natgillin/translations-raw huggingface dataset:
3.1.3 Monetar y policy operations In accordance with its monetary policy strategy , the ECB steers short-term money market rates by signalling its monetary policy stance and by managing the liquidity situation in the money market .
3.1.3 Operacije denarne politike ECB v skladu s svojo strategijo denarne politike usmerja kratkoročne obrestne mere na denarnem trgu tako , da signalizira naravnanost svoje denarne politike in upravlja raven likvidnosti na denarnem trgu .
As well as steering interest rates by managing liquidity , the ECB can also signal its monetary policy stance to the money market by changing the conditions under which the Eurosystem is willing to enter into transactions with the money market .
Poleg usmerjanja obrestnih mer z upravljanjem likvidnosti lahko ECB denarnemu trgu signalizira naravnanost svoje denarne politike tudi s spreminjanjem pogojev , pod katerimi je Eurosistem pripravljen izvajati transakcije z udeleženci na denarnem trgu .
In the operations of the Eurosystem , the ECB also aims to ensure an orderly functioning of the money market and to help banks meet their liquidity needs in a smooth and well-organised manner .
Z izvajanjem operacij Eurosistema skuša ECB zagotoviti urejeno delovanje denarnega trga in bankam pomagati , da nemoteno in organizirano zadovoljijo svoje likvidnostne potrebe .
This is achieved by providing regular refinancing to the banks and facilities that allow them to deal with end-of-day balances and to cushion transitory liquidity fluctuations .
To dosega tako , da bankam zagotavlja redno financiranje in instrumente , ki jim omogočajo , da obvladujejo stanje ob koncu delovnega dne in premostijo občasna likvidnostna nihanja .
Ta b l e 3 E u ro s y s t e m m o n e t a r y p o l i c y o p e r a t i o n s
Tabela 3 Operacije denarne politike Eurosistema Operacije denarne politike Vrste transakcij Povečanje likvidnosti / Umikanje likvidnosti Dospelost Pogostost Postopek
The operational framework of the Eurosystem is based on provisions laid down in the Statute of the ESCB .
Dostop po prostem preudarku nasprotnih strank Dostop po prostem preudarku nasprotnih strank Operativni okvir Eurosistema temelji na določbah statuta ESCB .
It has been designed in compliance with Article 105 of the EC Treaty , according to which the Eurosystem « [...
Oblikovan je bil v skladu s členom 105 Pogodbe ES , ki določa , da Eurosistem „ [...
] shall act in accordance with the principle of an open market economy with free competition , favouring an efficient allocation of resources [...
] deluje v skladu z načelom odprtega tržnega gospodarstva s svobodno konkurenco , pri čemer daje prednost učinkovitemu razporejanju virov [...
] » and in line with the following principles : -* operational efficiency , which enables monetary policy decisions to feed through as precisely and as quickly as possible to short-term money market rates ;
] » ter ob upoštevanju naslednjih načel : 2 : -* operativna učinkovitost , ki omogoča , da se sklepi o denarni politiki čim bolj natančno in čim hitreje prenesejo v kratkoročne obrestne mere denarnega trga ;
-* equal treatment of financial institutions , irrespective of their size and where they are located in the euro area ;
-* enako obravnavanje finančnih institucij ne glede na njihovo velikost in kraj v euroobmočju ;
-* the decentralised execution of the Eurosystem 's monetary policy operations through the NCBs ;
-* decentralizirano izvajanje operacij denarne politike Eurosistema prek nacionalnih centralnih bank ;
-* simplicity , transparency , continuity , safety and cost efficiency .
-* enostavnost , preglednost , trajnost , varnost in varčnost .
Simplicity and transparency ensure that the intentions behind monetary policy operations are correctly understood .
Enostavnost in preglednost zagotavljata pravilno razumevanje namenov operacij denarne politike .
The principle of continuity aims at avoiding frequent major changes in instruments and procedures , so that central banks and their counterparties can draw on experience when participating in monetary policy operations .
