natgillin/translations-raw huggingface dataset:
The standing facilities are administered in a decentralised manner by the national central banks .
Odprte ponudbe nacionalne banke upravljajo decentralizirano .
The Eurosystem 's minimum reserve system applies to credit institutions in the euro area and primarily pursues the aims of stabilising money market interest rates and creating ( or enlarging ) a structural liquidity shortage .
Sistem obveznih rezerv Evrosistema se uporablja za kreditne institucije v evro območju , in sicer predvsem za stabilizacijo obrestnih mer denarnega trga in ustvarjanje ( ali povečanje ) strukturnega likvidnostnega primanjkljaja .
The reserve requirement of each institution is determined in relation to elements of its balance sheet .
Rezerve , ki jih je dolžna zagotoviti vsaka institucija , se določijo glede na postavke njene bilance stanja .
In order to pursue the aim of stabilising interest rates , the Eurosystem 's minimum reserve system enables institutions to make use of averaging provisions .
Z namenom slediti cilju stabilizacije obrestnih mer sistem obveznih rezerv Evrosistema omogoča institucijam uporabo metode povprečenja .
Compliance with the reserve requirement is determined on the basis of the institutions » average daily reserve holdings over the maintenance period .
Izpolnjevanje obveznih rezerv se določi na podlagi povprečnih dnevnih stanj rezervnih imetij za obdobje izpolnjevanja .
Institutions » holdings of required reserves are remunerated at the rate of the Eurosystem 's main refinancing operations .
Institucije prejmejo nadomestilo za rezervna imetja , ki ne presegajo zneska izračunanih obveznih rezerv po obrestni meri Evrosistema za operacije glavnega refinanciranja .
The Eurosystem 's monetary policy framework is formulated with a view to ensuring the participation of a broad range of counterparties .
Okvir monetarne politike Evrosistema je oblikovan tako , da zagotavlja udeležbo širokega kroga nasprotnih strank .
Institutions subject to minimum reserve requirements according to Article 19.1 of the Statute of the ESCB may access the standing facilities and participate in open market operations based on standard tenders .
Institucije , za katere velja zahteva po obveznih rezervah v skladu s členom 19.1 Statuta ESCB , lahko dostopajo do odprtih ponudb in sodelujejo v operacijah odprtega trga na podlagi standardnih avkcij .
The Eurosystem may select a limited number of counterparties to participate in fine-tuning operations .
Evrosistem lahko izbere omejeno število nasprotnih strank za sodelovanje pri operacijah finega uravnavanja .
For outright transactions , no restrictions are placed a priori on the range of counterparties .
Pri dokončnih transakcijah ni vnaprejšnjih omejitev glede kroga nasprotnih strank .
For foreign exchange swaps conducted for monetary policy purposes , active players in the foreign exchange market are used .
Pri operacijah valutnih zamenjav ( swap poslih ) , ki se izvajajo za namene monetarne politike , se uporabljajo aktivni udeleženci na deviznem trgu .
The set of counterparties for these operations is limited to those institutions selected for Eurosystem foreign exchange intervention operations which are located in the euro area .
Krog nasprotnih strank za te operacije je omejen na tiste institucije , ki se nahajajo v evro območju in so bile izbrane za posege Evrosistema na deviznem trgu .
EN Underlying assets
SL
Pursuant to Article 18.1 of the Statute of the ESCB , all Eurosystem credit operations ( i.e. liquidity-providing operations ) have to be based on adequate collateral .
Finančno premoženje za zavarovanje terjatev Na podlagi člena 18.1 Statuta ESCB morajo vse kreditne operacije Evrosistema ( tj . operacije povečevanja likvidnosti ) temeljiti na ustreznih zavarovanjih .
The Eurosystem accepts a wide range of assets to underlie its operations .
Evrosistem sprejema širok nabor finančnega premoženja za zavarovanje svojih operacij .
A distinction is made between two categories of eligible assets --- « tier one » and « tier two » --- essentially for purposes internal to the Eurosystem .
