natgillin/translations-raw huggingface dataset:
The Eurosystem shall conduct LTROs by means of reverse transactions to provide counterparties with liquidity with a maturity longer than that of the MROs.
so povratne operacije za povečevanje likvidnosti;
As regards their operational features, LTROs:
izvajajo se redno vsak mesec v skladu z okvirnim koledarjem rednih avkcij Eurosistema, ob upoštevanju izjeme, določene v odstavku 4;
are liquidity-providing reverse operations;
njihova zapadlost je običajno tri mesece v skladu z okvirnim koledarjem rednih avkcij Eurosistema, ob upoštevanju izjem, določenih v odstavku 3 in 4;
are conducted regularly each month in accordance with the indicative calendar for the Eurosystem's regular tender operations, subject to the exception laid down in paragraph 4;
zanje veljajo kriteriji primernosti, določeni v členu 55, ki jih morajo izpolnjevati vse nasprotne stranke, ki predložijo protiponudbe pri teh operacijah;
normally have a maturity of three months in accordance with the indicative calendar for the Eurosystem's regular tender operations, subject to the exceptions laid down in paragraphs 3 and 4;
Zapadlost operacij dolgoročnejšega refinanciranja se lahko razlikuje zaradi različnih praznikov v državah članicah, katerih valuta je euro.
are subject to the eligibility criteria specified in Article 55 which must be fulfilled by all counterparties submitting bids for such operations;
Eurosistem lahko občasno izvaja operacije dolgoročnejšega refinanciranja z zapadlostjo, daljšo od treh mesecev.
The maturity of LTROs may differ on the grounds of varying bank holidays in Member States whose currency is the euro.
Te operacije niso navedene v okvirnem koledarju rednih avkcij Eurosistema.
The Eurosystem may conduct — on a non-regular basis — LTROs with a maturity other than three months.
Operacije dolgoročnejšega refinanciranja z zapadlostjo, daljšo od treh mesecev, ki se izvajajo občasno, kakor je navedeno v odstavku 4, lahko vsebujejo klavzulo o predčasnem vračilu.
Such operations are not specified in the indicative calendar for the Eurosystem's regular tender operations.
Taka klavzula o predčasnem vračilu lahko pomeni bodisi možnost bodisi obveznost nasprotnih strank, da vrnejo vse zneske ali del zneskov, ki so jim bili dodeljeni v dani operaciji.
LTROs with a maturity of more than three months that are conducted on a non-regular basis, as referred to in paragraph 4, may have an early repayment clause.
Obvezna klavzula o predčasnem poplačilu mora temeljiti na izrecnih in vnaprej opredeljenih pogojih.
Such an early repayment clause may represent either an option or a mandatory obligation for counterparties under which they repay all or part of the amounts they were allotted in a given operation.
Datume, na katere so predčasna vračila možna, objavi Eurosistem ob najavi operacij.
Mandatory early repayment clauses shall be based on explicit and predefined conditions.
Eurosistem se lahko v izjemnih okoliščinah odloči, da začasno ustavi predčasna vračila na določene datume, med drugim zaradi praznikov v državah članicah, katerih valuta je euro.
The dates on which the early repayments become effective shall be announced by the Eurosystem at the time of the announcement of the operations.
Operacije dolgoročnejšega refinanciranja se izvajajo na podlagi avkcijskih postopkov z variabilno mero, razen če se Eurosistem odloči, da se izvajajo na podlagi avkcijskega postopka s fiksno mero.
The Eurosystem may decide in exceptional circumstances to suspend early repayments on specific dates on the grounds of, inter alia, bank holidays in Member States whose currency is the euro.
V tem primeru se lahko mera, ki se uporablja v avkcijskih postopkih s fiksno mero, v času trajanja operacije indeksira na referenčno mero (npr. povprečno obrestno mero operacij glavnega refinanciranja), s pribitkom ali brez njega.
LTROs are executed by means of variable rate tender procedures, unless it is decided by the Eurosystem to execute them by means of a fixed-rate tender procedure.
