natgillin/translations-raw huggingface dataset:
The mark-to-market value of the foreign currencies in the portfolio was broadly unchanged in 2007 , with the depreciation of the US dollar and the Japanese yen vis-à-vis the euro being compensated for by the positive net returns ( comprising capital gains and interest income ) generated by portfolio management activities and the proceeds from the ECB 's gold sales .
Tekoča tržna vrednost tujih valut v portfelju je leta 2007 ostala v glavnem nespremenjena , pri čemer se je depreciacija ameriškega dolarja in japonskega jena v razmerju do eura izravnala s pozitivnimi neto donosi ( kapitalskimi dobički in prihodki od obresti ) , ustvarjenimi z upravljanjem portfelja in s prihodki od prodaje zlata ECB .
In 2007 the list of eligible instruments in which the ECB 's foreign reserves can be invested was extended to include interest rate swaps .
Leta 2007 se je seznam primernih instrumentov , v katere se lahko vlagajo devizne rezerve ECB , razširil , tako da zdaj vključuje tudi obrestne zamenjave .
In addition , the pilot project set up to establish an automatic securities lending programme for the ECB 's US dollar assets is well advanced and is expected to be implemented in the course of 2008 .
Poleg tega pilotski projekt , ki je bil zasnovan za vzpostavitev programa avtomatiziranega posojanja vrednostnih papirjev za finančno premoženje ECB v ameriških dolarjih , dobro napreduje in bo po pričakovanjih uveden tekom leta 2008 .
OWN FUNDS MANAGEMENT The ECB 's own funds portfolio consists of the invested counterpart of the ECB 's paid-up capital , as well as amounts held from time to time in its general reserve fund and its provision against foreign exchange rate , interest rate and gold price risks .
UPRAVLJANJE LASTNIH SREDSTEV Portfelj lastnih sredstev ECB sestavljajo naložbe vplačanega kapitala ECB ter zneski , ki jih občasno hrani v skladu splošnih rezerv in v re - zervacijah za tečajna tveganja , obrestna tveganja in cenovna tveganja pri zlatu .
The purpose of this portfolio is to provide the ECB with income to help to cover its operating expenses .
Namen tega portfelja je ECB zagotoviti prihodke , s katerimi lahko pokrije svoje stroške poslovanja .
The portfolio is invested in euro-denominated assets .
Portfelj je investiran v sredstva , izražena v eurih .
The value of the portfolio at current market prices grew from Euros 7.5 billion at end-2006 to Euros 9.3 billion at end-2007 .
Vrednost portfelja po tekočih tržnih cenah je narasla s 7,5 milijarde EUR ob koncu leta 2006 na 9,3 milijarde EUR ob koncu leta 2007 .
Most of the increase in market value was due to the investment in the own funds portfolio of the provision against foreign exchange rate , interest rate and gold price risks established by the ECB in 2005 . Investment returns also contributed positively to the increase in market value .
Večina povečanja tržne vrednosti je nastala zato , ker so bile v portfelj lastnih sredstev vložene rezervacije za tečajna tveganja , obrestna tveganja in cenovna tveganja pri zlatu , ki jih je ECB oblikovala leta 2005 .
In the course of the year , floating rate notes were added to the investment options available for the management of this portfolio .
K povečanju tržne vrednosti portfelja so pozitivno prispevali tudi donosi naložb .
In addition , the list of eligible issuers of covered bonds and senior unsecured bonds was further extended . RISK MANAGEMENT ISSUES The financial risks to which the ECB is exposed in its investment activities are closely monitored and measured in order to keep them within the levels specified by the ECB 's decision-making bodies .
Tekom leta so bile med investicijske možnosti za upravljanje portfelja dodane tudi zadolžnice s spremenljivo obrestno mero . Poleg tega je bil dodatno razširjen seznam primernih izdajateljev kritih obveznic in prednostnih nezavarovanih obveznic .
For this purpose , a detailed limit structure is in place and limits are monitored daily . Regular reporting ensures that 6 Net foreign reserve assets are calculated as official reserve assets , plus deposits in foreign currency with residents , minus future predetermined net drains on foreign currency holdings owing to repos and forward transactions .
