natgillin/translations-raw huggingface dataset:
Eurosystem counterparties may use eligible assets on a cross-border basis , i.e. they may obtain funds from the national central bank of the Member State in which they are established by making use of assets located in another Member State ( see Section 6.6 ) .
lahko dobijo denarna sredstva od nacionalne centralne banke države članice , v kateri so ustanovljene , tako da koristijo finančno premoženje , ki se nahaja v drugi državi članici ( glej oddelek 6.6 ) .
The Eurosystem is currently working towards introducing a single list of collateral eligible for Eurosystem credit operations ( hereinafter referred to as the « single list ") .
Evrosistem si trenutno prizadeva za uvedbo enotnega seznama zavarovanj , primernih za kreditne operacije Evrosistema ( v nadaljevanju ‚Enotni seznam ') .
The single list will be introduced gradually and will eventually replace the current two-tier system of eligible collateral .
Enotni seznam bo uveden postopoma in bo nekoč nadomestil sedanji sistem z dvema seznamoma ustreznih zavarovanj .
Most categories of assets currently eligible as tier two assets will be eligible in the single list .
Večina kategorij finančnega premoženja , ki se trenutno obravnava kot ustrezno finančno premoženje z liste 2 , bo uvrščena v enotni seznam .
The few tier two assets that do not qualify under the eligibility criteria for the single list will be phased out gradually .
Finančno premoženje z liste 2 , ki ne izpolnjuje meril primernosti za uvrstitev v enotni seznam , se bo postopno odpravilo .
The first step towards establishing the single list included :
Prvi korak k uvedbi enotnega seznama vključuje :
( a ) introducing a new category of previously ineligible collateral in tier one , namely euro-denominated debt instruments issued by entities established in those Group of Ten ( G10 ) countries that are not part of the European Economic Area ( EEA ) ;
( a ) uvedbo nove kategorije doslej neustreznih zavarovanj na listo 1 , in sicer dolžniške instrumente , nominirane v evrih , ki so jih izdale pravne osebe , ustanovljene v tistih državah G-10 , ki niso del Evropskega gospodarskega prostora ( EGP ) ;
( 37 ) Liquidity-absorbing outright and reverse open market operations are also based on underlying assets .
( 37 ) Tudi dokončne in povratne operacije odprtega trga za zmanjševanje likvidnosti temeljijo na finančnem premoženju za zavarovanje terjatev .
For underlying assets used in liquidity-absorbing reverse open market operations , the eligibility criteria are identical to those applied for underlying assets used in liquidity-providing reverse open market operations .
Za finančno premoženje za zavarovanje terjatev , uporabljeno v povratnih operacijah odprtega trga za zmanjševanje likvidnosti , so merila primernosti enaka tistim , ki veljajo za finančno premoženje za zavarovanje terjatev , ki se uporablja v povratnih operacijah odprtega trga za povečevanje likvidnosti .
However , no valuation haircuts are applied in liquidity-absorbing operations .
Pri operacijah za zmanjševanje likvidnosti pa se odbitki pri vrednotenju ne uporabljajo .
( b ) refining the standards that non-regulated markets have to comply with to be acceptable for the Eurosystem ;
( b ) izboljšanje standardov , ki jih morajo izpolnjevati neregulirani trgi , da so lahko sprejemljivi za Evrosistem ;
and ( c ) withdrawing equities from the tier two lists of countries that currently deem them eligible .
in ( c ) umik lastniških vrednostnih papirjev z list 2 držav , ki jih trenutno obravnavajo kot primerne .
The forementioned changes became applicable immediately and are outlined in Sections 6.2 and 6.3 .
Prej omenjene spremembe začnejo veljati takoj in so opisane v oddelkih 6.2 in 6.3 .
However , as they are expected to imply some modifications to the list of eligible collateral , rules for the phasing out of assets from this list have been devised .
Ker pa se pričakuje , da bodo zahtevale nekaj sprememb na seznamu ustreznih zavarovanj , smo zasnovali pravila za postopen umik finančnega premoženja s seznama .