Člen 8
In such a case, the rate applicable to fixed-rate tender procedures may be indexed to an underlying reference rate (e.g. average MRO rate) over the life of the operation, with or without a spread.
Eurosistem lahko izvaja operacije finega uravnavanja v obliki povratnih transakcij, valutnih zamenjav za namene denarne politike ali zbiranja vezanih depozitov, zlasti z namenom izravnavanja likvidnostnih nihanj na trgu.
Article 8
Operativne značilnosti operacij finega uravnavanja so naslednje:
The Eurosystem may conduct fine-tuning operations by means of reverse transactions, foreign exchange swaps for monetary policy purposes or the collection of fixed-term deposits, in particular to deal with liquidity fluctuations in the market.
lahko se izvajajo kot operacije za povečevanje likvidnosti ali kot operacije za umikanje likvidnosti;
As regards their operational features, fine-tuning operations:
njihova pogostost in zapadlost običajno nista standardizirani;
may be conducted either as a liquidity-providing or as a liquidity-absorbing operation;
običajno se izvajajo na podlagi hitrih avkcij, razen če se Eurosistem ob upoštevanju posebnih vidikov denarne politike ali zaradi odzivanja na tržne razmere odloči, da se določena operacija finega uravnavanja izvaja drugače (na podlagi standardne avkcije ali dvostranskega postopka);
have a frequency and maturity that are normally not standardised;
decentralizirano jih izvajajo nacionalne centralne banke, pri čemer to ne sme posegati v člen 45(3);
are normally executed by means of quick tender procedures, unless the Eurosystem decides to conduct the specific fine-tuning operation by other means (standard tender procedure or bilateral procedure) in the light of specific monetary policy considerations or in order to react to market conditions;
zanje veljajo kriteriji primernosti nasprotnih strank, kakor so določeni v delu 3, odvisno od:
are executed in a decentralised manner by the NCBs, without prejudice to Article 45(3);
vrste instrumenta za izvajanje operacij finega uravnavanja; in
are subject to the eligibility criteria for counterparties as specified in Part Three, depending on:
postopka, ki se uporablja za to vrsto instrumenta;
the specific type of instrument for conducting fine-tuning operations; and
kadar se izvajajo v obliki povratnih transakcij, so zavarovane s primernim finančnim premoženjem.
the applicable procedure for that specific type of instrument;
ECB lahko izvaja operacije finega uravnavanja na kateri koli delovni dan Eurosistema z namenom uravnavanja likvidnostnih neravnovesij v obdobju izpolnjevanja obveznih rezerv.
when conducted by means of reverse transactions, they are based on eligible assets as collateral.
Če trgovalni dan, dan poravnave in dan vračila niso delovni dnevi NCB, zadevni NCB ni treba izvajati teh operacij.
The ECB may conduct fine-tuning operations on any Eurosystem business day to counter liquidity imbalances in the reserve maintenance period.
Eurosistem si pridržuje pravico do visoke stopnje fleksibilnosti pri izbiri postopkov in operativnih značilnostih izvajanja operacij finega uravnavanja, da se lahko odzove na tržne razmere.
If the trade day, settlement day and reimbursement day are not NCB business days, the relevant NCB may not conduct such operations.
Člen 9
The Eurosystem shall retain a high degree of flexibility as regards its choice of procedures and operational features in the conduct of fine-tuning operations, in order to react to market conditions.
Eurosistem lahko izvaja strukturne operacije v obliki povratnih transakcij, izdaje dolžniških certifikatov ECB ali dokončnih transakcij z namenom prilagoditve strukturne pozicije Eurosistema do finančnega sistema ali zaradi drugih namenov izvajanja denarne politike.
