natgillin/translations-raw huggingface dataset:
To enhance the provision of liquidity to counterparties for Eurosystem monetary policy operations, the Governing Council has decided to temporarily widen the criteria determining the eligibility of assets to be used as collateral in Eurosystem monetary policy operations accepting marketable debt instruments denominated in pounds sterling, yen or US dollars as eligible assets for monetary policy operations.
Za izboljšanje zagotavljanja likvidnosti nasprotnim strankam za operacije denarne politike Eurosistema se je Svet ECB odločil, da začasno dopolni merila, ki določajo primernost finančnega premoženja za uporabo kot zavarovanje pri operacijah denarne politike Eurosistema, in sprejme tržne dolžniške instrumente, denominirane v funtih šterlingih, jenih ali ameriških dolarjih, kot primerno finančno premoženje za operacije denarne politike.
Valuation markdowns reflecting the historical volatility of the relevant exchange rates should be applied to such marketable debt instruments.
Za takšne tržne dolžniške instrumente bi se moralo uporabiti zmanjšanje vrednosti, ki odraža zgodovinsko volatilnost ustreznih deviznih tečajev.
These additional measures should apply temporarily, until the Governing Council considers that they are no longer necessary, to ensure an appropriate monetary policy transmission mechanism.
Navedene dodatne ukrepe je treba uporabljati začasno, dokler ne bo Svet ECB presodil, da niso več potrebni za zagotavljanje ustreznega transmisijskega mehanizma denarne politike.
Therefore, they should be implemented by means of an amendment of Guideline ECB/2012/18,
Zato se izvedejo s spremembo Smernice ECB/2012/18 –
Guideline ECB/2012/18 is amended as follows:
Smernica ECB/2012/18 se spremeni, kot sledi:
The rules for the conduct of Eurosystem monetary policy operations and the eligibility criteria for collateral laid down in this Guideline, as further specified in paragraph 2, shall apply in conjunction with Guideline ECB/2011/14.
Pravila za izvajanje operacij denarne politike Eurosistema in merila primernosti za zavarovanje, določena v tej smernici, kot so podrobneje opredeljena v odstavku 2, se uporabljajo v povezavi s Smernico ECB/2011/14.
Only Articles 3, 5 and 5a of this Guideline shall apply to foreign currency denominated collateral.
Za zavarovanje, denominirano v tuji valuti, se uporabljajo samo členi 3, 5 in 5a te smernice.
In the event of any discrepancy between this Guideline and Guideline ECB/2011/14, as implemented at national level by the NCBs, this Guideline shall prevail.
V primeru razhajanj med to smernico in Smernico ECB/2011/14, kakor jo NCB izvedejo na nacionalni ravni, prevlada ta smernica.
The NCBs shall continue to apply all provisions of Guideline ECB/2011/14 unaltered unless otherwise provided for in this Guideline.’;
NCB še naprej uporabljajo vse določbe Smernice ECB/2011/14 v nespremenjeni obliki, razen če je v tej smernici določeno drugače.“;
the following Article 5a is inserted:
vstavi se naslednji člen 5a:
Admission of certain assets denominated in pounds sterling, yen or US dollars as eligible collateral
Sprejem nekaterega finančnega premoženja, denominiranega v funtih šterlingih, jenih ali ameriških dolarjih, kot primerno zavarovanje
Marketable debt instruments as described in Section 6.2.1 of Annex I to Guideline ECB/2011/14, if denominated in pounds sterling, yen or US dollars shall constitute eligible collateral for Eurosystem monetary policy operations, provided that: (a) they are issued and held/settled in the euro area; (b) the issuer is established in the European Economic Area; and (c) they fulfil all other eligibility criteria included in Section 6.2.1 of Annex I to Guideline ECB/2011/14.