Debt instruments listed , quoted or traded on non-regulated markets , which have been assessed as not being acceptable , will continue to remain eligible until May 2007 .
Dolžniški instrumenti , ki so našteti , ki kotirajo ali s katerimi se trguje na nereguliranih trgih , ki so ocenjeni kot nesprejemljivi , bodo veljali za ustrezne vse do maja 2007 .
Further changes to implement the single list will follow at a later stage ( see Box 7 )
Nadaljnje spremembe za izvajanje enotnega seznama bodo opravljene v kasnejših fazah ( glej okvir 7 ) .
BOX 7 Further steps towards a single list of collateral
OKVIR 7 Dodatni koraki v smeri enotnega seznama zavarovanj
As a second step towards a single list , the Governing Council of the ECB has approved in principle the inclusion in the single list of bank loans from all euro area countries , as well as non-marketable retail mortgage-backed debt instruments , of which currently only Irish mortgage-backed promissory notes are eligible as collateral .
Kot nadaljnji korak k enotnemu seznamu je Svet ECB načeloma odobril , da se v enotni seznam uvrstijo bančna posojila vseh držav evro območja kakor tudi netržni hipotekarno zavarovani dolžniški instrumenti za fizične osebe , od katerih so kot zavarovanje terjatev trenutno primerne samo irske hipotekarno zavarovane zadolžnice .
The exact modalities for , and the timing of , the eligibility of bank loans are being finalised and will be announced in due course , once all implementation issues have been resolved .
Natančen način in urnik določanja primernosti bančnih posojil sta trenutno v zaključni fazi priprave in bosta pravočasno objavljena , ko bodo rešena vsa izvedbena vprašanja .
Consistency of past and future decisions on the collateral framework by the Governing Council will be assured .
Zagotovljena bo skladnost med preteklimi in bodočimi odločitvami Sveta guvernerjev o sistemu zavarovanj .
Tier one assets The ECB establishes and maintains a list of tier one assets .
Finančno premoženje z liste 1 ECB sestavlja in posodablja seznam finančnega premoženja z liste 1 .
This list is available to the public ( 38 ) .
( 38 ) .
Debt certificates issued by the ECB are listed as tier one assets .
Dolžniški certifikati , ki jih izda ECB , so navedeni kot finančno premoženje z liste 1 .
Debt certificates issued by the national central banks prior to the adoption of the euro in their respective Member State are also included in the tier one list .
Na listi 1 so tudi dolžniški certifikati , ki so jih izdale nacionalne centralne banke pred sprejetjem evra v svoji državi članici .
The following eligibility criteria are applied to other tier one assets ( see also Table 4 ) : --- They must be debt instruments having : ( a ) a fixed , unconditional principal amount ;
Za drugo finančno premoženje z liste 1 se uporabljajo naslednja merila primernosti ( glej tudi tabelo 4 ) : --- Kot dolžniški instrumenti mora imeti : ( a ) fiksen , brezpogojni znesek glavnice ;
and ( b ) a coupon that cannot result in a negative cash flow .
in ( b ) kupon , ki ne more povzročiti negativnega denarnega toka .
In addition , the coupon should be one of the following : ( i ) a zero coupon ;
Poleg tega mora biti kupon eden od naslednjih : ( i ) brezkuponski instrument ;
( ii ) a fixed rate coupon ;
( ii ) kupon s fiksno stopnjo ;
or ( iii ) a floating rate coupon linked to an interest rate reference .
ali ( iii ) kupon z variabilnim donosom , povezan z referenčno obrestno mero .
The coupon may be linked to a change in the rating of the issuer itself .
Kupon je lahko povezan s spremembo bonitete samega izdajatelja .
Furthermore , inflation-indexed bonds are also eligible .
Poleg tega so možne tudi obveznice , vezane na gibanje inflacije .
These features must be maintained until the redemption of the obligation ( 39 ) .
Te značilnosti je treba ohranjati do odplačila obveznosti . ( 39 )
( 38 ) This list is published and updated daily on the ECB 's website ( www.ecb.int ) .
( 38 ) Ta seznam se objavlja in dnevno posodablja na spletni strani ECB ( www.ecb.int ) .
