natgillin/translations-raw huggingface dataset:
Furthermore , as part of its advisory role in accordance with Article 105 ( 4 ) of the Treaty , the ECB regularly provides advice on Commission proposals for Level 2 legislation ( see also Section 2 ) .
V okviru svoje svetovalne vloge na podlagi člena 105 ( 4 ) Pogodbe ECB poleg tega redno svetuje glede predlogov Komisije za drugostopenjsko zakonodajo ( glej tudi razdelek 2 ) . ECB je nadaljevala delo pri integraciji evropskih hipotekarnih trgov , potem ko je Eurosistem ob koncu leta 2005 o tem vprašanju sodeloval pri pripravi Zelene knjige Evropske komisije .
5 Directive 2007/64 / EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directives 97/7 / EC , 2002/65 / EC , 2005/60 / EC and 2006/48 / EC and repealing Directive 97/5 / EC ( OJ L 319 , 5.12.2007 , p. 1 ) .
5 Direktiva 2007/64 / ES Evropskega parlamenta in Sveta z dne 13 . novembra 2007 o plačilnih storitvah na notranjem trgu , ki spreminja direktive 97/7 / ES , 2002/65 / ES , 2005/60 / ES in 2006/48 / ES in razveljavlja Direktivo 97/5 / ES ( UL L 319 , 5 .
ECB Annual Report 2007 The ECB continued its work on the integration of European mortgage markets , following the Eurosystem 's contribution at the end of 2005 to the European Commission 's Green Paper on this subject .
2007 , str . 1 ) .
The ECB pays close attention to the further integration and development of mortgage markets for several reasons .
150 ECB Letno poročilo 2007
Mortgage markets are relevant for the transmission of monetary policy in the euro area and can have important implications for financial stability . In addition , mortgage securities play a role in the implementation of monetary policy via the Eurosystem 's framework for eligible collateral .
Poleg tega igrajo hipotekarni vrednostni papirji pomembno vlogo pri izvajanju denarne politike prek okvira Eurosistema za primerno finančno premoženje za zavarovanje terjatev . Po javni razpravi o Zeleni knjigi je Evropska komisija 18 .
Following its Green Paper consultation , the European Commission published a White Paper on 18 December 2007 .
decembra 2007 objavila Belo knjigo .
The ECB contributes to work in this field through its participation in various Commission expert groups and the European Financial Markets Lawyers Group ( EFMLG ) .
ECB prispeva k delu na tem področju s sodelovanjem v različnih strokovnih skupinah Komisije in v skupini pravnikov s področja evropskih finančnih trgov ( EFMLG ) .
On 7 May 2007 the EFMLG published a report on legal obstacles to crossborder securitisation in the EU .
EFMLG je 7 . maja 2007 objavil poročilo o pravnih ovirah za čezmejno listinjenje v EU .
6 The ECB provided advisory input on issues related to the integration of securities settlement systems and of payment systems .
6 ECB je svetovala na področju integracije sistemov poravnave vrednostnih papirjev in plačilnih sistemov .
In particular , the ECB was closely involved in the work relating to the « Code of Conduct for Clearing and Settlement » .
ECB je sodelovala zlasti v dejavnostih , povezanih s „Kodeksom ravnanja za kliring in poravnavo » .
The code essentially aims to allow users to choose freely their preferred service provider at each stage along the transaction chain .
Glavni namen kodeksa je uporabnikom omogočiti , da v vsaki fazi v verigi poslovanja lahko prosto izberejo svojega zaželenega ponudnika storitve .
To this end , the code contains commitments in three areas : price transparency ;
Kodeks v ta namen vsebuje obveznosti na treh področjih : preglednost cen ;
access and interoperability ;
dostop in interoperabilnost ;
service unbundling and accounting separation .
ločevanje storitev in ločeno računovodstvo .
Given that the code is a self-regulatory tool , a strict monitoring mechanism has been set up to ensure that all the measures are implemented properly and on time .