Tržni dolžniški instrumenti, opisani v oddelku 6.2.1 Priloge I k Smernici ECB/2011/14, predstavljajo, če so denominirani v funtih šterlingih, jenih ali ameriških dolarjih, primerno zavarovanje za operacije denarne politike Eurosistema pod naslednjimi pogoji: (a) izdani morajo biti v euroobmočju, kjer se morajo tudi nahajati oziroma poravnavati; (b) izdajatelj mora biti ustanovljen v Evropskem gospodarskem prostoru; in (c) izpolnjevati morajo vsa ostala merila primernosti v oddelku 6.2.1 Priloge I iz Smernice ECB/2011/14.
The Eurosystem shall apply the following valuation markdowns to such marketable debt instruments: (a) a markdown of 16 % on assets denominated in pounds sterling or US dollars; and (b) a markdown of 26 % on assets denominated in yen.’.
Eurosistem uporablja naslednje zmanjšanje vrednosti za takšne tržne dolžniške instrumente: (a) zmanjšanje za 16 % za finančno premoženje, denominirano v funtih šterlingih ali ameriških dolarjih; in (b) zmanjšanje za 26 % za finančno premoženje, denominirano v jenih.“
The NCBs shall forward details of the texts and means by which they intend to comply with this Guideline to the ECB by 26 October 2012 at the latest.
NCB pošljejo ECB besedila in sredstva, s katerimi se nameravajo uskladiti s to smernico, najkasneje do 26. oktobra 2012.
Article 1 shall apply from 9 November 2012.
Člen 1 se uporablja od 9. novembra 2012.
Done at Frankfurt am Main, 10 October 2012.
V Frankfurtu na Majni, 10. oktobra 2012
amending Guideline ECB/2011/14 on monetary policy instruments and procedures of the Eurosystem
o spremembi Smernice ECB/2011/14 o instrumentih in postopkih denarne politike Eurosistema
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular the first indent of Article 3.1, and Articles 12.1, 14.3 and 18.2, and the first paragraph of Article 20 thereof,
ob upoštevanju Statuta Evropskega sistema centralnih bank in Evropske centralne banke ter zlasti prve alinee člena 3.1, členov 12.1, 14.3 in 18.2 in prvega odstavka člena 20 Statuta,
A number of updates are required to address, inter alia, the phasing-in of asset-backed security loan-level data reporting requirements, specifications regarding coupon definitions, performance monitoring data and the calculation of financial penalties for non-compliance with counterparty obligations.
Potrebnih je več posodobitev, med drugim za ureditev postopne uvedbe zahtev za poročanje podatkov o listinjenih vrednostnih papirjih na ravni posameznega posojila, podrobnosti glede definicij kuponov, podatkov za spremljanje zanesljivosti in izračuna denarnih kazni za neizpolnjevanje obveznosti nasprotne stranke.
Therefore, Guideline ECB/2011/14 of 20 September 2011 on monetary policy instruments and procedures of the Eurosystem [1] should be amended accordingly,
Smernico ECB/2011/14 z dne 20. septembra 2011 o instrumentih in postopkih denarne politike Eurosistema [1] je zato treba ustrezno spremeniti –
Amendment to Annex I
Sprememba Priloge I
Annex I to Guideline ECB/2011/14 is amended in accordance with the Annex to this Guideline.
Priloga I k Smernici ECB/2011/14 se spremeni v skladu s Prilogo k tej smernici.
The national central banks of the Member States whose currency is the euro (hereinafter the ‘NCBs’) shall forward details of the texts and means by which they intend to comply with this Guideline to the European Central Bank (ECB) by 19 December 2012 at the latest.
Nacionalne centralne banke držav članic, katerih valuta je euro (v nadaljnjem besedilu: NCB), pošljejo Evropski centralni banki (ECB) najkasneje do 19. decembra 2012 podrobnosti glede besedil in sredstev, s katerimi se nameravajo uskladiti s to smernico.
It shall apply from 3 January 2013.
Uporablja se od 3. januarja 2013.
Done at Frankfurt am Main, 26 November 2012.