( 39 ) Debt instruments affording rights to the principal and / or the interest that are subordinated to the rights of holders of other debt instruments of the same issuer ( or , within a structured issue , subordinated to other tranches of the same issue ) are excluded from tier one .
( 39 ) Dolžniški instrumenti , ki dajejo pravice glavnici , in / ali obresti , ki so podrejene pravicam imetnikov drugih dolžniških instrumentov istega izdajatelja ( ali ki so v okviru strukturirane izdaje podrejene drugim tranšam iste izdaje ) se izvzamejo z liste 1 .
--- They must meet high credit standards .
--- Izpolnjevati mora visoke standarde kreditiranja .
In the assessment of the credit standard of debt instruments , the ECB takes into account , inter alia , available ratings by market agencies , guarantees provided by financially sound guarantors ( 40 ) , as well as certain institutional criteria which would ensure particularly high protection of the instrument holders ( 41 ) .
Pri ocenjevanju kreditnih standardov dolžniških instrumentov , ECB med drugim upošteva razpoložljive ocene tržnih agencij , jamstva , ki jih zagotavljajo finančno trdni garanti , ( 40 ) kot tudi določena institucionalna merila , ki bi zagotavljala še posebej visoko zaščito imetnikov instrumentov ( 41 ) .
--- They must be transferable in book-entry form .
--- Prenosljivo mora biti v nematerializirani obliki .
--- They must be deposited / registered ( issued ) in the EEA with a central bank or with a central securities depository ( CSD ) which fulfils the minimum standards established by the ECB .
--- Vložiti / registrirati ( izdati ) se mora v EGP pri centralni banki ali pri centralnem registru vrednostnih papirjev ( CRVP ) , ki izpolnjuje minimalne standarde , določene pri ECB .
They must be held ( settled ) in the euro area through an account with the Eurosystem or with an SSS which fulfils the standards established by the ECB ( so that perfection and realisation are subject to the law of a euro area country ) .
Hraniti ( poravnavati ) se mora v evro območju prek računa z Evrosistemom ali sistemom za poravnavo vrednostnih papirjev ( SSS ) , ki izpolnjuje standarde , določene pri ECB ( obliko in vsebino ter realizacijo ureja zakonodaja države članice v evro območju ) .
If the CSD where the asset is issued and the SSS where it is held are not identical , then the two institutions have to be connected by a link approved by the ECB ( 42 ) .
Če CSD , kjer se finančno premoženje izda , in SSS , kjer se hrani , nista ista ustanova , morata biti obe ustanovi povezani na način , ki ga odobri ECB ( 42 ) .
--- They must be denominated in euro ( 43 ) .
--- Denominirano mora biti v evrih ( 43 ) .
--- They must be issued ( or , alternatively , guaranteed ) by entities established in the EEA ( 44 ) .
--- Izdati ga morajo ( ali zanj jamčiti ) pravne osebe , ustanovljene v EGP ( 44 ) .
The debt instruments may also be issued by entities established in non-EEA G-10 countries ( 45 ) .
Dolžniške instrumente lahko izdajo tudi pravne osebe , ustanovljene v državah G-10 zunaj EGP ( 45 ) .
In the latter case , the debt instruments can only be considered eligible if the Eurosystem ascertains that its rights would be protected in an appropriate manner , as determined by the Eurosystem , under the laws of the respective nonEEA G-10 country .
V slednjem primeru se dolžniški instrumenti lahko obravnavajo kot ustrezni , samo če se Evrosistem prepriča , da bodo njegove pravice primerno zaščitene v okviru zakonodaj zadevne države G-10 zunaj EGP , kot določa Evrosistem .
For this purpose , a legal opinion in a form and with substance acceptable to the Eurosystem will have to be submitted before the assets can be considered eligible .
V ta namen bo treba , preden se finančno premoženje obravnava kot ustrezno , priskrbeti pravno mnenje v obliki in po vsebini , ki sta sprejemljivi za Evrosistem .
( 40 ) Guarantors must be established in the EEA .
( 40 ) Garanti morajo biti ustanovljeni v EGP .
