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GUIDELINE OF THE EUROPEAN CENTRAL BANK of 16 September 2010 amending Guideline ECB / 2000/7 on Monetary Policy Instruments and Procedures of the Eurosystem ( ECB / 2010/13 ) ( 2010/598 / EU ) THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK ,
SMERNICA EVROPSKE CENTRALNE BANKE z dne 16 . septembra 2010 o spremembah Smernice ECB / 2000/7 o instrumentih monetarne politike in postopkih Eurosistema ( ECB / 2010/13 ) ( 2010/598 / EU ) SVET EVROPSKE CENTRALNE BANKE JE --
Having regard to the Treaty on the Functioning of the European Union , and in particular to the first indent of Article 127 ( 2 ) thereof , Having regard to the Statute of the European System of Central Banks and of the European Central Bank , and in particular Article 12.1 and Article 14.3 , in conjunction with the first indent of Article 3.1 , Article 18.2 and the first paragraph of Article 20 thereof , Whereas : Achieving a single monetary policy entails defining the instruments and procedures to be used by the Eurosystem , consisting of the national central banks ( NCBs ) of Member States whose currency is the euro ( hereinafter the « partici ­ pating Member States ') and the European Central Bank ( ECB ) , in order to implement such a policy in a uniform manner throughout the participating Member States . The ECB has the authority to establish the necessary guide ­ lines to implement the Eurosystem 's monetary policy and the NCBs have an obligation to act in accordance with such guidelines .
ob upoštevanju Pogodbe o delovanju Evropske unije in zlasti prve alinee člena 127 ( 2 ) Pogodbe , ob upoštevanju Statuta Evropskega sistema centralnih bank in Ev ­ ropske centralne banke ter zlasti člena 12.1 in člena 14.3 v po ­ vezavi s prvo alineo člena 3.1 , členom 18.2 in prvim odstavkom člena 20 Statuta ,
Guideline ECB / 2000/7 of 31 August 2000 on monetary policy instruments and procedures of the Eurosystem ( 1 ) , should be amended to reflect changes to the definition and implementation of the Eurosystem 's monetary policy pro ­ cedures and operations . The most notable of these are as follows : ( a ) to revise the risk control framework for Euro ­ system credit operations ;
ob upoštevanju naslednjega : okoliščinah centralizirano izvaja dokončne transakcije ;
( d ) to allow the Governing Council to decide that the ECB may , in excep ­ tional circumstances , carry out outright transactions in a centralised manner ; ( e ) to reduce claw back risk with a view to limit credit and legal risks by restricting originators of asset-backed securities ( ABS ) , and underlying assets of ABS , to those from the European Economic Area ( EEA ) ;
( e ) z namenom omejitve kreditnega in pravnega tveganja zmanjšati tveganje razveljavitve prodaje premoženja s tem , da se originatorji kolateraliziranih vrednostnih papirjev in finančno premoženje za zavarovanje terjatev iz kolateraliziranih vrednostnih papirjev omejijo na tiste iz Evropskega gospodarskega prostora ( EGP ) ;
( f ) to introduce new eligibility criteria for the own use of nonUCITS covered bonds ( structured covered bonds ) with resi ­ dential real estate loans as underlying assets ;
( f ) uvesti novo merilo primernosti za lastno uporabo kritih obveznic , neskladnih z direktivo UCITS ( strukturiranih kritih obve ­ znic ) , pri katerih finančno premoženje za zavarovanje terjatev predstavljajo stanovanjska posojila ;
( g ) to add new terms to Appendix 2 to Annex I and to define other terms more precisely ;
( g ) dodati nove pojme v Dodatek 2 k Prilogi I , nekatere pojme pa natanč ­ neje opredeliti ;
( h ) to amend Appendix 4 to Annex I to reflect changes in statistical regulations ;
( h ) spremeniti Dodatek 4 k Prilogi I , da bo odražal spremembe statističnih predpisov ;
( i ) to harmonise provisions and introduce other minor amendments that improve consistency and transparency ,
( i ) uskladiti določbe in uvesti druge manjše spremembe , ki povečujejo doslednost in preglednost --
HAS ADOPTED THIS GUIDELINE : ( 1 )
( 1 ) Enotna denarna politika zahteva opredelitev instrumentov in postopkov , ki se uporabljajo v Eurosistemu , sestavljenem iz nacionalnih centralnih bank ( NCB ) držav članic , katerih valuta je euro ( v nadaljnjem be ­ sedilu : sodelujoče države članice ) , in Evropske centralne banke ( ECB ) , da bi se ta politika izvajala na enoten način v vseh sodelujočih državah članicah .
