natgillin/translations-raw huggingface dataset:
The ECB 's competence to deliver an opinion is based on the last paragraph of Article 127 ( 4 ) of the Treaty on the Functioning of the European Union , according to which the ECB may submit opinions , inter alia , to the appropriate Union institutions on matters in its fields of competence .
Pristojnost ECB , da poda mnenje , izhaja iz zadnjega odstavka člena 127 ( 4 ) Pogodbe o delovanju Evropske unije , v skladu s katerim lahko ECB predloži mnenja o zadevah s področij iz njene pristojnosti med drugim ustreznim institucijam Unije .
In this respect , the proposed directive contains provisions affecting the European System of Central Banks » ( ESCB ) task to define and implement the monetary policy of the Union , as referred to in the first indent of Article 127 ( 2 ) of the Treaty and the ESCBs » contribution to the smooth conduct of policies relating to the stability of the financial system , as referred to in Article 127 ( 5 ) of the Treaty .
V tej zvezi predlagana direktiva vsebuje določbe , ki vplivajo na nalogo Evrop ­ skega sistema centralnih bank ( ESCB ) , da opredeli in izvaja denarno politiko Unije , kakor je navedeno v prvi alinei člena 127 ( 2 ) Pogodbe , ter na prispevek ESCB k nemotenemu vodenju politik glede stabilnosti finančnega sistema , kakor je navedeno v členu 127 ( 5 ) Pogodbe .
1.1 . The ECB is concerned about the extension of the waiver for exposures in the form of covered bonds ( 3 ) , collateralised by loans secured by residential and commercial real estate , contained in Annex I , paragraph 2 ( c )( ii ) to the proposed directive .
1.1 ECB je zaskrbljena zaradi podaljšanja opustitve za izpostavljenosti v obliki kritih obveznic ( 3 ) , pri katerih finančno premoženje za zavarovanje predstavljajo posojila , zavarovana s stanovanjskimi in poslovnimi nepremičninami , kar je vključeno v odstavek 2 ( c )( ii ) Priloge I k predlagani direktivi . S podaljšanjem opustitve za obdobje od 31 .
The extension of the waiver from 31 December 2010 to 31 December 2013 allows unlimited use of senior units issued by securitisation entities securitising residential and commercial real estate exposures in the cover pool of ( 1 ) OJ C 291 , 1.12.2009 , p. 1 .
decembra 2013 se omogoča , da se v skladu za kritje kritih obveznic neomejeno uporabljajo prednostne delnice , ki so jih izdale ustanove za listinjenje , ki listinijo posojila , zavarovana s stanovanjskimi in poslovnimi nepremičninami . ( 1 ) UL C 291 , 1.12.2009 , str .
( 3 ) As defined in Article 22 ( 4 ) of Directive 85/611 / EEC of 20 December 1985 on the coordination of laws , regulations and administrative provisions relating to undertakings for collective investment in transferable securities ( UCITS ) ( OJ L 375 , 31.12.1985 , p. 3 ) .
( 3 ) Kakor so opredeljene v členu 22 ( 4 ) Direktive 85/611 / EGS z dne 20 . decembra 1985 o usklajevanju zakonov in drugih predpisov o kolektivnih naložbenih podjemih za vlaganja v prenosljive vrednostne papirje ( KNPVP ) ( UL L 375 , 31.12.1985 , str .
C 223/2 EN
3 ) . C 223/2
covered bonds . Moreover , the adopted text removes the reference to the most favourable credit quality required for these units ( 1 ) .
Poleg tega se s sprejetim besedilom odstranjuje navedba , da se za te delnice zahteva najboljša kreditna kvaliteta ( 1 ) .
1.2 . The proposed directive , thus , affects UCITS-compliant covered bonds and asset-backed securities ( ABSs ) eligible for Eurosystem credit operations , as laid down in Guideline ECB / 2000/7 of 31 August 2000 on monetary policy instruments and procedures of the Eurosystem ( 2 ) .
1.2 Predlagana direktiva tako vpliva na krite obveznice , skladne z direktivo KNPVP , in kolateralizirane vrednostne papirje , ki so primerni za uporabo v kreditnih poslih Eurosistema , kakor je določeno v Smernici ECB / 2000/7 z dne 31 . avgusta 2000 o instrumentih monetarne politike in postopkih Eurosi ­ stema ( 2 ) .
