natgillin/translations-raw huggingface dataset:
The value of the ECB 's net foreign reserve assets 8 at current exchange rates and market prices decreased from Euros 43.5 billion 9 at end2005 to Euros 42.3 billion at end-2006 , of which Euros 32.0 billion was in foreign currencies -- the Japanese yen and the US dollar -- and Euros 10.3 billion was in gold and SDRs .
Vrednost neto deviznih rezerv ECB 8 po tekočih deviznih tečajih in tržnih cenah se je zmanjšala s 43,5 9 milijarde EUR ob koncu leta 2005 na 1.2 DEVIZNE OPERACIJE ECB leta 2006 zaradi razlogov , povezanih z denarno politiko , ni posredovala na deviznem trgu .
Applying the exchange rates of end-2006 , US dollardenominated assets represented 83 % of the foreign currency reserves , while those denominated in Japanese yen accounted for 17 %.
Sporazum med ECB in MDS , ki omogoča , da lahko MDS v imenu ECB z drugimi imetniki posebnih pravic črpanja izvaja transakcije s posebnimi pravicami črpanja , je bil leta 2006 aktiviran v treh primerih .
The change in the value of the portfolio during 2006 mainly reflected the depreciation of the US dollar and the Japanese yen vis-à-vis the euro , which was only partially compensated for by the appreciation of gold and by the positive net returns ( comprising capital gains and interest income ) generated by portfolio management activities .
Neto devizne rezerve so izračunane kot uradne devizne rezerve , povečane za devizne vloge rezidentov in zmanjšane za prihodnja predhodno določena neto črpanja deviznih imetij zaradi repo in terminskih poslov .
The new operational framework for the ECB 's foreign reserve management was implemented smoothly in January 2006 .
Podrobne informacije o virih podatkov so na spletni strani www.ecb.int/stats/external/reserves/templates / html / index .
Each NCB may now as a rule manage only one portfolio ( i.e. either a US dollar or a Japanese yen portfolio ) , with two NCBs currently managing two .
en.html Zneski , navedeni v Letnem poročilu ECB 2005 , so temeljili samo na podatkih o uradnih deviznih rezervah , po katerih so devizne rezerve ob koncu leta 2005 znašale 41,0 milijard EUR .
10 This change was aimed at increasing the efficiency of the decentralised execution of investment operations within the Eurosystem .
V tej izdaji so uporabljeni izpopolnjeni podatki o neto deviznih rezervah , ki so opredeljene v opombi 7 .
In 2006 work continued on extending the list of eligible instruments in which foreign reserves can be invested .
42,3 milijarde EUR ob koncu leta 2006 , od tega je bilo 32,0 milijard EUR v tujih valutah ( japonskem jenu in ameriškem dolarju ) ter 10,3 milijarde EUR v zlatu in posebnih pravicah črpanja .
Foreign exchange swaps for investment purposes and US STRIPs 11 were added to this list .
Po deviznih tečajih , veljavnih ob koncu leta 2006 , so sredstva , denominirana v ameriških dolarjih , predstavljala 83 % deviznih rezerv , sredstva , denominirana v japonskih jenih , pa 17 %.
Progress was also made in the work on the introduction of interest rate swaps , with the internal testing of systems almost complete . A pilot project has been set up to 8 Net foreign reserve assets are calculated as official reserve assets , plus deposits in foreign currency with residents , minus future predetermined net drains on foreign currency holdings owing to repos and forward transactions .
Sprememba vrednosti portfelja leta 2006 je predvsem posledica depreciacije ameriškega dolarja in japonskega jena do eura , ki je bila samo delno izravnana z apreciacijo zlata in pozitivnimi neto donosi ( kapitalskimi dobički in prihodki od obresti ) , ustvarjenimi z upravljanjem portfelja . Januarja 2006 je bil brez zapletov uveden nov operativni okvir za upravljanje deviznih rezerv ECB .
For detailed information , see www.ecb.int/stats/external/reserves/templates/html/index . en.html 9 The amount quoted in the Annual Report 2005 ( Euros 41.0 billion ) was based only on official reserve asset figures .
Vsaka NCB lahko zdaj navadno upravlja le en portfelj ( tj . bodisi portfelj ameriškega dolarja ali japonskega jena ) , pri čemer dve NCB trenutno upravljata dva portfelja .
