natgillin/translations-raw huggingface dataset:
26 The Eurosystem considers a probability of default ( PD ) over a one-year horizon of 0.10% as equivalent to a « single A » credit assessment , subject to a regular review . The ECAF follows the definition of a default event given in the EU Capital Requirements Directive ( CRD ) .
Pri ocenjevanju bonitetnega standarda primernega finančnega premoženja Eurosistem upošteva bonitetne ocene , prejete od bonitetnih sistemov enega od štirih bonitetnih virov . To so zunanje bonitetne institucije ( ECAI ) , interni bonitetni sistemi nacionalnih centralnih bank ( ICAS ) , interni bonitetni sistemi nasprotnih strank ( IRB ) ter bonitetna orodja zunanjih ponudnikov ( RT ) .
27 The Eurosystem publishes the lowest rating grade meeting the required credit quality threshold for each accepted ECAI , without assuming any responsibility of its assessment of the ECAI , again subject to regular review .
Poleg tega Eurosistem pri ocenjevanju bonitetnega standarda upošteva tudi institucionalna merila in posebnosti , ki imetniku instrumenta zagotavljajo podobno zaščito , kot so npr .
The Eurosystem reserves the right to determine whether an issue , issuer , debtor or guarantor fulfils its requirements for high credit standards on the basis of any information it may consider relevant and may reject , limit the use of assets or apply supplementary haircuts on such grounds if required to ensure adequate risk protection of the Eurosystem in line with Article 18.1 of the Statute of the ESCB . Such measures can also be applied to specific counterparties , in particular if the credit quality of the counterparty appears to exhibit a high correlation with the credit quality of the collateral assets submitted by the counterparty .
Eurosistem si pridržuje pravico , da lahko zahteva kakršna koli pojasnila , ki se mu zdijo potrebna . Pri kolateraliziranih vrednostnih papirjih morajo biti bonitetne ocene pojasnjene v javno dostopnem bonitetnem poročilu , in sicer v obliki podrobnega poročila pred prodajo ali poročila o novi izdaji , ki mora med drugim vsebovati celovito analizo strukturnih in pravnih vidikov , podrobno oceno sklada finančnega premoženja , analizo udeležencev v transakciji ter analizo vseh drugih relevantnih posebnosti transakcije .
In case such a rejection is based on prudential information , the use of any such information transmitted either by counterparties or by supervisors must be strictly commensurate with , and necessary for , the performance of the Eurosystem 's tasks of conducting monetary policy .
Poleg tega morajo zunanje bonitetne institucije za kolateralizirane vrednostne papirje objavljati redna nadzorna poročila , in sicer vsaj četrtletno . 25 Ta poročila morajo vsebovati vsaj najnovejše ključne podatke o transakciji ( npr .
25 For asset-backed securities whose underlying assets pay principal or interest at semi-annual or annual frequency , surveillance reports can follow a semi-annual or annual frequency respectively .
sestavo sklada finančnega premoženja , udeležence v transakciji , kapitalsko strukturo ) ter podatke o uspešnosti . Za določitev minimalnih zahtev glede visokih bonitetnih standardov ( „bonitetni prag ") Eurosistem uporablja referenčno vrednost , ki je Primerno finančno premoženje za zavarovanje
26 « Single A » means a minimum long-term rating of « A - » by Fitch or Standard & Poor 's , or « A3 » by Moody 's , or « AL » by DBRS .
Za vse primerno tržno in netržno finančno premoženje mora biti omogočena čezmejna uporaba v celotnem euroobmočju .
27 The CRD comprises Directive 2006/48 / EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions ( recast ) ( OJ L177 , 30.6.2006 , p. 1 ) and Directive 2006/49 / EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions ( recast ) ( OJ L177 , 30.6.2006 , p. 201 ) .
Zato morajo imeti vse nasprotne stranke Eurosistema možnost uporabiti primerno finančno premoženje prek povezav s svojimi domačimi sistemi poravnave vrednostnih papirjev , ko gre za tržno finančno premoženje , ali prek drugih primernih ureditev za prejemanje posojil od nacionalne centralne banke države članice , v kateri je nasprotna stranka ustanovljena ( glej poglavje 6.6 ) .
