natgillin/translations-raw huggingface dataset:
No valuation haircuts are applied in liquidityabsorbing operations .
Pri operacijah za umikanje likvidnosti se odbitki pri vrednotenju ne uporabljajo .
Depending on both the jurisdiction and the national operational systems , national central banks allow for the pooling of underlying assets and / or require the earmarking of the assets used in each individual transaction .
-* Odvisno od jurisdikcije in nacionalnih operativnih sistemov dovoljujejo nacionalne centralne banke uporabo sklada finančnega premoženja za zavarovanje terjatev in /
In pooling systems , the counterparty makes a pool of sufficient underlying assets available to the central bank to cover the related credits received from the central bank , thus implying that individual assets are not linked to specific credit operations . By contrast , in
ali zahtevajo označevanje finančnega premoženja , ki se uporablja v vsaki posamezni transakciji . V sistemu s skladom finančnega premoženja nasprotna stranka zbere zadostno finančno premoženje za zavarovanje terjatev , ki ga da na razpolago centralni banki za kritje odobrenih posojil , kar pomeni , da posamezno finančno premoženje ni povezano s točno določenimi kreditnimi operacijami .
an earmarking system , each credit operation is linked to specific identifiable assets . -* The assets are subject to daily valuation .
Nasprotno je v sistemu z označevanjem finančnega premoženja za zavarovanje terjatev vsaka kreditna operacija povezana z določenim finančnim premoženjem .
On a daily basis , national central banks calculate the required value of underlying assets taking into account changes in outstanding credit volumes , the valuation principles outlined in Section 6.5 and the required valuation haircuts .
Finančno premoženje se vrednoti dnevno . Nacionalne centralne banke dnevno izračunavajo zahtevano vrednost finančnega premoženja za zavarovanje terjatev , upoštevajoč spremembe v stanju odobrenega posojila ,
If , after valuation , the underlying assets do not match the requirements as calculated on that day , symmetric margin calls are performed . In order to reduce the frequency of margin calls , national central banks may apply a trigger point .
Tabela 8 Stopnja odbitkov pri vrednotenju , ki velja za primerne tržne dolžniške instrumente z obratno spremenljivo donosnostjo v kategorijah od I do IV ( v odstotkih ) Preostala zapadlost ( leta ) 0-1 1-3 3-5 5-7 7-10 >10 Kupon z obratno spremenljivo donosnostjo 2 7 10 12 17 25
If applied , this trigger point is 0.5% of the amount of liquidity provided .
POGLAVJE 6 načela vrednotenja , ki so opisana v poglavju 6.5 , in zahtevane odbitke pri vrednotenju .
Depending on the jurisdiction , national central banks may require margin calls to be effected either through the supply of additional assets or by means of cash payments . This implies that if the market value of the underlying assets falls below the lower trigger point , counterparties have to supply additional assets ( or cash ) .
-* Če po vrednotenju finančno premoženje za zavarovanje terjatev ne ustreza zahtevani višini , izračunani za ta dan , se izvedejo simetrični pozivi h kritju . Da bi se zmanjšala pogostost pozivov h kritju , lahko nacionalne centralne banke uporabljajo prag poziva .
