natgillin/translations-raw huggingface dataset:
Bilateral procedures executed by means of direct contact with counterparties
Tabela 8
Bilateral procedures for fine-tuning operations and structural operations conducted by means of outright transactions may be executed by means of direct contact with counterparties.
Okvirni datumi poravnave za operacije odprtega trga Eurosistema [16]
The NCBs shall directly contact one or more institutions selected in accordance with the eligibility criteria laid down in Article 57.
Instrument denarne politike
The NCBs shall follow the ECB's instructions in deciding whether to enter into a transaction with those institutions.
Datum poravnave operacije odprtega trga na podlagi standardnih avkcij
Without prejudice to paragraph 2, the ECB's Governing Council may decide that, under exceptional circumstances, the ECB or one or more NCBs, acting as the ECB's operating arm, shall conduct fine-tuning operations or structural operations conducted by means of outright transactions executed through bilateral procedures.
Datum poravnave operacije odprtega trga na podlagi hitrih avkcij in dvostranskih postopkov
In such an event, the procedures for those operations shall be adapted accordingly.
V skladu s tržnimi običaji za primerno finančno premoženje
The ECB shall decide whether to enter into a transaction with the contacted institutions.
T, T + 1 ali T + 2
Article 46
Člen 51
Bilateral procedures executed by means of stock exchanges and market agents
Poravnava operacij odprtega trga, ki se izvajajo na podlagi standardnih avkcij
Without prejudice to Article 45, bilateral procedures for structural operations conducted by means of outright transactions may be executed through stock exchanges and market agents.
Eurosistem si prizadeva poravnati operacije odprtega trga, ki se izvajajo na podlagi standardnih avkcij, na prvi dan, ki sledi trgovalnemu dnevu, na katerega so sistem TARGET2 in vsi zadevni SPVP odprti za poslovanje.
The range of counterparties shall not be restricted, as provided for in Article 57.
Datumi poravnave za operacije glavnega refinanciranja in redne operacije dolgoročnejšega refinanciranja so vnaprej določeni v okvirnem koledarju rednih avkcij Eurosistema.
The procedures shall be adapted to the market conventions for the debt instruments transacted.
Če je običajni datum poravnave praznik, lahko ECB določi drug datum poravnave, z možnostjo poravnave v istem dnevu.
Operating days for bilateral procedures
Lahko se določijo tudi drugi datumi poravnave, zlasti za dokončne transakcije in valutne zamenjave.
The ECB may decide to conduct bilateral procedures for fine-tuning operations on any Eurosystem business day.
Operacije finega uravnavanja in strukturne operacije v obliki dokončnih transakcij, ki se izvajajo na podlagi dvostranskih postopkov, se poravnajo decentralizirano prek nacionalnih centralnih bank.
Only NCBs in relation to which the trade day, the settlement day and the reimbursement day are NCB business days may participate in such operations.
Člen 53
Bilateral procedures for structural operations conducted by means of outright transactions are normally executed and settled on days which are NCB business days in all Member States whose currency is the euro.
Podrobnejše določbe v zvezi s postopki poravnave in postopki ob koncu dneva
Settlement procedures for Eurosystem monetary policy operations
Brez poseganja v zahteve iz tega poglavja se lahko za določen instrument denarne politike v pogodbenih dogovorih ali predpisih, ki jih uporabljajo nacionalne centralne banke ali ECB, določijo dodatne določbe v zvezi s poravnavo.
Article 49
Postopki ob koncu dneva so opredeljeni v dokumentaciji v zvezi z okvirom za sistem TARGET2.
Overview of settlement procedures
Člen 54
Payment orders relating to the participation in open market operations or use of the standing facilities shall be settled on the counterparties' accounts with an NCB or on the accounts of a settlement bank participating in TARGET2.
Rezervna imetja in presežne rezerve
Payment orders relating to the participation in open market liquidity-providing operations or use of the marginal lending facility shall only be settled at the moment of or after the final transfer of the eligible assets as collateral to the operation.
V skladu s členom 6(1) Uredbe (ES) št. 1745/2003 (ECB/2003/9) se lahko poravnalni račun nasprotne stranke pri NCB uporabi kot račun rezerv.