Namen načela trajnosti je preprečiti pogoste večje spremembe v instrumentih in postopkih , tako da se lahko centralne banke in njihove nasprotne stranke pri sodelovanju v operacijah denarne politike opirajo na pretekle izkušnje .
The principle of safety requires that the Eurosystem 's financial and operational risks be kept to a minimum .
Načelo varnosti zahteva , da so finančna in operativna tveganja Eurosistema čim manjša .
In particular , all lending to credit institutions must be collateralised as required by Article 18 of the Statute of the ESCB .
To zlasti pomeni , da morajo biti vsa posojila kreditnim institucijam zavarovana v skladu s členom 18 statuta ESCB .
Cost efficiency means keeping down the operational costs to both the Eurosystem and its counterparties .
Varčnost pomeni skrb za čim nižje stroške tako za Eurosistem kot tudi za njegove nasprotne stranke .
B ox 1 2 O p e n m a r ke t o p e r a t i o n s a n d s t a n d i n g f a c i l i t i e s The Eurosystem 's open market operations can be divided into the following four categories according to their aim , regularity and the procedures followed : main refinancing operations ; longer-term refinancing operations ;
Okvir 12 Operacije odprtega trga in odprte ponudbe Operacije Eurosistema na odprtem trgu je glede na namen , pogostost in postopek izvedbe mogoče razdeliti v štiri skupine : -* operacije glavnega refinanciranja , operacije dolgoročnejšega refinanciranja , operacije finega uravnavanja in strukturne operacije .
structural operations . M a i n re f i n a n c i n g o p e r a t i o n s The main refinancing operations are the most important open market operations and represent the key monetary policy instrument of the Eurosystem .
Operacije glavnega refinanciranja Operacije glavnega refinanciranja so najpomembnejše operacije odprtega trga in predstavljajo glavni instrument denarne politike Eurosistema .
They provide the bulk of liquidity to the banking system and play a pivotal role in steering interest rates , managing the liquidity situation in the market and signalling the stance of monetary policy .
Bančnemu sektorju zagotavljajo največji delež likvidnosti in imajo osrednjo vlogo pri usmerjanju obrestnih mer , upravljanju likvidnostnih razmer na trgu in signaliziranju naravnanosti denarne politike .
Main refinancing operations are conducted on a weekly basis and have a maturity of one week2 .
Izvajajo se tedensko in imajo običajno rok dospelosti en teden 2 .
They are executed through standard tenders , a type of tender conducted in accordance with a pre-announced schedule and executed within a period of 24 hours from the announcement of the tender to the communication of the results .
Potekajo v obliki standardnih avkcij z vnaprej določenim urnikom in se izvedejo v roku 24 ur od najave avkcije do objave rezultatov .
All counterparties fulfilling general eligibility criteria may participate in these operations .
V teh operacijah lahko sodelujejo vse nasprotne stranke , ki izpolnjujejo merila primernosti .
In principle , all credit institutions located in the euro area are potentially eligible counterparties of the Eurosystem .
Načeloma ta merila izpolnjujejo vse kreditne institucije v euroobmočju .
L o n g e r - t e r m re f i n a n c i n g o p e r a t i o n s In addition to the weekly main refinancing operations , the Eurosystem also executes monthly longer-term refinancing operations with a three-month maturity .
Operacije dolgoroãnej‰ega refinanciranja Poleg tedenskih operacij glavnega refinanciranja Eurosistem izvaja tudi mesečne operacije dolgoročnejšega refinanciranja s trimesečnim rokom dospelosti .
B ox 1 2 O p e n m a r ke t o p e r a t i o n s a n d s t a n d i n g f a c i l i t i e s ( c o n t « d ) These operations are aimed at providing longer-term liquidity to the banking system .
Namen teh operacij je bančnemu sistemu zagotoviti likvidnost na daljši rok .
This prevents all the liquidity in the money market from having to be rolled over every week .