UPRAVLJANJE TVEGANJ Finančna tveganja , ki jim je ECB izpostavljena pri svojih investicijskih dejavnostih , se skrbno 6 Neto devizne rezerve so izračunane kot uradne devizne rezerve , povečane za devizne vloge pri rezidentih in zmanjšane za prihodnje vnaprej določene neto odlive deviznih imetij zaradi repo in terminskih poslov .
For detailed information on the data sources , see http://www.ecb.europa.eu/stats/external / reserves / templates / html / index .
Podrobne informacije o virih podatkov so na spletni strani http://www.ecb.europa.eu .
en.html ECB Annual Report 2007
ECB Letno poročilo 2007
all stakeholders are adequately informed of the level of such risks .
Redno poročanje zagotavlja , da so vse zainteresirane strani ustrezno obveščene o ravni tovrstnih tveganj .
In 2007 the ECB further enhanced its risk management capabilities by improving and upgrading its IT systems .
ECB je leta 2007 z izboljšanjem in nadgradnjo informacijskih sistemov še dodatno izboljšala zmožnost upravljanja tveganja .
The enhancements mean that many risk monitoring , measuring and reporting tasks can be automated within a robust and flexible infrastructure .
Izboljšave pomenijo , da so zdaj številne naloge spremljanja , merjenja in poročanja v zvezi s tveganjem avtomatizirane v zanesljivi in prožni infrastrukturi .
Moreover , a modelbased performance attribution framework has been developed that allows portfolio performance to be assigned to exposures to individual risk factors .
Poleg tega je bil razvit okvir pripisovanja uspešnosti na podlagi modelov , ki omogoča , da je učinkovitost portfelja povezana z izpostavljenostjo posameznim dejavnikom tveganja .
Finally , in recognition of the fact that credit risk management techniques are gaining in importance within the central bank community , the ECB chaired a special Task Force of the Market Operations Committee , which carried out a comparative analysis of portfolio credit risk models used by Eurosystem central banks .
In končno , kot priznanje dejstva , da tehnike upravljanja kreditnega tveganja v centralnobančni skupnosti pridobivajo vse večji pomen , je ECB predsedovala posebni projektni skupini Odbora za operacije na trgu , ki je izvedla primerjalno analizo modelov kreditnega tveganja v portfeljih , ki jih uporabljajo centralne banke Eurosistema .
The results of this analysis were published in the ECB 's Occasional Paper Series .
Rezultati te analize so bili objavljeni v seriji občasnih zvezkov ECB 7 .
7 One of the indicators used to monitor market risk is Value-at-Risk ( VaR ) , which defines the loss for a portfolio of assets that will not be exceeded at the end of a specified period of time with a given probability .
Eden od kazalnikov za spremljanje tržnega tveganja je tvegana vrednost ( Value-at-Risk ali VaR ) , ki za portfelj finančnega premoženja določa izgubo , ki ob koncu določenega obdobja ob dani verjetnosti ne bo presežena .
The value of this indicator depends on a series of parameters used for the calculation , in particular the confidence level , the length of the time horizon and the sample used to estimate asset price volatility .
Vrednost tega kazalnika je odvisna od vrste parametrov , ki se uporabijo v izračunu , zlasti od ravni zaupanja , trajanja časovnega obdobja in vzorca , ki se uporabi za ovrednotenje cenovne volatilnosti finančnega sredstva .
As an illustration , computing this indicator for the ECB 's investment portfolio , using as parameters a 95 % confidence level , a time horizon of one year and a sample of one year for asset price volatility , would result in a VaR of Euros 3,500 million .
Izračun tega kazalnika za naložbeni portfelj ECB , v katerem bi kot parametre uporabili 95 % raven zaupanja , enoletno obdobje in enoletni vzorec cenovne volatilnosti finančnega sredstva , je na primer pokazal VaR v vrednosti 3.500 milijonov EUR .
Computing the same indicator with a five-year sample instead of one year would result in a VaR of Euros 4,800 million .
Če isti kazalec izračunamo s petletnim namesto enoletnim vzorcem , bi dobili VaR v vrednosti 4.800 milijonov EUR .
Most of this market risk is due to currency and gold price risk .
Večino tega tržnega tveganja lahko pripišemo valutnemu tveganju in cenovnemu tveganju pri zlatu .