This publication applies a refinement of the definition of net reserve assets , which is explained in footnote 8 .
10 Namen te spremembe je bil povečati učinkovitost decentraliziranega izvajanja investicijskih operacij znotraj Eurosistema .
10 For more details , see the article entitled « Portfolio management at the ECB » in the April 2006 issue of the ECB 's Monthly Bulletin .
Leta 2006 se je nadaljevala širitev seznama ustreznih instrumentov , v katere se lahko vlagajo devizne rezerve .
11 STRIP stands for Separate Trading of Registered Interest and Principal , which is a security created by separating the bond principal from the interest payments in a US government bond . 98
Na seznam so bile vključene valutne zamenjave in ameriški vrednostni papirji STRIPS 11 . Napredek je bil narejen tudi pri uvajanju obrestnih zamenjav , pri čemer je notranje testiranje sistemov skoraj končano .
ECB Annual Report 2006 establish an automatic securities lending programme ( ASLP ) , and the ECB will appoint a contractor to supply an ASLP for the US dollar portfolio .
Uveden je bil pilotni projekt za vzpostavitev programa avtomatiziranega posojanja vrednostnih papirjev ( ASLP ) , ECB pa bo imenovala izvajalca , ki bo dobavil ASLP za portfelj ameriškega dolarja .
OWN FUNDS MANAGEMENT The ECB 's own funds portfolio consists of the invested counterpart of the ECB 's paid-up capital , as well as amounts held from time to time in its general reserve fund and its provision against foreign exchange rate , interest rate and gold price risks .
UPRAVLJANJE LASTNIH SREDSTEV Portfelj lastnih sredstev ECB sestavljajo naložbe vplačanega kapitala ECB , zneski , ki jih občasno hrani v svojem skladu splošnih rezerv , ter rezervacija za tečajno tveganje , obrestno tveganje in tveganje spremembe cen zlata .
The purpose of this portfolio is to provide the ECB with income to help to cover its operating expenses .
Namen tega portfelja je zagotoviti ECB prihodke , s katerimi lahko pokrije svoje operativne stroške .
The objective of its management is to generate returns over the long term in excess of the average main refinancing rate of the ECB .
Cilj upravljanja portfelja je dolgoročno ustvariti donos , ki presega povprečno obrestno mero glavnega refinanciranja ECB .
The portfolio is invested in euro-denominated assets .
Portfelj je investiran v sredstva , denominirana v eurih .
The value of the portfolio at current market prices grew from Euros 6.4 billion at end-2005 to Euros 7.5 billion at end-2006 . Most of the increase in market value was due to the investment in the own funds portfolio of the provision against foreign exchange rate , interest rate and gold price risks established by the ECB in 2005 .
Vrednost portfelja po tekočih tržnih cenah je narasla s 6,4 milijarde EUR ob koncu leta 2005 na 7,5 milijarde EUR ob koncu leta 2006 , večinoma zato , ker so bile v portfelj lastnih sredstev vložene rezervacije za tečajno tveganje , obrestno tveganje in tveganje spremembe cen zlata , ki jih je ECB oblikovala leta 2005 .
Investment returns also contributed positively to the increase in market value .
K povečanju tržne vrednosti portfelja so pozitivno prispevali tudi donosi naložb .
In the course of the year , zero coupon bonds and high-quality commercial paper issued by entities already eligible for the investment of own funds were added to the investment options available for the management of this portfolio .
Med letom so bile na seznam investicijskih možnosti za upravljanje tega portfelja vključene brezkuponske obveznice in visokokakovostni komercialni zapisi izdajateljev , ki so takrat že izpolnjevali pogoje za investiranje lastnih sredstev .
Furthermore , the list of eligible issuers of covered bonds and senior unsecured bonds was expanded .
Poleg tega je bil razširjen seznam ustreznih izdajateljev kritih obveznic in prednostnih nezavarovanih obveznic .
RISK MANAGEMENT ISSUES Through its investment activities , the ECB is exposed to financial risks , such as market , credit and liquidity risks .
VPRAŠANJA UPRAVLJANJA TVEGANJ ECB je pri izvajanju svojih investicijskih dejavnosti izpostavljena finančnim tveganjem , kot so tržna , kreditna in likvidnostna tveganja .