Article 9
Operativne značilnosti strukturnih operacij so naslednje:
The Eurosystem may conduct structural operations by means of reverse transactions, the issuance of ECB debt certificates or outright transactions to adjust the structural position of the Eurosystem vis-à-vis the financial system, or pursue other monetary policy implementation purposes.
so operacije za povečevanje likvidnosti ali operacije za umikanje likvidnosti;
As regards their operational features, structural operations:
njihova pogostost in zapadlost nista standardizirani;
are liquidity-providing or liquidity-absorbing operations;
izvajajo se na podlagi avkcijskih ali dvostranskih postopkov, odvisno od vrste instrumenta za izvajanje strukturne operacije;
have a frequency and maturity that is not standardised;
zanje veljajo kriteriji primernosti nasprotnih strank, kakor so določeni v delu 3, odvisno od: (i) vrste instrumenta za izvajanje strukturnih operacij; in (ii) postopka, ki se uporablja za to vrsto instrumenta;
are executed by means of tender or bilateral procedures, depending on the specific type of instrument for conducting the structural operation;
strukturne operacije za povečevanje likvidnosti so zavarovane s primernim finančnim premoženjem, razen v primeru dokončnih nakupov.
are subject to the eligibility criteria for counterparties as specified in Part Three depending on: (i) the specific type of instrument for conducting structural operations; and (ii) the applicable procedure for that specific type of instrument;
Eurosistem si pridržuje pravico do visoke stopnje fleksibilnosti pri izbiri postopkov in operativnih značilnostih izvajanja strukturnih operacij, da se lahko odzove na tržne razmere in druga strukturna gibanja.
liquidity-providing structural operations are based on eligible assets as collateral, with the exception of outright purchases.
Člen 173
The Eurosystem shall retain a high degree of flexibility as regards its choice of procedures and operational features in the conduct of structural operations in order to react to market conditions and other structural developments.
Instrumenti za operacije odprtega trga
CHAPTER 3
Člen 10
Instruments for open market operations
Povratne transakcije so posebni instrumenti za izvajanje operacij odprtega trga, kjer NCB kupi ali proda primerno finančno premoženje na podlagi pogodbe o začasni prodaji ali sklene kreditne posle v obliki zavarovanih posojil, odvisno od pogodbenih dogovorov ali predpisov, ki jih uporabljajo nacionalne centralne banke.
Article 10
Pogodbe o začasni prodaji in zavarovana posojila morajo izpolnjevati dodatne zahteve za te instrumente, določene v delu 7.
Reverse transactions are specific instruments to conduct open market operations whereby an NCB buys or sells eligible assets under a repurchase agreement or conducts credit operations in the form of collateralised loans depending on the relevant contractual or regulatory arrangements applied by the NCBs.
Povratne transakcije za povečevanje likvidnosti so zavarovane s primernim finančnim premoženjem kot zavarovanjem v skladu z delom 4.
Repurchase agreements and collateralised loans shall comply with the additional requirements for such instruments set out in Part Seven.
Operativne značilnosti povratnih transakcij so odvisne od kategorije operacij odprtega trga, za katero se uporabijo.
Liquidity-providing reverse transactions shall be based on eligible assets as collateral, pursuant to Part Four.
Povratne transakcije za umikanje likvidnosti so zavarovane s finančnim premoženjem, ki ga zagotovi Eurosistem.
The operational features of reverse transactions shall depend on the category of open market operation for which they are used.
Kriteriji primernosti za to finančno premoženje so enaki tistim, ki veljajo za primerno finančno premoženje, ki se uporablja pri povratnih transakcijah za umikanje likvidnosti, v skladu z delom 4.
Liquidity-absorbing reverse transactions shall be based on assets provided by the Eurosystem.
Pri povratnih transakcijah za umikanje likvidnosti se odbitki pri vrednotenju ne uporabljajo.
The eligibility criteria of those assets shall be identical to those applied for eligible assets used in liquidity-providing reverse transactions, pursuant to Part Four.
Člen 11
No valuation haircuts shall be applied in liquidity-absorbing reverse transactions.
Valutne zamenjave za namene denarne politike
Article 11
Valutne zamenjave za namene denarne politike sestavljata istočasni promptna in terminska zamenjava eura za tujo valuto.