Similarly , if the market value of the underlying assets , following their revaluation , were to exceed the upper trigger point , the national central bank would return the excess assets ( or cash ) to the counterparty ( see Box 8 ) . -*
Če se uporablja , prag poziva znaša 0,5 odstotka zneska posojene likvidnosti . V odvisnosti od jurisdikcije lahko nacionalne centralne banke zahtevajo , Primerno finančno premoženje za zavarovanje
-* Box 8
Okvir 8
CALCULATION OF MARGIN CALLS The total amount of eligible assets J ( for j = 1 to J ;
IZRAČUN POZIVOV H KRITJU Skupni znesek primernega finančnega premoženja J ( za j = 1 do J ;
amount Li , t at time t ) is determined by the following formula : ∑ Li , t ≤ ∑ ( 1 -- hj ) Cj , t i = 1 j = 1 I J
znesek Li , t ob času t ) se določi s pomočjo sledečega izračuna : ∑ Li , t ≤ ∑ ( 1 -- hj ) Cj , t i = 1 j = 1 I J
Let τ be the time period between revaluations . The margin call base at time t + τ equals : Mt + τ = ∑ Li , t + τ - ∑ ( 1 - hj ) Cj , t + τ i = 1 j = 1 I J
kjer : hj predstavlja odbitek pri vrednotenju , ki se uporablja za primerno finančno premoženje j. Če je τ časovno obdobje med dvema zaporednima vrednotenjema , je osnova za poziv h kritju ob času t + τ enaka : Mt + τ = ∑ Li , t + τ - ∑ ( 1 - hj ) Cj , t + τ i = 1 j = 1 I J
Depending on the operational features of the national central banks » collateral management systems , national central banks may also take into account interest accrued on liquidity provided in outstanding operations in the calculation of the margin call base .
Odvisno od operativnih značilnosti sistemov za upravljanje z zavarovanjem nacionalnih centralnih bank , lahko nacionalne centralne banke pri izračunu osnove za poziv h kritju upoštevajo tudi natečene obresti od posojene likvidnosti .
Let k = 0.5% denote the trigger .
Naj k = 0,5% označuje prag poziva .
In an earmarking system ( I = 1 ) , a margin call is effected when : Mt + τ >k .
V sistemu z označevanjem finančnega premoženja za zavarovanje terjatev ( I = 1 ) , se poziv h kritju izvrši , ko : Mt + τ >k .
Li , t + τ ( the counterparty pays the margin call to the national central bank ) ; or Mt + τ < - k .</p>
Li , t + τ ( nasprotna stranka plača poziv h kritju nacionalni centralni banki ) ali Mt + τ < - k .</p>
Li , t + τ ( the national central bank pays the margin call to the counterparty ) .
Li , t + τ ( nacionalna centralna banka plača poziv h kritju nasprotni stranki ) .
Conversely , the amount of intraday credit ( IDC ) available to the counterparty in a pooling system can be expressed as follows : IDC =- Mt + τ + k -* ∑ Li , t + τ ( if positive ) i = 1 I
Znesek posojila čez dan , ki je na razpolago nasprotni stranki pri uporabi sistema s skladom finančnega premoženja za zavarovanje terjatev , se lahko izrazi kot : I IDC =- Mt + τ + k -* ∑ Li , t + τ ( če je pozitivno ) i = 1
-* In pooling systems , counterparties may substitute underlying assets on a daily basis .
-* -* V sistemih s skladom finančnega premoženja za zavarovanje terjatev lahko nasprotne stranke dnevno zamenjajo finančno premoženje za zavarovanje terjatev .
-* -* The ECB may at any time decide to remove individual debt instruments from the published list of eligible marketable assets .
ECB se lahko kadar koli odloči , da umakne posamezni dolžniški instrument z objavljene liste primernega tržnega finančnega premoženja . 47 -*
47 differ according to the residual maturity , type of interest payment ( fixed or variable ) and the valuation methodology applied by the national central bank ( see Section 6.5 ) , as described in Table 9.48 The haircut applied to credit claims with variable rate interest payments is 7 %, irrespective of the valuation methodology applied by the national central bank .
-* Za posamezna bančna posojila se uporabljajo posebni odbitki pri vrednotenju . Višina odbitka pri vrednotenju je odvisna od preostale zapadlosti , vrste plačila obresti ( fiksna ali variabilna obrestna mera ) in metodologije vrednotenja , ki jo uporablja nacionalna centralna banka ( glej poglavje 6.5 ) , kot je opisano v tabeli 9 .
An interest payment is considered a variable rate payment if it is linked to a reference interest rate and if the resetting period corresponding to this payment is no longer than one year . -*
48 Odbitek pri vrednotenju , ki se uporablja pri bančnih posojilih z variabilno obrestno mero , NETRŽNI HIPOTEKARNI DOLŽNIŠKI INSTRUMENTI Za netržne hipotekarne dolžniške instrumente se uporablja odbitek pri vrednotenju v višini 20 %.