S tem vse likvidnosti na denarnem trgu ni treba vsak teden prenašati v naslednjega .
Like the main refinancing operations , longer-term refinancing operations are conducted as standard tenders in a decentralised manner , and all counterparties fulfilling general eligibility criteria may participate .
Tako kot operacije glavnega refinanciranja tudi operacije dolgoročnejšega refinanciranja potekajo v obliki standardnih avkcij na decentraliziran način in v njih lahko sodelujejo vse nasprotne stranke , ki izpolnjujejo merila primernosti .
Fine-tuning operations The Eurosystem may also carry out open market operations on an ad hoc basis , i.e. finetuning operations .
Operacije finega uravnavanja Eurosistem lahko izvaja tudi občasne operacije na denarnem trgu , ki se imenujejo operacije finega uravnavanja .
Fine-tuning operations can be liquidity-absorbing or liquidityproviding . They are aimed at managing the liquidity situation and steering interest rates in the money market , in particular to smooth the effects on interest rates of unexpected liquidity fluctuations in the money market .
Z njimi lahko umika ali zagotavlja likvidnost in tako uravnava likvidnostne razmere ter usmerja obrestne mere na denarnem trgu , predvsem takrat , ko želi ublažiti učinke , ki jih imajo nepričakovana nihanja na denarnem trgu na obrestne mere .
In view of their purpose , fine-tuning operations are normally executed through « quick » tenders .
Marca 2004 je bil rok dospelosti skrajšan z dveh tednov na enega . 85
These take one hour from their announcement to the communication of the allotment results . For operational reasons , only a limited number of selected counterparties may participate in fine-tuning operations .
Okvir 12 Operacije odprtega trga in odprte ponudbe Glede na njihov namen se operacije finega uravnavanja navadno izvajajo s t.i. „hitrimi » avkcijami , pri katerih med najavo in objavo rezultatov dodelitve mine največ ena ura . Iz operativnih razlogov v teh operacijah lahko sodeluje samo omejeno število izbranih nasprotnih strank .
Fine-tuning operations can also be executed through bilateral procedures , where the Eurosystem conducts a transaction with one or a few counterparties without a tender .
Operacije finega uravnavanja je mogoče izvajati tudi v obliki dvostranskih postopkov , pri katerih Eurosistem izvede transakcijo z eno ali več sodelujočimi strankami brez avkcije .
Fine-tuning operations are normally executed in a decentralised manner by the NCBs , but the Governing Council can decide , under exceptional circumstances , to have bilateral fine-tuning operations executed by the ECB .
Operacije finega uravnavanja se navadno izvajajo decentralizirano s strani nacionalnih centralnih bank , vendar lahko Svet ECB v izrednih okoliščinah odloči , da dvostranske operacije finega uravnavanja izvaja ECB .
Structural operations The operational framework also provides the Eurosystem with the possibility of conducting structural operations .
Strukturne operacije Operativni okvir daje Eurosistemu tudi možnost , da izvaja strukturne operacije .
Such operations are designed to adjust the structural liquidity position of the Eurosystem vis-à-vis the banking system , i.e. the amount of liquidity in the market over the longer term .
Z njimi prilagaja strukturni likvidnostni položaj Eurosistema v razmerju do bančnega sistema , tj . obseg likvidnostni na trgu v daljšem časovnem obdobju .
They could be conducted using reverse transactions , outright operations or the issuance of debt certificates .
Izvajajo se lahko kot povratne transakcije , dokončne operacije ali z izdajo dolžniških certifikatov .
So far , the Eurosystem has had no need to conduct operations to adjust the structural liquidity position of the banking system .
Doslej Eurosistemu ni bilo treba izvajati operacij zato , da bi prilagodil strukturni likvidnostni položaj bančnega sistema .
Standing facilities The marginal lending facility provides overnight loans from the central bank against collateral at a predetermined interest rate .
Odprte ponudbe Odprta ponudba mejnega posojila omogoča najem posojila od centralne banke čez noč proti zavarovanju po vnaprej določeni obrestni meri .