Glede na to , da je kodeks samoregulativno orodje , je bil vzpostavljen strog kontrolni mehanizem , da bi zagotovili pravilno in pravočasno izvajanje vseh ukrepov .
In principle , the mechanism relies on external auditors and an ad hoc Monitoring Group composed of the European Commission , the Committee of European Securities Regulators and the ECB .
Mehanizem načelno temelji na zunanjih revizorjih in na priložnostni nadzorni skupini , ki jo sestavljajo Evropska komisija , Odbor evropskih zakonodajalcev za vrednostne papirje ( CESR ) in ECB .
As the code of conduct ultimately aims to establish freedom of choice , it needs to be complemented by the full removal of the « Giovannini barriers » to efficient clearing and settlement ( named after the group that identified them in 2001 ) , which result from differences in technical standards and business practices , legal uncertainty , and differences in tax procedures .
Ker je namen kodeksa predvsem zagotoviti svobodno izbiro , ga je treba dopolniti s popolno odpravo tako imenovanih „giovanninijevih ovir » za učinkovit kliring in poravnavo ( imenovanih po skupini , ki jih je v letu 2001 opredelila ) , ki so posledica razlik v tehničnih standardih in poslovnih praksah , pravne negotovosti ter razlik v davčnih postopkih .
The removal of the first set of barriers is addressed within the context of the Clearing and Settlement Advisory Monitoring Expert Group ( CESAME ) .
Odprava prve skupine ovir poteka v okviru strokovne skupine za svetovanje in spremljanje na področju kliringa in poravnave ( CESAME ) .
The fiscal barriers are being addressed by the Fiscal Compliance Expert Group , while the Legal Certainty Group is working on the legal barriers .
Fiskalne ovire obravnava strokovna skupina za fiskalno skladnost na področju kliringa in poravnave ( FISCO ) , medtem ko se skupina za pravno varnost ukvarja s pravnimi ovirami .
The ECB continued to participate in CESAME and the Legal Certainty Group .
ECB je še naprej sodelovala v strokovni skupini CESAME in v skupini za pravno varnost .
Finally , the ECB continued to contribute to several strands of work that are being pursued in this field on a global level ( e.g. by Unidroit ) , with a view to ensuring that EU initiatives in the area of securities clearing and settlement both complement and are consistent with the approaches developed by international bodies . 6 Available at www.efmlg.org
ECB pa je še naprej sodelovala tudi pri številnih dejavnostih , ki potekajo na tem področju na globalni ravni ( npr . dejavnosti mednarodnega inštituta UNIDROIT ) z namenom zagotoviti , da pobude EU na področju kliringa in poravnave vrednostnih papirjev dopolnjujejo pristope , ki jih razvijajo mednarodni organi , in so z njimi skladne .
Article 65 ( 1 ) of the Markets in Financial Instruments Directive requires the European Commission to submit a review to the European Parliament and the EU Council on the possible extension of the transparency provisions set out in the Directive to financial instruments other than equities , in particular to bonds .
Člen 65 ( 1 ) direktive o trgih finančnih instrumentov zahteva , da Evropska komisija poroča Evropskemu parlamentu in Svetu EU o možni razširitvi uporabe določb direktive glede preglednosti na finančne instrumente , ki niso delnice , posebej na obveznice .
Market participants and regulators have extensively debated the implications of enhanced trading transparency for non-equity financial instruments , especially corporate bonds .
Udeleženci na trgu in regulatorji so obširno razpravljali o posledicah večje preglednosti trgovanja z nelastniškimi finančnimi instrumenti , zlasti s podjetniškimi obveznicami .
The ECB is of the view that there is no firm evidence that the limited transparency in the bond market after trades have been executed is currently causing any market failure .
ECB meni , da ni trdnih dokazov , da bi omejena preglednost obvezniškega trga po opravljenem trgovanju trenutno povzro6 Glej spletno stran EFMLG na naslovu www.efmlg.org
At the same time , there is no evidence either that such limited transparency means an efficient market functioning .
čala kakršne koli motnje trga . Hkrati pa tudi ni dokazov , da bi taka omejena preglednost pomenila učinkovito delovanje trga .
