natgillin/translations-raw huggingface dataset:
A detailed cross-country comparison of MFI interest rates is also made in Appendix II of the Interim Report II on « Current accounts and related services » , European Commission , 17 July 2006 . 4 For instance , the ECB report cited in footnote 2 above documents the cross-country differences in the prevalence of floating rate loans or loans with different periods of initial rate fixation .
Tako na primer nekatere nudijo višje obrestne mere za vloge čez noč in deponentom drago računajo razne druge storitve , druge pa spet nudijo nižje obrestne mere in imajo nižje provizije . Podatki , ki jih je zbrala Evropska komisija v okviru svoje raziskave sektorja bančništva na drobno , kažejo , da je to morda tako v nekaterih državah
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banking show that this could be the case in some euro area countries , although in some countries low deposit rates are associated with high fees .
euroobmočja , da pa so za nekatere države značilne tudi nizke obrestne mere za vloge in hkrati visoke provizije .
5 Furthermore , the increasing popularity in some countries of both internet accounts and other high-yield deposits , which enable funds to be withdrawn within one day but cannot be used for payment purposes , may result in a tendency to raise interest rates on overnight deposits .
5 Poleg tega v nekaterih državah narašča priljubljenost internetnih računov in drugih vlog z visoko donosnostjo , ki se lahko odpokličejo v enem dnevu , vendar se ne morejo uporabiti za plačevanje , kar lahko povzroči zviševanje obrestnih mer za vloge čez noč .
6 The notable exception to the pronounced cross-country differences in household deposit rates relates to deposits with an agreed maturity of up to one year , which are more homogeneous across countries .
6 Izjema med vlogami gospodinjstev , ki se obrestujejo po zelo različnih obrestnih merah , so vloge z dogovorjeno ročnostjo do enega leta , za katere je značilna večja homogenost obrestnih mer po državah .
MFI interest rates on loans to households for consumption purposes As regards interest rates on loans , rates on loans to households for consumption show the highest level of dispersion .
Obrestne mere MFI za potrošniška posojila gospodinjstvom Glede obrestnih mer za posojila je največja razpršenost značilna za obrestne mere za potrošniška posojila gospodinjstvom .
In particular , interest rates on bank overdrafts vary considerably , ranging from less than 7.00% to 13.50% or more ( see Chart B ) .
Še zlasti se razlikujejo obrestne mere za prekoračitev stanja na računu , ki segajo od manj kot 7,00% do 13,50% ali več ( glej graf B ) . Glede drugih tipov potrošniških posojil so razlike med državami sicer manj izrazite , vendar še vedno znatne .
The crosscountry differences for other types of loans for consumption are less pronounced but remain sizeable .
Med državami obstajajo velike razlike ne samo v velikosti trgov potrošniških kreditov , pač pa tudi v ponudbi produktov ( vključno s prakso zavarovanja ) , uporabi kreditiranja s kreditno kartico , tržnem okolju , še zlasti v smislu vpliva specializiranih posojilodajalcev , ter tudi dolžini začetnega obdobja fiksiranja obrestne mere .
C h a r t B M F I i n t e re s t r a t e s o n l o a n s t o h o u s e h o l d s 1 ) ( percentages per annum ; average from January 2003 to December 2006 ) overdrafts loans for consumption with an initial rate fixation of over one and up to five years loans for house purchase with a floating rate and an initial rate fixation of up to one year 16 14 16 14
Na te lahko vplivajo tudi trenutne razlike v statistični obdelavi kreditiranja s kreditno kartico , ker so obrestne mere za take kredite običajno precej višje od obrestnih mer G r a f A O b r e s t n e m e r e M F I z a v l o ge go s p o d i n j s t e v 1 ) , 2 ) ( odstotki na leto ;
Large differences exist not only in the size of 12 12 the consumer credit market but also in the 10 10 range of products on offer ( including collateral 8 8 practices ) , in the use of credit card credit , in 6 6 the market environment , particularly in terms 4 4 of the influence of specialised lenders , as well 2 2 as in the periods of initial rate fixation . 7 In 0 0 BE DE IE GR ES FR IT LU NL AT PT FI EA general , such factors may also be reflected , at least in part , in the cross-country differences Source : ECB .
povprečje od januarja 2003 do decembra 2006 ) čez noč z dogovorjeno zapadlostjo do 1 leta 3,0 2,5 2,0 1,5 1,0 0,5 0,0 BE DE IE GR ES FR IT LU NL AT PT FI EA Vir : ECB . 1 ) Kratica „EA » označuje tehtano povprečno obrestno mero za euroobmočje .