The interest rate on these overnight loans is normally substantially higher than the corresponding market rate .
Obrestna mera za takšna posojila čez noč je ponavadi občutno višja kot ustrezna tržna obrestna mera .
As a result , credit institutions only use the marginal lending facility to obtain funds as a last resort .
Zato kreditne institucije odprto ponudbo mejnega posojila za pridobitev sredstev uporabljajo kot izhod v sili .
Since access to the marginal lending facility is only limited by the amount of collateral available , the interest rate on the facility normally provides a ceiling for the overnight rate in the money market .
Ker je dostop do odprte ponudbe mejnega posojila omejen samo z višino zavarovanja , obrestna mera za to odprto ponudbo navadno določa zgornjo vrednost obrestne mere za posojila čez noč na denarnem trgu .
The deposit facility , by contrast , allows banks to make overnight deposits with the central bank at a predetermined interest rate .
Odprta ponudba mejnega depozita po drugi strani bankam omogoča , da sredstva pri centralni banki čez noč deponirajo po vnaprej določeni obrestni meri .
The interest rate on these overnight deposits is normally substantially lower than the corresponding market rate .
Obrestna mera za takšna posojila čez noč je ponavadi občutno nižja kot ustrezna tržna obrestna mera .
Therefore , counterparties only make overnight deposits with the Eurosystem if they cannot use their funds in any other way . Just
Zato nasprotne stranke deponirajo sredstva čez noč pri Eurosistemu samo takrat , ko jih ne morejo uporabiti kako drugače .
B ox 1 2 O p e n m a r ke t o p e r a t i o n s a n d s t a n d i n g f a c i l i t i e s ( c o n t « d ) as the interest rate on the marginal lending facility provides a ceiling , the interest rate on the deposit facility normally provides a floor for the overnight rate in the money market .
Enako kot obrestna mera za odprto ponudbo mejnega posojila tudi obrestna mera za odprto ponudbo mejnega depozita navadno predstavlja spodnjo mejo obrestne mere za depozite čez noč na denarnem trgu .
The incentive for banks to use the standing facilities is significantly reduced by the rates applied to them .
Raven obrestnih mer občutno zmanjšuje spodbudo , da bi banke uporabile te odprte ponudbe , zato je njihova povprečna uporaba na splošno omejena .
Thus , the average daily use of the standing facilities is in general limited . It mostly remains below Euros 1 billion , demonstrating that they serve only to provide and absorb liquidity in exceptional circumstances .
Navadno se giblje pod 1 milijardo EUR , kar kaže , da je njihov glavni namen zagotavljanje ali umikanje likvidnosti v izjemnih primerih . 86
Open market operations ( see Box 12 ) are the most important group of monetary policy operations .
Operacije odprtega trga ( glej okvir 12 ) so najpomembnejša skupina operacij denarne politike .
They are generally executed by the NCBs on the initiative of the ECB , usually in the money market , i.e. the market in which the maturity of transactions is generally less than one year .
Izvajajo jih predvsem nacionalne centralne banke na pobudo ECB , navadno na denarnem trgu , na katerem je dospelost transakcij navadno manj kot eno leto .
Open market operations play an important role in steering interest rates , signalling the stance of monetary policy and managing the liquidity situation in the money market .
Operacije odprtega trga imajo v denarni politiki Eurosistema pomembno vlogo pri usmerjanju obrestnih mer , signaliziranju naravnanosti denarne politike in uravnavanju likvidnosti na denarnem trgu .
The standing facilities ( see Box 12 ) -- the marginal lending facility and the deposit facility -- are available to the Eurosystem 's counterparties on their own initiative .
Odprte ponudbe ( glej okvir 12 ) -- odprta ponudba mejnega depozita in odprta ponudba mejnega posojila -- so na voljo vsem nasprotnim strankam Eurosistema na njihovo pobudo .