For this purpose, counterparties shall:
Rezervna imetja na poravnalnih računih se lahko uporabijo za potrebe poravnav med dnem.
pre-deposit the eligible assets at an NCB; or
Dnevna rezervna imetja nasprotne stranke se izračunajo kot stanje ob koncu dneva na njenem računu rezerv.
settle the eligible assets with an NCB on a delivery-versus-payment basis.
Za namene tega člena ima „račun rezerv“ enak pomen kakor v Uredbi (ES) št. 1745/2003 (ECB/2003/9).
Article 50
Rezervna imetja, ki presegajo izračunane obvezne rezerve, kot se zahtevajo po Uredbi (ES) št. 2531/98 in Uredbi (ES) št. 1745/2003 (ECB/2003/9), se obrestujejo po obrestni meri nič odstotkov ali po obrestni meri mejnega depozita, in sicer po tisti, ki je nižja.
Settlement of open market operations
DEL 3
The Eurosystem shall endeavour to settle transactions related to its open market operations at the same time in all Member States whose currency is the euro with all counterparties that have provided sufficient eligible assets as collateral.
PRIMERNE NASPROTNE STRANKE
However, owing to operational constraints and technical features (e.g. of SSSs), the timing within the day of the settlement of open market operations may differ across the Member States whose currency is the euro.
Člen 55
The indicative settlement dates are summarised in Table 8.
Kriteriji primernosti za sodelovanje pri operacijah denarne politike Eurosistema
Table 8
Ob upoštevanju člena 57 Eurosistem dovoli sodelovanje pri operacijah denarne politike Eurosistema samo institucijam, ki izpolnjujejo kriterije, določene v tem členu:
Indicative settlement dates for Eurosystem open market operations [16]
Institucije morajo biti obvezniki v sistemu obveznih rezerv Eurosistema v skladu s členom 19.1 Statuta ESCB in ne smejo biti izvzete iz obveznosti v okviru sistema obveznih rezerv Eurosistema v skladu z Uredbo (ES) št. 2531/98 in Uredbo (ES) št. 1745/2003 (ECB/2003/9).
Monetary policy instrument
Institucije morajo biti finančno trdne.
Settlement date for open market operations based on standard tender procedures
Institucije morajo biti eno od naslednjega:
Settlement date for open market operations based on quick tender procedures or bilateral procedures
pod najmanj eno obliko harmoniziranega nadzora Unije/EGP s strani pristojnih organov v skladu z Direktivo 2013/36/EU in Uredbo (EU) št. 575/2013;
According to market convention for the eligible assets
kreditne institucije v javni lasti v smislu člena 123(2) Pogodbe, ki so pod nadzorom, ki je po standardu primerljiv nadzoru pristojnih organov v skladu z Direktivo 2013/36/EU in Uredbo (EU) št. 575/2013;
T, T + 1 or T + 2
institucije, ki so pod neharmoniziranim nadzorom pristojnih organov, ki je po standardu primerljiv harmoniziranemu nadzoru Unije/EGP s strani pristojnih organov v skladu z Direktivo 2013/36/EU in Uredbo (EU) št. 575/2013, npr. podružnice institucij s sedežem zunaj EGP, ki so ustanovljene v državah članicah, katerih valuta je euro.
Article 51
Institucije morajo izpolnjevati vse operativne zahteve, določene v pogodbenih dogovorih ali predpisih, ki jih uporablja domača NCB ali ECB v zvezi z določenim instrumentom ali operacijo.
Settlement of open market operations executed by means of standard tender procedures
Dostop do operacij odprtega trga, ki se izvajajo na podlagi standardnih avkcij, in do odprtih ponudb
The Eurosystem shall endeavour to settle open market operations executed by means of standard tender procedures, on the first day following the trade day on which TARGET2 and all relevant SSSs are open.
operacij odprtega trga, ki se izvajajo na podlagi standardnih avkcij.
The settlement dates for MROs and regular LTROs are specified in advance in the indicative calendar for the Eurosystem's regular tender operations.