The ECB suggested , at the Commission 's public hearing on 11 September 2007 and at meetings of the ESME during 2007 , that this lack of experience in Europe be addressed via a market-led controlled experiment in both retail and wholesale markets to assess the effect of gradually introducing post-trade transparency into the markets for certain bonds .
ECB je na javni obravnavi Komisije dne 11 . septembra 2007 in na zasedanjih strokovne skupine za evropske trge vrednostnih papirjev ( ESME ) v letu 2007 predlagala , da se to pomanjkanje izkušenj v Evropi obravnava s kontroliranim tržnim eksperimentom na drobnem in grosističnem trgu , s čimer bi ocenili učinek postopnega uvajanja preglednosti po trgovanju na trgih za nekatere obveznice .
PROVIDING CENTRAL BANKING SERVICES THAT FOSTER FINANCIAL INTEGRATION The successful launch of TARGET2 on 19 November 2007 gave further impetus to the process of financial integration in Europe .
IZVAJANJE STORITEV CENTRALNEGA BANČNIŠTVA , KI PRISPEVAJO K FINANČNI INTEGRACIJI Uspešna uvedba sistema TARGET2 dne 19 . novembra 2007 je dodatno spodbudila proces finančne integracije v Evropi .
TARGET2 introduces a single technical infrastructure which permits the provision of a harmonised service level and ensures a level playing-field for banks across Europe .
TARGET2 uvaja enotno tehnično infrastrukturo , ki omogoča ponudbo usklajenih storitev in zagotavlja enakopravne pogoje za banke po Evropi .
A single price structure applies to both domestic and cross-border transactions .
Enotna struktura cen velja za domače in čezmejne transakcije .
TARGET2 also provides a harmonised set of cash settlement services in central bank money for all ancillary systems .
TARGET2 vsem podsistemom zagotavlja tudi usklajen sklop storitev gotovinske poravnave v centralnobančnem denarju .
The new functionalities of TARGET2 enable banks with multinational operations to consolidate their internal processes , such as treasury and back office functions , and to further integrate their euro liquidity management .
Nove funkcije sistema TARGET2 bankam omogočajo večnacionalne operacije za konsolidacijo internih procesov , kot so zakladniške funkcije in funkcije zalednih služb , ter nadaljnjo integracijo upravljanja likvidnosti v eurih .
In addition , TARGET2 users have uniform access to comprehensive online information and liquidity control measures ( see Section 2.2 of Chapter 2 ) .
Poleg tega imajo uporabniki sistema TARGET2 enoten dostop do celovitih spletnih podatkov in do ukrepov za kontrolo likvidnosti . ( glej razdelek 2.2 v poglavju 2 ) .
Furthermore , with a view to reaping the full benefits of TARGET2 , the Eurosystem continued to explore , in close cooperation with market participants , the possibility of offering a new service , called TARGET2-Securities ( T2S ) , to provide a common technical infrastructure for the euro settlement of securities transactions in central bank money by central securities depositories and to process both securities and cash settlements on a single technical platform ( see Section 2.3 of Chapter 2 ) .
Poleg tega je Eurosistem z namenom , da bi v celoti izkoristil prednosti sistema TARGET2 , v tesnem sodelovanju z udeleženci na trgu še naprej preučeval možnost ponudbe nove storitve z imenom TARGET2-Securities ( T2S ) , ki bo omogočala vzpostavitev enotne tehnične infrastrukture za poravnavo poslov z vrednostnimi papirji v eurih , ki jih bodo centralne depotne družbe poravnale v centralnobančnem denarju , ter poravnavo tako vrednostnih papirjev kot gotovine na enotni platformi . ( glej razdelek 2.3 v poglavju 2 ) .
Finally , in the area of collateral management , a single shareable platform ( CCBM2 ) will be developed in parallel , and in close cooperation with market participants ( see Section 2.4 of Chapter 2 ) . 156
Na področju upravljanja finančnega premoženja za zavarovanje terjatev pa se bo vzporedno in v tesnem sodelovanju s tržnimi udeleženi oblikovala tudi enotna skupna platforma CCBM2 ( glej razdelek 2.4 v poglavju 2 ) .
