natgillin/translations-raw huggingface dataset:
2 However , financially sound institutions subject to non-harmonised national supervision of a comparable standard can also be accepted as counterparties , e.g. branches established in the euro area of institutions that have their head office outside the European Economic Area ( EEA ) .
2 Vseeno se lahko kot nasprotne stranke sprejmejo tudi finančno trdne institucije , ki so predmet neusklajenega nacionalnega nadzora primerljive kvalitete , npr . v euroobmočju ustanovljene podružnice institucij , ki imajo sedež zunaj Evropskega gospodarskega prostora ( EGP ) .
Counterparties must fulfil any operational criteria specified in the relevant contractual or regulatory arrangements applied by the respective national central bank ( or the ECB ) , so as to ensure the efficient conduct of Eurosystem monetary policy operations .
Za zagotovitev učinkovitega izvajanja operacij denarne politike Eurosistema morajo nasprotne stranke izpolnjevati vsa operativna merila , določena v ustreznih pogodbenih ali zakonskih ureditvah , ki jih uporablja posamezna nacionalna centralna banka ( ali ECB ) . -* se lahko udeležujejo operacij odprtega trga Eurosistema , ki temeljijo na standardnih avkcijah .
If an institution has establishments ( its head office or branches ) in more than one Member State , each establishment has access to these operations through the national central bank of the Member State in which it is located , notwithstanding the fact that the bids of an institution may only be submitted by one establishment ( either the head office or a designated branch ) in each Member State . CHAPTER 2 Eligible counterparties
Če ima institucija poslovalnice ( sedež ali podružnice ) v več kakor eni državi članici , ima vsaka poslovalnica dostop do teh operacij prek nacionalne centralne banke države članice , v kateri se nahaja , ne glede na to da lahko protiponudbe ene institucije predloži samo ena poslovalnica ( bodisi sedež ali izbrana podružnica ) v vsaki državi članici .
2.2 SELECTION OF COUNTERPARTIES FOR QUICK TENDERS AND BILATERAL OPERATIONS For outright transactions , no restrictions are placed a priori on the range of counterparties .
2.2 IZBIRA NASPROTNIH STRANK ZA HITRE AVKCIJE IN DVOSTRANSKE OPERACIJE Pri dokončnih transakcijah ni vnaprejšnjih omejitev glede kroga nasprotnih strank .
For foreign exchange swaps executed for monetary policy purposes , counterparties must be able to conduct large-volume foreign exchange operations efficiently under all market conditions .
Pri valutnih zamenjavah , ki se izvajajo za namene denarne politike , morajo biti nasprotne stranke sposobne učinkovito opravljati devizne transakcije velikega obsega v katerih koli tržnih pogojih .
The criteria and procedures applied for the selection of counterparties to foreign exchange intervention operations are presented in Appendix 3 .
Merila in postopki , ki se uporabljajo pri izbiri nasprotnih strank za posege na deviznem trgu , so predstavljeni v prilogi 3 .
For other operations based on quick tenders and bilateral procedures ( fine-tuning reverse transactions and the collection of fixed-term deposits ) , each national central bank selects a set of counterparties from among the institutions established in its Member State which fulfil the general counterparty eligibility criteria .
Pri drugih operacijah , ki se izvajajo na podlagi hitrih avkcij in dvostranskih postopkov ( povratne transakcije finega uravnavanja in zbiranje vezanih vlog ) , vsaka nacionalna centralna banka izbere določeno število nasprotnih strank iz nabora institucij , ustanovljenih v svoji državi
In this respect , activity in the money market is the prime selection criterion .
Ta splošna merila primernosti so enaka za celotno euroobmočje .
Other 1 2 For outright transactions , no restrictions are placed a priori on the range of counterparties .
1 2 Pri dokončnih transakcijah ni vnaprejšnjih omejitev glede kroga nasprotnih strank .
Harmonised supervision of credit institutions is based on Directive 2006/48 / EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions ( recast ) , Official Journal of the European Union ( OJ ) L 177 , 30.6.2006 , p. 1 .