Dostop do odprtih ponudb ali operacij odprtega trga, ki se izvajajo na podlagi standardnih avkcij, se institucijam, ki izpolnjujejo kriterije primernosti po členu 55, odobri samo prek njihove domače NCB.
If the normal settlement date coincides with a bank holiday, the ECB may decide to apply a different settlement date, with the option of same-day settlement.
Če ima institucija, ki izpolnjuje kriterije primernosti po členu 55, poslovne enote, npr. sedež ali podružnice, v več kakor eni državi članici, katere valuta je euro, lahko vsaka poslovna enota, ki izpolnjuje kriterije primernosti po členu 55, dostopa do odprtih ponudb ali operacij odprtega trga, ki se izvajajo na podlagi standardnih avkcij, prek svoje domače NCB.
The Eurosystem shall endeavour to ensure that the time of settlement of MROs and regular LTROs coincides with the time of reimbursement of a previous operation of corresponding maturity.
Protiponudbe za operacije odprtega trga, ki se izvajajo na podlagi standardnih avkcij, ali za dostop do odprtih ponudb sme predložiti samo ena poslovna enota v vsaki državi članici, katere valuta je euro, tj. bodisi sedež bodisi izbrana podružnica.
The issuance of ECB debt certificates shall be settled on the second day following the trade day on which TARGET2 and all relevant SSSs are open.
Člen 57
Article 52
Izbor nasprotnih strank za dostop do operacij odrtega trga, ki se izvajajo na podlagi hitrih avkcij ali dvostranskih postopkov
Settlement of open market operations conducted by means of quick tender procedures or bilateral procedures
Pri operacijah odprtega trga, ki se izvajajo na podlagi hitrih avkcij ali dvostranskih postopkov, se nasprotne stranke izberejo v skladu z odstavki 2 do 4.
The Eurosystem shall endeavour to settle open market operations executed by means of quick tender procedures and bilateral procedures on the trade day.
Pri strukturnih operacijah v obliki dokončnih transakcij, ki se izvajajo na podlagi dvostranskih postopkov, ni omejitve glede kroga nasprotnih strank.
Other settlement dates may be applied, in particular for outright transactions and foreign exchange swaps.
Pri strukturnih operacijah v obliki dokončnih transakcij, ki se izvajajo na podlagi hitrih avkcij, se uporabljajo kriteriji primernosti, določeni v členu 57(3)(b).
Fine-tuning operations and structural operations conducted by means of outright transactions executed by means of bilateral procedures shall be settled in a decentralised manner through the NCBs.
Pri operacijah finega uravnavanja, ki se izvajajo na podlagi hitrih avkcij ali dvostranskih postopkov, se nasprotne stranke izberejo na naslednji način:
Article 53
Pri operacijah finega uravnavanja v obliki valutnih zamenjav za namene denarne politike, ki se izvajajo na podlagi hitrih avkcij ali dvostranskih postopkov, je krog nasprotnih strank enak krogu subjektov, ki se izberejo za posege Eurosistema na deviznem trgu in so ustanovljeni v državah članicah, katerih valuta je euro.
Further provisions relating to settlement and end-of-day procedures
Nasprotnim strankam pri valutnih zamenjavah za namene denarne politike, ki se izvajajo na podlagi hitrih avkcij ali dvostranskih postopkov, ni treba izpolnjevati kriterijev, določenih v členu 55.
Without prejudice to the requirements laid down in this Chapter, additional provisions relating to settlement may be laid down in the contractual or regulatory arrangements applied by the NCBs, or the ECB, for the specific monetary policy instrument.
Kriteriji za izbor nasprotnih strank, ki sodelujejo pri posegih Eurosistema na deviznem trgu, temeljijo na načelu skrbnega in varnega poslovanja ter načelu učinkovitosti, kakor je določeno v Prilogi V. Nacionalne centralne banke lahko, z namenom obvladovanja izpostavljenosti kreditnemu tveganju do posameznih nasprotnih strank, ki sodelujejo pri valutnih zamenjavah za namene denarne politike, uporabljajo limite.
The end-of-day procedures are specified in the documentation relating to the TARGET2 framework.