6.4.3 RISK CONTROL MEASURES FOR NON-MARKETABLE ASSETS CREDIT CLAIMS The risk control framework for eligible credit claims includes the following main elements : -* Individual credit claims are subject to specific valuation haircuts . The haircuts
6.5 NAČELA VREDNOTENJA FINANČNEGA PREMOŽENJA ZA ZAVAROVANJE TERJATEV Eurosistem pri določanju vrednosti finančnega premoženja za zavarovanje terjatev , ki se uporablja pri povratnih transakcijah , uporablja naslednja načela . -*
47 If , at the time of exclusion from the list of eligible marketable assets , a debt instrument is being used in a Eurosystem credit operation , it will have to be removed as soon as possible .
47 Če se v času umika z liste primerno tržno finančno premoženje uporablja v kreditnih operacijah Eurosistema , ga je treba odstraniti , takoj ko je to mogoče .
48 The valuation haircuts applied to credit claims with fixed rate interest payments are also applicable to credit claims , the interest payments of which are linked to the inflation rate .
48 Odbitki pri vrednotenju , ki se uporabljajo pri bančnih posojilih s plačilom obresti po fiksni obrestni meri , se uporabljajo tudi pri bančnih posojilih , kjer je plačilo obresti vezano na stopnjo inflacije .
ECB The implementation of monetary policy in the euro area November 2008 53
ECB Izvajanje denarne politike v euroobmočju November 2008
Table 9 Levels of valuation haircuts applied to credit claims with fixed interest payments ( percentages ) Residual maturity ( years ) Fixed interest payment and a valuation based on a theoretical price assigned by the NCB 7 9 11 12 13 17 Fixed interest payment and a valuation according to the outstanding amount assigned by the NCB 9 15 20 24 29 41 0-1 1-3 3-5 5-7 7-10 >10
POGLAVJE 6 Tabela 9 Stopnja odbitkov pri vrednotenju , ki velja za bančna posojila s fiksno obrestno mero ( v odstotkih ) Preostala zapadlost ( leta ) 0-1 1-3 3-5 5-7 7-10 >10 Plačilo po fiksni obrestni meri in vrednotenje po teoretični ceni , ki jo določi NCB 7 9 11 12 13 17 Plačilo po fiksni obrestni meri in vrednotenje glede na preostali neodplačan znesek , ki ga določi NCB 9 15 20 24 29 41
-* The risk control measures applied to a credit claim with more than one type of interest payment depend only on the interest payments during the remaining life of the credit claim . If there is more than one type of interest payment during the remaining life of the credit claim , the remaining interest payments are treated as fixed rate payments , with the relevant maturity for the haircut being the residual maturity of the credit claim .
Primerno finančno premoženje za zavarovanje TRŽNO FINANČNO PREMOŽENJE -* Eurosistem za vsako primerno tržno finančno premoženje določi najbolj reprezentativen cenovni vir , ki se bo uporabil pri izračunu tržne vrednosti .
The national central banks apply the same trigger point ( if applicable ) for the execution of margin calls for marketable and non-marketable assets . MARKETABLE ASSETS -* For each eligible marketable asset , the Eurosystem defines the most representative price source to be used for the calculation of the market value .
-* Vrednost tržnega finančnega premoženja se izračuna na podlagi najbolj reprezentativne cene na delovni dan pred datumom vrednotenja . Če kotira več kot ena cena , se uporabi najnižja cena ( običajno je to cena povpraševanja ) .
-* The value of a marketable asset is calculated on the basis of the most representative price on the business day preceding the valuation date . If more than one price is quoted , the lowest of these prices ( normally the bid price ) is used .
Če za določeno finančno premoženje na delovni dan pred datumom vrednotenja reprezentativna cena ni na voljo , se uporabi zadnja cena trgovanja .
In the absence of a representative price for a particular asset on the business day preceding the valuation date , the last trading price is used . If the reference price obtained is older than five days , or has not moved for at least five days , the Eurosystem defines a theoretical price .