Razlikujemo med dvema kategorijama ustreznega finančnega premoženja za zavarovanje terjatev -- ‚finančno premoženje za zavarovanje terjatev z liste 1 » in ‚finančno premoženje za zavarovanje terjatev z liste 2 » -- predvsem zaradi notranjih potreb Evrosistema .
However , this distinction will be phased out gradually over coming years to leave the Eurosystem collateral framework with a single list of eligible assets .
To razlikovanje pa bo postopoma prenehalo v prihodnjih letih s ciljem , da se sistem zavarovanj v Evrosistemu približa enotnemu seznamu ustreznega finančnega premoženja za zavarovanje terjatev .
Tier one currently consists of marketable debt instruments fulfilling uniform euro area-wide eligibility criteria specified by the ECB .
Na listo 1 se trenutno uvrščajo tržni dolžniški instrumenti , ki izpolnjujejo enotna merila primernosti , ki veljajo za celotno evro območje , in ki jih določi ECB .
Tier two consists of additional assets , marketable and non-marketable , which are of particular importance for national financial markets and banking systems and for which eligibility criteria are established by the national central banks , subject to ECB approval .
Na listo 2 se uvršča dodatno tržno in netržno finančno premoženje , ki je posebnega pomena za nacionalne finančne trge in bančne sisteme ter za katerega merila primernosti določijo nacionalne centralne banke , pri čemer jih mora odobriti ECB .
No distinction is made between the two tiers with regard to the quality of the assets and their eligibility for the various types of Eurosystem monetary policy operations ( except that tier two assets are normally not used by the Eurosystem in outright transactions ) .
Med obema listama ni razlik glede kakovosti finančnega premoženja in njegove ustreznosti za različne vrste operacij monetarne politike Evrosistema ( razen dejstva , da se finančno premoženje z liste 2 v Evrosistemu običajno ne uporablja za dokončne transakcije ) .
Eligible assets may be used on a cross-border basis , by means of the correspondent central banking model ( CCBM ) or through eligible links between EU securities settlement systems ( SSSs ) , to collateralise all types of Eurosystem credit ( 6 ) .
Ustrezno finančno premoženje za zavarovanje terjatev se lahko za zavarovanje terjatev vseh vrst refinanciranja v Evrosistemu uporablja prek meje s pomočjo korespondenčnega centralnobančnega modela ( CCBM ) ali prek odobrenih povezav med sistemi za poravnavo vrednostnih papirjev ( SSS ) v EU ( 6 ) .
All assets eligible for Eurosystem monetary policy operations can also be used as underlying assets for intraday credit .
Vse finančno premoženje , ki je ustrezno za operacije monetarne politike Evrosistema , se prav tako lahko uporabi kot finančno premoženje za zavarovanje terjatev posojila čez dan .
Modifications to the monetary policy framework The Governing Council of the ECB may , at any time , change the instruments , conditions , criteria and procedures for the execution of Eurosystem monetary policy operations .
Spremembe okvira monetarne politike Svet ECB lahko kadar koli spremeni instrumente , pogoje , merila in postopke za izvajanje operacij monetarne politike Evrosistema .