Usklajen nadzor kreditnih institucij temelji na Direktivi 2006/48 / ES Evropskega parlamenta in Sveta z dne 14 . junija 2006 o začetku opravljanja in opravljanju dejavnosti kreditnih institucij ( preoblikovano ) , Uradni list Evropske unije ( UL ) , L 177 z dne 30 .
These general eligibility criteria are uniform throughout the euro area .
junija 2006 , stran 1 .
-* ECB The implementation of monetary policy in the euro area November 2008
ECB Izvajanje denarne politike v euroobmočju November 2008
criteria which might be taken into account are , for example , the efficiency of the trading desk and the bidding potential .
Druga merila , ki se lahko upoštevajo , so na primer učinkovitost službe za trgovanje z vrednostnimi papirji in potencial za udeležbo pri avkcijah .
In quick tenders and bilateral operations , the national central banks deal with the counterparties which are included in their respective set of fine-tuning counterparties .
Pri hitrih avkcijah in dvostranskih operacijah nacionalne centralne banke sklepajo posle z nasprotnimi strankami , ki so vključene v krog njihovih nasprotnih strank za fino uravnavanje .
Quick tenders and bilateral operations may also be executed with a broader range of counterparties .
Hitre avkcije in dvostranske operacije se lahko izvajajo tudi s širšim krogom nasprotnih strank .
If the ECB were to carry out bilateral operations , the selection of counterparties would in such cases be made by the ECB according to a rotation scheme among those counterparties in the euro area which are eligible for quick tenders and bilateral operations in order to ensure equitable access . Decisions relating to the application of minimum reserves .
Če bi morala dvostranske operacije izvajati ECB , bi v takšnih primerih izbrala nasprotne stranke po sistemu kroženja iz kroga tistih nasprotnih strank v euroobmočju , ki so primerne za hitre avkcije in dvostranske operacije , s čimer bi bil vsem omogočen enakopraven dostop .
The relevant sanctions and the procedural rules for their application are specified in the above-mentioned Regulations .
pravila za njihovo izvajanje so določena v zgoraj navedenih uredbah .
In addition , in the case of serious infringements of the minimum reserve requirements , the Eurosystem may suspend counterparties » participation in open market operations .
Poleg tega lahko v primeru hudih kršitev obveznih rezerv Eurosistem nasprotne stranke začasno izključi iz udeležbe v operacijah odprtega trga .
This also applies to cases of non-compliance by a counterparty with the rules for the use of underlying assets ( if a counterparty is using assets which are or have become ineligible , or which may not be used by the counterparty , e.g. owing to close links between , or the identity of , issuer / guarantor and counterparty ) , and to non-compliance with the rules for end-of-day procedures and access conditions for the marginal lending facility ( if a counterparty which has a negative balance on the settlement account 3 4 5 6 OJ L 318 , 27.11.1998 , p. 4 .
To velja tudi za primere , ko nasprotna stranka ne izpolnjuje pravil za uporabo finančnega premoženja za zavarovanje terjatev ( če nasprotna stranka uporablja finančno premoženje , ki je ali je postalo neprimerno ali ga nasprotna stranka ne sme uporabljati , na primer zaradi tesnih povezav med izdajateljem / garantom in nasprotno stranko ali zato ker sta to isti osebi ) , in za neizpolnjevanje pravil za postopke ob koncu dneva ter pogojev dostopa do mejnega posojila ( če nasprotna stranka , ki ima ob koncu dneva negativno stanje na poravnalnem računu , ne izpolnjuje pogojev dostopa do mejnega posojila ) .
OJ L 264 , 12.10.1999 , p. 21 .
2.3 SANKCIJE V PRIMERU NEIZPOLNJEVANJA OBVEZNOSTI NASPROTNE STRANKE ECB institucijam , ki ne izpolnjujejo obveznosti iz uredb in odločb ECB v zvezi z uporabo obveznih rezerv , naloži sankcije v skladu z Uredbo Sveta ( ES ) št .
OJ L 318 , 27.11.1998 , p. 1 .