V Frankfurtu na Majni, 26. novembra 2012
Annex I to Guideline ECB/2011/14 is amended as follows:
Priloga I k Smernici ECB/2011/14 se spremeni:
In Section 5.1.3, the following sentence is added:
v oddelku 5.1.3 se doda naslednji stavek:
‘The ECB reserves the right to take any action it deems appropriate in order to correct an error in the tender announcement, including cancelling or interrupting a tender under execution.’;
„ECB si pridržuje pravico, da sprejme vse ukrepe, ki so po njeni oceni ustrezni, da se popravi napaka v najavi avkcije, vključno s preklicem ali prekinitvijo avkcije, ki se izvaja.“;
In Section 5.1.6, the following sentence is added:
v oddelku 5.1.6 se doda naslednji stavek:
‘If the tender result contains erroneous information with respect to any of the above, the ECB reserves the right to take any action it deems appropriate to correct such erroneous information.’;
„Če je v rezultatu avkcije kateri koli od zgoraj navedenih podatkov napačen, si ECB pridržuje pravico, da sprejme vse ukrepe, ki so po njeni oceni ustrezni, da se ti napačni podatki popravijo.“;
Section 6.2.1.1 is replaced by the following:
oddelek 6.2.1.1 se nadomesti z naslednjim:
Common eligibility requirements
Skupne zahteve za primernost
a fixed, unconditional principal amount; and
fiksen, brezpogojen znesek glavnice; in
a coupon that cannot result in a negative cash flow and is one of the following:
kupon, ki ne more povzročiti negativnega denarnega toka in sodi v eno od naslednjih vrst:
fixed, zero and multi-step coupons, i.e. instruments with a predefined coupon schedule and predefined coupon values;
fiksni kuponi, brezkuponski in večstopenjski kuponi, tj. instrumenti z vnaprej določenim razporedom kuponov in vnaprej določenimi vrednostmi kuponov;
flat floating coupons linked to only one index corresponding to a euro money market rate, e.g. EURIBOR, LIBOR and similar indices, or a constant maturity swap rate, e.g. CMS, EIISDA, EUSA indices;
variabilni kuponi brez vzvoda, vezani na en sam indeks, ki ustreza obrestni meri na eurskem denarnem trgu, npr. EURIBOR, LIBOR in podobni indeksi, ali višini obrestne zamenjave s konstantno zapadlostjo, npr. indeksi CMS, EIISDA, EUSA;
leveraged and de-leveraged floating coupons linked to only one index corresponding to a euro money market rate, e.g. EURIBOR, LIBOR and similar indices, or a constant maturity swap rate, e.g. CMS, EIISDA, EUSA indices;
variabilni kuponi z nadproporcionalnim in podproporcionalnim vzvodom, vezani na en sam indeks, ki ustreza obrestni meri na eurskem denarnem trgu, npr. EURIBOR, LIBOR in podobni indeksi, ali višini obrestne zamenjave s konstantno zapadlostjo, npr. indeksi CMS, EIISDA, EUSA;
flat, leveraged and de-leveraged floating coupons linked to the yield of one euro area government bond that has a maturity of one year or less (either an index or a gross benchmark yield);
variabilni kuponi brez vzvoda, z nadproporcionalnim in podproporcionalnim vzvodom, vezani na donosnost ene državne obveznice iz euroobmočja z zapadlostjo enega leta ali manj (indeks ali bruto referenčna donosnost);
flat inflation-floaters linked to euro area inflation indices, containing no discrete range, range accrual, ratchet or similar complex structures.
variabilni kuponi brez vzvoda, vezani na indekse inflacije v euroobmočju, katerih izplačilo oziroma natekanje ni vezano na vnaprej določen razpon referenčnega indeksa (ki ne vsebujejo strukture discrete range) ali katerih višina ni že vnaprej omejena (ki ne vsebujejo struktur range accrual ali ratchet) ali ki ne vsebujejo podobnih kompleksnih struktur.
The following coupon structures are notably excluded: all floaters linked to foreign currency interest rates, commodity and equity indices and exchange rates, dual floaters and floaters linked to swap spreads or to another combination of indices, and any kind of ratchet and range accrual coupons, as well as inverse floaters and coupons that depend on a credit rating.