By overseeing payment systems , in particular those that are systemically important 7 , the Eurosystem contributes to the safety and efficiency of financial infrastructures and , consequently , to the efficiency of payment flows for goods , services and financial assets in the economy .
Eurosistem z izvajanjem pregleda nad delovanjem plačilnih sistemov , zlasti sistemsko pomembnih 7 , prispeva k varnosti in učinkovitosti finančnih infrastruktur in posledično k učinkovitosti plačilnih tokov na področju blaga , storitev in finančnih sredstev v gospodarstvu .
The close relationship between payment systems and securities clearing and settlement systems means that central banks in general and the Eurosystem in particular also take a strong interest in securities clearing and settlement .
Tesna povezanost med plačilnimi sistemi ter sistemi kliringa in poravnave vrednostnih papirjev pomeni , da so centralne banke na splošno in Eurosistem še posebej zelo zainteresirani tudi za kliring in poravnavo vrednostnih papirjev .
The overall aim pursued by the Eurosystem is to minimise systemic risk .
Splošni cilj , ki si ga je postavil Eurosistem , je čim bolj zmanjšati sistemsko tveganje .
It is essential that , in their endeavours to promote the soundness and efficiency of payment and securities clearing and settlement systems , central banks have comprehensive information on these systems at their disposal .
Bistveno je , da imajo centralne banke v prizadevanjih za pospeševanje zanesljivosti in učinkovitosti plačilnih sistemov ter sistemov kliringa in poravnave vrednostnih papirjev na voljo celovite informacije o teh sistemih .
For this reason , the ECB publishes , every few years , a comprehensive description of the main payment and securities settlement systems in the EU Member States .
Zato ECB vsakih nekaj let objavi celovit opis glavnih plačilnih sistemov ter sistemov kliringa in poravnave vrednostnih papirjev v državah članicah EU .
The fourth edition of this report , which has become known as the « Blue Book » , was published on 14 August 2007 .
Četrta izdaja tega poročila , ki se imenuje „Blue Book » , je bila objavljena 14 . avgusta 2007 .
The ECB also publishes on an annual basis statistical data on payments and securities trading , clearing and settlement .
ECB vsako leto objavlja tudi statistične podatke o plačilih ter o trgovanju , kliringu in poravnavi vrednostnih papirjev .
In the past , these statistics were published in an addendum to the « Blue Book » .
Ti statistični podatki so bili v preteklosti objavljeni v dodatku k poročilu „Blue Book » .
As of the publication of the data for 2006 on 16 November 2007 , the hard copy publication of the Blue Book Addendum has been discontinued , as the full time series for these data can now be downloaded from the ECB 's website through the Statistical Data Warehouse at http://sdw.ecb.europa.eu /.
Od objave podatkov za leto 2006 z dne 16 . novembra 2007 se dodatek k poročilu ne objavlja več v papirni obliki , saj je celotno časovno vrsto teh podatkov zdaj mogoče dobiti na spletni strani ECB prek statistične podatkovne baze ( Statistical Data Warehouse ) na http://sdw.ecb.europa.eu /.
standards to both its own systems and those that are privately operated .
sisteme in za sisteme , ki jih upravlja zasebni sektor .
They are complemented by the business continuity oversight expectations for systemically important payment systems ( SIPS ) which were adopted by the Governing Council in 2006 .
Dopolnjujejo jih pričakovanja preglednikov glede neprekinjenega poslovanja sistemsko pomembnih plačilnih sistemov ( Business continuity oversight expectations for systemically important payment systems ) , ki jih je leta 2006 sprejel Svet ECB .
Based on the Core Principles and the business continuity oversight expectations , the Eurosystem in 2007 developed a common methodology for the oversight assessment of systemically and prominently important euro payment systems .