2532/98 z dne 23 . novembra 1998 o pooblastilih Evropske centralne banke za nalaganje sankcij 3 , Uredbo Evropske centralne banke ( ES ) št .
OJ L 250 , 2.10.2003 , p. 10 .
2157/1999 z dne 23 .
2.3 Sanctions in the event of non-compliance with counterparty obligations The ECB shall impose sanctions , in accordance with Council Regulation ( EC ) No 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions , 3 European Central Bank Regulation ( EC ) No 2157/1999 of 23 September 1999 on the powers of the European Central Bank to impose sanctions ( ECB / 1999/4 ) , 4 Council Regulation ( EC ) No 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank , 5 as amended , and Regulation ( EC ) No 1745/2003 of the European Central Bank of 12 September 2003 on the application of minimum reserves ( ECB / 2003/9 ) , 6 on institutions which do not comply with obligations arising from ECB Regulations and
septembra 1999 o pooblastilih Evropske centralne banke za nalaganje sankcij ( ECB / 1999/4 ) 4 , Uredbo Sveta ( ES ) št . 2531/98 z dne 23 .
CHAPTER 2 at the end of the day does not fulfil the access conditions for the marginal lending facility ) . In addition , a suspension measure taken vis-à-vis a non-complying counterparty may be applied to branches of the same institution located in other Member States .
POGLAVJE 2 Poleg tega se lahko ukrep začasne izključitve , ki se izreče nasprotni stranki , ki ne izpolnjuje obveznosti , uporabi tudi za podružnice iste institucije , ki se nahajajo v drugih državah članicah .
Financial penalties imposed by national central banks in the event of non-compliance in relation to a breach of the rules concerning tender operations , bilateral transactions , underlying assets , end-of-day procedures or the access conditions to the marginal lending facility are calculated at a pre-specified penalty rate ( as set out in Appendix 6 ) .
Denarne kazni , ki jih naložijo nacionalne centralne banke v primeru neizpolnjevanja , ki se nanaša na kršitve pravil v zvezi z avkcijami , dvostranskimi transakcijami , finančnim premoženjem za zavarovanje terjatev , postopki ob koncu dneva ali pogoji dostopa do odprte ponudbe mejnega posojila , so izračunane po vnaprej določeni kazenski obrestni meri ( kakor je navedeno v prilogi 6 ) .
2.4 SUSPENSION OR EXCLUSION ON GROUNDS OF PRUDENCE OR EVENTS OF DEFAULT In accordance with the provisions in the contractual or regulatory arrangements applied by the respective national central bank ( or by the ECB ) , the Eurosystem may suspend or exclude counterparties » access to monetary policy instruments on the grounds of prudence .
2.4 ZAČASNA ALI TRAJNA IZKLJUČITEV ZARADI RAZLOGOV SKRBNEGA IN VARNEGA POSLOVANJA ALI DOGODKOV NEPLAČILA V skladu s pogodbenimi ali zakonskimi ureditvami , ki jih uporablja zadevna nacionalna centralna banka ( ali ECB ) , lahko Eurosistem zaradi razlogov skrbnega in varnega poslovanja nasprotne stranke začasno ali trajno izključi iz uporabe instrumentov denarne politike .
CHAPTER 3 OPEN MARKET OPERATIONS Open market operations play an important role in the Eurosystem 's monetary policy .
POGLAVJE 3 OPERACIJE ODPRTEGA TRGA Operacije odprtega trga imajo pomembno vlogo v denarni politiki Eurosistema .
With regard to their aims , regularity and procedures , Eurosystem open market operations can be divided into four categories : main refinancing operations , longer-term refinancing operations , fine-tuning operations and structural operations .
Glede na njihove cilje , pogostost in postopke lahko operacije odprtega trga Eurosistema razdelimo na štiri kategorije : operacije glavnega refinanciranja , operacije dolgoročnejšega refinanciranja , operacije finega uravnavanja in strukturne operacije .
As for the instruments used , reverse transactions are the main open market instrument of the Eurosystem and can be employed in all four categories of operations , whereas debt certificates may be used for structural absorption operations .