In this respect , the Eurosystem 's collateral framework imposes a stricter treatment from a risk management perspective , e.g. higher haircuts and rating requirements , on ABSs compared to UCITS-compliant covered bonds .
V tej zvezi sistem zavarovanj v Eurosistemu zahteva za kolateralizirane vrednostne papirje strožjo obravnavo z vidika obvladovanja tveganj , npr . višje odbitke in bonitetne zahteve , kakor za krite obveznice , skladne z direktivo KNPVP .
A possible consequence of the proposed directive could be to provide strong incentives for monetary policy counterparties to package their ABSs into the cover pool of such covered bonds , thereby obtaining more favourable treatment , to the detriment of the Eurosystem 's risk exposure .
Možna posledica predlagane direktive bi bila močna vzpodbuda nasprotnim strankam za operacije denarne politike , da bi svoje kolateralizirane vrednostne papirje vključile v sklad za kritje takšnih kritih obveznic in bile tako deležne ugodnejše obravnave , na škodo izpostavljenosti Eurosistema tveganjem .
1.3 . At the same time , and without prejudice to the ECB welcoming regulatory steps which mitigate the reliance of legislation on external ratings , the ECB has some concerns about the removal of the reference to the most favourable credit quality required for these units , as this could further undermine the credibility and transparency of the covered bonds market and , ultimately , have conse ­ quences for financial stability .
1.3 ECB je hkrati , brez poseganja v dejstvo , da pozdravlja regulativne ukrepe , s katerimi se v zakonodaji zmanjšuje vezanost na zunanje bonitetne ocene , nekoliko zaskrbljena zaradi odstranitve navedbe , da se za te delnice zahteva najboljša kreditna kvaliteta , saj bi to lahko dodatno ogrozilo verodostojnost in preglednost trga kritih obveznic ter na koncu imelo posledice za finančno stabilnost .
In general , the aim for the regulators in the near future should be to remove the waiver and develop a rigorous set of criteria for assets to be included in the cover pool of covered bonds which : ( i ) does not rely on external ratings ; and ( ii ) is strong enough to secure market confidence in covered bonds , while allowing financial institutions sufficient time to adjust their respective business models .
1.4 Na splošno bi moral biti cilj regulatorjev v bližnji prihodnosti , da se opustitev ukine in razvije strog nabor meril za primernost finančnega premoženja za vključitev v sklad za kritje kritih obveznic , ki ( i ) ne bo temeljil na zunanjih bonitetnih ocenah in ( ii ) bo dovolj močan , da bo zavaroval zaupanje trga v krite obveznice , hkrati pa se da finančnim institucijam na voljo dovolj časa za prilagoditev njihovih ustreznih poslovnih modelov .
The reduction of the limit of the nominal amount of the outstanding issue from 20 % to 10 %, contained in Annex I , paragraph 2 ( c )( i ) and ( ii ) to the proposed directive , can be seen as a positive movement in this direction .
Znižanje zgornje meje nominalne vrednosti izdanih kritih obveznic z 20 % na 10 %, ki je vključeno v odstavek 2 ( c )( i ) in ( ii ) Priloge I k predlagani direktivi , se lahko razume kot korak naprej v tej smeri .
Drafting proposals Where the ECB recommends that the proposed directive is amended , specific drafting proposals are set out in the Annex accompanied by explanatory text to this effect .
Predlagane spremembe besedila Kadar ECB priporoča spremembe predlagane direktive , so konkretni predlogi za spremembe besedila s pripadajočimi pojasnili navedeni v Prilogi .
Done at Frankfurt am Main , 6 August 2010 .
V Frankfurtu na Majni , 6 .
The President of the ECB Jean-Claude TRICHET
avgusta 2010 Predsednik ECB Jean-Claude TRICHET
( 1 ) See Annex VI , point 68 ( 3 ) to 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 L 177 , 30.6.2006 , p. 1 ) .
( 1 ) Glej točko 68 ( 3 ) Priloge VI k Direktivi 2006/48 / ES Evropskega parlamenta in Sveta z dne 14 . junija 2006 o začetku opravljanja in opravljanju dejavnosti kreditnih institucij ( preoblikovano ) ( UL L 177 , 30.6.2006 , str .