1 ) See notes to Chart A. in MFI interest rates .
2 ) Neobarvani stolpci označujejo države , v katerih zadevna kategorija obrestnih mer v kontekstu euroobmočja nima večjega pomena .
For example , differences in the statistical treatment of credit card credit in the current data may have an effect because the interest rates on such credit are typically significantly higher than those on other consumer loans .
Merila , ki določajo pomembnost za euroobmočje , so predstavljena v publikaciji ECB , navedeni v opombi 2 tega okvira .
Furthermore , characteristics of bank overdrafts and loans granted through credit lines differ across countries . MFI interest rates on loans to households for house purchase Although some of the lowest levels of country dispersion can be observed in MFI interest rates on loans to households for house purchase ( see Chart B ) , a comparison with the United States
Graf B Obrestne mere MFI za posojila go s p o d i n j s t v o m 1 ) ( odstotki na leto ; povprečje od januarja 2003 do decembra 2006 ) prekoračitve na računih potrošniška posojila z začetnim obdobjem fiksiranja od 1 leta in do 5 let stanovanjska posojila s spremenljivo obrestno mero in začetnim obdobjem fiksiranja od 1 leta 16 14 12 10 8 6 4 2 0 BE DE IE GR ES FR IT LU NL AT PT FI EA Vir : ECB .
5 See the « Report on the retail banking sector inquiry » , European Commission Staff Working Document , SEC ( 2007 ) 106 , 31 January 2007 .
5 Glej „Report on the retail banking sector inquiry » , European Commission Staff Working Document , SEC ( 2007 ) 106 , 31 . januar 2007 .
6 See , for example , the box entitled « Factors explaining the robust growth of M1 » in the April 2006 issue of the ECB 's Monthly Bulletin .
6 Glej na primer okvir z naslovom „Factors explaining the robust growth of M1 » , Monthly bulletin ECB , april 2006 .
7 See , for example , K. Lannoo , R. Ayadi and C. Selosse , « Consumer credit in Europe : riding the wave » , Mercer Oliver Wyman and the European Credit Research Institute , November 2005 .
7 Glej na primer K. Lannoo , R. Ayadi and C. Selosse , „Consumer credit in Europe : riding the wave » , Mercer Oliver Wyman in the European Credit Research Institute , november 2005 .
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suggests that the dispersion of mortgage rates across US regions is lower than that between euro area countries . 8 Recent reviews of the European mortgage markets emphasise the large differences in the product ranges and in the fiscal and regulatory frameworks , factors that are likely to explain much of the observed differences in MFI interest rates on loans to households for house purchase .
Tu so še razlike v značilnostih prekoračitev na računih in posojil , odobrenih v okviru kreditnih linij . Obrestne mere MFI za stanovanjska posojila gospodinjstvom V primeru obrestnih mer MFI za stanovanjska posojila gospodinjstvom je opaziti eno najnižjih ravni razpršenosti po državah euroobmočja ( glej graf B ) .
9 One important factor is linked to the differences in the period of initial rate fixation , which renders observed loan rates sensitive to the slope of the yield curve .
Primerjava z ZDA pa pokaže , da je tam razpršenost hipotekarnih obrestnih mer po regijah še manjša .
The prevalence of dedicated housing finance schemes in some countries may also play a role .
8 Nedavni pregledi evropskih hipotekarnih trgov poudarjajo velike razlike v ponudbi produktov ter v fiskalnih in zakonodajnih okvirih , s katerimi verjetno lahko pojasnimo večino razlik v obrestnih merah MFI za stanovanjska posojila gospodinjstvom .
