natgillin/translations-raw huggingface dataset:
A written procedure shall require: (i) normally not less than 5 working days for consideration by every member of the Governing Council; (ii) the express or tacit personal approval of each member of the Governing Council (or his/her alternate in accordance with Article 4.4); and (iii) a record of any such decision in the minutes of the subsequent meeting of the Governing Council.
Pri pisnem postopku je treba zagotoviti: (i) običajno najmanj pet delovnih dni za preučitev s strani vsakega člana Sveta ECB, (ii) izrecno ali konkludentno osebno odobritev vsakega člana Sveta ECB (ali njegovega namestnika v skladu s členom 4.4) in (iii) zapis vsake take odločitve v zapisniku naslednje seje Sveta ECB.
Decisions to be taken by written procedure shall be approved by the members of the Governing Council with a voting right at the time of approval.’ ;
Odločitve, ki se sprejmejo po pisnem postopku, potrdijo člani Sveta ECB, ki imajo glasovalno pravico v času potrjevanja.“
the following paragraphs are added to Article 4:
Členu 4 se dodata naslednja odstavka:
Within the scope of Articles 13g to 13i, decisions may also be taken by written procedure, unless at least five members of the Governing Council object.
Na področju uporabe členov 13g do 13i se lahko odločitve sprejmejo tudi po pisnem postopku, razen če temu nasprotuje vsaj pet članov Sveta ECB.
A written procedure shall require a maximum of 5, or in the case of Article 13h, 2 working days for consideration by every member of the Governing Council.
Pisni postopek zahteva največ pet oziroma, v primeru iz člena 13h, največ dva delovna dneva za preučitev s strani vsakega člana Sveta ECB.
For any written procedure, a member of the Governing Council (or their alternate in accordance with Article 4.4) may expressly authorise another person to sign their vote or comment on substance as approved by them in person.’
Član Sveta ECB (ali njegov namestnik v skladu s členom 4.4) lahko za vsak pisni postopek izrecno pooblasti drugo osebo za podpis njegovega glasu ali vsebinske pripombe, kot ju je osebno odobril.“
Done at Frankfurt am Main, 12 February 2015.
V Frankfurtu na Majni, 12. februarja 2015
Decision (EU) 2015/509 of the European Central Bank
Sklep Evropske centralne banke (EU) 2015/509
of 18 February 2015
z dne 18. februarja 2015
repealing Decision ECB/2013/6 on the rules concerning the use as collateral for Eurosystem monetary policy operations of own-use uncovered government-guaranteed bank bonds, Decision ECB/2013/35 on additional measures relating to Eurosystem refinancing operations and eligibility of collateral and Articles 1, 3 and 4 of Decision ECB/2014/23 on the remuneration of deposits, balances and holdings of excess reserves (ECB/2015/9)
o razveljavitvi Sklepa ECB/2013/6 o pravilih v zvezi z uporabo lastnih nekritih bančnih obveznic, za katere jamči država, kot zavarovanja pri operacijah denarne politike Eurosistema, Sklepa ECB/2013/35 o dodatnih ukrepih v zvezi z Eurosistemovimi operacijami refinanciranja in primernostjo zavarovanja ter členov 1, 3 in 4 Sklepa ECB/2014/23 o obrestovanju depozitov, stanj in imetij presežnih rezerv (ECB/2015/9)
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, Article 12.1 and the second indent of Article 34.1 thereof,
ob upoštevanju Statuta Evropskega sistema centralnih bank in Evropske centralne banke ter zlasti prve alinee člena 3.1, člena 12.1 in druge alinee člena 34.1 Statuta,
In the interest of clarity and consistency and with a view to simplifying the Eurosystem collateral framework, the obligations laid down in Decisions ECB/2013/6 [1] and ECB/2013/35 [2] and in Article 1 of Decision ECB/2014/23 [3] have been included in Guideline (EU) 2015/510 of the European Central Bank (ECB/2014/60) [4], which is the core legal act relating to monetary policy instruments and procedures of the Eurosystem.