Izključene so predvsem naslednje strukture kuponov: vsi variabilni kuponi, vezani na obrestne mere v tuji valuti, blagovne in delniške indekse in devizne tečaje, kuponi, vezani na razliko med dvema variabilnima obrestnima merama ali indeksoma, in variabilni kuponi, vezani na razmik na obrestne zamenjave ali na drugo kombinacijo indeksov, vse vrste kuponov, katerih višina je že vnaprej omejena (s strukturo ratchet in range accrual), ter obratno spremenljivi kuponi in kuponi, ki so odvisni od bonitetnih ocen.
Moreover, complex term structures such as target redemption notes and options to change the coupon type by making use of additional calling rights are excluded.
Poleg tega so izključene kompleksne terminske strukture, kot so instrumenti s kuponi, vezani na indeks, ki zagotavljajo garantirano vsoto kuponov, in opcije, ki z uresničenjem pravic omogočajo spremembo vrste kupona.
Eligible coupons should have no issuer optionalities, i.e. they should not allow changes in the coupon definition during the life of the instrument that are contingent on an issuer’s decision.
Primerni kuponi ne smejo imeti opcij za izdajatelja, tj. ne smejo omogočati sprememb definicije kupona v času do zapadlosti instrumenta, ki so odvisne od odločitve izdajatelja.
In addition, if caps or floors exist, these shall be fixed and pre-defined.
Poleg tega, če je višina kupona navzgor ali navzdol omejena, morajo biti te meje fiksne in vnaprej določene.
The classification of an instrument as regards its coupon, in case the coupon is multi-step, will be based on a forward-looking perspective.
Če ima instrument večstopenjski kupon, bo klasifikacija tega instrumenta glede na njegov kupon temeljila na v prihodnost usmerjeni perspektivi.
Non-compliance with the above-mentioned eligibility criteria also precludes assets from being eligible even if they only apply to parts of the remuneration structure (such as a premium) and even if a non-negative coupon payment and a repayment of at least the principal amount is explicitly guaranteed.
Finančno premoženje ni primerno v primeru neskladnosti z zgoraj navedenimi merili primernosti, tudi če ta merila veljajo samo za del njegove strukture plačil (na primer za premijo), in tudi če je izrecno zajamčeno nenegativno kuponsko plačilo in poplačilo najmanj v znesku glavnice.
The requirements under paragraph 1(a) and (b) apply until the obligation has been redeemed.
Zahteve iz odstavkov 1(a) in (b) veljajo, dokler ni obveznost dokončno odplačana.
Debt instruments may not give rise to rights to the principal and/or the interest that are subordinated to the rights of holders of other debt instruments of the same issuer.
Dolžniški instrumenti ne smejo dati pravic do glavnice in/ali obresti, ki so podrejene pravicam imetnikov drugih dolžniških instrumentov istega izdajatelja.
Additional eligibility criteria applicable to asset-backed securities
Dodatna merila primernosti, ki veljajo za listinjene vrednostne papirje
For the purpose of the Eurosystem legal framework related to monetary policy, covered bonds are not considered asset-backed securities.
Za potrebe pravnega okvira Eurosistema v zvezi z denarno politiko se krite obveznice ne štejejo kot listinjeni vrednostni papirji.
Paragraph 1(a) does not apply to asset-backed securities.
Odstavek 1(a) ne velja za listinjene vrednostne papirje.
The Eurosystem assesses the eligibility of asset-backed securities against the additional criteria laid down in this Section.
Eurosistem ocenjuje primernost listinjenih vrednostnih papirjev po dodatnih merilih, ki so določena v tem oddelku.
they must be acquired from the originator or from an intermediary by the securitisation special purpose vehicle in a manner which the Eurosystem considers to be a “true sale” that is enforceable against any third party, and is beyond the reach of the originator and its creditors or the intermediary and its creditors, including in the event of the originator’s or the intermediary’s insolvency;
subjekt s posebnim namenom pri listinjenju ga mora pridobiti od originatorja ali posrednika na način, ki ga Eurosistem šteje za ‚pravo prodajo‘, izvršljivo proti tretjim osebam, ter mora biti zunaj dosega originatorja in njegovih upnikov ali posrednika in njegovih upnikov, tudi v primeru originatorjeve ali posrednikove insolventnosti;
they must be originated and sold to the issuer by an originator incorporated in the EEA and, if applicable, an intermediary incorporated in the EEA;
ustvari in izdajatelju ga proda originator s sedežem v EGP in, če je predvideno, posrednik s sedežem v EGP;
they must not consist, in whole or in part, actually or potentially, of tranches of other asset-backed securities.
ne sme vsebovati, v celoti ali delno, dejansko ali potencialno, tranš drugih listinjenih vrednostnih papirjev.