Article 1 Guideline ECB / 2000/7 is amended as follows :
Člen 1 Smernica ECB / 2000/7 se spremeni : 1 .
1 . Annex I to Guideline ECB / 2000/7 is amended in accordance with Annexes I and II to this Guideline .
Priloga I k Smernici ECB / 2000/7 se spremeni v skladu s prilogama I in II k tej smernici . Priloga II k Smernici ECB / 2000/7 se spremeni v skladu s Pri ­ logo III k tej smernici .
( 3 ) 2 .
( 2 ) ECB je pooblaščena , da sprejme potrebne smernice za izvajanje denarne politike Eurosistema , NCB pa so dolžne ravnati v skladu s temi smernicami .
Annex II to Guideline ECB / 2000/7 is amended in accordance with Annex III to this Guideline .
Smernico ECB / 2000/7 z dne 31 . avgusta 2000 o instrumentih monetarne politike in postopkih Eurosistema ( 1 ) bi bilo treba spremeniti , da bo odražala spremembe opredelitve in izvajanja postopkov in operacij denarne politike Eurosistema .
Article 2 Verification
Člen 2 Preverjanje NCB pošljejo ECB najkasneje do 9 .
( 1 ) OJ L 310 , 11.12.2000 , p. 1 . The NCBs shall forward details of the texts and means by which they intend to comply with this Guideline to the ECB by 9 Octo ­ ber 2010 at the latest .
oktobra 2010 podrobnosti glede besedil in sredstev , s katerimi se nameravajo uskladiti s to smernico . ( 1 ) UL L 310 , 11.12.2000 , str .
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Article 3 Entry into force 1 . This Guideline shall enter into force two days after its adoption .
Člen 3 Začetek veljavnosti 1 .
Annexes I and III shall apply from the day following publi ­ cation of this Guideline in the Official Journal of the European Union .
Ta smernica začne veljati dva dni po njenem sprejetju .
Annex II shall apply from 1 January 2011 . Article 4 Addressees This Guideline is addressed to the NCBs of the participating Mem ­ ber States .
Člen 4 Naslovniki Ta smernica je naslovljena na NCB sodelujočih držav članic .
Done at Frankfurt am Main , 16 September 2010 .
V Frankfurtu na Majni , 16 .
For the Governing Council of the ECB The President of the ECB Jean-Claude TRICHET
septembra 2010 Za Svet ECB Predsednik ECB Jean-Claude TRICHET
9.10.2010 EN
januarja 2011 . 9.10.2010
ANNEX I Annex I to Guideline ECB / 2000/7 is amended as follows : 1 .
Priloga I k Smernici ECB / 2000/7 se spremeni : 1 .
In the Introduction , footnote ( 1 ) is replaced by the following : « ( 1 ) The Governing Council of the European Central Bank , in accordance with Article 282 ( 1 ) of the Treaty on the Func ­ tioning of the European Union , uses the term « Eurosystem » to denote those components of the European System of Central Banks that carry out its basic tasks , i.e. the European Central Bank and the national central banks of those Member States which have adopted the single currency in accordance with the Treaty on the Functioning of the European Union .'