TABLE 1 Eurosystem monetary policy operations Monetary policy operations Types of transactions Provision of liquidity Absorption of liquidity Maturity Frequency Procedure
Tabela 1 Operacije monetarne politike Evrosistema Operacije monetarne politike Vrste transakcij Povečevanje likvidnosti Zmanjševanje likvidnosti Dospelost Pogostost Postopek
Open market operations Main refinancing Reverse operations transactions Longer-term refinancing operations Fine-tuning operations Reverse transactions --- Reverse transactions --- Foreign exchange swaps --- --- One week Three months Weekly Monthly Standard tenders Standard tenders --- Reverse transactions --- Collection of fixed-term deposits --- Foreign exchange swaps
Operacije odprtega trga Operacije glavnega refinanciranja Povratne transakcije --- En teden Tedensko Standardne avkcije Standardne avkcije --- Hitre avkcije --- Dvostranski postopki Povratne Operacije dolgoročnejšega transakcije refinanciranja Operacije finega --- Povratne uravnavanja transakcije --- Začasni nakupi / prodaje deviz
Non-standardised Non-regular --- Quick tenders --- Bilateral procedures
--- Povratne transakcije --- Zbiranje vezanih depozitov --- Začasni nakupi / prodaje deviz Nestandardizirano
Outright purchases Structural operations Reverse transactions Outright purchases Standing facilities Marginal lending Reverse facility transactions Deposit facility ---
Občasno Dokončni nakupi Dokončne prodaje Strukturne operacije Povratne transakcije
Outright sales Issuance of debt certificates Outright sales ---
--- Občasno Redno in občasno Občasno
Bilateral procedures
Dvostranski postopki Standardne avkcije Dvostranski postopki
Standardised / Regular and non - Standard tenders non-standardised regular --- Non-regular Bilateral procedures
Izdaja dolžniških Standardizirano / certifikatov nestandardizirano ---
--- Overnight
Dokončni nakupi Dokončne prodaje Odprte ponudbe Odprta ponudba Povratne mejnega posoja - transakcije nja Odprta ponudba --- deponiranja likvidnosti čez noč ---
Access at the discretion of counterparties Access at the discretion of counterparties
Dostop po prostem preudarku nasprotnih strank Dostop po prostem preudarku nasprotnih strank
See Sections 6.6.1 . and 6.6.2 .
Glej oddelka 6.6.1 in 6.6.2 .
Official Journal of the European Union CHAPTER 2
Uradni list Evropske unije POGLAVJE 2
ELIGIBLE COUNTERPARTIES General eligibility criteria Counterparties for Eurosystem monetary policy operations must fulfil certain eligibility criteria ( 7 ) .
PRIMERNE NASPROTNE STRANKE Splošna merila primernosti Nasprotne stranke v operacijah monetarne politike Evrosistema morajo izpolnjevati določena merila primernosti ( 7 ) .
These criteria are defined with a view to giving a broad range of institutions access to Eurosystem monetary policy operations , enhancing equal treatment of institutions across the euro area and ensuring that counterparties fulfil certain operational and prudential requirements : --- Only institutions subject to the Eurosystem 's minimum reserve system according to Article 19.1 of the Statute of the ESCB are eligible to be counterparties .
Ta merila so določena s ciljem omogočiti širokemu krogu institucij dostop do operacij monetarne politike Evrosistema , krepiti enako obravnavo institucij v celotnem evro območju in zagotoviti , da nasprotne stranke izpolnjujejo določene operativne zahteve in zahteve varnega poslovanja : --- Samo institucije , ki so obvezniki v sistemu obveznih rezerv Evrosistema v skladu s členom 19.1 Statuta ESCB , so primerne nasprotne stranke .
Institutions which are exempt from their obligations under the Eurosystem 's minimum reserve system ( see Section 7.2 ) are not eligible to be counterparties to Eurosystem standing facilities and open market operations .
Institucije , ki so izvzete iz obveznosti v okviru sistema obveznih rezerv Evrosistema ( glej oddelek 7.2 ) , niso primerne nasprotne stranke pri odprtih ponudbah in operacijah odprtega trga Evrosistema .
--- Counterparties must be financially sound .
--- Nasprotne stranke morajo biti finančno trdne .
They should be subject to at least one form of harmonised EU / EEA supervision by national authorities ( 8 ) .
Biti morajo podvržene najmanj eni obliki nadzora s strani nacionalnih organov , harmoniziranega z zahtevami EU / EGP ( 8 ) .
However , financially sound institutions subject to nonharmonised national supervision of a comparable standard can also be accepted as counterparties , e.g. branches established in the euro area of institutions that have their head office outside the European Economic Area ( EEA ) .