These risks are managed through strict policies and procedures , a comprehensive limit structure and the daily monitoring of compliance with the limits .
Obvladovanje teh tveganj poteka na podlagi strogih politik in postopkov , obsežne strukture mejnih vrednosti in dnevnega spremljanja skladnosti z mejnimi vrednostmi .
12 The ECB 's risk management framework for investment operations was further enhanced during 2006 .
12 Okvir ECB za upravljanje tveganj za investicijske operacije je bil leta 2006 še izboljšan .
As regards the management of interest rate risk , binding relative Value-at-Risk ( VaR ) 13 limits for portfolios vis-à-vis benchmarks were introduced , replacing duration limits .
Kar zadeva upravljanje obrestnega tveganja , so bile uvedene zavezujoče relativne omejitve tvegane vrednosti ( Value-at-Risk -- VaR ) 13 za portfelje glede na primerjalna merila , ki so nadomestile omejitve glede trajanja .
The dominant risk to which the ECB is exposed is market risk . A breakdown of the VaR of the ECB 's investment portfolios reveals that , at any conventional confidence level , more than nine-tenths of the market risk is due to currency and gold price risk , with the rest stemming from interest rate risk .
10 Več podrobnosti je v članku z naslovom „Portfolio management at the ECB » ( „Upravljanje portfelja v ECB ") , Monthly bulletin ECB , april 2006 . 11 STRIP ( Separate Trading of Registered Interest and Principal ) je vrednostni papir , ustvarjen z ločitvijo glavnice obveznice od plačila obresti v ameriški državni obveznici .
VaR estimates of the ECB 's credit risk are even lower than those of the interest rate risk , as credit risk is mitigated through strict eligibility criteria and limits on countries , issuers and counterparties .
13 VaR pri stopnji zaupanja α in obdobju T je opredeljena kot znesek izgube , ki bo ob koncu obdobja T presežen z verjetnostjo 1 -- α . Izračun VaR za kreditno tveganje je težji in vključuje več predpostavk kakor izračun VaR za tržno tveganje .
Financial risks are largely determined by the size and currency composition of the ECB 's foreign reserves and , to a lesser extent , by the asset allocation within the different currency portfolios .
Prevladujoče tveganje , ki mu je izpostavljena ECB , je tržno tveganje .
However , the low interest rate risk also reflects the relatively low modified duration of the ECB 's investment portfolios .
Iz razčlenitve VaR investicijskih portfeljev ECB je razvidno , da je pri kateri koli konvencionalni stopnji zaupanja več kot devet desetin tržnega tveganja posledica valutnega tveganja in tveganja spremembe cen zlata , medtem ko preostali delež izhaja iz obrestnega tveganja .
12 See footnote 10 .
Ocene VaR za kreditno tveganje ECB so celo nižje od ocen obrestnega tveganja , saj se kreditno tveganje zmanjšuje s strogimi merili ustreznosti in omejitvami za države , izdajatelje in nasprotne stranke .
13 VaR at confidence level α and horizon T is defined as the loss that will be exceeded at the end of horizon T with probability 1-α .
Dejavniki , ki določajo finančna tveganja , so predvsem velikost in valutna struktura deviznih rezerv ECB in nekoliko manj razporejanje sredstev v različnih valutnih portfeljih .
The calculation of VaR figures for credit risk is more difficult and subject to more assumptions than the calculation of market risk VaR figures .
Vendar je nizko obrestno tveganje prav tako odraz razmeroma kratkega modificiranega trajanja investicijskih portfeljev ECB . 98
ECB Annual Report 2006 99
ECB Letno poročilo 2006
2 PAYMENT AND SECURITIES SETTLEMENT SYSTEMS The Eurosystem has the statutory task of promoting the smooth operation of payment systems .
2 PLAČILNI SISTEMI IN SISTEMI PORAVNAVE POSLOV Z VREDNOSTNIMI PAPIRJI Eurosistem mora po zakonu spodbujati nemoteno delovanje plačilnih sistemov .
Its main instrument for carrying out this task -- besides the oversight function ( see Section 4 of Chapter 4 ) -- is the provision of facilities to ensure efficient and sound clearing and payment systems .