A guarantee is deemed acceptable if the guarantor has unconditionally and irrevocably guaranteed the obligations of the issuer in relation to the payment of principal , interest and any other amounts due under the debt instruments to the holders thereof until they are discharged in full .
Jamstvo se obravnava kot sprejemljivo , če garant brezpogojno in nepreklicno jamči za obveznosti izdajatelja v povezavi s plačilom glavnice , obresti in vseh drugih zneskov , ki se morajo na podlagi dolžniških instrumentov plačati njihovim imetnikom , dokler niso v celoti poravnani .
The guarantee has to be payable on first demand ( independently from the underlying debt obligation ) .
Jamstvo se mora plačati na prvo zahtevo ( neodvisno od osnovne dolžniške obveznosti ) .
Guarantees given by public entities entitled to levy taxes should either be payable on first demand or otherwise provide for prompt and punctual payment following default .
Jamstva , ki jih zagotavljajo osebe javnega prava , upravičene do obračunanih davkov , bi se morala plačati bodisi na prvo zahtevo bodisi bi morala kako drugače poskrbeti za takojšnje in točno izplačilo po kršitvi .
The obligations of the guarantor under the guarantee need to rank at least equally and rateably ( pari passu ) with all other unsecured obligations of the guarantor .
Obveznosti garanta na podlagi jamstva se morajo obravnavati vsaj enako in sorazmerno ( pari passu ) z vsemi drugimi nezavarovanimi obveznostmi garanta .
The guarantee must be governed by the law of an EU Member State and be legally valid , binding and enforceable against the guarantor .
Jamstvo mora urejati zakonodaja države članice EU in mora biti zakonsko veljavno , zavezujoče in izvršljivo do garanta .
A legal confirmation concerning the legal validity , binding effect and enforceability of the guarantee will have to be submitted in a form and with substance acceptable to the Eurosystem before the asset supported by the guarantee can be considered eligible .
Pravno potrditev v zvezi z pravno veljavnostjo , zavezanostjo in izvršljivostjo jamstva bo treba predložiti v takšni obliki in vsebini , ki ustreza Evrosistemu , preden se premoženje , ki ga krije jamstvo , lahko obravnava kot ustrezno .
If the guarantor is established in a jurisdiction other than the one of the law governing the guarantee , the legal confirmation shall also confirm that the guarantee is valid and enforceable under the law governing the establishment of the guarantor .
Če je garant ustanovljen v okviru zakonodajé in ne tiste , ki ureja jamstvo , pravna potrditev potrjuje tudi , da je jamstvo veljavno in izvršljivo na podlagi zakona , ki ureja ustanovitev garanta .
The legal confirmation should be submitted for review to the national central bank that is reporting a certain asset supported by a guarantee for inclusion in the list of eligible assets .
Pravna potrditev se mora predložiti v pregled pri nacionalna centralna banka , ki prijavi določeno finančno premoženje , ki ga krije jamstvo , za vključitev na seznam ustreznega premoženja .
The national central bank reporting a certain asset is normally the national central bank of the country in which the asset will be listed , traded or quoted .
Nacionalne centralne banke , ki prijavi določeno premoženje , je običajno nacionalna centralna banka tiste države , v kateri bo finančno premoženje našteto , kjer se bo z njim trgovalo ali kjer bo kotiralo .
In the event of multiple listings , any queries should be addressed to the ECB 's Eligible Assets Hotline ( Eligible-Assets.hotline@ecb.int ) .
V primeru večkratnega uvrščanja se vsa dodatna vprašanja naslovijo na vročo linijo ECB za finančna sredstva za zavarovanje terjatev ( Eligible-Assets . hotline @ ecb .
The need for a legal confirmation does not apply to guarantees given in respect of debt instruments with an individual asset rating or to guarantees given by public entities entitled to levy taxes .
Potreba po pravni potrditvi ne velja za jamstva , izdana za dolžniške instrumente z bonitetnimi ocenami posameznih finančnih premoženj , ali za jamstva , ki jih izdajo osebe javnega prava , upravičene do obračunanih davkov .