Z vidika uporabljenih instrumentov so povratne transakcije glavni instrument operacij odprtega trga Eurosistema in se lahko uporabijo za vse štiri kategorije operacij , medtem ko se lahko dolžniški certifikati uporabijo za strukturne operacije umikanja likvidnosti .
Structural operations may also be conducted by means of outright transactions i.e. purchases and sales .
Strukturne operacije se lahko izvajajo tudi s pomočjo dokončnih transakcij , tj .
In addition , the Eurosystem has two other instruments available for the conduct of fine-tuning operations : foreign exchange swaps and the collection of fixed-term deposits .
z nakupi in prodajami . Poleg tega ima Eurosistem na razpolago dva druga instrumenta za izvajanje operacij finega uravnavanja : valutne zamenjave in zbiranje vezanih vlog .
retransfer of the asset to the debtor at a future point in time ) or as collateralised loans ( i.e. an enforceable security interest is provided over the assets but , assuming fulfilment of the debt obligation , the ownership of the asset is retained by the debtor ) .
pa se stranki dogovorita , da bo lastništvo nad finančnim premoženjem enkrat v prihodnosti preneseno nazaj na dolžnika ) ali z zavarovanimi posojili ( tj . upnik dobi izvršljivo pravico unovčenja finančnega premoženja , ki je bilo dano kot zavarovanje terjatve , vendar ob predpostavljeni izpolnitvi dolžnikove obveznosti lastništvo nad finančnim premoženjem obdrži dolžnik ) .
Further provisions for reverse transactions based on repurchase agreements are specified in the contractual arrangements applied by the respective national central bank ( or the ECB ) .
Ostale določbe za povratne transakcije v obliki repo pogodb so določene v pogodbenih ureditvah , ki jih uporablja posamezna nacionalna centralna banka ( ali ECB ) .
Arrangements for reverse transactions based on collateralised loans take account of the different procedures and formalities required to enable the establishment and subsequent realisation of a relevant interest in the collateral ( e.g. a pledge , an assignment or a charge ) which apply in different jurisdictions .
Ureditve za povratne transakcije v obliki zavarovanih posojil upoštevajo posebne postopke in formalnosti , ki so v posameznih pravnih sistemih potrebni za vzpostavitev in poznejše aktiviranje osnovnega zavarovanja ( npr . zastava , odstop terjatve ali zavarovanje ( charge )) .
INTEREST TERMS The difference between the purchase price and the repurchase price in a repurchase agreement corresponds to the interest due on the amount of money borrowed or lent over the maturity of the operation , i.e. the repurchase price includes the respective interest to be paid .
IZRAČUN OBRESTI Razlika med nakupno ceno in ceno povratnega nakupa pri repo pogodbi je enaka obrestim na izposojeni ali posojeni denarni znesek v času do zapadlosti posla , tj . cena ponovnega nakupa vključuje obresti posla .
The interest rate on a reverse transaction in the form of a collateralised loan is determined by applying the specified interest rate on the credit amount over the maturity of the operation .
Obresti povratne transakcije v obliki zavarovanega posojila se določijo na podlagi obrestne mere od zneska posojila v obdobju do zapadlosti operacije .
3.1.2 MAIN REFINANCING OPERATIONS The main refinancing operations are the most important open market operations conducted by the Eurosystem , playing a pivotal role in pursuing the aims of steering interest rates , managing the liquidity situation in the market and signalling the stance of monetary policy .
3.1.2 OPERACIJE GLAVNEGA REFINANCIRANJA Operacije glavnega refinanciranja so najpomembnejše operacije odprtega trga , ki jih izvaja Eurosistem , in imajo osrednjo vlogo pri uresničevanju ciljev uravnavanja obrestnih mer , uravnavanja likvidnosti na trgu in signaliziranja naravnanosti denarne politike .
