natgillin/translations-raw huggingface dataset:
At 6.63 the percentage of allotment is : 158 - 65 = 93 % 100 The allotment to Bank 1 at the marginal swap points is , for example : 0.93 × 25 = 23.25 The total allotment to Bank 1 is : 5 + 5 + 5 + 10 + 23.25 = 48.25 The allotment results can be summarised as follows : Amount ( EUR millions ) Counterparties Total bids Total allotment Bank 1 65.00 48.25 Bank 2 90.00 52.55 Bank 3 80.00 57.20 Total 235.0 158.0
Pri 6,63 je odstotek dodelitve : 158 - 65 = 93 % 100 Dodelitev banki 1 pri mejnih swap točkah znaša na primer : 0,93 × 25 = 23,25 Skupna dodelitev banki 1 je : 5 + 5 + 5 + 10 + 23,25 = 48,25 Rezultate dodelitve lahko povzamemo : Znesek ( milijoni EUR ) Nasprotne stranke Skupaj protiponudbe Skupaj dodelitev Banka 1 65,00 48,25 Banka 2 90,00 52,55 Banka 3 80,00 57,20 Skupaj 235,0 158,0
The ECB fixes the spot EUR / USD exchange rate for the operation at 1.1300 .
ECB za operacijo fiksira promptni devizni tečaj EUR / USD pri 1,1300 .
If the allotment procedure follows a single rate ( Dutch ) auction , at the start date of the operation the Eurosystem buys Euros 158,000,000 and sells USD 178,540,000 .
Če se postopek dodelitve izvaja na podlagi avkcije z enotno swap mero ( avkcija nizozemskega tipa ) , na datum začetka operacije Eurosistem kupi 158.000.000 EUR in proda 178.540.000 USD .
On the maturity date of the operation , the Eurosystem sells Euros 158,000,000 and buys USD 178,644,754 ( the forward exchange rate is 1.130663 = 1.1300 + 0.000663 ) .
Na datum zapadlosti operacije Eurosistem proda 158.000.000 EUR in kupi 178.644.754 USD ( terminski devizni tečaj je 1,130663 = 1,1300 + 0,000663 ) .
Example 4 ( continued )
Primer št . 4 ( nadaljevanje )
If the allotment procedure follows a multiple rate ( American ) auction , the Eurosystem exchanges the amounts of euro and US dollars as shown in the following table : Spot transaction Exchange rate 1.1300 1.1300 1.1300 1.1300 1.1300 1.1300 1.1300 1.1300 1.1300 Buy EUR 10,000,000 15,000,000 15,000,000 25,000,000 93,000,000 Sell USD 11,300,000 16,950,000 16,950,000 28,250,000 105,090,000 Exchange rate 1.130684 1.130680 1.130676 1.130671 1.130667 1.130663 1.130658 1.130654 1.130649 Forward transaction Buy EUR 10,000,000 15,000,000 15,000,000 25,000,000 93,000,000 Sell USD 11,306,800 16,960,140 16,960,065 28,266,675 105,151,659 Total
Če se postopek dodelitve izvaja na podlagi avkcije z različnimi swap merami ( avkcija ameriškega tipa ) , Eurosistem zamenja zneske eurov in ameriških dolarjev , kot je prikazano v spodnji tabeli : Promptna transakcija Devizni tečaj 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 Nakup EUR 10.000.000 15.000.000 15.000.000 25.000.000 93.000.000 Prodaja USD 11.300.000 16.950.000 16.950.000 28.250.000 105.090.000 Devizni tečaj 1,130684 1,130680 1,130676 1,130671 1,130667 1,130663 1,130658 1,130654 1,130649 Terminska transakcija Prodaja EUR 10.000.000 15.000.000 15.000.000 25.000.000 93.000.000 Nakup USD 11.306.800 16.960.140 16.960.065 28.266.675 105.151.659
APPENDIX 1 Example 5 Examples of monetary policy opertations and procedures
PRILOGA 1 Primer št . 5 Primeri operacij in postopkov denarne politike
LIQUIDITY-PROVIDING FOREIGN EXCHANGE SWAP BY VARIABLE RATE TENDER The ECB decides to provide liquidity to the market by executing a foreign exchange swap on the EUR / USD rate by means of a variable rate tender procedure .