The requirement of enforceability is subject to any insolvency or bankruptcy laws , general principles of equity and other similar laws and principles applicable to the guarantor and generally affecting creditors » rights against the guarantor .
Za zahtevo o izvršljivosti veljajo vsi zakoni o nelikvidnosti ali stečaju , splošna načela lastništva ali drugi podobni zakoni in načela , ki veljajo za garanta in vplivajo na pravice upnikov do garanta na splošno .
( 41 ) Debt instruments issued by credit institutions that comply strictly with the criteria set out in Article 22 ( 4 ) of Council Directive 85/611 / EEC of 20 December 1985 on the coordination of laws , regulations and administrative provisions relating to undertakings for collective investment in transferable securities ( UCITS ) ( OJ L 375 , 31.12.1985 , p. 3 ) , as amended by Directive 88/220 / EEC ( OJ L 100 , 19.4.1988 , p. 31 ) .
( 41 ) Dolžniški instrumenti , ki jih izdajo kreditne institucije , ki strogo izpolnjujejo merila , določena v členu 22 ( 4 ) Direktive Sveta 85/611 / EGS z dne 20 . decembra 1985 o uskladitvi zakonov in drugih predpisov o kolektivnih naložbenih podjemih za vlaganja v prenosljive vrednostne papirje ( KNPVP ) , UL L 375 , 31.12.1985 , str .
Directive 2001/107 / EC of the European Parliament and of the Council ( OJ L 41 , 13.2.2002 , p. 20 ) , and Directive 2001/108 / EC of the European Parliament and of the Council ( OJ L 41 , 13.2.2002 , p. 35 ) , are eligible in tier one .
januarja 2002 , UL L 41 , 13.2.2002 , str . 20 in Direktivo 2001/108 / ES z dne 21 .
( 42 ) The description of the standards for the use of eligible SSSs in the euro area and an updated list of the eligible links between these systems can be found on the ECB 's website ( www.ecb.int ) .
35 , so ustrezni za listo 1 . ( 42 ) Opis standardov za uporabo primernih sistemov SSS v evro območju in ažuriran seznam ustreznih povezav med temi sistemi je na spletni strani ECB ( www.ecb.int ) .
( 43 ) Expressed as such or in the national denominations of the euro .
( 43 ) Izraženo kot takšno ali v nacionalnih denominacijah evra .
( 44 ) The requirement that the issuing entity be established in the EEA or in non-EEA G10 countries does not apply to international and supranational institutions .
( 44 ) Zahteva , da je pravna oseba izdajateljica ustanovljena v EGPali v državah G-10 zunaj EGP , ne velja za mednarodne ali nadnacionalne ustanove .
( 45 ) Non-EEA G10 countries currently include the United States , Canada , Japan and Switzerland .
( 45 ) Države G-10 zunaj EGP trenutno vključujejo ZDA , Kanado , Japonsko in Švico .
--- They must be listed or quoted on a regulated market as defined in Directive 2004/39 / EC of the European Parliament and of the Council ( 46 ) , on markets in financial instruments or listed , quoted or traded on certain non-regulated markets as specified by the ECB ( 47 ) .
--- Našteto mora biti ali pa mora kotirati na reguliranem trgu , kot je določeno v Direktivi 2004/39 / ES Evropskega parlamenta in Sveta z dne 21 . aprila 2004 o trgih s finančnimi instrumenti ( 46 ) , ali pa mora biti našteto , mora kotirati ali se mora z njim trgovati na nekaterih nereguliranih trgih , kot določa ECB ( 47 ) .
The assessment of non-regulated markets by the Eurosystem is based on three principles --- safety , transparency and accessibility ( 48 ) .
Ocena nereguliranih trgov , ki jo pripravlja Evrosistem , temelji na treh načelih -- varnost , transparentnost in dostopnost ( 48 ) .
Furthermore , market liquidity may be taken into account by the ECB when determining the eligibility of individual debt instruments .
Poleg tega ECB lahko upošteva likvidnost trgov , kadar določa ustreznost posameznih dolžniških instrumentov .