Vendar se lahko kot nasprotne stranke sprejmejo tudi finančno trdne institucije , ki so predmet neharmoniziranega nacionalnega nadzora na primerljivi ravni v evro območju , npr . podružnice institucij , ki imajo sedež izven Evropskega gospodarskega prostora ( EGP ) .
--- Counterparties must fulfil any operational criteria specified in the relevant contractual or regulatory arrangements applied by the respective national central bank ( or the ECB ) , so as to ensure the efficient conduct of Eurosystem monetary policy operations .
--- Da bi se zagotovilo učinkovito izvajanje operacij monetarne politike Evrosistema , morajo nasprotne stranke izpolnjevati vsa operativna merila , določena v ustreznih pogodbenih ali javnopravnih ureditvah , ki jih uporablja njihova nacionalna centralna banka ( ali ECB ) .
These general eligibility criteria are uniform throughout the euro area .
Ta splošna merila primernosti so enaka za celotno evro območje .
Institutions fulfilling the general eligibility criteria may : --- access the Eurosystem 's standing facilities ; and --- participate in Eurosystem open market operations that are based on standard tenders .
Institucije , ki izpolnjujejo splošna merila primernosti : --- lahko dostopajo do odprtih ponudb Evrosistema in --- se lahko udeležujejo operacij odprtega trga Evrosistema , ki temeljijo na standardnih avkcijah .
An institution may access the Eurosystem 's standing facilities and open market operations based on standard tenders only through the national central bank of the Member State in which it is established .
Institucija lahko dostopa do odprtih ponudb in operacij odprtega trga Evrosistema na podlagi standardnih avkcij samo prek nacionalne centralne banke države članice , v kateri je ustanovljena .
If an institution has establishments ( its head office or branches ) in more than one Member State , each establishment has access to these operations through the national central bank of the Member State in which it is located , notwithstanding the fact that the bids of an institution may only be submitted by one establishment ( either the head office or a designated branch ) in each Member State .
Če ima institucija poslovalnice ( v obliki sedeža ali podružnice ) v več kakor eni državi članici , ima vsaka poslovalnica dostop do teh operacij prek nacionalne centralne banke države članice , v kateri se nahaja , ne glede na dejstvo , da protiponudbe ene institucije lahko predloži samo ena poslovalnica ( bodisi sedež ali izbrana podružnica ) v vsaki državi članici .
Selection of counterparties for quick tenders and bilateral operations For outright transactions , no restrictions are placed a priori on the range of counterparties .
Izbira nasprotnih strank za hitre avkcije in dvostranske operacije Pri dokončnih transakcijah ni vnaprejšnjih omejitev glede kroga nasprotnih strank .
For foreign exchange swaps executed for monetary policy purposes , counterparties must be able to conduct large-volume foreign exchange operations efficiently under all market conditions .
Pri valutnih zamenjavah , ki se izvajajo za namene monetarne politike , morajo biti nasprotne stranke sposobne učinkovito opravljati devizne transakcije velikega obsega v katerih koli tržnih pogojih .
The range of counterparties to foreign exchange swaps corresponds to the counterparties located in the euro area which are selected for Eurosystem foreign exchange intervention operations .
Krog nasprotnih strank za valutne zamenjave je enak krogu nasprotnih strank , ki se nahajajo v evro območju in so izbrane za posege Evrosistema na deviznem trgu .
The criteria and procedures applied for the selection of counterparties to foreign exchange intervention operations are presented in Annex 3 .
Merila in postopki , ki se uporabljajo za izbiro nasprotnih strank za posege na deviznem trgu , so predstavljeni v Prilogi 3 .
For other operations based on quick tenders and bilateral procedures ( fine-tuning reverse transactions and the collection of fixed-term deposits ) , each national central bank selects a set of counterparties from among the institutions established in its Member State which fulfil the general counterparty eligibility criteria .