Eligible assets
BONITETNI OKVIR EUROSISTEMA
6.3.1 SCOPE AND ELEMENTS The Eurosystem credit assessment framework ( ECAF ) defines the procedures , rules and techniques which ensure that the Eurosystem requirement of high credit standards for all eligible assets is met .
6.3.1 OBSEG IN POSAMEZNI ELEMENTI Boniteti okvir Eurosistema ( ECAF ) opredeljuje postopke , pravila in načine izvedbe , ki zagotavljajo , da vse primerno finančno premoženje izpolnjuje zahteve Eurosistema glede visokih bonitetnih standardov .
Within the general framework , in the establishment of high credit standards , the Eurosystem differentiates between marketable and non-marketable assets ( see Sections 6.3.2 and 6.3.3 ) in order to take account of the different legal nature of these assets and for operational efficiency reasons .
Pri ugotavljanju visokega bonitetnega standarda Eurosistem znotraj splošnega okvira razlikuje med tržnim in netržnim finančnim premoženjem ( glej poglavji 6.3.2 in 6.3.3 ) , s čimer upošteva
In the assessment of the credit standard of eligible assets , the Eurosystem takes into account credit assessment information from credit assessment systems belonging to one of four sources , namely external credit assessment institutions ( ECAIs ) , national central banks » in-house credit assessment systems ( ICASs ) , counterparties » internal ratingsbased ( IRB ) systems or third-party providers » rating tools ( RTs ) .
24 Če bi nacionalne centralne banke dovolile uporabo instrumentov z zapadlostjo , ki je krajša od operacije denarne politike , za katero služijo kot finančno premoženje za zavarovanje terjatev , bi morale nasprotne stranke nadomestiti to finančno premoženje na datum zapadlosti ali pred tem datumom .
Additionally , in the assessment of the credit standard , the Eurosystem takes into account institutional criteria and features guaranteeing similar protection for the instrument holder such as guarantees .
25 Pri kolateraliziranih vrednostnih papirjih , kjer se glavnice in obresti finančnega premoženja v skladu izplačujejo polletno ali letno , so lahko nadzorna poročila objavljena polletno oziroma letno .
With regard to the ECAI source , the assessment must be based on a public rating .
enaka bonitetni oceni „single A » .
The Eurosystem reserves the right to request any clarification that it considers necessary .
26 Eurosistem obravnava verjetnost neplačila za obdobje enega leta v višini 0,10% kot enakovredno bonitetni oceni „single A » , kar se redno preverja .
For asset-backed securities , ratings must be explained in a publicly available credit rating report , namely a detailed pre-sale or new issue report , including , inter alia , a comprehensive analysis of structural and legal aspects , a detailed collateral pool assessment , an analysis of the transaction participants , as well as an analysis of any other relevant particularities of a transaction .
Eurosistem si pridržuje pravico , da na podlagi informacij , ki so zanj relevantne , ugotovi , ali izdaja , izdajatelj , dolžnik ali garant izpolnjujejo njegove zahteve glede visokih bonitetnih standardov , na podlagi tega pa lahko finančno premoženje tudi zavrne , omeji njegovo uporabo ali uveljavi dodaten odbitek , če je to potrebno za zagotovitev zadostne zaščite Eurosistema pred tveganjem v skladu s členom 18.1 Statuta ESCB .
Moreover ECAIs must publish regular surveillance reports for asset-backed securities on at least a quarterly basis .
Takšne ukrepe je mogoče uporabiti tudi pri določenih nasprotnih strankah , zlasti če se zdi kreditna kakovost nasprotne stranke povezana s kreditno kakovostjo finančnega premoženja , ki ga je kot zavarovanje predložila ta nasprotna stranka .