Foreign exchange swaps for monetary policy purposes
Valutne zamenjave za namene denarne politike morajo izpolnjevati dodatne zahteve za te instrumente, določene v delu 7.
Foreign exchange swaps for monetary policy purposes consist of simultaneous spot and forward transactions in euro against a foreign currency.
Razen če se Svet ECB odloči drugače, Eurosistem sklepa posle samo v valutah, s katerimi se veliko trguje, in v skladu z običajno tržno prakso.
Foreign exchange swaps for monetary policy purposes shall comply with the additional requirements for such instruments set out in Part Seven.
Pri vsaki valutni zamenjavi za namene denarne politike se Eurosistem in nasprotne stranke dogovorijo o swap točkah za transakcijo, ki se jih kotira v skladu s splošnimi tržnimi običaji.
Unless decided otherwise by the ECB's Governing Council, the Eurosystem shall operate only in widely traded currencies and in accordance with standard market practice.
Določitev deviznih tečajev pri valutnih zamenjavah za namene denarne politike je opisana v tabeli 2.
In each foreign exchange swap for monetary policy purposes, the Eurosystem and the counterparties shall agree on the swap points for the transaction that are quoted in accordance with general market conventions.
Operativne značilnosti valutnih zamenjav za namene denarne politike so naslednje:
The exchange rate terms of foreign exchange swaps for monetary policy purposes are specified in Table 2.
lahko se izvajajo kot operacije za povečevanje likvidnosti ali kot operacije za umikanje likvidnosti;
As regards their operational features, foreign exchange swaps for monetary policy purposes:
izvajajo se na podlagi hitrih avkcij ali dvostranskih postopkov, razen če se Eurosistem ob upoštevanju posebnih vidikov denarne politike ali zaradi odzivanja na tržne razmere odloči, da se določena operacija izvaja drugače (na podlagi standardne avkcije);
may be conducted either as liquidity-providing or as liquidity-absorbing operations;
decentralizirano jih izvajajo nacionalne centralne banke, pri čemer to ne sme posegati v člen 45(3).
are executed by means of quick tender procedures or bilateral procedures, unless the Eurosystem decides to conduct the specific operation by other means (standard tender procedure), in the light of specific monetary policy considerations or in order to react to market conditions;
Za nasprotne stranke, ki sodelujejo pri valutnih zamenjavah za namene denarne politike, veljajo kriteriji primernosti, določeni v delu 3, odvisno od postopka, ki se uporabi za zadevno operacijo.
are executed in a decentralised manner by the NCBs, without prejudice to Article 45(3).
Tabela 2
Counterparties participating in foreign exchange swaps for monetary policy purposes shall be subject to the eligibility criteria specified in Part Three, depending on the applicable procedure for the relevant operation.
Določitev deviznih tečajev pri valutnih zamenjavah za namene denarne politike
Table 2
S promptni (na datum sklenitve valutne zamenjave) devizni tečaj med eurom (EUR) in tujo valuto ABC
The exchange rate terms of foreign exchange swaps for monetary policy purposes
FM terminski devizni tečaj med eurom in tujo valuto ABC na datum povratnega odkupa pri valutni zamenjavi (M)
S spot (on the transaction date of the foreign exchange swap) of the exchange rate between the euro (EUR) and a foreign currency ABC
ΔΜ swap točke med eurom in tujo valuto ABC na datum povratnega odkupa pri valutni zamenjavi (M)
FM forward exchange rate between the euro and a foreign currency ABC on the repurchase date of the swap (M)
N(.) promptni znesek valute; N(.)M je terminski znesek valute:
ΔΜ forward points between the euro and ABC at the repurchase date of the swap (M)
ali NEUR
N(.) spot amount of currency; N(.)M is the forward amount of currency:
Člen 12
or NEUR
Eurosistem lahko povabi nasprotne stranke k vezavi depozitov pri njihovih domačih NCB.
Article 12
Depoziti nasprotnih strank se vežejo za določeno obdobje in s fiksno obrestno mero.