Pri drugih operacijah , ki se izvajajo na podlagi hitrih avkcij in dvostranskih postopkov ( povratne transakcije finega uravnavanja in zbiranje vezanih depozitov ) , vsaka nacionalna centralna banka izbere določeno število nasprotnih strank iz nabora institucij , ustanovljenih v svoji državi članici , ki izpolnjujejo splošna merila primernosti za nasprotne stranke .
In this respect , activity in the money market is the prime selection criterion . Other criteria which might be taken into account are , for example , the efficiency of the trading desk and the bidding potential .
V tem pogledu je glavno merilo izbire aktivnost na denarnem trgu . Druga merila , ki se lahko upoštevajo , so na primer učinkovitost službe za trgovanje z vrednostnimi papirji in potencial za udeležbo pri avkcijah .
Harmonised supervision of credit institutions is based on Directive 2000/12 / EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions ( OJ L 126 , 26.5.2000 , p. 1 ) , as amended .
Harmoniziran nadzor kreditnih institucij temelji na Direktivi 2000/12 / ES Evropskega parlamenta in Sveta z dne 20 . marca 2000 o začetku opravljanja in opravljanju dejavnosti kreditnih institucij , Uradni list Evropskih skupnosti ( UL ) , L 126 , 26.5.2000 , str .
L 111/12 EN
1 , z vsemi spremembami . L 111/12
In quick tenders and bilateral operations , the national central banks deal exclusively with the counterparties which are included in their respective set of fine-tuning counterparties .
Pri hitrih avkcijah in dvostranskih operacijah nacionalne centralne banke sklepajo posle izključno z nasprotnimi strankami , ki so vključene v krog njihovih nasprotnih strank za fino uravnavanje .
If , for operational reasons , a national central bank cannot deal in each operation with all of its fine-tuning counterparties , the selection of counterparties in this Member State will be based on a rotation scheme in order to ensure equitable access .
Če zaradi operativnih razlogov nacionalna centralna banka pri posamezni operaciji ne more sodelovati z vsemi nasprotnimi strankami za fino uravnavanje , se nasprotne stranke v tej državi članici izberejo po sistemu kroženja , da bi se zagotovil enakopraven dostop vseh nasprotnih strank .
The Governing Council of the ECB can decide whether , under exceptional circumstances , fine-tuning bilateral operations may be carried out by the ECB itself .
Svet ECB lahko odloči , ali lahko v izrednih okoliščinah dvostranske operacije finega uravnavanja izvaja tudi sama ECB .
If the ECB were to carry out bilateral operations , the selection of counterparties would in such cases be made by the ECB according to a rotation scheme among those counterparties in the euro area which are eligible for quick tenders and bilateral operations in order to ensure equitable access .
Če bi morala dvostranske operacije izvajati ECB , ta v takšnih primerih z namenom zagotovitve enakopravnega dostopa po sistemu kroženja izbere nasprotne stranke iz kroga tistih nasprotnih strank v evro območju , ki so primerne za hitre avkcije in dvostranske operacije .
Sanctions in the event of non-compliance with counterparty obligations The ECB shall impose sanctions , in accordance with Council Regulation ( EC ) No 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions ( 9 ) , European Central Bank Regulation ( EC ) No 2157/1999 of 23 September 1999 on the powers of the European Central Bank to impose sanctions ( ECB / 1999/4 ) ( 10 ) , Council Regulation ( EC ) No 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank ( 11 ) , as amended , and Regulation ( EC ) No 1745/2003 of the European Central Bank of 12 September 2003 on the application of minimum reserves ( ECB / 2003/9 ) ( 12 ) , on institutions which do not comply with obligations arising from ECB Regulations and Decisions relating to the application of minimum reserves .
novembra 1998 o pooblastilih Evropske centralne banke za nalaganje sankcij ( 9 ) , o pooblastilih Evropske centralne banke za nalaganje sankcij 23 . septembra 1999 o pooblastilih Evropske centralne banke za nalaganje sankcij ( ECB / 1999/4 ) ( 10 ) , Uredbo Sveta ( ES ) št .