Zaradi jasnosti in skladnosti ter z namenom, da se okvir Eurosistema za zavarovanje poenostavi, so bile obveznosti, določene v sklepih ECB/2013/6 [1] in ECB/2013/35 [2] ter v členu 1 Sklepa ECB/2014/23 [3], vključene v Smernico Evropske centralne banke (EU) 2015/510 (ECB/2014/60) [4], ki je temeljni pravni akt v zvezi z instrumenti in postopki denarne politike Eurosistema.
In the interest of clarity and consistency, and with a view to simplifying the Eurosystem legal framework, the provisions of Article 3 of Decision ECB/2014/23 have been incorporated into Guideline ECB/2012/27 [5] and the provisions of Article 4 of Decision ECB/2014/23 have been incorporated into Guideline ECB/2014/9 [6].
Zaradi jasnosti in skladnosti ter z namenom, da se okvir Eurosistema za zavarovanje poenostavi, so bile določbe člena 3 Sklepa ECB/2014/23 vključene v Smernico ECB/2012/27 [5], določbe člena 4 Sklepa ECB/2014/23 pa v Smernico ECB/2014/9 [6].
Decisions ECB/2013/6 and ECB/2013/35 and Articles 1, 3 and 4 of Decision ECB/2014/23 should therefore be repealed,
Sklepe ECB/2013/6 in ECB/2013/35 ter člene 1, 3 in 4 Sklepa ECB/2014/23 je zato treba razveljaviti –
Repeal of Decisions ECB/2013/6 and ECB/2013/35 and Article 1 of Decision ECB/2014/23
Razveljavitev sklepov ECB/2013/6 in ECB/2013/35 ter člena 1 Sklepa ECB/2014/23
Decisions ECB/2013/6 and ECB/2013/35 are hereby repealed.
Sklepa ECB/2013/6 in ECB/2013/35 se razveljavita.
Article 1 of Decision ECB/2014/23 is hereby repealed.
Člen 1 Sklepa ECB/2014/23 se razveljavi.
References to the repealed Decisions and Article referred to in paragraphs 1 and 2 shall be construed as references to Guideline (EU) 2015/510 (ECB/2014/60).
Sklicevanja na razveljavljene sklepa in člen, navedene v odstavkih 1 in 2, se razlagajo kot sklicevanja na Smernico (EU) 2015/510 (ECB/2014/60).
Repeal of Articles 3 and 4 of Decision ECB/2014/23
Razveljavitev členov 3 in 4 Sklepa ECB/2014/23
Articles 3 and 4 of Decision ECB/2014/23 are hereby repealed.
Člena 3 in 4 Sklepa ECB/2014/23 se razveljavijo.
References to the repealed Article 3 in Decision ECB/2014/23 shall be construed as references to Article 12(5) of Annex II to Guideline ECB/2012/27.
Sklicevanja na razveljavljeni člen 3 Sklepa ECB/2014/23 se razlagajo kot sklicevanja na člen 12(5) Priloge II k Smernici ECB/2012/27.
References to the repealed Article 4 in Decision ECB/2014/23 shall be construed as references to Article 5(2) and (3) of Guideline ECB/2014/9.
Sklicevanja na razveljavljeni člen 4 Sklepa ECB/2014/23 se razlagajo kot sklicevanja na člen 5(2) in (3) Smernice ECB/2014/9.
Article 1 of this Decision shall enter into force on 1 May 2015.
Člen 1 tega sklepa začne veljati 1. maja 2015.
Article 2 of this Decision shall enter into force on the day following that of its publication in the Official Journal of the European Union.
Člen 2 tega sklepa začne veljati naslednji dan po objavi v Uradnem listu Evropske unije.
Done at Frankfurt am Main, 18 February 2015.
V Frankfurtu na Majni, 18. februarja 2015
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 (OJ L 95, 5.4.2013, p.
Sklep 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 (UL L 95, 5.4.2013, str.