The Eurosystem may invite counterparties to place fixed-term deposits with their home NCBs.
Obrestne mere za vezane depozite so lahko: (a) pozitivne; (b) nič odstotkov; (c) negativne.
The deposits accepted from counterparties shall be for a fixed term and a fixed rate of interest shall be applied.
Obrestna mera za vezani depozit je linearna obrestna mera, pri čemer se za štetje dni uporablja konvencija „dejansko število dni/360 dni v letu“.
The interest rates applied to fixed-term deposits may be: (a) positive; (b) set at zero per cent; (c) negative.
Obresti se izplačajo ob zapadlosti depozita.
The interest rate applied to the fixed-term deposit shall be a simple interest rate based on the actual/360 day-count convention.
Uporaba negativne obrestne mere za vezane depozite povzroči plačilno obveznost imetnika depozita do domače NCB, vključno s pravico te NCB, da ustrezno bremeni račun nasprotne stranke.
The interest shall be paid at maturity of the deposit.
Nacionalne centralne banke v zameno za vezane depozite ne dajejo nobenega zavarovanja.
In cases of a negative interest rate, its application to fixed-term deposits shall entail a payment obligation of the deposit holder to the home NCB, including the right of that NCB to debit the account of the counterparty accordingly.
Vezani depoziti se vodijo na računih pri domači NCB, tudi kadar mora te operacije po členu 45(3) centralizirano izvršiti ECB.
The NCBs shall not provide any collateral in exchange for the fixed-term deposits.
Operativne značilnosti zbiranja vezanih depozitov so naslednje:
Fixed-term deposits shall be held in accounts with the home NCB, even where such operations are to be executed in a centralised manner by the ECB under Article 45(3).
izvaja se z namenom umikanja likvidnosti;
As regards their operational features, the collection of fixed-term deposits:
izvaja se lahko na podlagi vnaprej najavljenega razporeda operacij z vnaprej določeno pogostostjo in zapadlostjo ali občasno, zaradi odzivanja na spremenjene likvidnostne razmere, npr. zbiranje vezanih depozitov se lahko izvaja na zadnji dan obdobja izpolnjevanja obveznih rezerv z namenom uravnavanja likvidnostnega neravnovesja, nastalega po dodelitvi zadnje operacije glavnega refinanciranja;
is conducted in order to absorb liquidity;
izvaja se na podlagi hitrih avkcij, razen če se ECB ob upoštevanju posebnih vidikov denarne politike ali zaradi odzivanja na tržne razmere odloči, da se določena operacija izvaja drugače (na podlagi dvostranskega postopka ali standardne avkcije);
may be conducted on the basis of a pre-announced schedule of operations with pre-defined frequency and maturity or may be conducted ad hoc to react to liquidity condition developments, e.g. the collection of fixed-term deposits may be conducted on the last day of a reserve maintenance period to counter liquidity imbalances which may have accumulated since the allotment of the last main refinancing operation;
decentralizirano ga izvajajo nacionalne centralne banke, pri čemer to ne sme posegati v člen 45(3).
is executed by means of quick tender procedures, unless it is decided by the ECB to conduct the specific operation by other means (bilateral procedure or standard tender procedure), in the light of specific monetary policy considerations or in order to react to market conditions;
Za nasprotne stranke, ki sodelujejo pri zbiranju vezanih depozitov, veljajo kriteriji primernosti, določeni v delu 3, odvisno od postopka, ki se uporabi za zadevno operacijo.
is executed in a decentralised manner by the NCBs, without prejudice to Article 45(3).
Člen 13
Counterparties participating in the collection of fixed term deposits shall be subject to the eligibility criteria specified in Part Three, depending on the applicable procedure for the relevant operation.
Dolžniški certifikati ECB predstavljajo dolžniško obveznost ECB do imetnika certifikata.
Article 13
Dolžniški certifikati ECB se izdajo in hranijo v nematerializirani obliki pri depotnih družbah v državah članicah, katerih valuta je euro.
ECB debt certificates constitute a debt obligation of the ECB in relation to the certificate holder.