In addition, they must not consist, in whole or in part, actually or potentially, of credit-linked notes, swaps or other derivatives instruments or synthetic securities;
Poleg tega ne sme vsebovati, v celoti ali delno, dejansko ali potencialno, kreditnih zapisov, poslov zamenjav ali drugih izvedenih finančnih instrumentov ali sintetičnih vrednostnih papirjev;
If they are bonds, the issuers must be incorporated in the EEA, they must be issued in an EEA country under the law of an EEA country and any related security must be located in the EEA.
Če gre za obveznice, morajo njihovi izdajatelji imeti sedež v EGP, izdane morajo biti v državi EGP po pravu države EGP in zadevno zavarovanje se mora nahajati v EGP.
As laid down in Section 6.2.1.7, the issuer of an asset-backed security must be established in the EEA.
Kakor je določeno v oddelku 6.2.1.7, mora biti izdajatelj listinjenega vrednostnega papirja ustanovljen v EGP.
If the originator or, if applicable, the intermediary, is incorporated in another EEA country, the asset-backed securities can only be considered eligible if the Eurosystem ascertains that its rights would be protected in an appropriate manner against clawback provisions considered relevant by the Eurosystem under the law of the relevant EEA country.
Če ima originator ali, če je predvideno, posrednik sedež v drugi državi EGP, se lahko listinjeni vrednostni papirji štejejo za primerne samo, če se Eurosistem prepriča, da bi bile njegove pravice ustrezno zavarovane pred določbami o razveljavitvi prodaje premoženja po pravu zadevne države EGP, ki jih Eurosistem šteje za pomembne.
For this purpose, an independent legal assessment in a form acceptable to the Eurosystem must be submitted setting out the applicable clawback rules in the country, before the asset-backed securities can be considered eligible.
V ta namen je treba, preden se listinjeni vrednostni papirji lahko štejejo za primerne, predložiti neodvisno pravno oceno v obliki, sprejemljivi za Eurosistem, ki vsebuje upoštevna pravila o razveljavitvi prodaje premoženja v tej državi.
To decide whether its rights are adequately protected against clawback rules, the Eurosystem may require other documents, including a solvency certificate from the transferee, for the suspect period.
Eurosistem lahko za potrebe odločanja o tem, ali so njegove pravice ustrezno zavarovane pred pravili o razveljavitvi prodaje premoženja, zahteva druge dokumente, vključno s potrdilom o solventnosti v obdobju izpodbojnosti, ki ga zagotovi prevzemnik.
Clawback rules which the Eurosystem considers to be severe and therefore not acceptable include rules under which the sale of cash flow generating assets backing the asset-backed securities can be invalidated by the liquidator solely on the basis that it was concluded within a certain period (suspect period) before the declaration of insolvency of the seller (originator/intermediary), or where such invalidation can only be prevented by the transferee if they can prove that they were not aware of the insolvency of the seller (originator/intermediary) at the time of the sale.
Pravila o razveljavitvi prodaje premoženja, ki jih Eurosistem šteje za stroga in zato nesprejemljiva, vključujejo pravila, po katerih lahko upravitelj v postopku zaradi insolventnosti doseže razveljavitev prodaje finančnega premoženja, ki ustvarja denarni tok in s katerim so zavarovani listinjeni vrednostni papirji, zgolj zato, ker je bila izvedena znotraj določenega obdobja (obdobja izpodbojnosti) pred razglasitvijo insolventnosti prodajalca (originatorja/posrednika), in primere, ko lahko prevzemnik prepreči takšno razveljavitev samo, če lahko dokaže, da v času prodaje ni vedel za insolventnost prodajalca (originatorja/posrednika).