The fiscal and regulatory frameworks in a country are likely to have more of an impact on mortgage loans ( than on other types of loan ) owing to the importance usually attached to home ownership . 10 Moreover , as most loans to households for house purchase are secured by real estate , interest rate differences may partly be related to differences in the expected development of the real estate market .
9 En pomemben dejavnik pri pojasnjevanju razlik v teh obrestnih merah je povezan z različno dolgimi začetnimi obdobji fiksiranja obrestne mere , zaradi katerega so opazovane obrestne mere občutljive na naklon krivulje donosnosti . Vlogo pri teh razlikah lahko igra tudi prevlada namenskih stanovanjskih shem v nekaterih državah .
The differences in the evolution of residential property prices may have affected the value of the collateral for loans . Finally , the funding practices in the euro area also remain rather fragmented , varying from deposit funding to covered bonds and mortgage-backed securities , in comparison with the US mortgage market , which revolves around the mortgage agencies .
Tu sta še fiskalni in zakonodajni okvir , ki zaradi pomena , ki se pripisuje lastništvu stanovanja , bolj vplivata na hipotekarna posojila ( kot na druge tipe posojil ) . 10 Poleg tega so razlike v obrestnih merah morda delno povezane tudi z razlikami v pričakovanem razvoju nepremičninskih trgov , saj je večina stanovanjskih posojil gospodinjstvom zavarovana prav z nepremičninami .
MFI interest rates on loans to non-financial corporations The level of dispersion in interest rates on bank overdrafts to non-financial corporations is one of the highest ( and higher than in those on bank overdrafts to households ) , as illustrated in Chart C. The dispersion in interest rates on other corporate loans is considerably lower and is indeed among the lowest of all types of loan , although in some cases it is somewhat higher than for housing loans . The main reasons for these crosscountry differences include various facets of product heterogeneity and the specific business environments in which the nonfinancial corporations operate ( e.g. depending on the firm size ) .
Razlika v evoluciji cen stanovanjskih nepremičnin je morda vplivala na vrednost zavarovanj , ki se zahtevajo za ta posojila . Končno so tu še prakse financiranja v euroobmočju , ki prav tako ostajajo razdrobljene ter obsegajo vse od financiranja na podlagi vlog do kritih obveznic in hipotekarno zavarovanih vrednostnih papirjev , medtem ko se ameriški hipotekarni trg vrti le okrog hipotekarnih agencij .
Differences remain in collateral practices , not only for loans , but also for bank overdrafts . In some countries bank overdrafts are usually unsecured , while in others they are often C h a r t C M F I i n t e re s t r a t e s o n l o a n s t o n o n - f i n a n c i a l c o r p o r a t i o n s 1 ) ( percentages per annum ;
Obrestne mere MFI za posojila nefinančni družbam Raven razpršenosti obrestnih mer za prekoračitev stanja na računu , ki jih imajo pri bankah odprte nefinančne družbe , je ena najvišjih ( in je višja tudi od tiste za prekoračitev stanja na računu gospodinjstev ) , kar kaže graf C. Razpršenost obrestnih mer za druga podjetniška posojila je občutno nižja in pravzaprav med najnižjimi med vsemi tipi posojil , čeprav je v nekaterih primerih Graf C Obrestne mere MFI za posojila n e f i n a n č n i m d r u ž b a m 1 ) ( odstotki na leto ;
average from January 2003 to December 2006 ) overdrafts loans up to Euros 1 million with a floating rate and an initial rate fixation of up to one year loans over Euros 1 million with a floating rate and an initial rate fixation of up to one year 8 7 6 5 4 3 2 1 0 BE DE IE GR ES FR IT LU NL AT PT FI EA 8 7 6 5 4 3 2 1 0
povprečje od januarja 2003 do decembra 2006 ) prekoračitve na računih posojila do 1 milijona EUR s spremenljivo obrestno mero in začetnim obdobjem fiksiranja do 1 leta posojila nad 1 milijonom EUR s spremenljivo obrestno mero in začetnim obdobjem fiksiranja do 1 leta 8 7 6 5 4 3 2 1 0 BE DE IE GR ES FR IT LU NL AT PT FI EA 8 7 6 5 4 3 2 1 0
1 ) See notes to Chart A.