ECB ne postavlja nobenih omejitev glede prenosljivosti dolžniških certifikatov ECB.
ECB debt certificates shall be issued and held in book-entry form in securities depositories in Member States whose currency is the euro.
ECB lahko izda dolžniške certifikate ECB v:
The ECB shall not impose any restrictions on the transferability of ECB debt certificates.
diskontiranem znesku ob izdaji, ki je nižji od nominalnega zneska; ali
The ECB may issue ECB debt certificates at:
znesku, ki je višji od nominalnega zneska;
a discounted issue amount that is below the nominal amount; or
in se ob zapadlosti izplačajo v nominalnem znesku.
an amount above the nominal amount,
Razlika med zneskom ob izdaji in nominalnim zneskom (tj. zneskom izplačila) je enaka obračunanim obrestim na znesek ob izdaji po dogovorjeni obrestni meri za obdobje do zapadlosti certifikata.
which are to be redeemed at maturity at a nominal amount.
Uporabljena obrestna mera je linearna obrestna mera, pri čemer se za štetje dni uporablja konvencija „dejansko število dni/360 dni v letu“.
The difference between the issue and the nominal (redemption) amount shall equal the interest accrued on the issue amount, at the agreed interest rate, over the maturity of the certificate.
Izračun zneska ob izdaji se opravi v skladu s tabelo 3.
The interest rate applied shall be a simple interest rate based on the actual/360 day-count convention.
Tabela 3
The calculation of the issue amount shall be made in accordance with Table 3.
Znesek ob izdaji je: PT
Table 3
kjer je:
The issue amount is: PT
N nominalni znesek dolžniškega certifikata ECB
where:
obrestna mera (v %)
N nominal amount of the ECB debt certificate
D zapadlost dolžniškega certifikata ECB (v dnevih)
interest rate (in %)
znesek ob izdaji dolžniškega certifikata ECB
D maturity of the ECB debt certificate (in days)
Operativne značilnosti dolžniških certifikatov ECB so naslednje:
issue amount of the ECB debt certificate
izdajo se kot operacija odprtega trga za umikanje likvidnosti;
As regards the operational features of ECB debt certificates:
lahko se izdajajo redno ali občasno;
they are issued as a liquidity-absorbing open market operation;
njihova zapadlost je krajša od 12 mesecev;
they may be issued on a regular or a non-regular basis;
izdajo se na podlagi standardnih avkcij;
they have a maturity that is less than 12 months;
avkcije in poravnave certifikatov decentralizirano opravljajo nacionalne centralne banke.
they are issued by means of standard tender procedures;
Za nasprotne stranke, ki sodelujejo pri standardni avkciji za izdajo dolžniških certifikatov ECB, veljajo kriteriji primernosti, določeni v delu 3.
they are tendered and settled in a decentralised manner by the NCBs.
Člen 14
Counterparties participating in the standard tender procedure for the issuance of ECB debt certificates shall be subject to the eligibility criteria specified in Part Three.
Dokončne transakcije
Article 14
Dokončna transakcija vključuje popoln prenos lastništva s prodajalca na kupca, ne da bi bil pri tem predviden poznejši prenos lastništva nazaj na prodajalca.
Outright transactions
Pri izvajanju dokončnih transakcij in izračunu cen Eurosistem ravna v skladu s tržnimi običaji, ki se najbolj pogosto uporabljajo za dolžniške instrumente, uporabljene v transakciji.
An outright transaction shall involve a full transfer of ownership from the seller to the buyer with no connected reverse transfer of ownership.
Operativne značilnosti dokončnih transakcij so naslednje:
In the execution of outright transactions and the calculation of prices, the Eurosystem shall act in accordance with the most widely accepted market convention for the debt instruments used in the transaction.
lahko se izvajajo kot operacije za povečevanje likvidnosti (dokončni nakupi) ali kot operacije za umikanje likvidnosti (dokončne prodaje);
As regards their operational features, outright transactions:
njihova pogostost ni standardizirana;