VALUTNA ZAMENJAVA ZA POVEČEVANJE LIKVIDNOSTI NA PODLAGI AVKCIJE Z VARIABILNO SWAP MERO ECB se odloči , da poveča likvidnost na trgu z izvedbo valutne zamenjave eura proti ameriškemu dolarju na podlagi avkcije z variabilno swap mero .
) Three counterparties submit the following bids : Amount ( EUR millions ) Swap points ( x 10,000 ) 6.23 6.27 6.32 6.36 6.41 6.45 6.49 6.54 6.58 Total Bank 1 Bank 2 Bank 3 Total Cumulative bids
) Tri nasprotne stranke predložijo naslednje protiponudbe : Znesek ( milijoni EUR ) Swap točke ( x 10.000 ) 6,23 6,27 6,32 6,36 6,41 6,45 6,49 6,54 6,58 Skupaj Banka 1 Banka 2 Banka 3 Skupaj Protiponudbe kumulativno 10 20 40 80 160 195 215 220
10 20 40 80 160 195 215 220 The ECB decides to allot Euros 197 million , implying 6.54 marginal swap points .
ECB se odloči dodeliti 197 milijonov EUR , kar implicira mejne swap točke v višini 6,54 .
All bids below 6.54 ( for a cumulative amount of Euros 195 million ) are fully satisfied .
Vse protiponudbe pod 6,54 ( v kumulativnem znesku 195 milijonov EUR ) se v celoti sprejmejo .
At 6.54 the percentage of allotment is : 197 - 195 = 10 % 20 The allotment to Bank 1 at the marginal swap points is , for example : 0.10 × 5 = 0.5 The total allotment to Bank 1 is : 5 + 5 + 10 + 10 + 20 + 5 + 0.5 = 55.5 The allotment results can be summarised as follows : Amount ( EUR millions ) Counterparties Total bids Total allotment Bank 1 60.0 55.5 Bank 2 85.0 75.5 Bank 3 75.0 66.0 Total 220 197
Pri 6,54 je odstotek dodelitve : 197 - 195 = 10 % 20 Dodelitev banki 1 pri mejnih swap točkah znaša na primer : 0,10 × 5 = 0,5 Skupna dodelitev banki 1 je : 5 + 5 + 10 + 10 + 20 + 5 + 0,5 = 55,5 Rezultate dodelitve lahko povzamemo : Znesek ( milijoni EUR ) Nasprotne stranke Skupaj protiponudbe Skupaj dodelitev Banka 1 60,0 55,5 Banka 2 85,0 75,5 Banka 3 75,0 66,0 Skupaj 220 197
If the allotment procedure follows a single rate ( Dutch ) auction , at the start date of the operation the Eurosystem sells Euros 197,000,000 and buys USD 222,610,000 .
Če se postopek dodelitve izvaja na podlagi avkcije z enotno swap mero ( avkcija nizozemskega tipa ) , na datum začetka operacije Eurosistem proda 197.000.000 EUR in kupi 222.610.000 USD .
At the maturity date of the operation , the Eurosystem buys Euros 197,000,000 and sells USD 222,738,838 ( the forward exchange rate is 1.130654 = 1.1300 + 0.000654 ) .
Na datum zapadlosti operacije Eurosistem kupi 197.000.000 EUR in proda 222.738.838 USD ( terminski devizni tečaj je 1,130654 = 1,1300 + 0,000654 ) .