Na podlagi temeljnih načel in pričakovanj preglednikov glede neprekinjenega poslovanja je Eurosistem v letu 2007 oblikoval enotno metodologijo za ocenjevanje pregleda nad delovanjem sistemsko in vidno pomembnih plačilnih sistemov v eurih .
The common methodology aims to provide the Eurosystem 's payment systems overseers with clear and comprehensive guidelines for the assessment of the relevant systems and the preparation of oversight reports .
Namen enotne metodologije je preglednikom plačilnih sistemov Eurosistema zagotoviti jasne in celovite smernice za ocenjevanje zadevnih sistemov in pripravo poročil o pregledih .
In addition , it provides payment system designers and operators with greater insight into overseers » safety and efficiency concerns , gives operators additional incentives to continue their efforts to mitigate or limit the various risks their systems may face and , ultimately , helps to ensure the smooth functioning of their systems .
Poleg tega oblikovalcem in upravljavcem plačilnih sistemov zagotavlja boljši vpogled v pripombe preglednikov glede varnosti in učinkovitosti , dodatno spodbuja upravljavce , da si še naprej prizadevajo ublažiti ali omejiti različna tveganja , ki jim je izpostavljen njihov sistem , in končno omogoča tudi lažje zagotavljanje nemotenega delovanja njihovih sistemov .
Following a public consultation on the common oversight assessment methodology , the final versions of the « Terms of reference for the oversight assessment of euro systemically and prominently important payment systems against the Core Principles » 8 and the « Guide for the assessment against the business continuity oversight expectations for SIPS » were published on 12 November 2007 .
Po javni razpravi o enotni metodologiji za ocenjevanje pregleda sta bili 12 . novembra 2007 objavljeni končni različici dokumentov „Terms of reference for the oversight assessment of euro systemically and prominently important payment systems against the Core Principles » 8 in „Guide for the assessment against the business continuity oversight expectations for SIPS » .
The Eurosystem must retain ultimate control over the euro .
Eurosistem mora ohraniti končni nadzor nad eurom .
Therefore , from both a general 4.1 OVERSIGHT OF LARGE-VALUE EURO PAYMENT SYSTEMS AND INFRASTRUCTURES The Eurosystem oversees all major payment systems and infrastructures which process and / or settle euro transactions , including those managed by the Eurosystem itself .
Zato Eurosistem z vidika splošnih usmeritev in z vidika sistemskega tveganja načelno ne more dopustiti , da bi se plačilne infrastruk7 Plačilni sistem je sistemsko pomemben , če bi lahko motnja znotraj sistema povzročila nadaljnje motnje in jih prenašala med udeležence ter končno v širši finančni sistem .
The Eurosystem applies the same oversight 7 A payment system is considered systemically important if a disruption within it could trigger or transmit further disruptions among participants and , ultimately , in the wider financial system . A payment system is considered prominently important if it plays a prominent role in the processing and settlement of retail payments and its failure could have major economic effects and undermine the confidence of the public in payment systems and in the currency in general .
Plačilni sistem je vidno pomemben , če ima vidno vlogo pri obdelavi in poravnavi plačil malih vrednosti in bi njegovo nedelovanje lahko imelo večje gospodarske učinke in ogrozilo zaupanje javnosti v plačilne sisteme in v valuto na splošno . 4.1 PREGLED NAD DELOVANJEM PLAČILNIH SISTEMOV IN INFRASTRUKTUR ZA PLAČILA VELIKIH VREDNOSTI V EURIH Eurosistem je preglednik za vse večje plačilne sisteme in infrastrukture , ki obdelujejo in / ali poravnavajo transakcije v eurih , vključno s tistimi , ki jih upravlja Eurosistem sam .
ECB Annual Report 2007 157
ECB Letno poročilot 2007
policy and a systemic risk perspective , the Eurosystem cannot , as a matter of principle , allow payment infrastructures for euro transactions which are located outside the euro area to have the potential to develop into major euro payment infrastructures , particularly if this would put at risk the Eurosystem 's control over the euro .