Decision ECB/2013/35 of 26 September 2013 on additional measures relating to Eurosystem refinancing operations and eligibility of collateral (OJ L 301, 12.11.2013, p.
Sklep ECB/2013/35 z dne 26. septembra 2013 o dodatnih ukrepih v zvezi z Eurosistemovimi operacijami refinanciranja in primernostjo zavarovanja (UL L 301, 12.11.2013, str.
Decision ECB/2014/23 of 5 June 2014 on the remuneration of deposits, balances and holdings of excess reserves (OJ L 168, 7.6.2014, p. 115).
Sklep ECB/2014/23 z dne 5. junija 2014 o obrestovanju depozitov, stanj in imetij presežnih rezerv (UL L 168, 7.6.2014, str.
Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (ECB/2014/60) (see page 1 of this Official Journal).
115).
Decision (EU) 2015/774 of the European Central Bank
Sklep Evropske centralne banke (EU) 2015/774
of 4 March 2015
z dne 4. marca 2015
on a secondary markets public sector asset purchase programme (ECB/2015/10)
o programu nakupa vrednostnih papirjev javnega sektorja na sekundarnih trgih (ECB/2015/10)
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular to the second subparagraph of Article 12.1 in conjunction with the first indent of Article 3.1, and Article 18.1 thereof,
ob upoštevanju Statuta Evropskega sistema centralnih bank in Evropske centralne banke ter zlasti drugega pododstavka člena 12.1 v povezavi s prvo alineo člena 3.1 in členom 18.1.
In accordance with Article 18.1 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘Statute of the ESCB’), the European Central Bank (ECB), together with the national central banks of the Member States whose currency is the euro (hereinafter the ‘NCBs’) may operate in the financial markets by, among other things, buying and selling marketable instruments outright, in order to achieve the objectives of the ESCB.
ob upoštevanju naslednjega:
On 4 September 2014, the Governing Council decided to initiate a third covered bond purchase programme (hereinafter the ‘CBPP3’) and an asset-backed securities purchase programme (ABSPP).
V skladu s členom 18.1 Statuta Evropskega sistema centralnih bank in Evropske centralne banke (v nadaljnjem besedilu: Statut ESCB) lahko Evropska centralna banka (ECB) skupaj z nacionalnimi centralnimi bankami držav članic, katerih valuta je euro (v nadaljnjem besedilu: NCB), med drugim posreduje na finančnih trgih z dokončnimi nakupi in prodajami tržnih instrumentov za doseganje ciljev ESCB.
Alongside the targeted longer-term refinancing operations introduced in September 2014, these asset purchase programmes are aimed at further enhancing the transmission of monetary policy, facilitating credit provision to the euro area economy, easing borrowing conditions of households and firms and contributing to returning inflation rates to levels closer to 2 %, consistent with the primary objective of the ECB to maintain price stability.
Svet ECB je 4. septembra 2014 odločil, da začne tretji program nakupa kritih obveznic in program nakupa listinjenih vrednostnih papirjev.
On 22 January 2015, the Governing Council decided that asset purchases should be expanded to include a secondary markets public sector asset purchase programme (hereinafter the ‘PSPP’).
Skupaj s ciljno usmerjenimi operacijami dolgoročnejšega refinanciranja, ki so bile uvedene septembra 2014, je cilj navedenih programov nakupa dodatna okrepitev transmisije denarne politike, olajšanje kreditiranja gospodarstva v euroobmočju, omilitev posojilnih pogojev za gospodinjstva in podjetja ter prispevanje k vrnitvi stopnje inflacije na raven blizu 2 %, kar je skladno s poglavitnim ciljem ECB, ki je ohranjanje stabilnosti cen.
Under the PSPP the NCBs, in proportions reflecting their respective shares in the ECB's capital key, and the ECB may purchase outright eligible marketable debt securities from eligible counterparties on the secondary markets.
Svet ECB je 22. januarja 2015 odločil, da bi bilo treba nakupe vrednostnih papirjev razširiti tako, da bi vključevali program nakupa vrednostnih papirjev javnega sektorja na sekundarnih trgih.