1 ) Glej opombe h grafu A.
8 See the box entitled « Inter-regional comparison of mortgage rates in the euro area and in the United States » in the ECB 's Annual Report 2005 .
8 Glej okvir z naslovom „Medregionalna primerjava hipotekarnih obrestnih mer v euroobmočju in ZDA » , Letno poročilo ECB , 2005 .
9 For example , « The costs and benefits of integration of EU mortgage markets » , London Economics report for the European Commission , August 2005 .
9 Na primer „The costs and benefits of integration of EU mortgage markets » , London Economics report for the European Commission , avgust 2005 .
10 Retail banking markets are among the European Commission 's financial services policy priorities up to 2010 , as set out in its White Paper on Financial Services Policy 2005-2010 .
10 Bančni trgi na drobno so med prednostnimi nalogami Evropske komisije na področju politike finančnih storitev do leta 2010 , kot je opredeljeno v Beli knjigi o politiki finančnih storitev 2005 -- 10 .
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secured ( e.g. with invoices or part of the firm 's portfolio ) . Moreover , a high interest rate on bank overdrafts may reflect their being unauthorised and the inclusion of a penalty in the interest rate .
nekoliko višja od tiste , značilne za stanovanjska posojila . Glavni razlogi teh razlik med državami vključujejo več vidikov heterogenosti produktov in posebnosti poslovnih okolij , v katerih delujejo nefinančne družbe ( in so na primer odvisni od velikosti podjetja ) .
Banks may also perceive recourse to this type of credit to be a sign of weak cash management on the part of the firm , and thus charge a higher rate to compensate for the perceived higher risk .
Prav tako ostajajo razlike v praksah zavarovanja , ne samo posojil , pač pa tudi prekoračitev stanja na računu . V nekaterih državah so te običajno nezavarovane , v drugih pa so pogosto zavarovane ( npr .
Furthermore , for loans ( other than bank overdrafts ) there are differences in the average period of initial rate fixation within an instrument category .
Morda je višjim obrestnim meram za tovrstne prekoračitve vzrok tudi v tem , da jih banke zaznavajo kot znamenje slabega upravljanja denarnih tokov in s tem tvegane . Poleg tega med posojili ( brez prekoračitev na računih ) obstajajo tudi razlike v dolžini povprečnega začetnega obdobja fiksiranja obrestne mere .
Given that the yield curve is normally upward sloping , interest rates are likely to be higher in those countries in which the average period of initial rate fixation is closer to the upper band of a given instrument category .
Glede na to , da je krivulja donosnosti običajno nagnjena navzgor , je verjetneje , da bodo obrestne mere višje v državah , v katerih je začetno obdobje fiksiranja obrestne mere bližje zgornji meji razpona določenega instrumenta .
A related issue is the potential impact of the aggregation method on interest rates on new business , as loans with shorter maturities tend to be granted more frequently than those with longer maturities .
S tem je povezan možni učinek , ki jo ima metoda agregiranja , saj se posojila krajših ročnosti običajno odobrijo pogosteje kot tista daljših ročnosti .
Finally , other important factors are likely to include some specific features of the market environment for loans to non-financial corporations , in particular firm size , access to non-bank financing , types of lender and relationship banking .
Končno so tu še drugi pomembni dejavniki , ki lahko vključujejo nekatere posebne značilnosti tržnih okolij za posojila nefinančnim družbam , še zlasti velikost družbe , dostop do nebančnega financiranja , tipe posojilodajalcev in partnersko bančništvo .
FURTHER RISE IN THE DEMAND FOR EXTERNAL FINANCING BY NON-FINANCIAL CORPORATIONS Non-financial corporations increased their demand for external financing further in the course of 2006 .
POVPRAŠEVANJE NEFINANČNIH DRUŽB PO ZUNANJEM FINANCIRANJU SE JE ŠE POVEČALO Povpraševanje nefinančnih družb po zunanjem financiranju se je tekom leta 2006 povečalo .
