natgillin/translations-raw huggingface dataset:
The global hedge fund industry continued to grow in 2007 as a whole , although developments in net inflows varied significantly throughout the year .
Celotni svetovni sektor hedge skladov je v letu 2007 še naprej rasel , čeprav so se gibanja neto prilivov med letom zelo spreminjala .
Net inflows were very strong in the first half of the year , notwithstanding a shortlived episode of financial market turbulence in late February and early March .
Neto prilivi v prvi polovici leta so bili kljub krajšemu obdobju pretresov na finančnih trgih konec februarja in začetek marca zelo močni .
In the second half of the year , however , net investor inflows to the hedge fund sector were adversely affected by the credit market turmoil and widespread losses in August which had an impact on all investment strategies pursued by hedge funds .
V drugi polovici leta so na neto prilive vlagateljev v sektor hedge skladov negativno vplivali pretresi na kreditnih trgih in splošne izgube v avgustu , ki so vplivale na vse investicijske strategije hedge skladov .
Nevertheless , at the end of the third quarter of 2007 , year-to-date returns remained positive for the hedge fund industry as a whole .
Kljub temu so medletni donosi sektorja hedge skladov kot celote ob koncu tretjega četrtletja 2007 ostali pozitivni .
STRUCTURAL DEVELOPMENTS Structural developments in the banking industry , which typically occur over long periods of time , can have important consequences for the stability of the financial system .
STRUKTURNA GIBANJA Strukturna gibanja v bančnem sektorju , ki navadno potekajo v daljših časovnih obdobjih , imajo lahko pomembne posledice za stabilnost finančnega sistema .
In 2007 the main long-term trends in consolidation and intermediation continued .
Glavni dolgoročni trendi konsolidacije in posredništva so se v letu 2007 nadaljevali .
The structure of banking markets continued to vary significantly across EU Member States .
Ohranile so se tudi velike razlike v strukturi bančnih trgov med državami članicami EU .
The consolidation process , which is reflected in the decrease in the number of credit institutions , continued at the aggregate level , although at a declining rate .
Proces konsolidacije , ki se kaže v zmanjševanju števila kreditnih institucij , se je na skupni ravni nadaljeval , čeprav počasneje .
At the end of 2006 the number of credit institutions in the EU25 was 2 % lower than in 2005 .
Ob koncu leta 2006 je bilo v EU25 za 2 % manj kreditnih institucij kot v letu 2005 .
At the same time , banking intermediation , measured by total banking assets , continued to outpace nominal GDP growth .
Hkrati je bančno posredništvo , merjeno s skupno bilančno vsoto bank , še naprej prehitevalo rast nominalnega BDP .
The combination of a declining number of credit institutions and an increase in banking assets points to the growing importance of larger institutions . The reduction in the number of credit institutions was closely related to the mainly domestic merger ECB Annual Report 2007
Kombinacija manjšega števila kreditnih institucij in povečanja bilančne vsote bank kaže na vse večji pomen večjih institucij .
147 and acquisition ( M & A ) activity within the EU banking sector .
Zmanjšanje števila kreditnih institucij je bilo tesno povezano zlasti z dogajanji na področju domačih združitev in prevzemov znotraj bančnega sektorja EU .
At the same time , the declining trend in the number of M & A transactions that has been observed since 2000 continued in 2007 .
Hkrati se je trend upadanja števila transakcij združitev in prevzemov , ki ga opažamo že od leta 2000 , v letu 2007 nadaljeval .
Cross-border deals between credit institutions within the EU and those outside the EU are an exception to this trend , as they have increased , especially over the past two years .
Izjema so čezmejni posli med kreditnimi institucijami v EU in tistimi zunaj EU , ki so se zlasti v preteklih dveh letih povečali .
The value of M & As , however , increased in 2007 , mainly as a result of large domestic deals in some Member States .
v letu 2007 povečala , predvsem zaradi velikih domačih poslov v nekaterih državah članicah .