25 These reports should at least contain an update of the key transaction data ( e.g. composition of the ECB The implementation of monetary policy in the euro area November 2008
Če taka zavrnitev temelji na informacijah o skrbnem in varnem poslovanju , se morajo informacije , ki so jih posredovale nasprotne stranke ali nadzorniki , uporabljati zgolj v obsegu , ki je ustrezen in potreben za izvajanje nalog Eurosistema pri vodenju denarne politike .
41 Assets issued or guaranteed by entities that are subject to a freezing of funds and / or to other measures imposed by the European Community , or by a Member State under Article 60 ( 2 ) of the Treaty , restricting the use of their funds , or by entities in respect of which the ECB 's Governing Council has issued a decision suspending or excluding their access to open market operations or the Eurosystem 's standing facilities , may be excluded from the list of eligible assets .
Finančno premoženje je lahko izključeno z liste primernega finančnega premoženja za zavarovanje terjatev , če so ga izdali ali zanj jamčijo subjekti , za katere velja zamrznitev sredstev oziroma drugi ukrepi o omejitvi uporabe njihovih sredstev , ki jih je naložila Evropska skupnost ali država članica v skladu s členom 60 ( 2 ) Pogodbe , ali pa je v zvezi s temi subjekti Svet ECB izdal sklep o začasni prepovedi ali izključitvi njihovega dostopa do operacij odprtega trga ali odprtih ponudb Eurosistema .
In order to ensure the consistency , accuracy and comparability of the four credit assessment sources used in the ECAF , the Eurosystem has devised acceptance criteria for each of these sources ( see Section 6.3.4 ) and regularly monitors their credit assessment performance against the credit quality threshold ( see Section 6.3.5 ) .
Za zagotovitev skladnosti , točnosti in primerljivosti štirih bonitetnih virov , ki se uporabljajo v bonitetnem okviru Eurosistema , je Eurosistem za vsak vir razvil merila sprejemljivosti ( glej poglavje 6.3.4 ) , njihovo uspešnost pri pripravi bonitetnih ocen relativno glede na bonitetni prag pa redno spremlja ( glej poglavje 6.3.5 ) .
6.3.2 ESTABLISHMENT OF HIGH CREDIT STANDARDS FOR MARKETABLE ASSETS The high credit standards for marketable assets are established on the basis of the following set of criteria : -* ECAI credit assessment : At least one credit assessment from an accepted ECAI ( as set out in Section 6.3.4 ) for the issue ( or , in its absence , for the issuer ) must comply with the Eurosystem 's credit quality threshold .
6.3.2 IZPOLNJEVANJE VISOKIH BONITETNIH STANDARDOV ZA TRŽNO FINANČNO PREMOŽENJE Izpolnjevanje visokih bonitetnih standardov za tržno finančno premoženje temelji na izpolnjevanju naslednjih meril . -* Bonitetna ocena zunanje bonitetne institucije .
28 , 29 The ECB publishes the credit quality threshold for any accepted ECAI , as established under Section 6.3.1.30 Guarantees : In the absence of an ( acceptable ) ECAI credit assessment of the issuer , high credit standards can be established on the basis of guarantees provided by financially sound guarantors .
Vsaj ena bonitetna ocena sprejete zunanje bonitetne institucije ( kot je opisano v poglavju 6.3.4 ) za izdajo ( ali izdajatelja , če te ocene ni ) mora dosegati bonitetni prag . 28 , 29 ECB objavlja bonitetni prag za vsako sprejeto zunanjo bonitetno institucijo , kot je navedeno v poglavju 6.3.1 .
The financial soundness of the guarantor is assessed on the basis of ECAI credit assessments meeting the Eurosystem 's credit quality threshold .
Če bonitetna ocena ( sprejemljive ) zunanje bonitetne institucije za izdajatelja ni na voljo , je mogoče visoke bonitetne standarde ugotoviti na podlagi jamstev , ki jih dajo finančno trdni garanti .
The guarantee must meet the following requirements : -- A guarantee is deemed acceptable if the guarantor has unconditionally and irrevocably guaranteed the obligations of
Finančna trdnost garanta se oceni na podlagi bonitetnih ocen zunanje bonitetne institucije , ki dosegajo
the issuer in relation to the payment of principal , interest and any other amounts due under the debt instruments to the holders thereof until they are discharged in full .