The demand for external financing increased despite abundant internal funds .
Povpraševanje po zunanjem financiranju se je povečalo kljub obilnim notranjim virom .
The profitability of listed non-financial corporations in the euro area remained strong in 2006 as indicated , for example , by the ratio of net income to sales ( see Chart 20 ) .
Dobičkonosnost uvrščenih nefinančnih družb euroobmočja je leta 2006 ostala močna , kar kaže , na primer , tudi razmerje med čistim dobičkom in prihodki od prodaje ( glej graf 20 ) .
9 Profit ratios increased particularly in the transportation and communications sector , while the rise in profits in the wholesale and retail trade sectors remained below the average increase for all listed non-financial corporations .
9 Stopnja dobičkovnosti prihodkov se je še zlasti povečala v transportnem in komunikacijskem sektorju , medtem ko je bilo povečanje dobičkov v sektorju trgovine na debelo in drobno pod povprečnim porastom , ki so ga zabeležile vse uvrščene nefinančne družbe .
The latter development may reflect the relatively moderate growth of private consumption in the euro area .
Gibanja slednjih morda odražajo relativno umirjeno rast zasebnega trošenja v euroobmočju .
At the end of 2006 the real annual growth rate of financing of non-financial corporations rose to 4.5% , from 1.2% at the end of 2004 .
Konec leta 2006 je realna letna stopnja rasti financiranja nefinančnih družb zrasla na 4,5% ( z 1,2% ob koncu leta 2004 ) .
This development was mainly driven by a strong increase in the contribution of loans granted by MFIs , whereas the rise in the contributions of debt securities and quoted shares was more modest ( see Chart 21 ) .
MFI , medtem ko je bilo povečanje prispevka dolžniških vrednostih papirjev in uvrščenih delnic skromnejše ( glej graf 21 ) .
The robust growth in MFI loans across the maturity spectrum continued in 2006 , and in December 2006 MFI loans to non-financial corporations grew at an annual rate of 13.0% in nominal terms .
Robustna rast posojil MFI v vsem razponu ročnosti se je nadaljevala tudi v letu 2006 , tako da so decembra posojila , ki so jih MFI odobrila nefinančnim družbam , nominalno rasla po letni stopnji 13,0% .
While such levels of the annual growth rate have not been seen since the introduction of the euro in 1999 , it should be kept in mind that the dynamics of bank loans to non-financial corporations have also been robust in other main economies , notably in the United States which has experienced even stronger bank lending growth over the past few years .
Čeprav takšnim stopnjam letne rasti nismo bili priča vse od uvedbe eura leta 1999 , je treba vseeno upoštevati , da je bila dinamika bančnih posojil nefinančnim družbam robustna tudi v drugih pomembnejših gospodarstvih , še zlasti v ZDA .
According to the assessment of banks , as explained in the Eurosystem 's bank lending survey , financing needs related to real economic activity -- namely for inventories , working capital and fixed capital investments -- have gradually increased in importance in explaining the continued strengthening of loan demand in the euro area in 2006 .
Sodeč po ocenah bank , ki so predstavljene v anketi o bančnih posojilih Eurosistema , so potrebe po financiranju realnih gospodarskih aktivnosti -- namreč zalog , obratnih sredstev in naložb v osnovna sredstva -- postopoma postajale vse pomembnejše pri pojasnjevanju vztrajne
However , other factors of a more financial nature , such as financing needs for M & A activity , have also continued to contribute to net loan demand . A relaxation of bank loan supply conditions over the past few 9 See also the box entitled « Profitability and leverage developments of listed non-financial corporations in the euro area » in the June 2006 issue of the ECB 's Monthly Bulletin .
9 Glej tudi okvir z naslovom „Dobičkonosnost podjetij in gibanje finančnega vzvoda nefinančnih družb euroobmočja z uvrščenimi kotacijami » , Mesečni bilten ECB , junij 2006 .