The low levels of interest rate risk reflect the fact that the modified duration of the ECB 's investment portfolios remained relatively low .
Nizka raven obrestnega tveganja kaže , de je ostalo modificirano trajanje naložbenega portfelja ECB razmeroma kratko .
For more details , see « The use of portfolio credit risk models in central banks » by the Task Force of the Market Operations Committee of the ESCB , ECB Occasional Paper No 64 , July 2007 . 106
Za podrobnosti glej članek „The use of portfolio credit risk models in central banks » , ki ga je pripravila projektna skupina Odbora ESCB za operacije na trgu in je bil julija 2007 objavljen v občasnem zvezku ECB ( Occasional Paper No 64 ) .
2 PAYMENT AND SECURITIES SETTLEMENT SYSTEMS The Eurosystem has the statutory task of promoting the smooth operation of payment systems .
2 PLAČILNI SISTEMI IN SISTEMI PORAVNAVE POSLOV Z VREDNOSTNIMI PAPIRJI Eurosistem mora po zakonu podpirati nemoteno delovanje plačilnih sistemov .
Its main instrument for carrying out this task -- aside from the oversight function ( see Section 4 of Chapter 4 ) -- is the provision of facilities to ensure efficient and sound clearing and payment systems .
Pri tem ni pristojen samo za pregled nad delovanjem plačilnih sistemov ( glej razdelek 4 v poglavju 4 ) , temveč zagotavlja tudi možnosti za delovanje učinkovitih in zanesljivih klirinških in plačilnih sistemov .
To this end , the Eurosystem created the Trans-European Automated Real-time Gross settlement Express Transfer system , known as TARGET , for large-value and urgent payments in euro .
Za to je vzpostavil transevropski sistem bruto poravnave v realnem času ( TARGET ) za plačila velikih vrednosti in nujna plačila v eurih .
The technically decentralised TARGET system is being progressively replaced by the TARGET2 system , which is based on a single technical platform that is shared by all participants .
Namesto tehnično decentraliziranega sistema TARGET se postopoma uvaja sistem TARGET2 , ki temelji na enotni tehnični platformi , skupni vsem udeležencem .
A first group of countries migrated to TARGET2 on 19 November 2007 .
Prva skupina držav je na sistem TARGET2 migrirala 19 . novembra 2007 .
With regard to collateral management , the Eurosystem and the market offer a number of channels to facilitate the use of collateral across national borders .
Kar zadeva upravljanje finančnega premoženja za zavarovanje terjatev , omogočata Eurosistem in trg številne kanale , ki omogočajo lažjo čezmejno uporabo zavarovanja .
Furthermore , the Eurosystem , together with market participants , is defining the user requirements for the provision of securities settlement services in central bank money through a single European technical platform with harmonised processes and procedures ( TARGET2-Securities ) .
Poleg tega Eurosistem skupaj z udeleženci na trgu opredeljuje uporabniške zahteve za zagotavljanje storitev poravnave poslov z vrednostnimi papirji v centralnobančnem denarju prek enotne platforme s harmoniziranimi postopki ( TARGET2-Securities ) .
Such an initiative would ensure that there is no difference between conducting domestic and cross-border settlements within the euro area . TARGET functioned smoothly in 2007 and continued to settle an increasing number of euro payments .
S tako pobudo naj bi zagotovili , da med izvajanjem poravnav v domačem in čezmejnem plačilnem prometu v euroobmočju ni razlik .
This is in line with the Eurosystem 's policy objective of promoting settlement in central bank money as a uniquely safe means of payment .
nobančnem denarju kot edinstvenem načinu varnega plačevanja .
In 2007 89 % of the total value of payments in euro large-value payment systems were executed via TARGET .
Leta 2007 je bilo 89 % celotne vrednosti plačil v sistemih plačil velikih vrednosti v eurih opravljenih prek sistema TARGET .
The launch of TARGET2 on 19 November 2007 also went very smoothly ( see Section 2.2 of this chapter ) .
Prav tako je 19 . novembra 2007 brez kakršnih koli zapletov začel delovati sistem TARGET2 ( glej razdelek 2.2 v tem poglavju ) .