With the acquisition of ABN Amro by the consortium of Royal Bank of Scotland , Santander and Fortis , cross-border deals in the EU reached a new scale .
S prevzemom banke ABN Amro s strani konzorcija bank Royal Bank of Scotland , Santander in Fortis so čezmejni posli dosegli nov največji obseg .
This highlights the predominance of a relatively small number of large-scale deals , which have been taking place every year since 2004 .
To kaže , da so od leta 2004 prevladovali razmeroma maloštevilni posli velikih obsegov .
As regards the distribution channels used in retail banking , a number of recent developments can be identified .
Na področju distribucijskih kanalov v bančnem poslovanju s prebivalstvom je mogoče opaziti številna nova gibanja .
Branch networks are being redesigned in terms of location and services in order to become more cost-effective and better integrated into the new distribution channels used by credit institutions .
Na novo se določajo lokacije in storitve mrež poslovalnic , da bi postale stroškovno učinkovitejše in bolje povezane v nove distribucijske kanale , ki jih uporabljajo kreditne institucije .
In addition , electronic channels are rapidly being developed , not only for the provision of information and transaction services but also for the promotion and sale of banking products .
Poleg tega se hitro razvijajo elektronski kanali , ne le za posredovanje informacij in za transakcijske storitve , temveč tudi za promocijo in prodajo bančnih proizvodov .
In an effort to address the fierce competition in the area of consumer credit , banks are also increasing their cooperation with third parties , such as retailers , financial companies and financial agents / services groups .
V prizadevanjih , da bi se banke učinkovito odzvale na izjemno močno konkurenco na področju potrošniških kreditov , se tesneje povezujejo tudi s tretjimi strankami , kot so prodajalci na drobno , finančna podjetja in finančni agenti / storitvene skupine .
These developments , and in particular the growing use of electronic channels , could involve different types of risk , such as operational , reputational , liquidity , legal and strategic risk .
Ta gibanja in zlasti vse večja uporaba elektronskih kanalov lahko povzročijo različne vrste tveganj , kot so operativno tveganje , tveganje izgube ugleda , likvidnostno tveganje , pravno in strateško tveganje .
However , no significant concerns for financial stability have been identified to date , as electronic channels are still of limited importance for the majority of banks . April 2006 .
Vseeno se doslej niso pojavili resnejši razlogi za zaskrbljenost glede finančne stabilnosti , saj so elektronski kanali pri večini bank še vedno manj pomembni .
2 The Ad Hoc Working Group on EU Financial Stability Arrangements of the Economic and Financial Committee ( EFC ) , which was mandated to consider some of the key issues arising from the exercise and in which the ECB was represented , submitted its final report in September 2007 with a number of recommendations which were subsequently endorsed by the EFC . Throughout this discussion , the ECB emphasised that the prevention of financial crises should be the main focus of attention of the work , without , however , neglecting the pertinent issues related to the management of crises , if they occur , and their eventual resolution .
pomembna vprašanja obvladovanja kriz , če do njih pride , in njihovega reševanja . V okviru teh prizadevanj je Odbor za bančni nadzor ( BSC ) v sodelovanju z Odborom evropskih bančnih nadzornikov ( CEBS ) oblikoval skupni analitični okvir za ocenjevanje sistemskih posledic finančne krize , katerega cilj je zagotoviti skupni jezik za razpravo med organi v državah članicah , ki bi jih prizadela čezmejna finančna kriza .
As part of this endeavour , the BSC , in cooperation with the Committee of European Banking Supervisors ( CEBS ) , developed a common analytical framework for assessing the systemic implications of a financial crisis with the aim of providing a common language for discussions between authorities in Member States affected by a cross-border financial crisis . This will allow the respective national authorities to address more effectively the impact of a crisis on their domestic financial systems and real economies .