In spite of their inclusion in the tier one list , a counterparty may not submit as underlying assets any debt instruments issued or guaranteed by that counterparty , or by any other entity with which the counterparty has close links ( 49 ) , ( 50 ) , ( 51 ) .
Kljub temu , da so uvrščeni na listo 1 , nasprotna stranka ne predloži kot finančno premoženje za zavarovanje terjatev katerihkoli dolžniških instrumentov , ki jih izda ali za katere jamči taista nasprotna stranka ali druga pravna oseba , s katero je nasprotna stranka tesno povezana ( 49 ) , ( 50 ) , ( 51 ) .
In spite of their inclusion in the tier one list , national central banks may decide not to accept the following instruments as underlying assets : --- debt instruments falling due for repayment before the maturity date of the monetary policy operation for which they are being used as underlying assets ( 52 ) ;
Kljub temu , da so uvrščeni na listo 1 , se nacionalne centralne banke lahko odločijo , da ne bodo sprejele naslednjih instrumentov kot finančno premoženje za zavarovanje terjatev : --- dolžniških instrumentov , ki jih je treba plačati pred datumom dospelosti operacije monetarne politike , za katero se uporabljajo kot finančno premoženje za zavarovanje terjatev ( 52 ) ;
and --- debt instruments with an income flow ( e.g. a coupon payment ) occurring in the period up to the maturity date of the monetary policy operation for which they are being used as underlying assets . All tier one assets must be usable in a cross-border context in the whole euro area .
in --- dolžniških instrumentov z donosi ( npr . kuponskimi plačili ) , ki potekajo v obdobju do datuma dospelosti operacije monetarne politike , za katero se uporabljajo kot finančno premoženje za zavarovanje terjatev .
This implies that all Eurosystem counterparties must be able to use such assets either through links with their domestic SSSs or through other eligible arrangements to receive credit from the national central bank of the Member State in which the counterparty is established ( see Section 6.6 ) .
Vse finančno premoženje z liste 1 mora biti uporabno v čezmejnem smislu na celotnem evro območju . Zato morajo imeti vse nasprotne stranke Evrosistema možnost uporabiti takšno finančno premoženje prek povezav s svojimi domačimi sistemi za poravnavo vrednostnih papirjev ( SSS ) ali prek drugih ustreznih ureditev zaprejemanje posojil nacionalne centralne banke države članice , v kateri je ustanovljena nasprotna stranka ( glej oddelek 6.6 ) .
Tier one assets are eligible for all monetary policy operations which are based on underlying assets , i.e. reverse and outright open market transactions and the marginal lending facility .
Finančno premoženje z liste 1 je ustrezno za vse operacije monetarne politike , ki temeljijo na finančnem premoženju za zavarovanje terjatev , tj . povratne in dokončne transakcije odprtega trga in odprte ponudbe mejnega posojanja .
( 46 ) OJ L 145 , 30.4.2004 , p. 1 .
( 46 ) UL L 145 , 30.4.2004 , str . 1 .
( 47 ) Debt instruments issued by credit institutions that do not comply strictly with the criteria set out in Article 22 ( 4 ) of Directive 85 / 611 / EEC , as amended , are accepted in tier one only if they are listed or quoted on a regulated market as defined in Directive 2004 / 39 / EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611 / EEC and 93/6 / EEC and Directive 2000/12 / EC of the European Parliament and of the Council and repealing Council Directive 93/22 / EEC .
( 47 ) Dolžniški instrumenti , ki jih izdajo kreditne institucije , ki ne izpolnjujejo strogo meril , določenih v členu 22 ( 4 ) Direktive Sveta 85/611 / EGS , kot je bila spremenjena , se uvrstijo v listo 1 , samo če so našteti ali če kotirajo na reguliranem trgu , kot je določeno v Direktivi 2004/39 / ES Evropskega parlamenta in Sveta z dne 21 . aprila 2004 o trgih s finančnimi instrumenti , določenih v Direktivah Sveta 85/611 / EEC in 93/6 / EEC in Direktiva 2000/12 / ES Evropskega parlamenta in Sveta in razveljavljene Direktive Sveta 93/22 / EEC , UL L 145 , 30.4.2004 , str .