Example 5 ( continued )
Primer št . 5 ( nadaljevanje )
If the allotment procedure follows a multiple rate ( American ) auction , the Eurosystem exchanges the amounts of euro and US dollars as shown in the following table : Spot transaction Exchange rate 1.1300 1.1300 1.1300 1.1300 1.1300 1.1300 1.1300 1.1300 1.1300 Total Sell EUR 10,000,000 10,000,000 20,000,000 40,000,000 80,000,000 35,000,000 2,000,000 197,000,000 Buy USD 11,300,000 11,300,000 22,600,000 45,200,000 90,400,000 39,550,000 2,260,000 222,610,000 Exchange rate 1.130623 1.130627 1.130632 1.130636 1.130641 1.130645 1.130649 1.130654 1.130658 Forward transaction Buy EUR 10,000,000 10,000,000 20,000,000 40,000,000 80,000,000 35,000,000 2,000,000 197,000,000 Sell USD 11,306,270 11,306,320 22,612,720 45,225,640 90,451,600 39,572,715 2,261,308 222,736,573
Če se postopek dodelitve izvaja na podlagi avkcije z različnimi swap merami ( avkcija ameriškega tipa ) , Eurosistem zamenja zneske eurov in ameriških dolarjev , kot je prikazano v spodnji tabeli : Promptna transakcija Devizni tečaj 1.1300 1.1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 1,1300 Skupaj Prodaja EUR 10.000.000 10.000.000 20.000.000 40.000.000 80.000.000 35.000.000 2.000.000 197.000.000 Nakup USD 11.300.000 11.300.000 22.600.000 45.200.000 90.400.000 39.550.000 2.260.000 222.610.000 Devizni tečaj 1.130623 1.130627 1,130632 1,130636 1,130641 1,130645 1,130649 1,130654 1,130658 Terminska transakcija Nakup EUR 10.000.000 10.000.000 20.000.000 40.000.000 80.000.000 35.000.000 2.000.000 197.000.000 Prodaja USD 11.306.270 11.306.320 22.612.720 45.225.640 90.451.600 39.572.715 2.261.308 222.736.573
APPENDIX 1 Example 6 Examples of monetary policy opertations and procedures
PRILOGA 1 Primer št . 6 Primeri operacij in postopkov denarne politike
RISK CONTROL MEASURES This example illustrates the risk control framework applied to underlying assets used in the Eurosystem 's liquidity-providing operations . 1 The example is based on the assumption that a counterparty participates in the following Eurosystem monetary policy operations : -* a main refinancing operation starting on 28 July 2004 and ending on 4 August 2004 where the counterparty is allotted Euros 50 million at an interest rate of 4.24% ;
UKREPI ZA OBVLADOVANJE TVEGANJ Ta primer prikazuje okvir za obvladovanje tveganj , ki se uporablja za finančno premoženje za zavarovanje terjatev v operaciji Eurosistema za povečanje likvidnosti 1 . Primer temelji na predpostavki , da nasprotna stranka sodeluje v naslednjih operacijah denarne politike Eurosistema : -* v operaciji glavnega refinanciranja , ki se začne 28 .
a longer-term refinancing operation starting on 29 July 2004 and ending on 21 October 2004 where the counterparty is allotted Euros 45 million at an interest rate of 4.56% ;
oktobra 2004 , kjer se nasprotni stranki dodeli 45 milijonov EUR po obrestni meri 4,56% ; in v operaciji glavnega refinanciranja , ki se začne 4 .
and a main refinancing operation starting on 4 August 2004 and ending on 11 August 2004 where the counterparty is allotted Euros 35 million at an interest rate of 4.26% .
avgusta 2004 in konča 11 . avgusta 2004 , kjer se nasprotni stranki dodeli 35 milijonov EUR po obrestni meri 4,26% .
The characteristics of the underlying marketable assets used by the counterparty to cover these operations are specified in Table 1 below .
Značilnosti finančnega premoženja za zavarovanje terjatev , ki ga nasprotna stranka uporabi za kritje teh operacij , so podrobno opredeljene v spodnji tabeli 1 .
TABLE 1 UNDERLYING MARKETABLE ASSETS USED IN THE TRANSACTIONS Name Asset A Asset B Asset C Asset class Jumbo covered bank bond Central government bond Corporate bond Characteristics Maturity date Coupon definition 30.8.2008 19.11.2008 12.5.2015 Fixed rate Variable rate Zero coupon rate Coupon frequency 6 months 12 months Residual maturity 4 years 4 years >10 years Haircut 3.50% 0.50% 15.00%
TABELA 1 : TRŽNO FINANČNO PREMOŽENJE ZA ZAVAROVANJE TERJATEV , UPORABLJENO V TRANSAKCIJAH Ime Finančno premoženje A Finančno premoženje B Finančno premoženje C 28 .
Prices in percentages ( including accrued interest ) *) 28.7.2004 102.63 29.7.2004 101.98 98.35 30.7.2004 100.55 97.95 2.8.2004 101.03 98.15 3.8.2004 100.76 98.56 4.8.2004 101.02 98.73 55.01 5.8.2004 101.24 98.57 54.87
7 . 2004 102,63 Kategorija finančnega premoženja Jumbo krite bančne obveznice Državne obveznice Podjetniške obveznice Datum zapadlosti 30 .
*) The prices shown for a specific valuation date correspond to the most representative price on the business day preceding this valuation date .