To okvir bo nacionalnim državnim organom omogočal , da učinkoviteje analizirajo posledice krize za domači finančni sistem in realno gospodarstvo . Na podlagi priporočil Ekonomsko-finančnega odbora je Ekonomsko-finančni svet oktobra 2007 sprejel strateški načrt za okrepitev ukrepov EU za finančno stabilnost na ravni EU in na nacionalni ravni .
As a result of the EFC recommendations , the ECOFIN Council agreed in October 2007 on a strategic roadmap for strengthening the EU arrangements for financial stability at both the EU and the national level . As a first step , the Council adopted a set of common principles for cross-border financial crisis management which will be included in a Memorandum of Understanding ( MoU ) between the central banks , supervisors and finance ministries of the EU Member States to be signed in spring 2008 as an extension of the EU MoU signed in 2005 .
Kot prvi korak je svet sprejel vrsto splošnih načel za obvladovanje čezmejnih finančnih kriz , ki bodo vključena v memorandum o soglasju med centralnimi bankami , nadzorniki in finančnimi ministrstvi držav članic EU , ki bo kot razširitev Memoranduma EU iz leta 2005 podpisan spomladi 2008 . Razširjeni memorandum bo vseboval tudi prej navedeni skupni analitični okvir .
The extended MoU will also include the abovementioned common analytical framework .
Poleg tega bo vključeval praktične smernice za obvladovanje kriz , ki temeljijo na splošnem soglasju o ukrepih , ki jih je treba sprejeti v primeru čezmejne krize .
In addition , it will contain practical guidelines for crisis management which reflect a common 2 This exercise was organised by the Economic and Financial Committee with the aim of testing the Memorandum of Understanding on cooperation in financial crisis situations between banking supervisors , central banks and finance ministries .
Ekonomsko-finančni svet tudi spodbuja države članice , ki imajo enaka vprašanja glede finančne stabilnosti , da oblikujejo in podpišejo „posebne prostovoljne sporazume o sodelovanju » , ki so skladni z razširjenim memorandumom o soglasju za vso EU , in da okrepijo čezmejne nadzorne ukrepe za preprečevanje kriz .
For more details , see the ECB 's Annual Report 2006 , pp. 138-139 .
Evropska komisija je bila povabljena , da v tesnem sodelovanju z državami članicami preuči možnost izboljšav in po potrebi predlaga spremembe predpisov , zlasti glede izmenjave podatkov , čezmejnega prenosa sredstev , prenehanja bančnih skupin in sistema zajamčenih vlog .
1.2 FINANCIAL STABILITY ARRANGEMENTS The main developments in the area of financial stability arrangements in 2007 concerned the follow-up to the findings of the EU-wide financial crisis simulation exercise carried out in
Evropska komisija že pripravlja spremembe Direktive 2001/24 / ES o 2 To simulacijo je Ekonomsko-finančni odbor organiziral , da bi preveril ustreznost Memoranduma o soglasju o sodelovanju v primeru finančnih kriz med bančnimi nadzorniki , centralnimi bankami in finančnimi ministrstvi .
ECB Annual Report 2007 understanding of the measures that need to be taken in the event of a cross-border crisis .
Več podrobnosti je navedenih v letnem poročilu ECB 2006 , str . 138 -- 139 .
The ECOFIN Council also encouraged the Member States which share financial stability concerns to develop and sign « voluntary specific cooperation agreements » that are consistent with the extended EU-wide MoU and build on cross-border supervisory arrangements for crisis prevention . The European Commission was invited , in close cooperation with the Member States , to consider possible enhancements and , where necessary , to propose regulatory changes with particular regard to information exchange , the cross-border transfer of assets , the winding-up of banking groups , and deposit guarantee scheme arrangements .
