonitetna ocena zunanje bonitetne institucije za izdajo ali program/serijo izdaj, ki dosega Eurosistemov prag kreditne kvalitete.
As regards the ECAI issuer/guarantor rating, the acceptable ECAI credit assessment depends on the original maturity of the asset.
Pri bonitetnih ocenah zunanje bonitetne institucije za izdajatelja/garanta je sprejemljiva bonitetna ocena zunanje bonitetne institucije odvisna od prvotne zapadlosti finančnega premoženja.
A distinction is made between short-term assets (meaning those assets with an original maturity of up to 390 days) and long-term assets (meaning those assets with an original maturity of more than 390 days).
Razlikuje se med kratkoročnim finančnim premoženjem (ki pomeni finančno premoženje s prvotno zapadlostjo do 390 dni) in dolgoročnim finančnim premoženjem (ki pomeni finančno premoženje s prvotno zapadlostjo nad 390 dni).
For short-term assets, ECAI short-term and long-term issuer ratings and long-term guarantor ratings are acceptable, on a first-best rule basis.
Za kratkoročno finančno premoženje so sprejemljive kratkoročne in dolgoročne bonitetne ocene zunanje bonitetne institucije za izdajatelja, na podlagi pravila najboljše ocene.
For long-term assets, only ECAI long-term issuer or long-term guarantor ratings are acceptable.
Za dolgoročno finančno premoženje so sprejemljive samo dolgoročne bonitetne ocene zunanje bonitetne institucije za izdajatelja ali garanta.
The credit quality threshold applicable to asset-backed securities subject to the loan-level data reporting requirements, as specified in the Eurosystem credit assessment framework in Section 6.3.2(b) ECAI credit assessment of asset-backed securities- of Annex I to Guideline ECB/2011/14, shall correspond to Credit Quality Step (CQS) 2 of the Eurosystem’s harmonised rating scale (‘single A’ [11]) both at issuance and over the lifetime of the asset-backed security.
Prag kreditne kvalitete, ki se uporablja za listinjene vrednostne papirje, za katere veljajo zahteve za poročanje podatkov na ravni posameznega posojila, kakor je določeno v bonitetnem okviru Eurosistema v oddelku 6.3.2 (b) (bonitetna ocena zunanje bonitetne institucije za listinjene vrednostne papirje) Priloge I k Smernici ECB/2011/14, ustreza stopnji kreditne kvalitete 2 na usklajeni lestvici bonitetnih ocen Eurosistema („enojni A“ [11]) ob izdaji in tudi ves čas obstoja listinjenega vrednostnega papirja.
The other requirements under Section 6.3.2(b) ECAI credit assessment of asset-backed securities- of Annex I to Guideline ECB/2011/14 shall remain unaltered.
Druge zahteve iz oddelka 6.3.2 (b) (bonitetna ocena zunanje bonitetne institucije za listinjene vrednostne papirje) Priloge I k Smernici ECB/2011/14 ostanejo nespremenjene.
Asset-backed securities that do not comply with the loan-level data reporting requirements shall remain subject to the credit assessment requirements foreseen in Section 6.3.2(b)-ECAI credit assessment of asset-backed securities- of Annex I to Guideline ECB/2011/14.
Za listinjene vrednostne papirje, ki ne izpolnjujejo zahtev za poročanje podatkov na ravni posameznega posojila, še naprej veljajo zahteve glede bonitetnih ocen, določene v oddelku 6.3.2 (b) (bonitetna ocena zunanje bonitetne institucije za listinjene vrednostne papirje) Priloge I k Smernici ECB/2011/14.
In the absence of an ECAI credit assessment for the issue (or, if applicable, the programme/issuance series) rating, the high credit standards for marketable assets, other than asset-backed securities, can be established on the basis of guarantees provided by financially sound guarantors as referred to in Section 6.3.2(c) of Annex I to Guideline ECB/2011/14.
Če bonitetna ocena zunanje bonitetne institucije za izdajo (ali, kjer pride v poštev, za program/serijo izdaj) ni na voljo, je mogoče visoke bonitetne standarde za tržno finančno premoženje razen listinjenih vrednostnih papirjev določiti na podlagi jamstev, ki jih dajo finančno trdni garanti, kakor so navedeni v oddelku 6.3.2 (c) Priloge I k Smernici ECB/2011/14.
The financial soundness of the guarantor is assessed on the basis of long-term ECAI guarantor ratings meeting the Eurosystem’s credit quality threshold.
Finančna trdnost garanta se oceni na podlagi dolgoročnih bonitetnih ocen zunanje bonitetne institucije za garanta, ki dosegajo Eurosistemov prag kreditne kvalitete.
The guarantee shall meet the requirements set out in points (i) to (iv) of Section 6.3.2(c) of Annex I to Guideline ECB/2011/14.
Jamstvo izpolnjuje zahteve, določene v točkah (i) do (iv) oddelka 6.3.2 (c) Priloge I k Smernici ECB/2011/14.
Determination of haircuts
Določitev odbitkov
The credit assessment used for the purpose of determining eligibility in accordance with Sections 6.3.2 and 6.3.3 of Annex I to Guideline ECB/2011/14 shall apply in determining the applicable haircut pursuant to Section 6.4.1 of Annex I to Guideline ECB/2011/14.
Bonitetna ocena, ki se uporabi za ugotavljanje primernosti v skladu z oddelkoma 6.3.2 in 6.3.3 Priloge I k Smernici ECB/2011/14, se uporabi pri določitvi ustreznega odbitka v skladu z oddelkom 6.4.1 Priloge I k Smernici ECB/2011/14.
Haircut categories and haircuts for marketable and non-marketable assets
Kategorije odbitkov in odbitki za tržno in netržno finančno premoženje
The liquidity categories for marketable assets, as specified in the Eurosystem risk control measures for marketable assets in Table 6 of Section 6.4.2 of Annex I to Guideline ECB/2011/14, shall be referred to as haircut categories throughout that Section, without changes in the assignment of eligible assets to the respective categories.
Likvidnostne kategorije za tržno finančno premoženje, kakor so določene v ukrepih Eurosistema za obvladovanje tveganj pri tržnem finančnem premoženju v tabeli 6 v oddelku 6.4.2 Priloge I k Smernici ECB/2011/14, se v celotnem navedenem oddelku navajajo kot kategorije odbitkov, brez sprememb pri uvrstitvi primernega finančnega premoženja v ustrezne kategorije.