55,01 54,87 *) Cene , prikazane za posamezen datum vrednotenja , ustrezajo najbolj reprezentativni ceni na poslovni dan pred tem datumom vrednotenja .
The risk control framework can then be described as follows ( see also Table 2 below ) : 1 .
Okvir za obvladovanje tveganj lahko opišemo na naslednji način ( glej tudi spodnjo tabelo 2 ) : 1 Primer temelji na predpostavki , da se pri izračunu potrebe za poziv h kritju , upošteva natečene obresti na posojeno likvidnost in na predpostavki , da znaša prag poziva 0,5% posojene likvidnosti .
On 28 July 2004 , the counterparty enters into a repurchase transaction with the national central bank , which purchases Euros 50.6 million of Asset A. Asset A is a Jumbo covered bank bond with a fixed coupon maturing on 30 August 2008 .
julija 2004 nasprotna stranka začne repo transakcijo z nacionalno centralno banko , ki odkupi 50,6 milijona EUR finančnega premoženja A. Finančno premoženje A je Jumbo krita bančna obveznica , ki dospe v plačilo 30 .
It thus has a residual maturity of four years , therefore requiring a valuation haircut of 3.5% .
avgusta 2008 in ima kupon s fiksnim donosom .
The market price of Asset A on its reference market on that day is 102.63% , which includes the accrued interest on the coupon .
Torej ima preostalo zapadlost štirih let , kar pomeni odbitek pri vrednotenju v višini 3,5% .
1 The example is based on the assumption that , in the calculation of the need for a margin call , accrued interest on the liquidity provided is taken into account and a trigger point of 0.5% of the liquidity provided is applied .
Tržna cena finančnega premoženja A na njegovem referenčnem trgu na ta dan znaša 102,63% , kar vključuje natečene obresti kupona .
Example 6 ( continued ) The counterparty is required to provide an amount of Asset A , which -- after deduction of the 3.5% valuation haircut -- exceeds the allotted amount of Euros 50 million .
Nasprotna stranka mora zagotoviti tak znesek finančnega premoženja A , ki po 3,5 - odstotnem odbitku pri vrednotenju presega dodeljeni znesek 50 milijonov EUR .
The counterparty therefore delivers Asset A for a nominal amount of Euros 50.6 million , the adjusted market value of which is Euros 50,113,203 on that day .
Nasprotna stranka zato izroči finančno premoženje A za nominalni znesek 50,6 milijona EUR , katerega prilagojena tržna vrednost znaša 28 . julija 50.113.203 EUR .
On 29 July 2004 , the counterparty enters into a repurchase transaction with the national central bank , which purchases Euros 21 million of Asset A ( market price 101.98% , valuation haircut 3.5% ) and Euros 25 million of Asset B ( market price 98.35% ) .
julija 2004 nasprotna stranka izvede repo transakcijo z nacionalno centralno banko , ki odkupi 21 milijonov EUR finančnega premoženja A ( tržna cena 101,98% , odbitek pri vrednotenju 3,5% ) in 25 milijonov EUR finančnega premoženja B ( tržna cena 98,35% ) .
Asset B is a central government bond with variable rate coupon payments , to which a 0.5% valuation haircut is applied .
Finančno premoženje B je državna obveznica z izplačilom kuponov po variabilni obrestni meri , za kar se uporablja 0,5% odbitek pri vrednotenju .
The adjusted market value of Asset A and Asset B on that day is Euros 45,130,810 , thus exceeding the required amount of Euros 45,000,000 .
Prilagojena tržna vrednost finančnega premoženja A in finančnega premoženja B znaša tega dne 45.130.810 EUR , torej presega zahtevani znesek 45.000.000 EUR .
With a market price of 101.98% , the haircut-adjusted market value of Asset A is still within the lower and upper trigger amounts .
S tržno ceno 101,98% je tržna cena finančnega premoženja A po odbitku pri vrednotenju še vedno v mejah spodnje in zgornje meje za poziv h kritju .
The initially pledged collateral is consequently considered to cater for both the initial amount of liquidity provided and the accrued interest amounting to Euros 5,889 .
V začetku dano zavarovanje se zato obravnava , kot da krije tako začetni dani znesek posojene likvidnosti kot tudi natečene obresti , ki znašajo 5.889 EUR .
On 30 July 2004 , the underlying assets are revalued : the market price of Asset A is 100.55% and the market price of Asset B is 97.95% .