Če je dobljena referenčna cena starejša kot pet dni oziroma se vsaj pet dni ni spremenila , Eurosistem določi teoretično ceno . Tržna ali teoretična vrednost dolžniškega instrumenta se izračuna vključno z natečenimi obrestmi .
The market or theoretical value of a debt instrument is calculated including accrued interest . Depending on differences in national legal systems and operational practices , the treatment of income flows ( e.g. coupon payments ) related to an asset which are received during the life of a reverse transaction may differ between national central banks .
Odvisno od razlik med nacionalnimi zakonodajami in razlik pri operativnih postopkih lahko nacionalne centralne banke različno obravnavajo donose ( npr . kuponska plačila ) finančnega premoženja , ki se prejmejo v času trajanja povratne transakcije .
If the income flow is transferred to the counterparty , national central banks ensure that the relevant operations will still be fully covered by a sufficient amount of underlying assets before the transfer of the income takes place . The
Če se donos prenese na nasprotno stranko , nacionalne centralne banke zagotovijo , da so zadevne operacije še naprej popolnoma krite z zadostnim zneskom finančnega premoženja za zavarovanje terjatev , še preden pride do takšnega prenosa donosa .
6.5 VALUATION PRINCIPLES FOR UNDERLYING ASSETS When determining the value of underlying assets used in reverse transactions , the Eurosystem applies the following principles :
Nacionalne centralne banke si prizadevajo zagotoviti , da je gospodarski učinek obravnave donosov
CHAPTER 6 national central banks aim to ensure that the economic effect of the treatment of income flows is equivalent to a situation in which the income is transferred to the counterparty on the payment day . 49 NON-MARKETABLE ASSETS Non-marketable assets are assigned a value corresponding either to the theoretical price or to the outstanding amount .
enak kot v primeru , da se donos na dan plačila prenese na nasprotno stranko . 49 NETRŽNO FINANČNO PREMOŽENJE Netržnemu finančnemu premoženju se pripiše vrednost , ki ustreza bodisi teoretični ceni bodisi stanju .
If the national central bank opts for the valuation corresponding to the outstanding amount , the non-marketable assets may be subject to higher haircuts ( see Section 6.4.3 ) . 6.6.1 CORRESPONDENT CENTRAL BANKING MODEL The correspondent central banking model is illustrated in Chart 3 below .
Če se nacionalna centralna banka odloči za vrednotenje po preostalem neodplačanem znesku , se lahko pri netržnem finančnem premoženju uporabi višji odbitek pri vrednotenju ( glej poglavje 6.4.3 ) .
All national central banks maintain securities accounts with each other for the purpose of the cross-border use of eligible assets . The precise procedure of the CCBM depends on whether the eligible assets are earmarked for each individual transaction or whether they are held in a pool of underlying assets .
6.6 ČEZMEJNA UPORABA PRIMERNEGA FINANČNEGA PREMOŽENJA ZA ZAVAROVANJE TERJATEV Nasprotne stranke Eurosistema lahko uporabijo primerno finančno premoženje za zavarovanje terjatev preko meja , tj .
52 -* In an earmarking system , as soon as a counterparty 's bid for credit is accepted by the national central bank of the Member State in which the counterparty is established ( i.e. the « home central bank ") , the counterparty instructs ( via its own custodian , if necessary ) the SSS in the country in which its marketable assets are held to transfer them to the central bank of that country for the account of the home central bank . Once the home central bank has been informed by the correspondent central bank that the collateral has been received , it transfers the funds to the counterparty .
lahko dobijo denarna sredstva od nacionalne centralne banke države članice , v kateri so ustanovljene , z uporabo finančnega premoženja , ki se nahaja v drugi državi članici . Finančno premoženje za zavarovanje terjatev mora biti čezmejno uporabljivo v celotnem euroobmočju in za vse vrste operacij , v katerih Eurosistem povečuje likvidnost na podlagi primernega finančnega premoženja za zavarovanje terjatev .