V uvodu se opomba ( 1 ) nadomesti z naslednjim : „ ( 1 ) Svet Evropske centralne banke v skladu s členom 282 ( 1 ) Pogodbe o delovanju Evropske unije uporablja besedo ‚Eurosistem » kot izraz , ki označuje tiste sestavne dele Evropskega sistema centralnih bank , ki opravljajo njegove temeljne naloge , tj . Evropsko centralno banko in nacionalne centralne banke tistih držav članic , ki so uvedle enot ­ no valuto v skladu s Pogodbo o delovanju Evropske unije ."
Section 1.1 is replaced by the following : « The European System of Central Banks ( ESCB ) consists of the European Central Bank ( ECB ) and the national central banks ( NCBs ) of the European Union ( EU ) Member States (*) .
Oddelek 1.1 se nadomesti z naslednjim : „Evropski sistem centralnih bank ( ESCB ) sestavljajo Evropska centralna banka ( ECB ) in nacionalne centralne banke ( NCB ) držav članic Evropske unije ( EU ) (*) .
The activities of the ESCB are carried out in accordance with the Treaty on the Functioning of the European Union and the Statute of the European System of Central Banks and of the European Central Bank ( hereinafter the « Statute of the ESCB ") .
Dejavnosti ESCB se izvajajo v skladu s Pogodbo o delovanju Evropske unije ter Statutom Evropskega sistema centralnih bank in Evropske centralne banke ( v nadaljnjem besedilu : Statut ESCB ) .
The ESCB is governed by the decision-making bodies of the ECB .
ESCB vodijo organi odločanja ECB .
In this respect , the Governing Council of the ECB is responsible for the formulation of monetary policy , while the Executive Board is empowered to implement monetary policy according to the decisions made and guidelines laid down by the Governing Council .
Svet ECB je tako odgovoren za oblikovanje denarne politike , Izvršilni odbor pa je pooblaščen za izvajanje denarne politike v skladu s sklepi in smernicami , ki jih sprejme Svet ECB .
To the extent deemed possible and appropriate and with a view to ensuring operational efficiency , the ECB has recourse to the NCBs (**) for carrying out the operations which form part of the tasks of the Eurosystem .
Kolikor je možno in ustrezno ter s ciljem zagotoviti operativno učinkovitost ECB naloži NCB (**) opravljanje poslov , ki so sestavni del nalog Eurosistema .
The NCBs may , if necessary for the implementation of monetary policy , share amongst the Eurosystem members individual information , such as operational data , related to counterparties participating in Eurosystem operations (***) .
NCB lahko med članicami Eurosistema izmenjujejo posamezne informacije , kot so na primer operativni podatki v zvezi z nasprotnimi strankami , ki sodelujejo v operacijah Eurosistema , če je to potrebno za izvajanje denarne politike (***) .
The Eurosystem 's monetary policy operations are executed under uniform terms and con ­ ditions in all Member States (****) .
Operacije denarne politike Eurosistema se izvajajo pod enakimi pogoji v vseh državah članicah (****) .
It should be noted that the NCBs of those Member States which have not adopted the single currency in accor ­ dance with the Treaty on the Functioning of the European Union retain their powers in the field of monetary policy according to national law and are thus not involved in the conduct of the single monetary policy .
Opozoriti je treba , da NCB držav članic , ki niso uvedle enotne valute v skladu s Pogodbo o delovanju Evropske unije , obdržijo svoja pooblastila na področju denarne politike v skladu z nacionalnim pravom in zato niso vklju ­ čene v izvajanje enotne denarne politike .
(**) Throughout this document , the term « NCBs » refers to the NCBs of the Member States which have adopted the single currency in accordance with the Treaty .
(**) V celotnem dokumentu se izraz ‚NCB » nanaša na NCB držav članic , ki so uvedle enotno valuto v skladu s Pogod ­ bo .
(***) Such information is subject to the requirement concerning professional secrecy set out in Article 37 of the Stat ­ ute of the ESCB .
(***) Za te informacije velja zahteva po varovanju poslovne skrivnosti iz člena 37 Statuta ESCB .
(****) Throughout this document , the term « Member State » refers to a Member State which has adopted the single cur ­ rency in accordance with the Treaty .'