( 2 ) OJ L 310 , 11.12.2000 , p. 1 .
1 ) . ( 2 ) UL L 310 , 11.12.2000 , str .
ANNEX Drafting proposals Text proposed by the European Parliament Amendments proposed by the ECB ( 1 )
PRILOGA Predlagane spremembe besedila Besedilo , ki ga predlaga Evropski parlament Spremembe , ki jih predlaga ECB ( 1 )
Amendment Annex VI , point 68 ( ii )
Sprememba Točka 68 ( ii ) Priloge VI
« ( ii ) the third paragraph is replaced by the following :
„ ( ii ) tretji odstavek se nadomesti z naslednjim : ‚Do 31 .
« Until 31 December 2013 , the 10 % limit for senior units issued by French Fonds Communs de Créances or by equivalent securitisation entities as specified in points ( d ) and ( e ) does not apply , provided that : ( i ) the securitised residential or commercial real estate exposures were originated by a member of the same consolidated group of which the issuer of the covered bonds is also a member or by an entity affiliated to the same central body to which the issuer of the covered bonds is also affiliated ( that common group membership or affiliation to be determined at the time the senior units are made collateral for covered bonds ;
decembra 2013 se zgornja meja 10 % za prednostne delnice , ki jih je izdal francoski sklad Fonds Communs de Créances ali podobna ustanova za listinjenje , v skladu s točkama ( d ) in ( e ) ne uporablja , če : ( i ) so bile listinjene stanovanjske ali poslovne nepremičninske izpostavljenosti izdane s strani člana iste konsolidirane skupine , katere član je tudi izdajatelj kritih obveznic , ali s strani subjekta , povezanega z istim centralnim organom , s katerim je povezan tudi izdajatelj kritih obveznic ( skupno član ­ stvo v isti skupini ali povezanost je treba ugotoviti takrat , ko se prednostne delnice zastavijo kot jamstvo za krite obveznice ) ;
and ( ii ) a member of the same consolidated group of which the issuer of the covered bonds is also a member or an entity affiliated to the same central body to which the issuer of the covered bonds is also affiliated retains the whole first loss tranche supporting those senior units .
in ( ii ) član iste konsolidirane skupine , katere član je tudi izdajatelj kritih obveznic , ali subjekt , povezan z istim centralnim organom , s katerim je povezan tudi izdajatelj kritih obveznic , je imetnik celotne tranše prve izgube , ki podpira te pred ­ nostne delnice .
Before the end of this period , and by 31 December 2012 at the latest , the Commission shall review the appropriateness of this delegation and , if relevant , the appropriateness of extending similar treatment to any other form of covered bond .
Komisija do izteka tega obdobja in najpozneje do 31 . decembra 2012 preveri ustreznost prenesenega pooblastila in , če je primerno , ustreznost razširitve podobne obravnave na vse druge oblike kritih obveznic .
In the light of that review , the Commission may , if appropriate , adopt delegated acts in accordance with the power referred to in Article 151a to extend this period or make this delegation permanent or extend it to other forms of covered bonds » .'
V luči tega pregleda lahko Komisija , če je to ustrezno , sprejme delegirane akte v skladu s pooblastili iz člena 151a , da podaljša to obdobje , spre ­ meni prenos pooblastil v trajni prenos ali pa ga razširi na druge oblike kritih obveznic .'