By setting the rates on the standing facilities , the ECB determines the corridor within which the overnight money market rate can fluctuate .
Z določanjem njihovih obrestnih mer ECB vzpostavlja koridor , znotraj katerega lahko nihajo obrestne mere čez noč na denarnem trgu .
The operational framework is supplemented by the system of minimum reserves to be held by credit institutions with the NCBs ( see Box 13 ) .
Operativni okvir dopolnjuje sistem obveznih rezerv , ki jih morajo kreditne institucije hraniti pri nacionalni centralni banki ( glej okvir 13 ) .
The key functions of the minimum reserve system are to help stabilise money market interest rates and to enlarge the structural liquidity shortage of the banking system , increasing the demand for central bank refinancing .
Glavne naloge sistema obveznih rezerv so , da pomagajo stabilizirati obrestne mere na denarnem trgu in povečujejo strukturni likvidnostni primanjkljaj v bančnem sistemu , kar krepi povpraševanje po refinanciranju centralne banke .
B ox 1 3 M i n i m u m re s e r ve re q u i re m e n t s The ECB requires credit institutions to hold deposits on accounts with the NCBs : these are called « minimum » or « required » reserves .
Okvir 13 Obvezne rezerve ECB od kreditnih institucij zahteva , da na računu pri nacionalni centralni banki hranijo vloge , ki se imenujejo „minimalne » ali „obvezne » rezerve .
The amount of required reserves to be held by each institution is determined by its reserve base multiplied by a reserve ratio .
Višina obveznih rezerv , ki jih mora imeti posamezna institucija , je določena glede na njeno osnovo za obvezne rezerve , ki je pomnožena s stopnjo obveznih rezerv .
The reserve base of an institution is defined in relation to the short-term liabilities on its balance sheet .
Osnova za rezerve se posamezni instituciji določi glede na kratkoročne obveznosti v njeni bilanci stanja .
Liabilities vis-à-vis other credit institutions included in the list of institutions subject to the Eurosystem 's minimum reserve system and liabilities vis-à-vis the ECB and the NCBs are not included in the reserve base .
V osnovo za rezerve niso vključene obveznosti do drugih kreditnih institucij , uvrščenih na seznam institucij , ki so obvezniki obveznih rezerv Eurosistema , ter obveznosti do ECB in nacionalnih centralnih bank .
The first key function of the minimum reserve system is to stabilise money market interest rates .
Prva ključna naloga sistema obveznih rezerv je , da stabilizira obrestne mere denarnega trga .
This function is performed by the averaging provision . This provision means that credit institutions » compliance with reserve requirements is judged on the basis of the average of the daily balances on their reserve accounts over a reserve maintenance period of around one month .
Izvaja se z metodo povprečenja , po kateri se izpolnjevanje obveznih rezerv kreditnih institucij ocenjuje na osnovi povprečja stanj ob koncu koledarskega dneva na računu rezerv v obdobju izpolnjevanja obveznih rezerv , ki traja približno en mesec .
Credit institutions can thus smooth out daily liquidity fluctuations ( e.g. those arising from fluctuations in the demand for banknotes ) , since transitory reserve imbalances can be offset by opposite reserve imbalances within the same maintenance period .
Kreditne institucije lahko izravnajo dnevna nihanja likvidnosti ( na primer zaradi nihanja povpraševanja po bankovcih ) , saj je začasna neravnovesja v rezervah mogoče nevtralizirati z nasprotnimi neravnovesji v istem obdobju izpolnjevanja .
The averaging provision also implies that institutions can profit from lending in the market and run a reserve deficit whenever the shortest money market rates are above those expected to prevail for the remainder of the maintenance period .
Določba o povprečenju obenem pomeni , da lahko institucije ustvarjajo dobiček s tem , da dajejo posojila na trgu in imajo primanjkljaj rezerv vsakič , ko so obrestne mere denarnega trga z najkrajšo ročnostjo višje od obresti , ki so pričakovane za ostanek obdobja izpolnjevanja obveznih rezerv .