Pri operacijah finega uravnavanja v obliki povratnih transakcij ali prek zbiranja vezanih depozitov, ki se izvajajo na podlagi hitrih avkcij ali dvostranskih postopkov, vsaka NCB za določeno transakcijo izbere krog nasprotnih strank izmed institucij, ki izpolnjujejo kriterije primernosti, določena v členu 55, in so ustanovljene v državi članici, katere valuta je euro.
Article 54
Izbor temelji predvsem na aktivnosti zadevne institucije na denarnem trgu.
Reserve holdings and excess reserves
NCB lahko upošteva dodatne kriterije za izbor, na primer učinkovitost službe za trgovanje in potencial za sodelovanje pri avkcijah.
Pursuant to Article 6(1) of Regulation (EC) No 1745/2003 (ECB/2003/9), a counterparty's settlement account with an NCB may be used as a reserve account.
Če se Svet ECB v skladu s členom 45(3) odloči, da operacije finega uravnavanja, ki se izvajajo na podlagi dvostranskih postopkov, izvaja ECB sama ali prek ene ali več nacionalnih centralnih bank, ECB izbere nasprotne stranke po sistemu rotacije izmed nasprotnih strank, ki so primerne za sodelovanje pri hitrih avkcijah in dvostranskih postopkih.
Reserve holdings on settlement accounts may be used for intraday settlement purposes.
Brez poseganja v odstavke 1 do 4 se lahko operacije odprtega trga, ki se izvajajo na podlagi hitrih avkcij ali dvostranskih postopkov, izvajajo tudi s širšim krogom nasprotnih strank od tistega ki je naveden v odstavkih 2 do 4, če tako odloči Svet ECB.
The daily reserve holding of a counterparty shall be calculated as the end-of-day balance on its reserve account.
DEL 4
For the purposes of this Article, ‘reserve account’ shall have the same meaning as that in Regulation (EC) No 1745/2003 (ECB/2003/9).
PRIMERNO FINANČNO PREMOŽENJE
Reserve holdings that exceed the minimum reserves required pursuant to Regulation (EC) No 2531/98 and Regulation (EC) No 1745/2003 (ECB/2003/9) shall be remunerated at zero per cent or the deposit facility rate, whichever is lower.
SPLOŠNA NAČELA
PART THREE
Člen 58
ELIGIBLE COUNTERPARTIES
Primerno finančno premoženje in sprejemljivi načini zavarovanja, ki se uporabljajo za kreditne posle Eurosistema
With regard to Eurosystem monetary policy operations, subject to Article 57, the Eurosystem shall only allow participation by institutions that fulfil the criteria laid down in this Article.
Glede na to, da kreditni posli Eurosistema vključujejo posojilo čez dan, mora zavarovanje, ki ga nasprotne stranke predložijo v zvezi s posojilom čez dan, tudi izpolnjevati kriterije primernosti iz te smernice, kakor je navedeno v Smernici ECB/2012/27.
They shall be subject to the Eurosystem's minimum reserve system pursuant to Article 19.1 of the Statute of the ESCB and shall not have been granted an exemption from their obligations under the Eurosystem's minimum reserve system pursuant to Regulation (EC) No 2531/98 and Regulation (EC) No 1745/2003 (ECB/2003/9).
Nasprotne stranke predložijo primerno finančno premoženje:
They must be financially sound.
s prenosom lastništva, v pravni obliki pogodbe o začasni prodaji; ali
They shall be one of the following:
z zagotovitvijo finančnega zavarovanja, tj. zastave, odstopa terjatve ali zavarovanja (charge) zadevnega finančnega premoženja, v pravni obliki zavarovanega posojila,
subject to at least one form of harmonised Union/EEA supervision by competent authorities in accordance with Directive 2013/36/EU and Regulation (EU) No 575/2013;
v obeh primerih v skladu z nacionalnimi pogodbenimi dogovori ali predpisi, ki jih vzpostavi in evidentira v dokumentih domača NCB.