26 „Single A » pomeni najnižjo dolgoročno bonitetno oceno „A - » , ki jo dodelita Fitch ali Standard & Poor 's , „A3 » , ki jo dodeli Moody 's , oziroma „AL » , ki jo dodeli DBRS .
-- The guarantee has to be payable on first demand ( independently from the underlying debt obligation ) . Guarantees given by public entities entitled to levy taxes should either be payable on first demand or otherwise provide for prompt and punctual payment following default .
27 Ta obsega Direktivo 2006/48 / ES Evropskega parlamenta in Sveta z dne 14 . junija 2006 o začetku opravljanja in opravljanju dejavnosti kreditnih institucij ( preoblikovano ) ( UL L 177 z dne 30 .
The obligations of the guarantor under the guarantee need to rank at least equally and rateably ( pari passu ) with all other unsecured obligations of the guarantor .
junija 2006 , stran 1 ) in Direktivo 2006/49 / ES Evropskega parlamenta in Sveta z dne 14 .
-- The guarantee must be governed by the law of an EU Member State and be legally valid , binding and enforceable against the guarantor .
junija 2006 o kapitalski ustreznosti investicijskih podjetij in kreditnih institucij ( preoblikovano ) ( UL L 177 z dne 30 .
-- A legal confirmation concerning the legal validity , binding effect and enforceability of the guarantee will have to be submitted in a form and with substance acceptable to the Eurosystem before the asset supported by the guarantee can be considered eligible .
junija 2006 , stran 201 ) .
If the guarantor is established in a jurisdiction other than that of the law governing the guarantee , the legal confirmation must also confirm that the guarantee is valid and enforceable under the law governing the establishment of the guarantor . The legal confirmation should be submitted for review to the national central bank that is reporting a certain asset supported by a guarantee for 28 If multiple and possibly conflicting ECAI assessments are available for the same issuer / debtor or guarantor , the first-best rule ( i.e. the best available ECAI credit assessment ) is applied .
28 Če za istega izdajatelja / dolžnika ali garanta obstaja več bonitetnih ocen zunanjih bonitetnih institucij ali so si te ocene nasprotujoče , velja pravilo prve najboljše ocene ( tj . uporabi se najboljša razpoložljiva ocena zunanje bonitetne institucije ) .
29 The high credit standards for covered bank bonds issued from 1 January 2008 are assessed on the basis of the above-listed set of criteria .
29 Izpolnjevanje visokih bonitetnih standardov za krite bančne obveznice , izdane do 1 . januarja 2008 , se presoja na podlagi zgoraj navedenih meril .
Covered bank bonds issued prior to 1 January 2008 are deemed to fulfil high credit standards if they comply strictly with the criteria set out in Article 22 ( 4 ) of the UCITS Directive .
Za krite bančne obveznice , izdane pred 1 . januarjem 2008 , velja , da izpolnjujejo visoke bonitetne standarde , če v celoti izpolnjujejo merila iz člena 22 ( 4 ) Direktive UCITS .
30 This information is published on the ECB 's website ( www.ecb . europa .
30 Te informacije so objavljene na spletni strani ECB ( www.ecb.europa.eu ) .
CHAPTER 6 inclusion in the list of eligible assets .
POGLAVJE 6 bonitetni prag Eurosistema .
31 The need for a legal confirmation does not apply to guarantees given in respect of debt instruments with an individual asset rating or to guarantees given by public entities entitled to levy taxes . The requirement of enforceability is subject to any insolvency or bankruptcy laws , general principles of equity and other similar laws and principles applicable to the guarantor and generally affecting creditors » rights against the guarantor .
Jamstvo mora izpolnjevati naslednje zahteve : -- jamstvo se obravnava kot sprejemljivo , če garant brezpogojno in nepreklicno jamči za obveznosti izdajatelja v povezavi s plačilom glavnice , obresti in vseh drugih zneskov , ki morajo biti na podlagi dolžniških instrumentov plačani njihovim imetnikom , dokler obveznosti niso v celoti poravnane ; -- jamstvo mora biti plačljivo na prvi poziv ( neodvisno od osnovne dolžniške obveznosti ) .