« Until 31 December 2013 , the 10 % limit for senior units issued by French Fonds Communs de Créances or by equivalent securitisation entities as specified in points ( d ) and ( e ) does not apply , provided that : ( i ) those senior units have a credit assessment by a nominated ECAI , which is the most favourable category of credit assessment made by the ECAI in respect of covered bonds ;
decembra 2013 se zgornja meja 10 % za prednostne delnice , ki jih je izdal francoski sklad Fonds Communs de Créances ali podobna ustanova za listinjenje , v skladu s točkama ( d ) in ( e ) ne uporablja , če : ( i ) je tem prednostnim delnicam imenovana zunanja bonitetna institucija dodelila bonitetno oceno najvišje kategorije , ki jo ta zunanja bonitetna institucija dodeljuje kritim obveznicam ;
( ii ) the securitised resi ­ dential or commercial real estate exposures were orig ­ inated by a member of the same consolidated group of which the issuer of the covered bonds is also a member or by an entity affiliated to the same central body to which the issuer of the covered bonds is also affiliated ( that common group membership or affiliation to be determined at the time the senior units are made collateral for covered bonds ) ;
( ii ) so bile listinjene stanovanjske ali poslovne nepremičninske izpostavljenosti izdane s strani člana iste konsolidirane skupine , katere član je tudi izdajatelj kritih obveznic , ali s strani subjekta , povezanega z istim centralnim organom , s katerim je povezan tudi izdajatelj kritih obveznic ( skupno član ­ stvo v isti skupini ali povezanost je treba ugotoviti takrat , ko se prednostne delnice zastavijo kot jamstvo za krite obveznice ) ;
and ( iii ) a member of the same consolidated group of which the issuer of the covered bonds is also a member or an entity affiliated to the same central body to which the issuer of the covered bonds is also affiliated retains the whole first loss tranche supporting those senior units .
in ( iii ) član iste konsolidirane skupine , katere član je tudi izdajatelj kritih obveznic , ali subjekt , povezan z istim centralnim organom , s katerim je povezan tudi izdajatelj kritih obveznic , je imetnik celotne tranše prve izgube , ki podpira te pred ­ nostne delnice .
In the light of that review , the Commission may , if appropriate , adopt delegated acts in accordance with the power referred to in Article 151a to extend this period or make this delegation permanent or extend it to other forms of covered bonds ." «
V luči tega pregleda lahko Komisija , če je to ustrezno , sprejme delegirane akte v skladu s pooblastili iz člena 151a , da podaljša to obdobje , spre ­ meni prenos pooblastil v trajni prenos ali pa ga razširi na druge oblike kritih obveznic .'
Explanation For the reasons set out in this opinion , the ECB has some concerns about the removal of the requirement for senior units to have the most favourable category of credit assessment made by a nominated external credit assessment institution ( ECAI ) , as this could further undermine the credibility and transparency of the covered bonds market .
Pojasnilo Iz razlogov , navedenih v tem mnenju , je ECB nekoliko zaskrbljena zaradi ukinitve zahteve , da morajo prednostne delnice imeti bonitetno oceno najvišje kategorije , ki jo dodeljuje imenovana zunanja bonitetna institucija , saj bi to lahko dodatno ogrozilo verodostojnost in preglednost trga kritih obveznic .
For this reason , the ECB advises a reinsertion of the requirement .
ECB zato predlaga , da se ta zahteva ponovno vključi .
However , the aim for the near future should be to remove the waiver and develop a rigorous set of criteria for assets to be included in the cover pool of covered bonds which ( i ) does not rely on external ratings ; and ( ii ) is strong enough to secure market confidence in covered bonds .
Vendar pa bi moral biti cilj za bližnjo prihodnost , da se opustitev ukine in razvije strog nabor meril za primernost finančnega premoženja za vključitev v sklad za kritje kritih obveznic , ki ( i ) ne bo temeljil na zunanjih bonitetnih ocenah in ( ii ) bo dovolj močan , da bo zavaroval zaupanje trga v krite obveznice .
Therefore , any reference to a potential ( indefinite ) extension of the waiver should be deleted .
Zato bi bilo treba črtati vse določbe o možnosti podaljšanja opustitve ( za nedoločen čas ) .
The ECB is aware that Annex VI , point 68 ( i ) requires that the senior units being used as collateral qualify for the credit quality step 1 .
ECB se zaveda , da točka 68 ( i ) Priloge VI zahteva , da morajo biti prednostne delnice , ki se zastavijo kot jamstvo , uvrščene v stopnjo kreditne kvalitete 1 .
However , this does not alleviate the concern about the removal of the requirement for senior units to have the most favourable category of credit assessment made by a nominated ECAI .
Vendar pa to ne zmanjšuje zaskrbljenosti zaradi ukinitve zahteve , da morajo prednostne delnice imeti bonitetno oceno najvišje kategorije , ki jo dodeljuje imenovana zunanja bonitetna institucija .
This is due to the fact that the requirement for the quality step 1 only applies in respect of the 10 % limit for the nominal amount of the outstanding issue applicable where the waiver is not activated .