The operational features of the main refinancing operations can be summarised as follows : -* they are operations ;
Operativne značilnosti operacij glavnega refinanciranja so naslednje : -* so povratne operacije povečevanja likvidnosti ;
liquidity-providing reverse 3.1 REVERSE TRANSACTIONS 3.1.1 GENERAL CONSIDERATIONS TYPE OF INSTRUMENT Reverse transactions refer to operations where the Eurosystem buys or sells eligible assets under repurchase agreements or conducts credit operations against eligible assets as collateral .
3.1 POVRATNE TRANSAKCIJE 3.1.1 SPLOŠEN OPIS VRSTA INSTRUMENTA Povratne transakcije se nanašajo na operacije , pri katerih Eurosistem kupuje ali prodaja primerno finančno premoženje na podlagi repo pogodb ali izvaja kreditne operacije , zavarovane s primernim finančnim premoženjem .
Reverse transactions are used for main refinancing operations and longerterm refinancing operations .
Povratne transakcije se uporabljajo za operacije glavnega refinanciranja in operacije dolgoročnejšega refinanciranja .
In addition , the Eurosystem can use reverse transactions for structural and fine-tuning operations .
Poleg tega lahko Eurosistem povratne transakcije uporablja za strukturne operacije in operacije finega uravnavanja .
LEGAL NATURE The national central banks may execute reverse transactions either in the form of repurchase agreements ( i.e. the ownership of the asset is transferred to the creditor , while the parties agree to reverse the transaction through a
PRAVNA NARAVA Nacionalne centralne banke lahko izvajajo povratne transakcije bodisi v obliki repo pogodb ( tj . lastništvo nad finančnim premoženjem se prenese na upnika , istočasno
CHAPTER 3 -* -* -* they are executed regularly each week ;
POGLAVJE 3 -* -* -* izvajajo se redno vsak teden 1 ;
1 they normally have a maturity of one week ;
običajno imajo rok zapadlosti en teden 2 ;
2 -* they are executed in a decentralised manner by the national central banks ;
-* izvajajo se decentralizirano s strani nacionalnih centralnih bank ;
-* -* they are executed through standard tenders ( as specified in Section 5.1 ) ;
izvajajo se na podlagi standardnih avkcij ( kakor je določeno v poglavju 5.1 ) ;
all counterparties fulfilling the general eligibility criteria ( as specified in Section 2.1 ) may submit bids for the main refinancing operations ;
-* -* vse nasprotne stranke , ki izpolnjujejo splošna merila primernosti ( kakor je določeno v poglavju 2.1 ) , lahko pri operacijah glavnega refinanciranja posredujejo protiponudbe ;
and marketable and non-marketable assets ( as specified in Chapter 6 ) are eligible as underlying assets for the main refinancing operations . they are executed through standard tenders ( as specified in Section 5.1 ) ;
tržno in netržno finančno premoženje ( kakor je določeno v poglavju 6 ) je pri operacijah glavnega refinanciranja primerno finančno premoženje za zavarovanje terjatev .
and marketable and non-marketable assets ( as specified in Chapter 6 ) are eligible as underlying assets for the longer-term refinancing operations .
tržno in netržno finančno premoženje ( kakor je določeno v poglavju 6 ) je pri operacijah dolgoročnejšega refinanciranja primerno finančno premoženje za zavarovanje terjatev .
-* they are executed in a decentralised manner by the national central banks ;
-* izvajajo se na podlagi standardnih avkcij ( kakor je določeno v poglavju 5.1 ) ;
-* 3.1.4 FINE-TUNING REVERSE OPERATIONS The Eurosystem can execute fine-tuning operations in the form of reverse open market transactions .
3.1.4 POVRATNE OPERACIJE FINEGA URAVNAVANJA Eurosistem lahko izvaja operacije finega uravnavanja v obliki povratnih transakcij odprtega trga .
The operational features of the fine-tuning reverse operations can be summarised as follows : -* they can take the form of liquidity-providing or liquidity-absorbing operations ;
Operativne značilnosti povratnih operacij finega uravnavanja so naslednje : -* lahko so v obliki operacije povečevanja likvidnosti ali umikanja likvidnosti ;
3.1.3 LONGER-TERM REFINANCING OPERATIONS The Eurosystem also executes regular refinancing operations , normally with a three-month maturity , which are aimed at providing additional longer-term refinancing to the financial sector .