This decision was taken as part of the single monetary policy in view of a number of factors that have materially increased the downside risk to the medium-term outlook on price developments, thus jeopardising the achievement of the ECB's primary objective of maintaining price stability.
V okviru programa nakupa vrednostnih papirjev javnega sektorja na sekundarnih trgih lahko NCB, sorazmerno s svojimi deleži v kapitalskem ključu ECB, in ECB od primernih nasprotnih strank na sekundarnih trgih dokončno kupijo primerne tržne dolžniške vrednostne papirje.
These factors include lower than expected monetary stimulus from adopted monetary policy measures, a downward drift in most indicators of actual and expected euro area inflation — both headline measures and measures excluding the impact of volatile components, such as energy and food — towards historical lows, and the increased potential of second-round effects on wage and price-setting stemming from a significant decline in oil prices.
Ta odločitev je bila sprejeta kot del enotne denarne politike zaradi številnih dejavnikov, ki so bistveno povečali tveganje izgube v srednjeročni napovedi gibanja cen in s tem ogrozili doseganje poglavitnega cilja ECB, ki je ohranjanje stabilnosti cen.
The PSPP is a proportionate measure for mitigating the risks to the outlook on price developments, as it will further ease monetary and financial conditions, including those relevant to the borrowing conditions of euro area non-financial corporations and households, thereby supporting aggregate consumption and investment spending in the euro area and ultimately contributing to a return of inflation rates to levels below but close to 2 % over the medium term.
Ti dejavniki vključujejo denarno spodbudo, ki je nižja od pričakovane, na podlagi sprejetih ukrepov denarne politike, negativni trend večine kazalnikov dejanske in pričakovane inflacije v euroobmočju – ukrepi glede skupne inflacije in ukrepi, ki izključujejo vpliv volatilnih sestavin, kot sta energija in hrana – na zgodovinsko nizko raven in povečano možnost sekundarnih učinkov na plače in določanje cen, ki izhaja iz znatnega znižanja cen nafte.
In an environment where key ECB interest rates are at their lower bound, and purchase programmes focussing on private sector assets are judged to have provided measurable, but insufficient, scope to address the prevailing downside risks to price stability, it is necessary to add to the Eurosystem's monetary policy measures the PSPP as an instrument that features a high transmission potential to the real economy.
Program nakupa vrednostnih papirjev javnega sektorja na sekundarnih trgih je sorazmeren ukrep za zmanjševanje tveganj pri napovedih gibanja cen, saj bo še naprej lajšal denarne in finančne pogoje, vključno s tistimi, ki so upoštevni pri posojilnih pogojih za nefinančne družbe in gospodinjstva v euroobmočju, in s tem podpiral agregirano porabo in investicijska vlaganja v euroobmočju ter nazadnje prispeval k vrnitvi srednjeročne stopnje inflacije na raven pod 2 %, vendar blizu te vrednosti.
Thanks to its portfolio re-balancing effect, the sizable purchase volume of the PSPP will contribute to achieving the underlying monetary policy objective of inducing financial intermediaries to increase their provision of liquidity to the interbank market and credit to the euro area economy.
V okolju, v katerem so ključne obrestne mere ECB na spodnji meji in se ocenjuje, da imajo programi nakupa, ki se osredotočajo na zasebni sektor, merljive, vendar nezadostne možnosti za obravnavanje prevladujočih negativnih tveganj za stabilnost cen, je treba ukrepom denarne politike Eurosistema dodati program nakupa vrednostnih papirjev javnega sektorja na sekundarnih trgih kot instrument, ki ima možnost visoke transmisije v realno gospodarstvo.
The PSPP contains a number of safeguards to ensure that the envisaged purchases will be proportionate to its aims, and that the related financial risks have been duly taken into account in its design and will be contained through risk management.
Po zaslugi učinka ponovnega uravnoteženja portfelja bo velik nakupni obseg programa nakupa vrednostnih papirjev javnega sektorja na sekundarnih trgih pripomogel k doseganju osnovnega cilja denarne politike, da se finančni posredniki spodbudijo k povečanju zagotavljanja likvidnosti medbančnemu trgu in kreditiranja gospodarstva euroobmočja.