Razlog za to je dejstvo , da zahteva za stopnjo kreditne kvalitete 1 velja samo v povezavi z zgornjo mejo 10 % nominalne vrednosti izdanih kritih obveznic , ki se uporablja , kadar opustitev ni aktivirana .
In this respect , it is noted that the credit quality steps 1 to 6 are to be determined by the competent authorities in accordance with Article 82 of Directive 2006/48 / EC , which implies a certain discretion in terms of credit quality .
V tej zvezi je treba omeniti , da stopnje kreditne kvalitete od 1 do 6 določajo pristojni organi v skladu s členom 82 Direktive 2006/48 / ES , kar kaže na določeno stopnjo proste presoje glede kreditne kvalitete .
The ECB however understands the concept of « most favourable category of credit assessment » to be more narrowly defined .
ECB pa razume , da je koncept „bonitetne ocene najvišje kategorije » opredeljen ožje .
In the version of the proposed directive adopted by the European Parliament , the waiver can be applied subject to two requirements .
Po različici predlagane direktive , ki jo je sprejel Evropski parlament , se opustitev lahko uveljavi , če sta izpolnjeni dve zahtevi .
The first requirement is that the securitised residential or commercial real estate exposures were not originated outside the group structure which the issuer of the covered bonds also belongs to .
Prva zahteva je , da listinjena posojila , zavarovana s stanovanjskimi ali poslovnimi nepremičninami , niso bila izdana zunaj strukture skupine , katere član je tudi izdajatelj kritih obveznic .
The ECB considers that this requirement may be difficult to verify in practice .
ECB meni , da bi bilo izpolnjevanje te zahteve morda težko preverjati v praksi .
The second requirement is that a member of the very same group structure retains the whole first loss tranche supporting those senior units .
Druga zahteva je , da je imetnik celotne tranše prve izgube , ki podpira te prednostne delnice , član iste skupine .
In the ECB 's view , even if the first loss tranche is being retained within the group , entities may easily circumvent
Po mnenju ECB lahko subjekti tudi v primeru imetništva tranše prve izgube znotraj skupine to zahtevo preprosto zaobidejo tako , da uporabijo strategije
Text proposed by the European Parliament
Besedilo , ki ga predlaga Evropski parlament
this requirement by using hedging strategies .
zavarovanja pred tveganji ( hedging ) .
For these reasons , the ECB does not consider that these requirements in themselves provide sufficient safeguards , which would warrant the inclusion of these assets in the cover pool of covered bonds .
Iz navedenih razlogov ECB meni , da te zahteve same ne zagotavljajo zadostnih varoval , ki bi upravičevala vključitev tega finančnega premoženja v sklad za kritje kritih obveznic .
However , the ECB recognises that the requirements do provide a certain degree of protection for bondholders , especially if coupled with the reinsertion of the reference to the most favourable credit quality required for the senior units .
Vendar pa ECB priznava , da te zahteve zagotavljajo določeno stopnjo varstva imetnikov obveznic , zlasti v kombinaciji s ponovno vključitvijo navedbe , da se za prednostne delnice zahteva najboljša kreditna kvaliteta .
Apr - 2003 Mon
Naslednji mesec Apr - 2003
Navigation Path : Home &gt; The European Central Bank &gt; Legal framework &gt; All ECB opinions &gt; CON / 2006/24
Navigation Path : Home &gt; The European Central Bank &gt; Pravni okvir &gt; Vsa mnenja ECB &gt; CON / 2006/24
Navigation Path : Home &gt; The European Central Bank &gt; Legal framework &gt; All by date &gt; 2005
Navigation Path : Home &gt; The European Central Bank &gt; Pravni okvir &gt; Vse po datumu &gt; 2005
_BAR_ December _BAR_ November _BAR_ October _BAR_ September _BAR_ August _BAR_ July _BAR_ June _BAR_ May _BAR_ April _BAR_ March _BAR_ February _BAR_ January _BAR_
_BAR_ december _BAR_ november _BAR_ oktober _BAR_ september _BAR_ avgust _BAR_ julij _BAR_ junij _BAR_ maj _BAR_ april _BAR_ marec _BAR_ februar _BAR_
Guideline of the ECB of 15 December 2005 amending Guideline ECB / 2000/1 on the management of the foreign reserve assets of the ECB by the national central banks and the legal documentation for operations involving the foreign reserve assets of the ECB ( ECB / 2005/15 )
Smernica ECB z dne 15 . decembra 2005 o spremembi Smernice ECB / 2000/1 o upravljanju deviznih rezerv ECB s strani nacionalnih centralnih bank in pravne dokumentacije za posle , ki vključujejo devizne rezerve ECB ( ECB / 2005/15 )
OJ L 345 , 28.12.2005 , p. 33 , pdf 40 kB , cs .