Dne 30 . julija 2004 se izvrši popravek vrednosti finančnega premoženja za zavarovanje terjatev : tržna cena finančnega premoženja A je 100,55% in tržna cena finančnega premoženja B je 97,95% .
Accrued interest amounts to Euros 11,778 on the main refinancing operation initiated on 28 July 2004 and Euros 5,700 on the longer-term refinancing operation initiated on 29 July 2004 .
Natečene obresti znašajo 11.778 EUR za operacijo glavnega refinanciranja , ki se je začela 28 . julija 2004 , in 5.700 EUR za operacijo dolgoročnejšega refinanciranja , ki se je začela 29 .
As a result , the adjusted market value of Asset A in the first transaction falls below the transaction 's amount to be covered ( i.e. the liquidity provided plus the accrued interest ) by Euros 914,218 , but also below the lower trigger level of Euros 49,761,719 .
Zato prilagojena tržna vrednost finančnega premoženja A v prvi transakciji pade pod znesek transakcije , ki se mora pokriti ( tj . posojena likvidnost plus natečene obresti ) , za 914.218 EUR , in tudi pod nižjo raven poziva h kritju , ki znaša 49.761.719 EUR .
The counterparty delivers Euros 950,000 of Asset A in nominal value terms , which -- after deducting a 3.5% haircut from the market value based on a price of 100.55% -- restores sufficient collateral coverage .
Nasprotna stranka izroči 950.000 EUR finančnega premoženja A v nominalni vrednosti , kar po zmanjšanju tržne vrednosti , izračunane na podlagi tržne cene 100,55% , za 3,5% odbitek pri vrednotenju , vzpostavi zadostno kritje .
2 A margin call is also needed on the second transaction since the adjusted market value of the underlying assets used in this transaction ( Euros 44,741,520 ) is below the lower trigger level ( Euros 44,780,672 ) .
2 Poziv h kritju je potreben tudi za drugo transakcijo , ker je prilagojena tržna vrednost finančnega premoženja za zavarovanje terjatev , uporabljenega v tej transakciji ( 44.741.520 EUR ) , manjša od nižje ravni poziva h kritju ( 44.780.672 EUR ) .
The counterparty therefore provides Euros 270,000 of Asset B with an adjusted market value of Euros 263,143 .
Nasprotna stranka zato izroči 270.000 EUR finančnega premoženja B s prilagojeno tržno vrednostjo 263.143 EUR .
On 2 and 3 August 2004 , the underlying assets are revalued , without resulting in any margin call for the transactions entered into on 28 and 29 July 2004 . 5 .
Dne 2 . in 3 .
On 4 August 2004 , the counterparty repays the liquidity provided under the main refinancing operation initiated on 28 July 2004 , including the accrued interest of Euros 41,222 .
avgusta 2004 se popravi vrednost finančnega premoženja za zavarovanje terjatev , ne da bi to povzročilo poziv h kritju za transakcije , ki so se začele 28 .
The national central bank returns Euros 51,550,000 of Asset A in nominal value .
in 29 .
On the same day , the counterparty enters into a new repurchase transaction with the national central bank , which purchases Euros 75 million of Asset C in nominal value terms .
julija 2004 .
Since Asset C is a zero coupon corporate bond with a residual maturity of more than ten years that requires 2 National central banks may perform margin calls in cash rather than securities .
2 Nacionalne centralne banke lahko izvajajo pozive h kritju z denarnimi sredstvi namesto z vrednostnimi papirji .
APPENDIX 1 Example 6 ( continued ) Examples of monetary policy opertations and procedures a valuation haircut of 15 %, the corresponding haircut-adjusted market value on that day is of Euros 35,068,875 .
PRILOGA 1 Primer št . 6 ( nadaljevanje ) Primeri operacij in postopkov denarne politike
The revaluation of assets underlying the long-term refinancing operation initiated on 29 July 2004 reveals that the adjusted market value of the assets provided exceeds the upper trigger level by approximately Euros 262,000 and leads to the national central bank returning Euros 262,000 of Asset B in nominal value to the counterparty . 3 Pooling system Second , it is assumed that the transactions are carried out with a national central bank using a pooling system .
Dne 4 . avgusta 2004 nasprotna stranka odplača posojeno likvidnost iz operacije glavnega refinanciranja , ki se je začela 28 .
Assets included in the pool of assets used by the counterparty are not earmarked for specific transactions .
julija 2004 , vključno z obračunanimi obrestmi 41.222 EUR .