A tranche (or sub-tranche) is considered to be non-subordinated vis-à-vis other tranches (or sub-tranches) of the same issue if, in accordance with the priority of payment applicable after the delivery of an enforcement notice, as set out in the prospectus, no other tranche (or sub-tranche) is given priority over that tranche or sub-tranche in respect of receiving payment (principal and interest), and thereby such tranche (or sub-tranche) is last in incurring losses among the different tranches or sub-tranches of a structured issue.
Tranša (ali podtranša) šteje kot nepodrejena drugim tranšam (ali podtranšam) iste izdaje, če – v skladu z vrstnim redom poplačila, ki se uporabi po dostavi obvestila o izvršbi, kakor je določen v prospektu – nobena druga tranša (ali podtranša) nima prednosti pred to tranšo ali podtranšo glede prejema plačila (glavnice in obresti), s čimer takšna tranša (ali podtranša) med različnimi tranšami ali podtranšami znotraj strukturirane izdaje zadnja utrpi škodo.
For asset-backed securities to become or to remain eligible for Eurosystem monetary policy operations, the Eurosystem requires comprehensive and standardised loan-level data on the pool of cash flow generating assets underlying an asset-backed security to be submitted by the relevant parties in the asset-backed security, in accordance with Appendix 8.
Da listinjeni vrednostni papirji postanejo ali ostanejo primerni za operacije denarne politike Eurosistema, Eurosistem zahteva, da zadevne stranke pri listinjenem vrednostnem papirju predložijo celovite in standardizirane podatke na ravni posameznega posojila o skladu finančnega premoženja, ki ustvarja denarni tok in s katerim je zavarovan listinjen vrednostni papir, v skladu z dodatkom 8.
To determine the eligibility of asset-backed securities, the Eurosystem takes into account the data entered in the mandatory fields in the relevant loan-level data reporting template, within the meaning of Appendix 8.
Eurosistem pri ugotavljanju primernosti listinjenih vrednostnih papirjev upošteva podatke, ki so vneseni v obvezna polja ustreznega obrazca za poročanje podatkov na ravni posameznega posojila, kakor je določeno v dodatku 8.
In its eligibility assessment the Eurosystem takes account of: (a) any failure to deliver data; and (b) how frequently individual loan-level data fields are found to contain no meaningful data.
Pri oceni primernosti Eurosistem upošteva: (a) vsak primer neporočanja podatkov; in (b) kako pogosto posamezna polja za podatke na ravni posameznega posojila ne vsebujejo smiselnih podatkov.
In order to be eligible, an asset-backed security must be backed by cash flow generating assets which the Eurosystem considers to be homogeneous, i.e. that cash flow generating assets backing an asset-backed security consist of only one type of assets belonging to either residential mortgages, commercial real estate mortgages, loans to small- and medium-sized enterprises, auto loans, consumer finance loans or leasing receivables.
Listinjen vrednostni papir je primeren, če je zavarovan s finančnim premoženjem, ki ustvarja denarni tok in ga Eurosistem šteje za homogeno, tj. če finančno premoženje, ki ustvarja denarni tok in s katerim je zavarovan listinjen vrednostni papir, obsega eno samo vrsto finančnega premoženja, ki pripada stanovanjskim hipotekam, hipotekam na poslovnih nepremičninah, posojilom malim in srednje velikim podjetjem, posojilom za nakup avtomobila, potrošniškim posojilom ali terjatvam iz naslova leasinga.
Asset-backed securities are not eligible for Eurosystem monetary policy operations if the pool of assets underlying them is comprised of heterogeneous assets, because they cannot be reported using a single template for the specific asset class.
Listinjeni vrednostni papirji niso primerni za operacije denarne politike Eurosistema, če sklad finančnega premoženja, s katerim so zavarovani, vsebuje heterogeno finančno premoženje, ker jih ni mogoče poročati z enim obrazcem za določeno vrsto finančnega premoženja.