2005 , str . 33 , pdf 45 kB , cs .
Decision of the ECB of 9 December 2005 on the approval of the volume of coin issuance in 2006 ( ECB / 2005/14 )
Odločba ECB z dne 9 . decembra 2005 o odobritvi obsega izdaje kovancev v letu 2006 ( ECB / 2005/14 )
OJ L 333 , 20.12.2005 , p. 55 , pdf 31 kB , cs .
2005 , str . 55 , pdf 36 kB , cs .
Act concerning the conditions of accession of the Republic of Bulgaria and Romania and the adjustments to the Treaties on which the European Union is founded
Akt o pogojih pristopa Republike Bolgarije in Romunije in prilagoditvah Pogodb , na katerih temelji Evropska unija UL L 157 , 21 .
OJ L 157 , 21.6.2005 , p. 203 , pdf 436 kB , bg .
2005 , str . 203 , pdf 451 kB , bg .
Guideline of the ECB of 11 March 2005 amending Guideline ECB / 2000/1 on the management of the foreign reserve assets of the ECB by the national central banks and the legal documentation for operations involving the foreign reserve assets of the ECB ( ECB / 2005/6 )
Smernica ECB z dne 11 . marca 2005 o spremembi Smernice ECB / 2000/1 o upravljanju deviznih rezerv ECB s strani nacionalnih centralnih bank in pravne dokumentacije za posle , ki vključujejo devizne rezerve ECB ( ECB / 2005/6 )
OJ L 109 , 29.4.2005 , p. 107 , pdf 45 kB , cs .
2005 , str . 107 , pdf 45 kB , cs .
No longer in force : Guideline of the ECB of 17 February 2005 on the statistical reporting requirements of the ECB and the procedures for exchanging statistical information within the European System of Central Banks in the field of government finance statistics ( ECB / 2005/5 )
Ni več v veljavi : Smernica ECB z dne 17 . februarja 2005 o zahtevah ECB za statistično poročanje in o postopkih za izmenjavo statističnih informacij znotraj Evropskega sistema centralnih bank na področju statistike državnih financ ( ECB / 2005/5 )
OJ L 109 , 29.4.2005 , p. 81 , pdf 125 kB , bg .
2005 , str . 81 , pdf 125 kB , bg .
Guideline of the ECB of 15 February 2005 amending Guideline ECB / 2003/2 concerning certain statistical reporting requirements of the ECB and the procedures for reporting by the national central banks of statistical information in the field of money and banking statistics ( ECB / 2005/4 )
Smernica ECB z dne 15 . februarja 2005 o spremembah Smernice ECB / 2003/2 o nekaterih zahtevah ECB za statistično poročanje ter postopkih poročanja statističnih informacij nacionalnih centralnih bank s področja denarne in bančne statistike ( ECB / 2005/4 )
OJ L 109 , 29.4.2005 , p. 6 , pdf 347 kB , bg .
2005 , str . 6 , pdf 349 kB , bg .
Recommendation of the ECB of 11 February 2005 to the Council of the European Union on the external auditors of the Banco de Portugal ( ECB / 2005/3 )
Priporočilo ECB z dne 11 . februarja 2005 Svetu Evropske unije o zunanjih revizorjih centralne banke Banco de Portugal ( ECB / 2005/3 )
OJ C 50 , 26.2.2005 , p. 6 , pdf 72 kB , cs .
2005 , str . 6 , pdf 135 kB , cs .
Italy , 3.2.2005 , pdf 24 kB , en .
Italija , 3 .
11.1.2005 , pdf 93 kB , en
2005 , pdf 24 kB , en . it