The same sequence of transactions is used in this example as in the above example illustrating an earmarking system .
Nacionalna centralna banka vrne finančno premoženje A v nominalni vrednosti 51.550.000 EUR .
The main difference is that , on the revaluation dates , the adjusted market value of all the assets in the pool has to cover the total amount of all of the counterparty 's outstanding operations with the national central bank .
Nasprotna stranka istega dne začne novo repo transakcijo z nacionalno centralno banko , ki odkupi 75 milijonov EUR finančnega premoženja C v nominalni vrednosti .
The margin call of Euros 1,178,398 occurring on 30 July 2004 is identical in this example to the one required in the earmarking system case . The counterparty delivers Euros 1,300,000 of Asset A in nominal value terms , which -- after deducting a 3.5% haircut from the market value based on a price of 100.55% -- restores sufficient collateral coverage .
Ker je finančno premoženje C brezkuponska podjetniška obveznica s preostalo zapadlostjo več kot deset let , ki zahteva 15 % odbitka pri vrednotenju , znaša ustrezna tržna vrednost po odbitku pri vrednotenju tega dne 35.068.875 EUR .
Moreover , on 4 August 2004 , when the main refinancing operation entered into on 28 July 2004 matures , the counterparty may keep the assets on its pledge account .
Popravek vrednosti finančnega premoženja za zavarovanje terjatev v operaciji dolgoročnejšega refinanciranja , ki se je začela 29 .
An asset can also be exchanged for another asset as shown in the example , where Euros 51.9 million of Asset A in nominal value are replaced with Euros 75.5 million of Asset C in nominal value to cover the liquidity provided and the accrued interest under all refinancing operations . The risk control framework in the pooling system is described in Table 3 .
julija 2004 , kaže , da prilagojena tržna vrednost danega finančnega premoženja presega zgornjo raven poziva h kritju za približno 262.000 EUR in privede do tega , da nacionalna centralna banka vrne nasprotni stranki finančno premoženje B v nominalni vrednosti 262.000 EUR .
3 If a margin had to be paid to the counterparty by the national central bank in relation to the second transaction , such a margin could , in certain cases , be netted out with the margin paid to the national central bank by the counterparty in relation to the first transaction .
3 Sistem s skladom finančnega premoženja za zavarovanje terjatev V drugem primeru se predpostavlja , da se za transakcije z nacionalno centralno banko uporablja sistem s skladom finančnega premoženja .
As a result , there would only be one margin settlement . ECB The implementation of monetary policy in the euro area November 2008
Finančno premoženje , vključeno v sklad , ki ga bo uporabila nasprotna stranka , ni označeno za posamezne transakcije .
TABLE 2 EARMARKING SYSTEM Date 28.7.2004 29.7.2004 30.7.2004 2.8.2004 3.8.2004 4.8.2004 5.8.2004 Outstanding transactions Main refinancing Main refinancing Longer-term refinancing Main refinancing Longer-term refinancing Main refinancing Longer-term refinancing Main refinancing Longer-term refinancing Main refinancing Longer-term refinancing Main refinancing Longer-term refinancing Start date 28.7.2004 28.7.2004 29.7.2004 28.7.2004 29.7.2004 28.7.2004 29.7.2004 28.7.2004 29.7.2004 4.8.2004 29.7.2004 4.8.2004 29.7.2004 End date 4.8.2004 4.8.2004 27.10.2004 4.8.2004 27.10.2004 4.8.2004 27.10.2004 4.8.2004 27.10.2004 11.8.2004 27.10.2004 11.8.2004 27.10.2004 Interest rate 4.24 4.24 4.56 4.24 4.56 4.24 4.56 4.24 4.56 4.26 4.56 4.26 4.56 Liquidity provided 50,000,000 50,000,000 45,000,000 50,000,000 45,000,000 50,000,000 45,000,000 50,000,000 45,000,000 35,000,000 45,000,000 35,000,000 45,000,000
V tem primeru se uporabi isto zaporedje transakcij kot v zgornjem primeru , ki opisuje sistem označevanja finančnega premoženja za zavarovanje terjatev . Glavna razlika je v tem , da mora prilagojena tržna vrednost celotnega finančnega premoženja v skladu na datume vrednotenja pokriti celotni znesek obveznosti iz vseh nedospelih poslov , ki jih ima nasprotna stranka z nacionalno centralno banko .