1.2 UKREPI ZA FINANČNO STABILNOST Glavna dogajanja na področju finančne stabilnosti so bila v letu 2007 povezana predvsem z nadaljnjim ukrepanjem po simulaciji finančne krize , ki je bila po vsej EU opravljena aprila 2006.2 Priložnostna delovna skupina za finančno stabilnost EU v okviru Ekonomsko-finančnega odbora ( v kateri je bila zastopana tudi ECB ) , ki je dobila nalogo , da preuči nekatera ključna vprašanja v zvezi s simulacijo , je svoje končno poročilo s številnimi priporočili , ki jih je odbor pozneje odobril , predložila septembra 2007 . ECB je v razpravi ves čas poudarjala , da je treba pozornost posvetiti predvsem preprečevanju finančnih kriz , ne da bi pri tem zanemarili
The European Commission is already reviewing Directive 2001/24 / EC on the reorganisation and windingup of credit institutions , taking into account the ECB 's technical input , with the aim of presenting proposals in 2008 to further improve EU banking groups » crisis resolution and management arrangements . ECB Annual Report 2007
ECB Letno poročilo 2007 reorganizaciji in prenehanju kreditnih institucij , pri čemer upošteva strokovni prispevek ECB , in bo predvidoma v letu 2008 predstavila predloge za nadaljnje izboljšanje predpisov za reševanje in obvladovanje kriz bančnih skupin EU .
2 FINANCIAL REGULATION AND SUPERVISION 2.1 GENERAL ISSUES Ensuring the efficiency and effectiveness of the EU regulatory and supervisory framework for financial services has been a key priority in recent years .
2 FINANČNA REGULACIJA IN NADZOR 2.1 SPLOŠNE ZADEVE Zagotavljanje učinkovitosti in uspešnosti regulativnega in nadzornega okvira EU za finančne storitve je bila v zadnjih letih ključna prednostna naloga .
The Lamfalussy framework 3 for financial regulation and supervision , established in the securities sector in 2002 and extended to the banking and insurance sectors in 2005 , was designed to provide the appropriate institutional setting in this respect .
Lamfalussyjev okvir 3 za finančno regulacijo in nadzor , ki je bil leta 2002 vzpostavljen za sektor vrednostnih papirjev , leta 2005 pa razširjen na bančni in zavarovalniški sektor , je bil zasnovan s ciljem , da na tem področju zagotovi ustrezno institucionalno ureditev .
The progress made towards convergence and cooperation under the Lamfalussy framework has been monitored closely .
Napredek v smeri konvergence in sodelovanja v skladu z Lamfalussyjevim okvirom se je skrbno spremljal .
A first full review of the Lamfalussy framework for financial regulation and supervision across financial sectors was performed during the second half of 2007 , culminating with the ECOFIN Council 's adoption of its conclusions at its meeting on 4 December 2007 .
Prvi celovit pregled Lamfalussyjevega okvira za finančno regulacijo in nadzor finančnih sektorjev je bil opravljen v drugi polovici leta 2007 , vrhunec pa je dosegel s sprejetjem sklepov Ekonomsko-finančnega sveta na zasedanju 4 . decembra 2007 .
The review benefited from the assessment of various EU institutions and fora , including the European Commission , the Inter-Institutional Monitoring Group , the Financial Services Committee ( FSC ) and the European Parliament .
Pri pregledu je bila koristna ocena različnih institucij in forumov EU , med drugim Evropske komisije , medinstitucionalne skupine za spremljanje , Odbora za finančne storitve ( FSC ) in Evropskega parlamenta .
The Eurosystem , which has actively supported the Lamfalussy approach since its inception and has closely followed its development as part of its task to contribute to the smooth conduct of policies relating to the prudential supervision of credit institutions and the stability of the financial system , published its contribution on 30 November 2007 .
Eurosistem , ki je Lamfalussyjev pristop dejavno podpiral od vsega začetka in je njegov razvoj pozorno spremljal kot del svojega prispevka k nemotenemu izvajanju politik , ki so povezane z bonitetnim nadzorom kreditnih institucij in stabilnosti finančnega sistema , je svoj prispevek objavil 30 . novembra 2007 .