Pri tem ni pristojen samo za pregled nad delovanjem plačilnih sistemov ( glej oddelek 4 v poglavju 4 ) , temveč tudi zagotavlja možnosti za delovanje učinkovitih in zanesljivih klirinških in plačilnih sistemov .
To this end , the Eurosystem created the Trans-European Automated Real-time Gross settlement Express Transfer system , known as TARGET , for largevalue payments in euro .
Za to je vzpostavil transevropski sistem bruto poravnave v realnem času , imenovan TARGET , za plačila velikih vrednosti v eurih .
Work is already well advanced on the development of a secondgeneration system , TARGET2 .
Trenutno zelo dobro napreduje delo pri razvoju sistema druge generacije , TARGET2 .
It is envisaged that the first group of countries will migrate to TARGET2 on 19 November 2007 .
Prva skupina držav naj bi na sistem TARGET2 predvidoma prešla 19 . novembra 2007 .
With regard to securities settlement , the Eurosystem and the market offer a number of channels to facilitate the use of collateral across national borders .
Za poravnavo poslov z vrednostnimi papirji omogočata Eurosistem in trg številne kanale , zato da bi se olajšala čezmejna uporaba zavarovanja .
In addition , the Eurosystem is evaluating opportunities to provide securities settlement services in central bank money to CSDs on the Single Shared Platform with harmonised procedures that will be used for TARGET2 payment services ( TARGET2Securities ) .
Poleg tega Eurosistem ocenjuje možnosti zagotavljanja storitev poravnave poslov z vrednostnimi papirji v centralnobančnem denarju za CRVP na enotni skupni platformi s harmoniziranimi postopki , ki se bodo uporabljali za plačilne storitve sistema ( TARGET 2-Securities ) .
number of large-value euro payments .
varnega plačevanja .
This is in line with the Eurosystem 's policy objective of promoting settlement in central bank money as a uniquely safe means of payment . In 2006 , 89 % of the total turnover of large-value payments in euro was executed via TARGET .
Leta 2006 se je 89 % celotnega prometa plačil velikih vrednosti v eurih izvedlo prek sistema TARGET . TARGET je na razpolago za vsa nakazila v eurih med povezanimi bankami , in sicer brez zgornje ali spodnje omejitve vrednosti .
TARGET is available for all credit transfers in euro between connected banks , without any upper or lower value limit . Such transfers may be made both between banks in the same Member State ( intra-Member State traffic ) and between those in different Member States ( inter-Member State traffic ) .
Taka nakazila se lahko izpeljejo med bankami znotraj ene države članice ( promet v državi članici ) in med bankami v različnih državah članicah ( promet med državami članicami ) . Raziskava , opravljena leta 2006 , je pokazala , da je bilo 31 .
A survey conducted in 2006 revealed that as at 31 December 2005 there were 10,564 participants in TARGET .
decembra 2005 v sistemu TARGET 10.564 udeležencev .
Overall , around 53,000 institutions , in particular branches of participants , can be addressed through TARGET using a Bank Identifier Code ( BIC ) .
Skupaj je mogoče prek sistema TARGET z uporabo identifikacijske kode za banke ( BIC ) nasloviti približno 53.000 institucij , zlasti podružnic udeležencev .
Following its decision not to join TARGET2 , in 2006 Sveriges Riksbank prepared for the disconnection of its TARGET component , E-RIX , effective as of 2 January 2007 .
Sveriges Riksbank se je na podlagi svoje odločitve , da se ne vključi v TARGET2 , leta 2006 pripravljala na izključitev svojega elementa sistema TARGET , E-RIX , z veljavnostjo od 2 . januarja 2007 .
TARGET OPERATIONS In 2006 the daily average of payments processed by TARGET increased by 10 % both in volume and in value .
OPERACIJE SISTEMA TARGET Leta 2006 se je dnevno povprečje plačil , obdelanih prek sistema TARGET , po obsegu in vrednosti povečalo za 10 %.
Table 12 provides an overview of the payment traffic in TARGET in 2006 , comparing it with the traffic in the previous year .
Tabela 12 vsebuje pregled plačilnega prometa v sistemu TARGET leta 2006 in primerjavo s prometom v prejšnjem letu .