About 9,300 banks , including branches and subsidiaries , use TARGET to initiate payments on their own behalf or on their customers » behalf .
Sistem TARGET za izvajanje plačil v svojem imenu ali v imenu svojih strank uporablja okrog 9300 bank , vključno s podružnicami in hčerinskimi podjetji .
Overall , around 52,000 institutions , in particular branches of participants , can be addressed through TARGET using a Bank Identifier Code .
Skupaj je mogoče prek sistema TARGET z uporabo bančne identifikacijske kode nasloviti približno 52.000 institucij , zlasti podružnic udeležencev .
TARGET OPERATIONS In 2007 the daily average of payments processed by TARGET increased by 12.3% in volume and 15.6% in value .
OPERACIJE SISTEMA TARGET Leta 2007 se je dnevno povprečje plačil , obdelanih prek sistema TARGET , povečalo za 12,3% po obsegu in za 15,6% po vrednosti .
Table 12 provides an Table 12 Payment traffic in TARGET 1
V tabeli 12 Tabela 12 Plačilni promet v sistemu TARGET1
Volume ( number of transactions )
Obseg ( število transakcij ) Celoten promet Skupaj Dnevno povprečje Znotraj držav članic 2 ) Skupaj Dnevno povprečje Med državami članicami Skupaj Dnevno povprečje
Change (%)
Sprememba (%)
2.1 THE TARGET SYSTEM TARGET plays an important role in the execution of the single monetary policy and the functioning of the euro money market .
2.1 SISTEM TARGET Sistem TARGET ima pomembno vlogo pri izvajanju enotne denarne politike in delovanju eurskega denarnega trga .
Since TARGET offers a real-time settlement service in central bank money and broad market coverage , it has also attracted a variety of other payments .
TARGET zaradi zagotavljanja storitev poravnave v realnem času v centralnobančnem denarju in širokega tržnega pokritja pritegne tudi vrsto drugih plačil .
TARGET is available for all credit transfers in euro between participating banks , without any upper or lower value limit .
TARGET je na razpolago za vsa nakazila v eurih med sodelujočimi bankami , in sicer brez zgornje ali spodnje omejitve vrednosti .
Such transfers may be made both between banks in the same Member State ( intra-Member State traffic ) and between those in different Member States ( interMember State traffic ) . Overall Total 83,179,996 326,196 Daily average Intra-Member State 2 Total 64,162,211 251,617 Daily average Inter-Member State Total 19,017,785 74,580 Daily average Value ( EUR billions ) Overall Total Daily average Intra-Member State 2 Total Daily average Inter-Member State Total Daily average
Takšna nakazila se lahko izpeljejo med bankami v eni državi članici ( promet znotraj države članice ) in med bankami v različnih državah članicah ( promet med državami članicami ) . Leta 2007 je TARGET deloval nemoteno , trend poravnave vse večjega števila plačil v eurih pa se je nadaljeval .
9.4 Change (%)
9,4 Sprememba (%)
Source : ECB .
19,7 Vir : ECB .
1 ) There were 255 operating days in both 2006 and 2007 .
1 ) V letih 2006 in 2007 je bilo obakrat 255 obratovalnih dni .
ECB Annual Report 2007 107
ECB Letno poročilo 2007
overview of the payment traffic in TARGET in 2007 , comparing it with the traffic in the previous year .
je pregled plačilnega prometa v sistemu TARGET v letu 2007 v primerjavi s prometom v prejšnjem letu .
In 2007 the overall availability of TARGET , i.e. the extent to which participants were able to use TARGET during its business hours without incident , reached 99.90% . 97.9% of inter-Member State payments were processed within five minutes .
Leta 2007 je skupna razpoložljivost sistema TARGET , tj . odstotek časa , v katerem so udeleženci lahko brez incidentov uporabljali TARGET v njegovem obratovalnem času , dosegla 99,90% , pri čemer je bilo 97,9% plačil znotraj države članice obdelanih v petih minutah .
CONTINGENCY MEASURES FOR SYSTEMICALLY IMPORTANT PAYMENTS IN TARGET Owing to the TARGET system 's pivotal role in the market and its broad market coverage , suitable protection against a wide range of threats is essential for the reliable and smooth functioning of the system .