publicly-owned credit institutions, within the meaning of Article 123(2) of the Treaty, subject to supervision of a standard comparable to supervision by competent authorities under Directive 2013/36/EU and Regulation (EU) No 575/2013;
Kadar nasprotne stranke predložijo primerno finančno premoženje kot zavarovanje, lahko domača NCB zahteva označevanje finančnega zavarovanja ali sklad primernega finančnega premoženja, odvisno od vrste sistema za upravljanje s finančnim zavarovanjem, ki ga uporablja.
institutions subject to non-harmonised supervision by competent authorities of a standard comparable to harmonised Union/EEA supervision by competent authorities under Directive 2013/36/EU and Regulation (EU) No 575/2013, e.g. branches established in Member States whose currency is the euro of institutions incorporated outside the EEA;
Med tržnim in netržnim finančnim premoženjem ni razlik glede kvalitete finančnega premoženja in njegove primernosti za različne vrste kreditnih poslov Eurosistema.
They shall fulfil any operational requirements specified in the contractual or regulatory arrangements applied by the home NCB or ECB in respect of the specific instrument or operation.
Brez poseganja v obveznost iz odstavka 2, v skladu s katero morajo nasprotne stranke predložiti Eurosistemu finančno premoženje, ki je primerno kot zavarovanje, lahko Eurosistem na zahtevo daje pojasnila nasprotnim strankam glede primernosti tržnega finančnega premoženja, če je to že bilo izdano, ali glede primernosti netržnega finančnega premoženja, ko se je njihova predložitev že zahtevala.
Article 56
Eurosistem ne daje pojasnil, pred nastopom teh dogodkov.
Access to open market operations executed by means of standard tender procedures and to standing facilities
Člen 59
Institutions fulfilling the eligibility criteria under Article 55 shall have access to any of the following Eurosystem monetary policy operations:
Splošni vidiki bonitetnega okvira Eurosistema za primerno finančno premoženje
open market operations executed by means of standard tender procedures.
Eden izmed kriterijev primernosti je, da mora finančno premoženje izpolnjevati visoke bonitetne standarde, določene v bonitetnem okviru Eurosistema.
Access to the standing facilities or open market operations executed by means of standard tender procedures shall only be granted to institutions fulfilling the eligibility criteria under Article 55 through their home NCB.
V bonitetnem okviru Eurosistema so določeni postopki, pravila in načini izvedbe, ki zagotavljajo, da primerno finančno premoženje izpolnjuje zahtevo Eurosistema glede visokih bonitetnih standardov in zahteve glede kreditne kvalitete, ki jih opredeli Eurosistem.
Where an institution fulfilling the eligibility criteria under Article 55 has establishments, e.g. head office or branches, in more than one Member State whose currency is the euro, each establishment fulfilling the eligibility criteria under Article 55 may access the standing facilities or the open market operations executed by means of standard tender procedures through its home NCB.
Za namene bonitetnega okvira Eurosistema Eurosistem opredeli zahteve glede kreditne kvalitete v obliki stopenj kreditne kvalitete, in sicer tako, da določi mejne vrednosti za verjetnost neplačila za obdobje enega leta na naslednji način:
Bids for open market operations executed by means of standard tender procedures and for recourse to the standing facilities shall be submitted by only one establishment in each Member State whose currency is the euro, i.e. either by the head office or by a designated branch.
Na podlagi rednega preverjanja Eurosistem obravnava verjetnost neplačila v obdobju enega leta v višini največ 0,10 % kot enakovredno zahtevi glede kreditne kvalitete, ki ustreza stopnji kreditne kvalitete 2, verjetnost neplačila za obdobje enega leta v višini največ 0,40 % pa kot enakovredno zahtevi glede kreditne kvalitete, ki ustreza stopnji kreditne kvalitete 3.
Article 57
Kreditna kvaliteta vsega primernega finančnega premoženja za kreditne posle Eurosistema mora ustrezati vsaj stopnji kreditne kvalitete 3.
Selection of counterparties for access to open market operations executed by means of quick tender procedures or bilateral procedures
Eurosistem uporablja dodatne zahteve glede kreditne kvalitete določenega finančnega premoženja v skladu z naslovi II in III v delu 4.