Central banks do not advance funds until they are certain that the counterparties » marketable assets have been received by the correspondent central Eligible assets
-* 49 Nacionalne centralne banke lahko določijo , da dolžniških instrumentov z donosom ( npr .
6.6 CROSS-BORDER USE OF ELIGIBLE ASSETS Eurosystem counterparties may use eligible assets on a cross-border basis , i.e. they may obtain funds from the national central bank of the Member State in which they are established by making use of assets located in another Member State .
kuponskim plačilom ) , ki nastane v obdobju do datuma zapadlosti operacije denarne politike , ne sprejmejo kot finančno premoženje za zavarovanje terjatev pri povratnih transakcijah ( glej poglavje 6.2.3 ) . ECB Izvajanje denarne politike v euroobmočju November 2008
A mechanism has been developed by the national central banks ( and by the ECB ) to ensure that all eligible assets issued / deposited in the euro area may be used on a cross-border basis .
Mehanizem , ki so ga razvile nacionalne centralne banke ( in ECB ) , omogoča , da se lahko vse primerno finančno premoženje za zavarovanje terjatev , izdano ali deponirano v euroobmočju , uporabi preko meja .
This is the correspondent central banking model ( CCBM ) , under which national central banks act as custodians (" correspondents ") for each other ( and for the ECB ) in respect of assets accepted in their local depository or settlement system .
Ta mehanizem je korespondenčni centralnobančni model ( CCBM ) , v katerem nacionalne centralne banke za finančno premoženje , ki so ga sprejele v svoj lokalni register ali poravnalni sistem , delujejo kot skrbniki ( „korespondenti ") druga za drugo ( in za ECB ) .
Specific solutions can be used for nonmarketable assets , i.e. credit claims and RMBDs , which cannot be transferred through an SSS .
Posebne rešitve se lahko uporabljajo za netržno finančno premoženje , tj .
50 The CCBM may be used to collateralise all kinds of Eurosystem credit operations .
50 CCBM se lahko uporabi za zavarovanje terjatev vseh vrst kreditnih operacij Eurosistema .
In addition to the CCBM , eligible links between SSSs can be used for the cross-border transfer of marketable assets .
Poleg CCBM se za prenos tržnega finančnega premoženja preko meja lahko uporabljajo primerne povezave med SPVP .
49 National central banks may decide not to accept debt instruments with an income flow ( e.g. a coupon payment ) occurring in the period up to the maturity date of the monetary policy operation as underlying assets in reverse transactions ( see Section 6.2.3 ) .
52 -* Če je v uporabi sistem z označevanjem finančnega premoženja , nasprotna stranka takoj , ko nacionalna centralna banka države članice , v kateri je ustanovljena ( tj . „domača centralna banka ") , sprejme njeno protiponudbo za posojilo , izda nalog ( prek lastnega skrbnika , če je to potrebno )
50 Details are provided in the brochure entitled « Correspondent central banking model ( CCBM ) procedure for Eurosystem counterparties » , which is available on the ECB 's website ( www.ecb.europa.eu ) .
50 Podrobnosti so navedene v brošuri z naslovom „Korespondenčni centralnobančni model ( CCBM ) . Postopki za nasprotne stranke Eurosistema » , ki je na voljo na spletni strani ECB ( www.ecb.europa.eu ) .
51 Eligible assets may be used through an account of a central bank in an SSS located in a country other than that of the central bank in question if the Eurosystem has approved the use of such an account .
51 Primerno finančno premoženje za zavarovanje terjatev se lahko uporablja prek računa centralne banke pri SPVP , ki je v drugi državi kot zadevna centralna banka , če Eurosistem odobri uporabo takega računa .
Since 1999 , De Nederlandsche Bank has been authorised to use its account with Euroclear Bank ( Belgium ) to settle collateral transactions in the Eurobonds issued in that ICSD .
Od leta 1999 dalje sme De Nederlandsche Bank uporabljati svoj račun pri Euroclear Bank ( Belgija ) , ko gre za poravnavo transakcij z euroobveznicami , izdanimi pri tem MRVP .