(****) V celotnem dokumentu se izraz ‚država članica » nanaša na državo članico , ki je uvedla enotno valuto v skladu s Pogodbo ."
Section 1.2 is replaced by the following : « The primary objective of the Eurosystem is to maintain price stability , as defined in Article 127 ( 1 ) of the Treaty .
Oddelek 1.2 se nadomesti z naslednjim : „Poglavitni cilj Eurosistema je ohranjanje stabilnosti cen , kakor je opredeljeno v členu 127 ( 1 ) Pogodbe .
With ­ out prejudice to the primary objective of price stability , the Eurosystem has to support the general economic policies in the EU .
Če to ni v na ­ sprotju z njegovim poglavitnim ciljem stabilnosti cen , mora Eurosistem podpirati splošne ekonomske politike v EU .
In pursuing its objectives , the Eurosystem has to act in accordance with the principle of an open market economy with free competition , favouring an efficient allocation of resources .'
Pri uresničevanju svojih ciljev mora Eurosistem ravnati po načelu odprtega tržnega gospodarstva s svobodno konku ­ renco , pri čemer daje prednost učinkovitemu razporejanju virov ."
Section 1.3.1 is amended as follows : ( a ) The introductory part is replaced by the following : « Open market operations play an important role in the monetary policy of the Eurosystem for the purposes of steering interest rates , managing the liquidity situation in the market and signalling the stance of monetary policy .
Oddelek 1.3.1 se spremeni : ( a ) Uvodni del se nadomesti z naslednjim : „Operacije odprtega trga imajo pomembno vlogo v denarni politiki Eurosistema , ko gre za uravnavanje obrestnih mer , uravnavanje likvidnosti na trgu in signaliziranje naravnanosti denarne politike .
Five types of instruments are available to the Eurosystem for the conduct of open market operations .
Eurosistem ima za izvajanje operacij odprtega trga na voljo pet vrst instrumentov .
The most important instrument is the reverse transaction ( applicable on the basis of repurchase agreements or collateralised loans ) .
Najpomembnejši instrument so povratne transakcije ( izvajajo se na podlagi repo pogodb ali zavarovanih posojil ) .
The Eurosystem may also use outright transactions , the issuance of ECB debt certificates , foreign exchange swaps and the collection of fixed-term deposits .
Eurosistem lahko uporabi tudi dokončne transakcije , izdaje dol ­ žniških certifikatov ECB , valutne zamenjave in zbiranje vezanih vlog .
Open market operations are initiated by the ECB , which also decides on the instrument to be used and on the terms and conditions for its execution .
Operacije odprtega trga se izvajajo na pobudo ECB , ki tudi odloča o instrumentu , ki se bo uporabil , in pogojih za njegovo izvršitev .
They can be executed on the basis of standard tenders , quick tenders or bilateral procedures (*) .
Lahko se izvajajo na podlagi stan ­ dardnih avkcij , hitrih avkcij ali dvostranskih postopkov (*) .
With regard to their aims , regularity and procedures , the Eurosystem 's open market operations can be divided into the following four categories ( see also Table 1 ) : (*) The different procedures for the execution of Eurosystem open market operations , i.e. standard tenders , quick tenders and bilateral procedures , are specified in Chapter 5 .
Glede na njihove cilje , rednost in postopke se lahko operacije odprtega trga Eurosistema razdelijo na naslednje štiri kategorije ( glej tudi tabelo 1 ) . (*) Različni postopki za izvajanje operacij odprtega trga Eurosistema , tj .
For standard tenders , a maximum of 24 hours elapses between the tender announcement and the certification of the allotment result .
standardne avkcije , hitre avkcije in dvostranski postopki , so opredeljeni v poglavju 5 . Pri standardnih avkcijah poteče največ 24 ur med najavo avkcije in pošiljanjem obvestil uspešnim ponudnikom .
All counterparties ful ­ filling the general eligibility criteria specified in Section 2.1 may participate in standard tenders .