In this contribution , the Eurosystem noted that market developments -- notably progress in banking integration , the increasing importance of EU banking groups with significant crossborder activities and the growing centralisation of business functions -- underscored the urgency of enhancing cross-border convergence and cooperation in the supervision of EU banks .
V tem prispevku je Eurosistem poudaril , da so gibanja na trgu -- predvsem napredek pri bančni integraciji , vse večja vloga bančnih skupin EU z obsežnimi čezmejnimi dejavnostmi in vse močnejša centralizacija poslovnih funkcij -- pokazala , da je treba nujno povečati čezmejno povezovanje in sodelovanje pri nadzoru bank v EU .
This would ensure the effective monitoring of and response to cross-border financial risks , while at the same time providing a streamlined supervisory interface and a level playing-field for market participants .
S tem bi zagotovili učinkovito spremljanje čezmejnih finančnih tveganj in odziv nanje , obenem pa vzpostavili poenoten nadzorni vmesnik ter enakopravne pogoje za udeležence na trgu .
If these aims are to be achieved , improvements are required at each step of the regulatory and supervisory process .
Da bi to dosegli , je treba izboljšati vse stopnje regulativnega in nadzornega procesa .
The Eurosystem furthermore considers that the role of CEBS in the EU institutional setting should be enhanced and the responsibilities of CEBS members in fostering EU convergence and cooperation further stressed .
Eurosistem poleg tega meni , da je treba okrepiti vlogo Odbora evropskih bančnih nadzornikov ( CEBS ) v institucionalnem okviru EU in poudariti odgovornosti članov odbora CEBS pri nadaljnjem pospeševanju konvergence in sodelovanja v EU .
At the same time , EU policy objectives need to be specified more clearly .
Hkrati je treba tudi jasneje opredeliti cilje politike EU .
With respect to the regulatory framework , the Eurosystem sees a need to further enhance convergence in EU banking legislation .
Kar zadeva regulativni okvir , je po mnenju Eurosistema treba dodatno povečati konvergenco bančne zakonodaje EU .
While the main priority in the area of cooperation between home and host supervisory authorities will be the effective day-to-day implementation of the enhanced regulatory framework provided by the Capital Requirements Directive ( CRD ) 4 , further clarifications should be considered .
Medtem ko bo glavna prednostna naloga na področju sodelovanja med domačimi in gostujočimi nadzornimi organi učinkovito vsakodnevno izvajanje okrepljenega regulativnega okvira , ki ga določa direktiva o kapitalski ustreznosti 4 , bo treba pripraviti tudi dodatna pojasnila .
The homehost cooperation arrangements for foreign branches deserve particular attention in this context , notably with a view to ensuring adequate host country involvement with regard to large foreign branches .
V tem okviru je treba posebno pozornost posvetiti ureditvi sodelovanja med domačimi in gostujočimi nadzorniki v primeru tujih podružnic , predvsem zato , da bi pri velikih tujih podružnicah zagotovili ustrezno sodelovanje gostujoče države .
In order to spur convergence of supervisory requirements , the Eurosystem highlights the importance of enhanced decision-making processes for CEBS , coupled with implementation on a « comply-orexplain » basis , and of effective supervisory disclosure and peer review .
Da bi spodbudili konvergenco nadzornih zahtev , Eurosistem poudarja pomembnost okrepljenega procesa odločanja v odboru CEBS , skupaj z izvajanjem na podlagi načela „spoštuj ali pojasni » , ter učinkovitega nadzorniškega razkritja in medsebojnega strokovnega pregleda .
Finally , several measures to foster the convergence of supervisory processes have recently been introduced .
Pred kratkim je bilo uvedenih tudi več ukrepov za pospeševanje konvergence nadzornih procesov .