52 See footnote 50 in this chapter .
52 Glej opombo 50 v tem poglavju .
55 Chart 3 The correspondent central banking model Use of eligible assets deposited in country B by a counterparty established in country A in order to obtain credit from the national central bank of country A.
Slika 3 Korespondenčni centralnobančni model Uporaba primernega finančnega premoženja za zavarovanje terjatev , vpisanega v register v državi B , s strani nasprotne stranke , ustanovljene v državi A , za pridobitev posojila od nacionalne centralne banke države A.
COUNTRY A
Država A
COUNTRY B
Država B
NCB A Information on collateral Information on collateral Credit
NCB A Podatki o zavarovanju Podatki o zavarovanju Posojilo
NCB B Collateral SSS
NCB B Zavarovanje SPVP
Counterparty A Transfer instructions Custodian
POGLAVJE 6 sistemu poravnave vrednostnih papirjev v državi , v kateri se nahaja tržno finančno premoženje , da ga prenese na centralno banko te države za račun domače centralne banke . Ko je domača centralna banka obveščena s strani korespondenčne centralne banke , da je le-ta prejela finančno premoženje , domača centralna banka nakaže denarna sredstva nasprotni stranki .
bank .
Centralne banke ne nakažejo denarnih sredstev , dokler niso prepričane , da je korespondenčna centralna banka prejela tržno finančno premoženje nasprotne stranke .
-* In a pooling system , the counterparty is able at any time to provide the correspondent central bank with marketable assets for the account of the home central bank .
-* V sistemu s skladom finančnega premoženja za zavarovanje terjatev lahko nasprotna stranka v vsakem trenutku zagotovi korespondenčni centralni banki tržno finančno premoženje za račun domače centralne banke .
Specific procedures for cross-border use have been developed for non-marketable assets , i.e. credit claims and RMBDs .
Za netržno finančno premoženje , tj .
53 When credit claims are used as collateral in a cross-border context , a CCBM variant is applied to credit claims , which is based on a transfer of ownership to , an assignment to , a pledge in favour of the home central bank , or a charge in favour of the correspondent central bank acting as the agent for the home central bank .
za bančna posojila in netržne hipotekarne dolžniške instrumente , so bili razviti posebni postopki za čezmejno uporabo 53 . Ko se kot zavarovanje terjatev čez mejo uporabljajo bančna posojila , se uporablja različica CCBM , ki temelji na prenosu lastništva , odstopu terjatve ali zastavi v korist domače centralne banke oziroma na zavarovanju ( charge ) v korist korespondenčne centralne banke , ki deluje kot agent za domačo centralno banko .
Furthermore , the counterparty must ensure that the collateral for securing monetary policy operations is delivered to the account of the correspondent central bank by 4.45 p.m. ECB time ( CET ) at the latest .
denarne politike dostavi na račun korespondenčne centralne banke najkasneje do 16.45 ure po času ECB ( srednjeevropski čas ) .
When the counterparties foresee a need to use the CCBM late in the day , they should , where possible , deliver the assets in advance ( i.e. pre-deposit them ) .
Ko nasprotne stranke predvidijo potrebo po uporabi CCBM proti koncu dne , morajo , kjer je to možno , dostaviti finančno premoženje vnaprej ( tj . vnaprej deponirati finančno premoženje ) .
In exceptional circumstances or when required for monetary policy purposes , the ECB may decide to extend CCBM 's closing time until TARGET2 closing time .
V izrednih okoliščinah ali ko je to potrebno za namene denarne politike , se ECB lahko odloči podaljšati čas zaprtja CCBM do časa zaprtja sistema TARGET2 .
6.6.2 LINKS BETWEEN SECURITIES SETTLEMENT SYSTEMS In addition to the CCBM , eligible links between EU SSSs can be used for the cross-border transfer of marketable assets . 53 See footnote 50 in this chapter .
6.6.2 POVEZAVE MED SISTEMI PORAVNAVE VREDNOSTNIH PAPIRJEV Poleg CCBM se za prenos tržnega finančnega premoženja preko meje lahko uporabljajo primerne povezave med SPVP v EU .