For open market operations executed by means of quick tender procedures or bilateral procedures, counterparties shall be selected in accordance with paragraphs 2 to 4.
Eurosistem objavi informacije o stopnjah kreditne kvalitete na spletni strani ECB v obliki usklajene lestvice bonitetnih ocen Eurosistema, vključno z vzporedbo bonitetnih ocen, ki jih zagotavljajo sprejete zunanje bonitetne institucije in zunanji ponudniki bonitetnih orodij, s stopnjami kreditne kvalitete.
For structural operations conducted by means of outright transactions that are executed by means of bilateral procedures, there shall be no restriction on the range of counterparties.
Eurosistem pri ocenjevanju zahtev glede kreditne kvalitete upošteva informacije o bonitetnih ocenah iz bonitetnih sistemov, ki pripadajo enemu od štirih virov v skladu z naslovom V dela 4.
For structural operations conducted by means of outright transactions, which are executed by means of quick tender procedures, the eligibility criteria laid down in Article 57(3)(b) shall apply.
Pri ocenjevanju bonitetnega standarda za določeno finančno premoženje lahko Eurosistem upošteva tudi institucionalne kriterije in posebnosti, ki imetniku finančnega premoženja zagotavljajo podobno zaščito, kot so na primer jamstva.
For fine-tuning operations that are executed by means of quick tender procedures or bilateral procedures, counterparties shall be selected as follows:
Eurosistem si pridržuje pravico, da na podlagi vseh informacij, ki so lahko po mnenju Eurosistema pomembne za zagotovitev ustrezne zaščite Eurosistema pred tveganjem, ugotovi, ali izdaja, izdajatelj, dolžnik ali garant izpolnjuje zahteve Eurosistema glede kreditne kvalitete.
For fine-tuning operations that are conducted by means of foreign exchange swaps for monetary policy purposes and executed by means of quick tender or bilateral procedures, the range of counterparties shall be identical to the range of entities that are selected for Eurosystem foreign exchange intervention operations and are established in the Member States whose currency is the euro.
Bonitetni okvir Eurosistema upošteva opredelitev „neplačila“, ki je določeno v Direktivi 2013/36/EU in Uredbi (EU) št. 575/2013.
Counterparties for foreign exchange swaps for monetary policy purposes by means of quick tender or bilateral procedures do not need to fulfil the criteria laid down in Article 55.
KRITERIJI PRIMERNOSTI IN ZAHTEVE GLEDE KREDITNE KVALITETE ZA TRŽNO FINANČNO PREMOŽENJE
The selection criteria for counterparties participating in Eurosystem foreign exchange intervention operations are based on the principles of prudence and efficiency, as laid down in Annex V. The NCBs may apply limit-based systems in order to control credit exposures vis-à-vis individual counterparties participating in foreign exchange swaps for monetary policy purposes.
Kriteriji primernosti za tržno finančno premoženje
For fine-tuning operations conducted by means of reverse transactions or through the collection of fixed-term deposits and executed by means of quick tender procedures or bilateral procedures, each NCB shall select, for a specific transaction, a set of counterparties from among the institutions that fulfil the eligibility criteria laid down in Article 55 and are established in its Member State whose currency is the euro.
Člen 60
The selection shall be primarily based on the relevant institution's activity in the money market.
Kriteriji primernosti, ki se nanašajo na vse vrste tržnega finančnega premoženja
Additional selection criteria may be applied by the NCB, such as the efficiency of the trading desk and the bidding potential.
Tržno finančno premoženje je primerno kot zavarovanje pri kreditnih poslih Eurosistema, če gre za dolžniške instrumente, ki izpolnjujejo kriterije primernosti, določene v oddelku 1, razen v primeru nekaterih posebnih vrst tržnega finančnega premoženja, kakor je določeno v oddelku 2.
If the ECB's Governing Council, pursuant to Article 45(3), decides that the ECB shall conduct, by itself or by means of one or more NCBs fine-tuning operations executed by means of bilateral procedures, the ECB shall select its counterparties in accordance with a rotation scheme among the counterparties that are eligible to participate in quick tender procedures and bilateral procedures.
Člen 61