Standardnih avkcij se lahko udeležijo vse nasprotne stranke , ki izpolnjujejo splošna merila primernosti iz oddelka 2.1 .
Quick tenders are normally executed within a time frame of 90 minutes .
Hitre avkcije se običajno izvedejo v časov ­ nem okviru 90 minut .
The Eurosystem may select a limited number of counterparties to participate in quick tenders .
Eurosistem lahko za sodelovanje pri hitrih avkcijah izbere omejeno število nasprotnih strank .
The term « bilateral procedures » refers to any case in which the Eurosystem conducts a transaction with one or a few counterparties without using tender procedures .
Izraz ‚dvostranski postopki » se nanaša na kateri koli primer , ko Eurosistem izvede transakcijo z eno ali nekaj nasprotnimi strankami , ne da bi pri tem uporabil avkcijske postopke .
Bilat ­ eral procedures include operations executed through stock exchanges or market agents .' ( *)
Dvostranski postopki vključujejo operacije , ki se izvedejo prek borz vrednostnih papirjev ali prek tržnih posrednikov ."
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( b ) The third bullet point is replaced by the following : « Fine-tuning operations are executed on an ad hoc basis with the aim of managing the liquidity situation in the mar ­ ket and steering interest rates , in particular in order to smooth the effects on interest rates caused by unexpected liquidity fluctuations in the market .
( b ) Tretja alinea se nadomesti z naslednjim : „Operacije finega uravnavanja se izvajajo občasno s ciljem uravnavanja likvidnosti na trgu in uravnavanja obrestnih mer , zlasti z namenom izravnati učinke , ki jih imajo na obrestne mere nepričakovana nihanja likvidnosti na trgu .
Fine-tuning operations may be conducted on the last day of a reserve main ­ tenance period to counter liquidity imbalances which may have accumulated since the allotment of the last main refinancing operation .
Operacije finega uravnavanja se lahko izvajajo na zadnji dan obdobja izpolnjevanja obveznih rezerv z namenom uravnavati morebitno likvidnostno neravnovesje , nastalo po dodelitvi v zadnji operaciji glavnega refinanciranja .
Fine-tuning operations are primarily executed as reverse transactions , but may also take the form of either foreign exchange swaps or the collection of fixed-term deposits .
Operacije finega uravnavanja se v prvi vrsti izvajajo kot povratne transakcije , lahko pa so tudi v obliki valutnih zamenjav ali zbiranja vezanih vlog .
The instruments and procedures applied in the conduct of fine-tuning operations are adapted to the types of transactions and the specific objec ­ tives pursued in the operations .
Instrumenti in postopki , ki se uporabljajo pri izvajanju operacij finega urav ­ navanja , se prilagodijo glede na vrsto transakcije in posebne cilje , ki se jih želi doseči s temi operacijami .
Fine-tuning operations are normally executed by the NCBs through quick tenders or bilateral procedures .
Opera ­ cije finega uravnavanja običajno izvajajo NCB s hitrimi avkcijami ali prek dvostranskih postopkov .
The Governing Council of the ECB can decide that , under exceptional circumstances , finetuning bilateral operations may be carried out by the ECB itself .'
Svet ECB lahko odloči , da lahko v izrednih okoliščinah dvostranske operacije finega uravnavanja izvaja sama ECB ."
( c ) The fourth bullet point is replaced by the following : « In addition , the Eurosystem may carry out structural operations through the issuance of ECB debt certificates , reverse transactions and outright transactions .
( c ) Četrta alinea se nadomesti z naslednjim : „Poleg tega lahko Eurosistem izvaja strukturne operacije z izdajami dolžniških certifikatov ECB , povratnimi trans ­ akcijami in dokončnimi transakcijami .
These operations are executed whenever the ECB wishes to adjust the struc ­ tural position of the Eurosystem vis-à-vis the financial sector ( on a regular or non-regular basis ) .
Te operacije se izvajajo , kadar želi ECB prilagoditi strukturno pozicijo Eurosistema do finančnega sektorja ( redno ali občasno ) .