In the opposite scenario , they can borrow in the market and run a reserve surplus .
V nasprotnem scenariju si lahko izposojajo na trgu in imajo presežek rezerv .
This mechanism stabilises the overnight interest rate during the maintenance period and makes it unnecessary for the central bank to intervene frequently in the money market .
Ta mehanizem stabilizira obrestno mero čez noč v obdobju izpolnjevanja in centralni banki omogoča , da ji ni treba pogosto intervenirati na denarnem trgu .
A second important function performed by the minimum reserve system is the enlargement of the structural liquidity shortage of the banking system .
Druga pomembna naloga , ki jo opravlja sistem obveznih rezerv , je povečevanje strukturnega likvidnostnega primanjkljaja v bančnem sistemu . Obvezne rezerve , ki jih morajo imeti
The need for credit institutions to hold reserves with the NCBs helps to increase the demand for central bank refinancing which , in turn , makes it easier for the ECB to steer money market rates via regular liquidity-providing operations .
Okvir 13 Obvezne rezerve kreditne institucije pri nacionalni centralni banki , povečujejo potrebo po refinanciranju centralne banke , kar ECB po drugi strani omogoča , da z operacijami za zagotavljanje likvidnosti lažje usmerja obrestne mere denarnega trga .
The minimum reserve system was designed in such a way as to neither put a burden on the banking system in the euro area nor hinder the efficient allocation of resources .
Sistem obveznih rezerv je zasnovan tako , da ne obremenjuje bančnega sistema v euroobmočju in hkrati ne ovira učinkovitega razporejanja sredstev .
To achieve these objectives , credit institutions » holdings of required reserves are remunerated at very close to short-term money market interest rates .
Zato so imetja obveznih rezerv , ki jih morajo vzdrževati kreditne institucije , obrestovane po obrestni meri , ki je zelo blizu kratkoročnim obrestnim meram na denarnem trgu .
The remuneration rate corresponds to the average , over the maintenance period , of the marginal rate ( weighted according to the number of calendar days ) in the main refinancing operations .
Obrestovanje obenem ustreza povprečju mejne obrestne mere ( ponderirane glede na število koledarskih dni ) za operacije glavnega refinanciranja v obdobju izpolnjevanja obveznih rezerv .
3 . 2 E X T E R N A L O P E R AT I O N S As far as the external operations of the Eurosystem are concerned , Article 23 of the Statute of the ESCB entitles the ECB and the NCBs : -* to establish relations with central banks and financial institutions in other countries and , where appropriate , with international organisations ;
3.2 POSLOVANJE S TUJINO V zvezi s poslovanjem Eurosistema s tujino daje člen 23 Statuta ESCB Evropski centralni banki in nacionalnim centralnim bankam pravico , da : -* vzpostavljajo odnose s centralnimi bankami in finančnimi institucijami v drugih državah ter , kadar je primerno , z mednarodnimi organizacijami ;
90 -* to acquire and sell spot and forward all types of foreign exchange assets and precious metals ;
-* kupujejo in prodajajo promptno in terminsko vse vrste deviznih sredstev in plemenitih kovin ;
-* to manage the foreign assets they hold ;
-* upravljajo vso tujo aktivo v njihovi hrambi ;
-* to conduct all types of banking transactions in relations with third countries and international organisations , including borrowing and lending operations .
-* opravljajo vse vrste bančnih poslov s tretjimi državami in mednarodnimi organizacijami , vključno z najemanjem in dajanjem posojil .
1 Fo re i g n e x c h a n g e o p e r a t i o n s The most important type of foreign exchange operation of the Eurosystem is intervention on foreign exchange markets .
3.2.1 Devizni posli Najpomembnejša vrsta deviznih poslov Eurosistema je , da intervenira na deviznih trgih .
Intervention operations are effected solely through the foreign reserves held by the ECB .
Interventni posli se izvajajo samo prek deviznih rezerv , ki jih hrani ECB .