153 ture za transakcije v eurih zunaj euroobmočja razvile v pomembnejše infrastrukture za plačila v eurih , še posebno če bi to ogrozilo nadzor Eurosistema nad eurom .
On 19 July 2007 the ECB published the « Eurosystem policy principles on the location and operation of infrastructures settling euro-denominated payment transactions » .
ECB je 19 . julija 2007 objavila dokument „Eurosystem policy principles on the location and operation of infrastructures settling euro-denominated payment transactions » .
These principles do not constitute a new policy stance but further detail the position of the Eurosystem which was outlined in 1998 in the policy statement on euro payment and settlement systems located outside the euro area and in 2001 in the Eurosystem 's policy line with regard to consolidation in central counterparty clearing .
Ta načela ne predstavljajo nove politike , temveč podrobneje določajo stališče Eurosistema , ki je bilo leta 1998 opiano v izjavi o plačilnih in poravnalnih sistemih v eurih zunaj euroobmočja , leta 2001 pa v usmeritvi Eurosistema glede konsolidacije pri kliringu centralnih nasprotnih strank .
The principles apply to any existing or potential payment infrastructure located outside the euro area that settles euro transactions .
Ta načela veljajo za vse obstoječe ali potencialne plačilne infrastrukture zunaj euroobmočja , ki opravljajo poravnavo transakcij v eurih .
TARGET In accordance with the common TARGET oversight framework and objectives , the ECB and the NCBs perform regular and change-driven oversight activities with regard to the national real-time gross settlement systems which participate in or are connected to TARGET , as well as with regard to the ECB payment mechanism ( EPM ) .
TARGET V skladu s skupnim okvirom in cilji pregleda nad delovanjem sistema TARGET ECB in nacionalne centralne banke izvajajo redne dejavnosti pregleda in dejavnosti pregleda zaradi nastalih sprememb v zvezi z nacionalnimi sistemi bruto poravnave v realnem času ( BPRČ ) , ki sodelujejo v sistemu TARGET ali so z njim povezani , ter v zvezi s plačilnim mehanizmom ECB .
In view of the implementation of TARGET2 in November 2007 , changes in TARGET were of a very limited nature , and the oversight of TARGET thus focused on regular activities , such as incident reporting and follow-up .
Zaradi uvedbe sistema TARGET2 novembra 2007 so bile spremembe sistema TARGET zelo omejene , pregled nad delovanjem sistema TARGET pa je bil osredotočen na redne dejavnosti , kot sta poročanje o incidentih in nadaljnje ukrepanje .
Before going live on 19 November 2007 , TARGET2 was subject to a comprehensive oversight assessment which concluded in the third quarter of 2007 .
Preden je 19 . novembra 2007 zaživel sistem TARGET2 , je bil predmet celovitega pregleda , ki je bil končan v tretjem četrtletju leta 2007 .
There were a number of oversight findings with regard to individual Core Principles .
Rezultat pregleda so bile številne ugotovitve v zvezi s posameznimi temeljnimi načeli .
These findings will be addressed on the basis of an action plan established by the TARGET2 operators and agreed with the overseers .
Te ugotovitve bodo obravnavane na podlagi akcijskega načrta , ki so ga vzpostavili upravljavci sistema TARGET2 v dogovoru s pregledniki .
However , it will only be possible to further explore certain aspects when initial experience has been gained with TARGET2 in operation .
Nekatere vidike pa bo mogoče proučiti šele , ko bodo pridobljene začetne izkušnje z delovanjem sistema TARGET2 .
In line with existing Eurosystem policies , it is intended that the oversight assessment of TARGET2 will be published in the course of 2008 .
V skladu z obstoječimi politikami Eurosistema je predvideno , da bo ocena pregleda nad delovanjem sistema TARGET2 objavljena v letu 2008 .
EURO1 EURO1 is the largest privately operated payment system for euro credit transfers operating in the euro area .
EURO1 EURO1 je največji plačilni sistem za kreditna plačila v eurih , ki ga upravlja zasebni sektor in deluje v euroobmočju .