In the absence of an ECAI credit assessment for the issue , issuer or guarantor , the high credit standards are established as follows : -* Euro area public sector issuers or guarantors : If a marketable asset is issued or guaranteed by a regional government , local authority or public sector entity ( PSE ) located in the euro area as defined in the CRD , the following procedure applies : -- The issuer or guarantor is allocated to one of three classes in accordance with the CRD 32 as explained in Table 5 .
Jamstva , ki jih zagotavljajo osebe javnega prava , upravičene do odmerjanja davkov , morajo biti bodisi plačljiva na prvi poziv bodisi kako drugače zagotavljati takojšnje in pravočasno izplačilo v primeru dogodka neplačila . Obveznosti garanta iz jamstva se morajo obravnavati vsaj enako in sorazmerno ( pari passu ) z vsemi drugimi nezavarovanimi obveznostmi garanta ;
-- An implicit credit assessment for issuers or guarantors belonging to classes 1 and 2 is derived from the ECAI credit assessment of the central government of the country where the issuer or guarantor is established .
-- jamstvo mora urejati zakonodaja države članice EU in mora biti pravno veljavno , zavezujoče in izvršljivo do garanta ;
This implicit credit assessment has to meet the Eurosystem credit quality threshold .
-- preden se premoženje , na katerega se jamstvo nanaša , lahko obravnava kot primerno , mora biti predložena pravna potrditev v zvezi s pravno veljavnostjo , zavezujočim učinkom in izvršljivostjo jamstva , v obliki in z vsebino , ki je sprejemljiva za Eurosistem .
No implicit credit assessment is derived for issuers / guarantors belonging to class 3 . -* Euro area non-financial corporate issuers or guarantors : If the high credit standards for marketable assets which are issued / guaranteed by non-financial corporations 33 located in the euro area cannot be established on the basis of an ECAI credit assessment for the issue , issuer or guarantor , the ECAF rules for credit claims will be applicable and counterparties are allowed to make use of their own IRB system , national central banks » in-house credit assessment systems or third-party rating tools .
Če je garant ustanovljen v okviru jurisdikcije , ki ni tista , ki ureja jamstvo , mora pravna potrditev potrjevati tudi to , da je jamstvo veljavno in izvršljivo na podlagi zakona , ki ureja ustanovitev garanta . Pravno potrditev je treba predložiti v pregled nacionalni centralni banki , ki predlaga vključitev finančnega premoženja , ki ga krije jamstvo , na listo primernega finančnega premoženja .
The non-rated marketable debt instruments issued by nonfinancial corporations are not included in the public list of eligible marketable assets . Eligible assets
31 Pravna potrditev ni potrebna za jamstva , dana za dolžniške instrumente , ki že imajo bonitetno oceno izdaje , ali za jamstva , ki jih dajo osebe javnega prava , upravičene do odmerjanja davkov .
31 The national central bank reporting a certain asset is normally the national central bank of the country in which the asset will be admitted to trading / traded on an acceptable market .
Ocena izvršljivosti upošteva zakone s področja insolventnosti ali stečajnega postopka , temeljna načela enakosti in druge podobne zakone in načela , ki veljajo za 31 Nacionalna centralna banka , ki poroča določeno finančno premoženje , je običajno nacionalna centralna banka države , v kateri bo finančno premoženje sprejeto v trgovanje / se bo z njim trgovalo na sprejemljivem trgu .
In the event that an asset is admitted to trading / traded on multiple markets , any queries should be addressed to the ECB 's Eligible Assets Hotline ( Eligible-Assets.hotline@ecb.europa.eu ) .
Če je finančno premoženje sprejeto v trgovanje / se z njim trguje na več trgih , se vsa dodatna vprašanja naslovijo na ECB , in sicer na naslov za pomoč ECB glede finančnega premoženja za zavarovanje terjatev ( Eligible-Assets.hotline@ecb.int ) .