UKREPI V IZREDNIH RAZMERAH V ZVEZI S SISTEMSKO POMEMBNIMI PLAČILI V SISTEMU TARGET Zaradi osrednje vloge sistema TARGET na trgu in njegove široke pokritosti trga je ustrezna zaščita proti številnim nevarnostim bistvenega pomena za zanesljivo in nemoteno delovanje sistema .
It is crucial that systemically important payments -- i.e. those that could cause a systemic risk if not processed when due , notably the settlement transactions from the Continuous Linked Settlement ( CLS ) system and EURO1 ( see Section 4.1 of Chapter 4 ) , as well as margin calls for central counterparties -- are carried out without delay , even in abnormal circumstances . The Eurosystem has established contingency measures to ensure that such payments are processed in an orderly manner , even in the event of TARGET malfunctioning .
Ključnega pomena je , da se sistemsko pomembna plačila -- tj . plačila , ki bi lahko ob nepravočasni obdelavi povzročila sistemsko tveganje , zlasti poravnalne transakcije iz sistema CLS ( mednarodni poravnalni sistem za poravnavo valutnih poslov ) in sistema EURO1 ( glej razdelek 4.1 v poglavju 4 ) , ter pozivi h kritju za centralne nasprotne stranke -- izvedejo brez zamud , tudi v izrednih okoliščinah .
In 2007 a number of further trials were carried out by central banks ( often involving commercial banks ) , and these proved the effectiveness of the TARGET contingency measures . They confirmed that the Eurosystem is in a good position to ensure that payment systems and financial markets can continue to function smoothly in a crisis situation .
Eurosistem je uvedel ukrepe v izrednih razmerah , ki naj zagotovijo urejeno izvedbo takih plačil tudi ob okvari sistema TARGET . Leta 2007 so centralne banke ( pogosto skupaj s poslovnimi bankami ) izvedle več dodatnih preizkusov , ki so potrdili učinkovitost ukrepov v izrednih razmerah in dobro pripravljenost Eurosistema , da zagotavlja nemoteno delovanje plačilnih sistemov in finančnih trgov tudi v kriznih situacijah .
TARGET CONNECTION FOR THE NCBS OF THE MEMBER STATES THAT JOINED THE EU IN 2004 AND 2007 In October 2002 the Governing Council decided that , following EU enlargement in 2004 , the NCBs of the new Member States would be allowed -- but not obliged -- to connect to the current TARGET system .
POVEZAVA S SISTEMOM TARGET ZA NCB DRŽAV ČLANIC , KI SO VSTOPILE V EU LETA 2004 IN 2007 Oktobra 2002 je Svet ECB odločil , da se bodo nacionalne centralne banke novih držav članic po širitvi EU lahko povezale s trenutnim sistemom TARGET , vendar pa tega niso dolžne storiti .
Narodowy Bank Polski and Eesti Pank connected their real-time gross settlement ( RTGS ) systems to TARGET via the Banca d' Italia 's RTGS system in 2005 and 2006 respectively .
Centralni banki Narodowy Bank Polski in Eesti Pank sta leta 2005 oziroma 2006 svoj sistem bruto poravnave v realnem času ( BPRČ ) povezali s sistemom TARGET prek sistema BPRČ Banca d' Italia .
With regard to Slovenia 's entry into the euro area in January 2007 , Banka Slovenije decided , for efficiency reasons , not to develop its own RTGS system , but to use the RTGS system of the Deutsche Bundesbank to connect to TARGET .
V zvezi z vstopom Slovenije v euroobmočje januarja 2007 se je Banka Slovenije odločila , da zaradi učinkovitosti ne bo razvila lastnega sistema BPRČ , temveč bo za povezavo s sistemom TARGET upo - rabljala sistem BPRČ Deutsche Bundesbank .
When TARGET2 went live in November 2007 , Cyprus , Latvia , Lithuania and Malta began operations on TARGET2 's single shared platform ( SSP ) .
Ko je novembra 2007 začel delovati sistem TARGET2 , so Ciper , Latvija , Litva in Malta začeli izvajati operacije na njegovi enotni skupni platformi ( ESP ) .