These relate especially to the consistent implementation of CEBS standards and guidelines at the day-to-day level , « operational networking » within the supervisory colleges responsible for EU banking groups ,
Ti ukrepi so zlasti povezani z doslednim vsakodnevnim izvajanjem standardov in smernic odbora CEBS , z „operativnim mreženjem » v nadzornih kolegijih , ki so odgovorni za bančne skupine EU , z delegiranjem nalog in posredovanjem med nadzorniki ter s prizadevanji za spodbujanje enotne nadzorne kulture .
The Lamfalussy approach is composed of four levels .
3 Lamfalussyjev pristop obsega štiri stopnje .
At Level 1 , the basic principles of the legislation are laid down via the normal legislative process : a co-decision procedure involving the European Parliament and the EU Council , acting on a proposal of the European Commission .
Na prvi stopnji so prek običajnega zakonodajnega postopka opredeljena temeljna načela pravnega predpisa : soodločanje Evropskega parlamenta in Sveta EU po predlogu Evropske komisije .
At Level 2 , measures for the implementation of Level 1 legislation are adopted and amended via fast-track procedures . Level 3 relates to the work of the Level 3 Committees to strengthen supervisory convergence and cooperation .
Na drugi stopnji so po hitrem postopku sprejeti in dopolnjeni izvedbeni ukrepi . Tretja stopnja je povezana z delom odborov tretje ravni , katere cilj je okrepiti konvergenco in sodelovanje v nadzornih postopkih .
Level 4 relates to Commission measures to strengthen the enforcement of EU law .
Četrta stopnja pa se nanaša na ukrepe Komisije za okrepitev izvrševanja zakonodaje EU .
For more details , see the « Final report of the Committee of Wise Men on the regulation of European securities markets » , 15 February 2001 , which is available on the European Commission 's website .
Več podrobnosti je v poročilu z naslovom „Final report of the Committee of Wise Men on the regulation of European securities markets » , 15 . februar 2001 , ki je na spletni strani Evropske komisije .
See also the ECB 's Annual Report 2003 , p. 111 .
Glej tudi Letno poročilo ECB 2003 , str 111 .
The CRD comprises two recast Directives of 14 June 2006 : Directive 2006/48 / EC relating to the taking up and pursuit of the business of credit institutions and Directive 2006/49 / EC on the capital adequacy of investment firms and credit institutions . 150
Direktivo sestavljata dve preoblikovani direktivi z dne 14 . junija 2006 : Direktiva 2006/48 / ES o začetku opravljanja in opravljanju dejavnosti kreditnih institucij ter Direktiva 2006/49 / ES o kapitalski ustreznosti investicijskih podjetij in kreditnih institucij .
the delegation of tasks and mediation among supervisors , and efforts to foster a common supervisory culture . The Eurosystem deems it important that these measures be effectively implemented and further developed in the period ahead .
2.2 BANČNIŠTVO ECB je v sodelovanju z Odborom za bančni nadzor ( BSC ) izvajala dejavnosti v zvezi z upravljanjem likvidnostnega tveganja bank .
2.2 BANKING The ECB , in cooperation with the BSC , has been carrying out work with regard to banks » liquidity risk management . A report on liquidity risk management for cross-border banking groups in the EU was finalised in the first quarter of 2007 and provided a timely contribution to the European Commission 's regulatory work in the area of liquidity risk .
Poročilo o upravljanju likvidnostnega tveganja za čezmejne bančne skupine v EU je bilo končano v prvem četrtletju leta 2007 in je ob pravem času prispevalo k oblikovanju predpisov Evropske komisije na področju likvidnostnega tveganja .
The report was also submitted to the Basel Committee on Banking Supervision and CEBS as input into their work on the subject .
Poročilo je bilo predloženo tudi baselskemu odboru za bančni nadzor ( BCBS ) in Odboru evropskih bančnih nadzornikov kot prispevek njihovemu delu na tem področju .
A streamlined version of the report was published in October 2007 as a special feature in the ECB 's « EU banking structures » report .
Usklajena različica poročila je bila posebej objavljena v poročilu ECB „EU banking structures » oktobra 2007 .