32 Lists of entities belonging to the three classes , as well as the criteria for classifying issuers , debtors or guarantors into the three classes , are expected to be made available , together with links to the relevant websites of the national supervisory authorities , on the website of the Committee of European Banking Supervisors ( CEBS ) : www.c-ebs.org/SD/Rules_AdditionalInformation.htm 33 See footnote 8 in this chapter . Table 5 Implicit credit assessments for euro area regional government , local authority and public sector entity issuers , debtors or guarantors without an ECAI credit assessment Allocation of issuers , debtors or guarantors following the CRD Class 1 Regional governments , local authorities and PSEs that , according to competent supervisory authorities , can be treated equally to the central government for capital requirements purposes Regional governments , local authorities and PSEs that , according to competent supervisory authorities , can be treated equally to [ credit ] institutions for capital requirements purposes Other PSEs ECAF derivation of the implicit credit assessment of the issuer , debtor or guarantor belonging to the corresponding class Allocated the ECAI credit assessment of the central government of the country in which it is established
Tabela 5 Implicitna bonitetna ocena za izdajatelja , dolžnika ali garanta , ki je enota regionalne ravni države , lokalna oblast ali oseba javnega sektorja euroobmočja in nima bonitetne ocene zunanje bonitetne institucije Razporeditev izdajateljev , dolžnikov ali garantov po direktivi o kapitalskih zahtevah Razred 1 Institucionalne enote regionalne ravni države , lokalne oblasti in osebe javnega sektorja , ki jih pristojni nadzorni organ za namene kapitalskih zahtev obravnava na enak način kot centralno državo . Institucionalne enote regionalne ravni države , lokalne oblasti in osebe javnega sektorja , ki jih pristojni nadzorni organ za namene kapitalskih zahtev obravnava na enak način kot ( kreditne ) institucije .
Allocated a credit assessment one credit quality step 1 ) below the ECAI credit assessment of the central government of the country in which it is established
Dodeljena je bonitetna ocena , ki je eno bonitetno stopnjo1 ) nižja od bonitetne ocene zunanje bonitetne institucije za centralno državo , kjer je subjekt ustanovljen .
Treated like private sector issuers or debtors
Obravnavajo se kot izdajatelji ali dolžniki zasebnega sektorja .
1 ) Information on the credit quality steps is published on the ECB 's website ( www.ecb.europa.eu ) .
1 ) Informacije o bonitetnih stopnjah so objavljene na spletnih straneh ECB ( www.ecb.europa.eu ) .
6.3.3 ESTABLISHMENT OF HIGH CREDIT STANDARDS FOR NON-MARKETABLE ASSETS CREDIT CLAIMS In order to establish the requirement for high credit standards for the debtors or guarantors of credit claims , counterparties have to select one main credit assessment source from among those that are available and accepted by the Eurosystem .
garanta in na splošno vplivajo na pravice , ki jih ima upnik do garanta . Če bonitetna ocena zunanje bonitetne institucije za izdajo , izdajatelja ali garanta ni na voljo , se visoki bonitetni standardi ugotovijo na naslednji način .
A counterparty will select one system from an available credit assessment source , except in the case of ECAIs , where all accepted ECAI systems may be used .
-* Izdajatelji ali garanti iz javnega sektorja euroobmočja .
Counterparties have to stick to the selected source for a minimum period of one year so as to preclude « hopping » between credit assessments ( i.e. looking for the best credit assessment that guarantees eligibility among all available sources or systems on a debtor-by-debtor basis ) .
Če tržno finančno premoženje izda ali zanj jamči enota regionalne ravni države , lokalna oblast ali oseba javnega sektorja iz euroobmočja , kot je določeno v direktivi o kapitalskih zahtevah , velja naslednji postopek : -- izdajatelj ali garant se razporedi v enega od treh razredov v skladu z direktivo o kapitalskih zahtevah 32 , kot je prikazano v tabeli 5 ;