RELATIONS WITH TARGET USERS AND RTGS SYSTEM OPERATORS OF OTHER CURRENCY AREAS The ESCB maintains close relations with TARGET users in order to ensure that their needs are given due consideration and receive an appropriate response .
ODNOSI Z UPORABNIKI SISTEMA TARGET IN UPRAVLJAVCI SISTEMOV BPRČ DRUGIH VALUTNIH OBMOČIJ ESCB vzdržuje tesne stike z uporabniki sistema TARGET , da bi zagotovil primerno upoštevanje njihovih potreb in pridobil ustrezen odziv .
In 2007 , as in previous years , regular meetings were held between the NCBs linked to TARGET and the national TARGET user groups .
Tako kot v preteklih letih so tudi leta 2007 potekali redni sestanki nacionalnih centralnih bank , povezanih v TARGET , in nacionalnih skupin uporabnikov sistema TARGET .
In addition , joint meetings of the ESCB 's Working Group on TARGET2 and the TARGET Working Group of the European banking industry were held to discuss TARGET operational issues and the implementation of and migration to TARGET2 .
Poleg tega so bili organizirani skupni sestanki delovne skupine ESCB za sistem TARGET2 in delovne skupine evropskega bančnega sektorja za sistem TARGET , na katerih so razpravljali o operativnih vprašanjih sistema TARGET ter o uvajanju sistema TARGET2 in migraciji nanj .
Strategic issues were addressed in the Contact Group on Euro Payments Strategy , a forum in which the senior management of commercial and central banks is represented .
Z nekaterimi strateškimi vprašanji se je ukvarjala kontaktna skupina za strategijo plačil v eurih ( Contact Group on Euro Payments Strategy -- COGEPS ) , ki je sestavljena iz predstavnikov višjega vodstva poslovnih in centralnih bank .
The Eurosystem , as operator of the largest RTGS system in the world in terms of the value of transactions processed , maintained close contacts with the RTGS system operators of other key currency areas in 2007 .
Eurosistem je leta 2007 kot upravljavec največjega sistema BPRČ na svetu po vrednosti obdelanih transakcij vzdrževal neposredne stike z upravljavci BPRČ drugih ključnih valutnih območij .
Increasing interrelations , such as those stemming from CLS operations , have created the need for joint discussions on operational issues .
Zaradi vse večje medsebojne povezanosti , na primer zaradi operacij v sistemu CLS , je nastala potreba po skupni obravnavi operativnih vprašanj .
2.2 TARGET2 The TARGET2 system started operating on 19 November 2007 when a first group of countries ( Germany , Cyprus , Latvia , Lithuania , Luxembourg , Malta , Austria and Slovenia ) migrated their operations to the SSP .
2.2 TARGET2 Sistem TARGET2 je začel delovati 19 . novembra 2007 , ko je prva skupina držav ( Nemčija , Ciper , Latvija , Litva , Luksemburg , Malta , Avstrija in Slovenija ) svoje operacije prenesla na enotno skupno platformo .
The second group of countries ( Belgium , Ireland , Spain , France , the Netherlands , Portugal and Finland ) migrated to TARGET2 on 18 February 2008 .
Druga skupina držav ( Belgija , Irska , Španija , Francija , Nizozemska , Portugalska in Finska ) je migracijo na TARGET2 izvedla 18 .
The third and final group ( consisting of Denmark , Estonia , Greece , Italy , Poland and the ECB ) will migrate on 19 May 2008 .
februarja 2008 , medtem ko bo tretja in zadnja skupina ( ki jo sestavljajo Danska , Estonija , Grčija , Italija , Poljska in ECB ) to storila 19 .
The start of TARGET2 operations was very successful .
Začetek delovanja sistema TARGET2 je bil zelo uspešen .
The SSP ( operated on behalf of the Eurosystem by the Banque de France , the Banca d' Italia and the Deutsche Bundesbank ) achieved a very high level of performance .
Enotna skupna platforma ( ki jo v imenu Eurosistema upravljajo Banque de France , Banca d' Italia in Deutsche Bundesbank ) je dosegla zelo visoko raven zmogljivosti .
The technical communication with remaining TARGET components also functioned smoothly .
Tehnična komunikacija s preostalimi komponentami sistema TARGET je prav tako delovala nemoteno .