To allow for the smooth operation of markets in eligible marketable debt securities, and to avoid obstructing orderly debt restructurings, thresholds will apply to the purchases of those securities by the Eurosystem central banks.
Program nakupa vrednostnih papirjev javnega sektorja na sekundarnih trgih vsebuje več varoval za zagotovitev, da bodo predvideni nakupi sorazmerni z njegovimi cilji in da so povezana finančna tveganja ustrezno upoštevana pri njegovem oblikovanju in bodo vsebovana pri obvladovanju tveganj.
The PSPP complies fully with the obligations of the Eurosystem central banks under the Treaties, including the monetary financing prohibition, and does not impair the operation of the Eurosystem in accordance with the principle of an open market economy with free competition.
Da se omogoči nemoteno delovanje trgov s primernimi tržnimi dolžniškimi vrednostnimi papirji in da se prepreči oviranje urejenega prestrukturiranja dolgov, se bodo za nakupe teh vrednostnih papirjev s strani centralnih bank Eurosistema uporabljali pragovi.
With a view to ensuring the effectiveness of the PSPP, the Eurosystem hereby clarifies that it accepts the same (pari passu) treatment as private investors as regards the marketable debt securities that the Eurosystem may purchase under the PSPP, in accordance with the terms of such instruments.
Nakupi primernih tržnih dolžniških instrumentov, ki jih opravi Eurosistem v okviru programa nakupa vrednostnih papirjev javnega sektorja na sekundarnih trgih, bi se morali izvajati decentralizirano, ob upoštevanju oblikovanja tržnih cen in delovanja trga, morala pa bi jih koordinirati ECB, da bi zagotavljala enotnost denarne politike Eurosistema –
The purchases of eligible marketable debt instruments by the Eurosystem under the PSPP should be implemented in a decentralised manner, giving due regard to market price formation and market functioning considerations, and coordinated by the ECB, thereby safeguarding the singleness of the Eurosystem's monetary policy,
SPREJEL NASLEDNJI SKLEP:
Article 1
Vzpostavitev in obseg programa nakupa vrednostnih papirjev javnega sektorja na sekundarnih trgih
Establishment and scope of PSPP
Eurosistem s tem sklepom vzpostavlja program nakupa vrednostnih papirjev javnega sektorja na sekundarnih trgih, po katerem centralne banke Eurosistema na sekundarnih trgih pod posebnimi pogoji opravljajo nakupe primernih tržnih dolžniških vrednostnih papirjev, kot so opredeljeni v členu 3, od primernih nasprotnih strank, kot so opredeljene v členu 7.
The Eurosystem hereby establishes the PSPP under which the Eurosystem central banks shall purchase eligible marketable debt securities, as defined in Article 3, on the secondary markets, from eligible counterparties, as defined in Article 7, under specific conditions.