In 2006 the overall availability of TARGET , i.e. the extent to which participants were able to use TARGET during its business hours without incident , reached 99.87% . 96.75% of inter-Member State payments were processed within five minutes .
Leta 2006 je skupna razpoložljivost sistema TARGET , tj . odstotek časa , v katerem so udeleženci lahko brez incidentov uporabljali TARGET v njegovem obratovalnem času , dosegla 99,87% , pri čemer je bilo 96,75% plačil med državami članicami obdelanih v petih minutah .
2.1 THE TARGET SYSTEM The present TARGET system is a « system of systems » made up of the national real-time gross settlement ( RTGS ) systems of 17 EU Member States , the ECB payment mechanism ( EPM ) and an interlinking mechanism that enables the processing of payments between the linked systems .
SISTEM TARGET Trenutni sistem TARGET je „sistem sistemov » , ki ga sestavljajo nacionalni sistemi bruto poravnave v realnem času ( BPRČ ) 17 držav članic EU , plačilni mehanizem ECB ( EPM ) in povezovalni mehanizem , ki omogoča obdelavo plačil med povezanimi sistemi .
In 2006 TARGET continued to contribute to the smooth functioning of the euro money market and , because the Eurosystem 's credit operations are processed via this system , continued to play an important role in the implementation of the single monetary policy .
Tudi leta 2006 je TARGET prispeval k nemotenemu delovanju eurodenarnega trga in , ker se kreditne operacije Eurosistema obdelujejo prek tega sistema , še naprej igral pomembno vlogo pri izvajanju enotne denarne politike .
Since TARGET offers a real-time settlement service in central bank money and broad market coverage , it also attracted a variety of other payments .
TARGET zaradi svoje storitve poravnave v realnem času v centralnobančnem denarju in širokega tržnega pokritja pritegne tudi vrsto drugih plačil .
TARGET functioned smoothly and successfully in 2006 and continued its trend of settling an increasing 100
Leta 2006 je TARGET deloval nemoteno in uspešno ter nadaljeval svoj trend poravnave vse večjega števila plačil velikih vrednosti v eurih .
Ta b l e 1 2 P ay m e n t t r a f f i c i n TA R G E T Volume ( number of transactions ) 1 )
Ta b e l a 12 P l a č i l n i p r o m e t v s i s t e m u TA RG E T 1 ) Obseg ( število transakcij ) C e l o t e n p ro m e t Skupaj Dnevno povprečje V državi č l a n i c i 2 ) Skupaj Dnevno povprečje Med državami članicami Skupaj Dnevno povprečje Vr e d n o s t ( milijarde EUR ) C e l o t e n p ro m e t Skupaj Dnevno povprečje V državi č l a n i c i 2 ) Skupaj Dnevno povprečje Med državami članicami Skupaj Dnevno povprečje S p re m e m b a (%) 9 10
Change (%) 9 10 8 8 12 13
8 8 S p re m e m b a (%) 9 10
TARGET CONNECTION FOR THE NCBs OF THE MEMBER STATES THAT JOINED THE EU IN 2004 In October 2002 the Governing Council decided that , following EU enlargement in 2004 , the NCBs of the new Member States would be allowed -- but not obliged -- to connect to the current TARGET system .
POVEZAVA S SISTEMOM TARGET ZA NCB DRŽAV ČLANIC , KI SO VSTOPILE V EU LETA 2004 Oktobra 2002 je Svet ECB odločil , da se bodo nacionalne centralne banke novih držav članic po širitvi EU lahko povezale s trenutnim sistemom TARGET , pri čemer pa tega niso dolžne storiti .
Given the limited remaining lifetime of the current TARGET system , and in order to save costs , the Eurosystem developed alternatives to full integration which allow the NCBs of the Member States which joined the EU in 2004 to connect their systems to the current TARGET system .
Eurosistem je zaradi omejene preostale življenjske dobe trenutnega sistema TARGET in zaradi prihranka stroškov razvil alternative polni integraciji , ki omogočajo sistemom nacionalnih centralnih bank držav članic , ki so v EU vstopile leta 2004 , povezavo s trenutnim sistemom TARGET .
Following Narodowy Bank Polski 's connection to TARGET via the Banca d' Italia 's RTGS system in 2005 , on 20 November 2006 Eesti Pank 's euro RTGS system was also connected to TARGET via the Banca d' Italia 's system .