Zapadlost operacij glavnega in dolgoročnejšega refinanciranja se lahko občasno spreminja med drugim glede na praznike v državah članicah . 3.1.3 OPERACIJE DOLGOROČNEJŠEGA REFINANCIRANJA Eurosistem izvaja tudi redne operacije refinanciranja , običajno s trimesečno zapadlostjo , namenjene zagotavljanju dodatnega dolgoročnejšega refinanciranja finančnega sektorja .
Under exceptional circumstances , the Eurosystem may also execute longer-term refinancing operations through fixed rate tenders .
V izrednih okoliščinah lahko Eurosistem operacije dolgoročnejšega refinanciranja izvaja tudi v obliki avkcij s fiksno obrestno mero .
The operational features of the longer-term refinancing operations can be summarised as follows : -* -* -* they are liquidity-providing reverse operations ;
Operativne značilnosti operacij dolgoročnejšega refinanciranja so naslednje : -* -* -* -* so povratne operacije povečevanja likvidnosti ;
they are executed regularly each month ;
običajno imajo rok zapadlosti tri mesece2 ;
1 they normally have a maturity of three months ;
izvajajo se decentralizirano s strani nacionalnih centralnih bank ; -* 1
The maturity of the main and the longer-term refinancing operations may occasionally vary depending on , inter alia , bank holidays in Member States . ECB The implementation of monetary policy in the euro area November 2008
ECB Izvajanje denarne politike v euroobmočju November 2008
their frequency is not standardised ;
njihova zapadlost ni standardizirana ;
their maturity is not standardised ; -*
povratne transakcije finega uravnavanja za povečevanje likvidnosti se običajno izvajajo na podlagi hitrih avkcij , čeprav možnost uporabe dvostranskih postopkov ni izključena ( glej poglavje 5 ) ;
they are executed through standard tenders ( as specified in Section 5.1 ) ;
povratne transakcije finega uravnavanja za umikanje likvidnosti se praviloma izvajajo na podlagi dvostranskih postopkov ( kakor je določeno v poglavju 5.2 ) ;
they are executed in a decentralised manner by the national central banks ; all counterparties fulfilling the general eligibility criteria ( as specified in Section 2.1 ) may submit bids for structural reverse operations ;
te operacije se običajno izvajajo decentralizirano s strani nacionalnih centralnih bank ( Svet ECB lahko odloči , da v izrednih okoliščinah dvostranske povratne operacije finega uravnavanja izvaja ECB ) ;
and marketable and non-marketable assets ( as specified in Chapter 6 ) are eligible as underlying assets for structural reverse operations . -* liquidity-providing fine-tuning reverse transactions are normally executed through quick tenders , although the possibility of using bilateral procedures is not excluded ( see Chapter 5 ) ;
Eurosistem lahko v skladu z merili , določenimi v poglavju 2.2 , izbere omejeno število nasprotnih strank za sodelovanje v povratnih operacijah finega uravnavanja ; tržno in netržno finančno premoženje ( kakor je določeno v poglavju 6 ) je pri povratnih operacijah finega uravnavanja primerno finančno premoženje za zavarovanje terjatev .
these operations are normally executed in a decentralised manner by the national central banks ( the Governing Council of the ECB can decide whether , under exceptional circumstances , bilateral fine-tuning reverse operations may be executed by the ECB ) ;
vse nasprotne stranke , ki izpolnjujejo splošna merila primernosti ( kakor je določeno v poglavju 2.1 ) , lahko pri povratnih strukturnih operacijah posredujejo protiponudbe ;
the Eurosystem may select , according to the criteria specified in Section 2.2 , a limited number of counterparties to participate in fine-tuning reverse operations ; and marketable and non-marketable assets ( as specified in Chapter 6 ) are eligible as underlying assets for fine-tuning reverse operations .
tržno in netržno finančno premoženje ( kakor je določeno v poglavju 6 ) je pri povratnih strukturnih operacijah primerno finančno premoženje za zavarovanje terjatev .