The relevant sanctions and the procedural rules for their application are specified in the abovementioned Regulations .
novembra 1998 o uporabi obveznih rezerv Evropske centralne banke ( 11 ) , kakor je bila spremenjena , in Uredbo Evropske centralne banke ( ES ) št .
In addition , in the case of serious infringements of the minimum reserve requirements , the Eurosystem may suspend counterparties » participation in open market operations .
Ustrezne sankcije in postopkovna pravila za njihovo izvajanje so določeni v zgoraj navedenih uredbah . Poleg tega lahko v primeru hudih kršitev zahtev po obveznih rezervah Evrosistem nasprotne stranke začasno izključi iz udeležbe v operacijah odprtega trga .
In accordance with the provisions of the contractual or regulatory arrangements applied by the respective national central bank ( or by the ECB ) , the Eurosystem can and will impose financial penalties on counterparties or suspend counterparties » participation in open market operations if counterparties fail to comply with their obligations under the contractual or regulatory arrangements applied by the national central banks ( or by the ECB ) as set out below .
V skladu s pogodbenimi ali javnopravnimi ureditvami , ki jih uporablja zadevna nacionalna centralna banka ( ali ECB ) , Evrosistem nasprotnim strankam lahko naloži in bo naložil denarne kazni ali jih začasno izključi iz udeležbe v operacijah odprtega trga , če ne izpolnijo svojih obveznosti po pogodbenih ali javnopravnih ureditvah , ki jih uporabljajo nacionalne centralne banke ( ali ECB ) , kakor je navedeno spodaj .
This relates to cases of infringement of tender rules ( if a counterparty is unable to transfer a sufficient amount of underlying assets to settle the amount of liquidity it has been allotted in a liquidity-providing operation or if it is unable to deliver a sufficient amount of cash to settle the amount it has been allotted in a liquidity-absorbing operation ) , and of bilateral transaction rules ( if a counterparty is unable to deliver a sufficient amount of eligible underlying assets or if it is unable to deliver a sufficient amount of cash to settle the amount agreed in bilateral transactions ) .
To velja za primere kršitev avkcijskih pravil ( če nasprotna stranka ni sposobna zagotoviti zadostnega finančnega premoženja za zavarovanje zneska , ki ji je bil dodeljen v operaciji povečevanja likvidnosti , ali če ni sposobna zagotoviti zadostnih denarnih sredstev za poravnavo zneska , ki ji je bil dodeljen v operaciji zmanjševanja likvidnosti ) in pravil dvostranskih transakcij ( če pri dvostranskih transakcijah nasprotna stranka ni sposobna zagotoviti zadostnega zneska ustreznega finančnega premoženja za zavarovanje terjatev ali zadostnih denarnih sredstev za poravnavo dogovorjenega zneska ) .
This also applies to cases of non-compliance by a counterparty with the rules for the use of underlying assets ( if a counterparty is using assets which are or have become ineligible , or which may not be used by the counterparty , e.g. owing to close links between , or the identity of , issuer / guarantor and counterparty ) , and to non-compliance with the rules for end-of-day procedures and access conditions for the marginal lending facility ( if a counterparty which has a negative balance on the settlement account at the end of the day does not fulfil the access conditions for the marginal lending facility ) .
To velja tudi za primere , ko nasprotna stranka ne izpolnjuje pravil za uporabo finančnega premoženja za zavarovanje terjatev ( če nasprotna stranka uporablja finančno premoženje , ki je ali je postalo neustrezno ali ki ga nasprotna stranka ne sme uporabljati , na primer zaradi tesnih povezav med izdajateljem / garantom in nasprotno stranko ali zato ker sta to isti osebi ) , in za neizpolnjevanje pravil za postopke ob koncu dneva ter pogojev dostopa do mejnega posojanja ( če nasprotna stranka , ki ima ob koncu dneva negativno stanje na poravnalnem računu , ne izpolnjuje pogojev dostopa do mejnega posojanja ) .