Structural opera ­ tions in the form of reverse transactions and the issuance of debt instruments are carried out by the NCBs through standard tenders .
Strukturne operacije v obliki povratnih transakcij in izdaj dolžniških instrumentov izvajajo NCB prek standardnih avkcij .
Structural operations in the form of outright transactions are normally executed by the NCBs through bilateral procedures .
Strukturne operacije v obliki dokončnih transak ­ cij običajno izvajajo NCB prek dvostranskih postopkov .
The Governing Council of the ECB can decide that , under exceptional circumstances , structural operations may be executed by the ECB itself .'
Svet ECB lahko odloči , da lahko v izrednih okoliščinah strukturne operacije izvaja sama ECB ."
In Table 1 in Section 1.3 , in the fourth row of the third column , « Issuance of debt certificates » is replaced by « Issuance of ECB debt certificates » .
V tabeli 1 v oddelku 1.3 se v četrti vrstici tretjega stolpca besedilo „Izdaja dolžniških certifikatov » nadomesti z besedi ­ lom „Izdaja dolžniških certifikatov ECB » .
Section 1.4 is replaced by the following : « The Eurosystem 's monetary policy framework is formulated with a view to ensuring the participation of a broad range of counterparties .
Oddelek 1.4 se nadomesti z naslednjim : „Okvir denarne politike Eurosistema 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 as well as outright transactions .
In ­ stitucije , ki so obvezniki za obvezne rezerve v skladu s členom 19.1 Statuta ESCB , lahko dostopajo do odprtih ponudb in sodelujejo v operacijah odprtega trga na podlagi standardnih avkcij in dokončnih transakcij .
The Eurosystem may select a limited number of counterparties to participate in fine-tuning opera ­ tions .
Eurosistem lahko iz ­ bere omejeno število nasprotnih strank za sodelovanje v operacijah finega uravnavanja .
For foreign exchange swaps conducted for monetary policy purposes , active players in the foreign exchange mar ­ ket are used .
Pri operacijah valutnih zame ­ njav ( swap poslih ) , ki se izvajajo za namene denarne 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 established in the euro area .'
Krog nasprotnih strank za te operacije je omejen na tiste institucije , ki so ustanovljene v euroobmočju in so bile izbrane za posege Eurosistema na deviznem trgu ."
Section 2.1 is amended as follows : ( a ) The second bullet point of the first paragraph is replaced by the following : « Counterparties must be financially sound .
Oddelek 2.1 se spremeni : ( a ) Druga alinea prvega odstavka se nadomesti z naslednjim : „Nasprotne stranke morajo biti finančno trdne .
They should be subject to at least one form of harmonised EU / EEA supervision by national authorities (*) .
Biti morajo predmet najmanj ene oblike nadzora s strani nacio ­ nalnih organov , ki je usklajen z zahtevami EU / EGP (*) .
In view of their specific institutional nature under EU law , financially sound institutions within the meaning of Article 123 ( 2 ) of the Treaty that are subject to supervision of a standard com ­ parable to supervision by competent national authorities can be accepted as counterparties .
Glede na njihovo specifično institucionalno naravo po pra ­ vu EU se kot nasprotne stranke lahko sprejmejo finančno trdne institucije v smislu člena 123 ( 2 ) Pogodbe , ki so predmet nadzora , po standardu primerljivega nadzoru s strani pristojnih nacionalnih organov .
Financially sound institutions that are subject to non-harmonised supervision by competent national authorities of a standard com ­ parable to harmonised EU / EEA supervision can also be accepted as counterparties , e.g. branches established in the euro area of institutions incorporated outside the EEA .
Kot nasprotne stranke se lahko sprejmejo tudi finančno trdne institucije , ki so predmet neusklajenega nadzora s strani pristojnih nacionalnih organov , po standardu primerljivega nadzoru , ki je usklajen z zahtevami EU / EGP , npr . v euroobmočju ustanovljene podružnice institucij , ki imajo sedež zunaj EGP .