Potem ko se je centralna banka Narodowy Bank Polski leta 2005 povezala s sistemom TARGET prek sistema BPRČ Banca d' Italia , se je 20 . novembra 2006 prek sistema Banca d' Italia povezal tudi sistem BPRČ za euro centralne banke Eesti Pank .
Slovenian banks have been able to use TARGET since July 2005 by means of remote access to the German TARGET component .
Slovenske banke lahko od julija 2005 uporabljajo TARGET prek oddaljenega dostopa do nemškega elementa sistema TARGET .
With regard to Slovenia 's entry into the euro area in January 2007 , Banka Slovenije decided , for efficiency reasons , not to develop its own euro RTGS system , but to use the RTGS system of the Deutsche Bundesbank to connect to TARGET .
V zvezi z vstopom Slovenije v euroobmočje januarja 2007 se je Banka Slovenije odločila , da zaradi učinkovitosti ne bo razvila lastnega sistema BPRČ za euro , temveč bo za povezavo s sistemom TARGET uporabljala sistem BPRČ Deutsche Bundesbank .
Banka Slovenije commenced operations as a member of the Eurosystem on 2 January 2007 .
Banka Slovenije je začela izvajati operacije kot članica Eurosistema 2 . januarja 2007 .
RELATIONS WITH TARGET USERS AND RTGS SYSTEM OPERATORS OF OTHER CURRENCY AREAS The ESCB maintains close relations with TARGET users in order to ensure that their needs are given due consideration and receive an appropriate response .
ODNOSI Z UPORABNIKI SISTEMA TARGET IN UPRAVLJAVCI SISTEMA BPRČ VALUTNIH OBMOČIJ ESCB vzdržuje tesne stike z uporabniki sistema TARGET , da bi zagotovil primerno upoštevanje njihovih potreb in pridobil ustrezen odziv .
In 2006 , as in previous years , regular meetings were held between the NCBs linked to TARGET and the national TARGET user groups .
Tako kot v preteklih letih so se tudi leta 2006 odvijali redni sestanki nacionalnih centralnih bank , povezanih v TARGET , in nacionalnih skupin uporabnikov sistema TARGET .
In addition , joint meetings of the ESCB 's Working Group on TARGET2 and the TARGET Working Group of the European banking industry were held to discuss TARGET operational issues .
Poleg tega je prišlo do skupnih sestankov delovne skupine ESCB za sistem TARGET2 in delovne skupine evropskega bančnega sektorja za sistem TARGET , na katerih so razpravljali o operativnih vprašanjih sistema TARGET .
Strategic issues were addressed in the Contact Group on Euro Payments Strategy , a forum in which the senior management of commercial and central banks is represented .
Z nekaterimi strateškimi vprašanji se je ukvarjala kontaktna skupina za strategijo plačil v eurih ( Contact Group on Euro Payments Strategy -- COGEPS ) , ki je sestavljena iz
Source : ECB .
12 13 Vir : ECB .
1 ) There were 257 operating days in 2005 and 255 in 2006 .
1 ) Leta 2005 je bilo 257 delovnih dni in leta 2006 pa 255 .
2 ) Includes the traffic of remote participants .
2 ) Vključuje promet oddaljenih udeležencev .
CONTINGENCY MEASURES FOR SYSTEMICALLY IMPORTANT PAYMENTS IN TARGET Owing to the TARGET system 's pivotal role in the market and its broad market coverage , suitable protection against a wide range of threats is essential for the reliable and smooth functioning of the system .
IZREDNI UKREPI ZA SISTEMSKO POMEMBNA PLAČILA V SISTEMU TARGET Zaradi osrednje vloge sistema TARGET na trgu in njegove široke pokritosti trga je ustrezna zaščita proti številnim nevarnostim bistvenega pomena za zanesljivo in nemoteno delovanje sistema . Zelo pomembno je , da se sistemsko pomembna plačila -- tj .
It is of the utmost importance that systemically important payments -- i.e. those that could cause a systemic risk if not processed when due -- be carried out without delay , even in abnormal circumstances .
plačila , ki bi lahko ob nepravočasni obdelavi povzročila sistemsko tveganje -- izvedejo brez zamud , in sicer tudi v izrednih okoliščinah .