Člen 2
Definitions
V tem sklepu se uporabijo naslednje opredelitve pojmov:
For the purposes of this Decision, the following definitions apply:
„centralna banka Eurosistema“ pomeni ECB in nacionalne centralne banke držav članic, katerih valuta je euro (v nadaljnjem besedilu: NCB);
‘Eurosystem central bank’ means the ECB and the national central banks of the Member States whose currency is the euro (hereinafter the 'NCBs');
„priznana agencija“ pomeni subjekt, ki ga Eurosistem razvrsti kot takšnega za namene programa nakupa vrednostnih papirjev javnega sektorja na sekundarnih trgih;
‘recognised agency’ means an entity that the Eurosystem has classified as such for the purpose of the PSPP;
„mednarodna organizacija“ pomeni subjekt v smislu člena 118 Uredbe (EU) št. 575/2013 Evropskega parlamenta in Sveta [1], ki ga Eurosistem razvrsti kot takšnega za namene programa nakupa vrednostnih papirjev javnega sektorja na sekundarnih trgih;
‘international organisation’ means an entity within the meaning of Article 118 of Regulation (EU) No 575/2013 of the European Parliament and of the Council [1] and that the Eurosystem has classified as such for the purpose of the PSPP;
„multilateralna razvojna banka“ pomeni subjekt v smislu člena 117(2) Uredbe (EU) št. 575/2013, ki ga Eurosistem razvrsti kot takšnega za namene programa nakupa vrednostnih papirjev javnega sektorja na sekundarnih trgih;
‘multilateral development bank’ means an entity within the meaning of Article 117(2) of Regulation (EU) No 575/2013 and that the Eurosystem has classified as such for the purpose of the PSPP;
„pozitivni rezultat pregleda“ pomeni kasnejšo od naslednjih odločitev: odločitev sveta direktorjev Evropskega mehanizma za stabilnost in v primeru, če Mednarodni denarni sklad sofinancira program finančne pomoči, izvršnega odbora Mednarodnega denarnega sklada, s katero se odobri naslednje črpanje sredstev v skladu s programom, pod pogojem, da sta obe odločitvi potrebni za nadaljevanje nakupov v okviru programa nakupa vrednostnih papirjev javnega sektorja na sekundarnih trgih.
‘positive outcome of a review’ means the later of the following two decisions: the decision by the Board of Directors of the European Stability Mechanism and, in case the International Monetary Fund co-finances the financial assistance programme, the Executive Board of the International Monetary Fund to approve the next disbursement under that programme, on the understanding that both decisions are necessary for the resumption of purchases under the PSPP.
Seznami subjektov iz točk 2 do 4 so objavljeni na spletni strani ECB.
Lists of the entities referred to in points (2) to (4) are published on the ECB's website.
Člen 3
Article 3
Merila primernosti za tržne dolžniške vrednostne papirje
Eligibility criteria for marketable debt securities
Ob upoštevanju zahtev, določenih v tem členu, so tržni dolžniški vrednostni papirji, denominirani v eurih, ki jih izdajo centralna država v državah članicah, katerih valuta je euro, priznane agencije, ki se nahajajo v euroobmočju, mednarodne organizacije, ki se nahajajo v euroobmočju, in multilateralne razvojne banke, ki se nahajajo v euroobmočju, primerni za nakupe s strani centralnih bank Eurosistema v okviru programa nakupa vrednostnih papirjev javnega sektorja na sekundarnih trgih.
Subject to requirements laid down in this Article, euro-denominated marketable debt securities issued by central governments of a Member State whose currency is the euro, recognised agencies located in the euro area, international organisations located in the euro area and multilateral development banks located in the euro area shall be eligible for purchases by the Eurosystem central banks under the PSPP.
V izjemnih okoliščinah, ko ni mogoče doseči predvidenega zneska nakupa, lahko Svet ECB odloči, da se tržni dolžniški vrednostni papirji, ki jih izdajo drugi subjekti, ki se nahajajo v euroobmočju, kupijo v skladu s pogoji iz odstavka 4.
In exceptional circumstances, where the envisaged purchase amount cannot be attained, the Governing Council may decide to purchase marketable debt securities issued by other entities located in the euro area, in accordance with the conditions laid down in paragraph 4.
Da so tržni dolžniški vrednosti papirji primerni za nakupe v okviru programa nakupa vrednostnih papirjev javnega sektorja na sekundarnih trgih, morajo ustrezati merilom primernosti za tržna sredstva za kreditne posle Eurosistema v skladu s Prilogo I k Smernici ECB/2011/14 [2], ob upoštevanju naslednjih zahtev:(a) izdajatelj ali garant tržnih dolžniških vrednostnih papirjev mora imeti bonitetno oceno najmanj stopnje kreditne kvalitete 3 na usklajeni lestvici bonitetnih ocen Eurosistema, ki je izražena v obliki najmanj ene javne bonitetne ocene, ki jo izvede zunanja bonitetna institucija, sprejeta v bonitetnem okviru Eurosistema;