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C h a r t 2 0 P ro f i t r a t i o s o f l i s t e d e u ro a re a n o n - f i n a n c i a l c o r p o r a t i o n s ( percentages ) net income to sales ( left-hand scale ) operating income to sales ( left-hand scale ) operating expenses to sales ( right-hand scale ) 12 10 8 6 4 2 0 - 2 - 4 - 6 2002 2003 2004 2005 2006 100 98 96 94 92 90 88 86 84
G r a f 2 0 St o p n j a d o b i č k a n e f i n a n č n i h d r u ž b e u r o o b m o č j a , k i ko t i r a j o ( odstotki ) razmerje med čistim dobičkom in prihodki od prodaje ( lestvica na levi strani ) razmerje med dobičkom iz poslovanja in prihodki od prodaje ( lestvica na levi strani ) razmerje med odhodki iz poslovanja in prihodki od prodaje ( lestvica na desni strani ) 100 12 10 8 6 4 2 0 - 2 - 4 - 6 2002 2003 2004 2005 2006 88 86 84 98 96 94 92 90
C h a r t 2 1 B re a k d ow n o f t h e re a l a n n u a l g row t h r a t e o f e x t e r n a l f i n a n c i n g t o n o n - f i n a n c i a l c o r p o r a t i o n s 1 ) ( annual percentage changes ) quoted shares debt securities MFI loans 6.0 5.0 4.0 3.0 2.0 1.0 0.0 - 1.0 2001 2002 2003 2004 2005 2006 6.0 5.0 4.0 3.0 2.0 1.0 0.0 - 1.0
G r a f 21 R a z č l e n i t e v r e a l n e l e t n e s t o p n j e r a s t i z u n a n j e ga f i n a n c i r a n j a n e f i n a n č n i h d r u ž b 1 ) ( medletne spremembe v odstotkih ) delnice v borzni kotaciji dolžniški vrednostni papirji posojila MFI 6,0 5,0 4,0 3,0 2,0 1,0 0,0 - 1,0 2001 2002 2003 2004 2005 2006 6,0 5,0 4,0 3,0 2,0 1,0 0,0 - 1,0
Sources : Thomson Financial Datastream and ECB calculations .
Viri : Thomson Financial Datastream in izračuni ECB .
Notes : The calculation is based on aggregated quarterly financial statements of listed non-financial corporations in the euro area .
Opombe : Izračun temelji na agregiranih četrtletnih računovodskih izkazih nefinančnih družb v euroobmočju z uvrščenimi kotacijami .
Outliers have been removed from the sample .
Osamelci so bili odstranjeni iz vzorca .
Compared with the operating income , which is defined as sales minus operating expenses , the net income refers to operating and non-operating income after taxation and extraordinary items .
V primerjavi s prihodki iz poslovanja , ki so opredeljeni kot prihodki od prodaje , zmanjšani za operativne stroške , se čisti dobiček nanaša na prihodke iz poslovanja in prihodke iz finančnih transakcij ali naložb po obdavčitvi , amortizaciji in izrednih postavkah .
1 ) The real annual growth rate is defined as the difference between the actual annual growth rate and the growth rate of the GDP deflator .
1 ) Realna letna stopnja rasti je opredeljena kot razlika med dejansko letno stopnjo rasti in stopnjo rasti deflatorja BDP . krepitve povpraševanja po posojilih v euroobmočju leta 2006 .
years may have acted as an additional driver of current corporate credit developments . In contrast to the strength of bank-based corporate financing , market-based financing -- through both debt and equity -- remained relatively low .
K neto povpraševanju po posojilih pa so še naprej prispevali tudi drugi dejavniki bolj finančne narave , na primer potrebe po financiranju prevzemov in nakupov . Popuščanje bank pri posojilnih pogojih v zadnjih par letih je bila morda dodatna spodbuda trenutnih gibanj podjetniških kreditov .
The annual growth rate of debt securities issued by non-financial corporations , standing at around 4.0% on average in 2006 , remained relatively modest , as was the case in preceding years .
V nasprotju z močnim financiranjem podjetij na podlagi bančnih posojil pa je njihovo financiranje na trgu v obliki dolžniških in lastniških vrednostnih papirjev ostalo relativno nizko .