natgillin/translations-raw huggingface dataset:
The substantial structural transformation of the euro area life insurance market , which is being driven mainly by ongoing tax reform and a longer-term rise in the penetration rate of insurance in the economy , has also supported premium growth .
Rast premij je bila tudi posledica občutne strukturne preobrazbe trga življenjskih zavarovanj euroobmočja , ki je bila predvsem posledica nadaljevanja davčne reforme in dolgoročnega dviga stopnje zavarovalne penetracije v gospodarstvo .
In the nonlife sector , premium rate hikes , which drove premium growth in previous years , have slowed down recently , largely reflecting intense competition in the sector .
V sektorju neživljenjskih zavarovanj se je zviševanje stopnje premij , ki je bilo razlog za rast premij v preteklih letih , pred kratkim upočasnilo , predvsem zaradi močne konkurence v sektorju .
The financial position of pension funds improved further from previous years , but continued to be negatively affected by low bond yields in 2006 .
Finančno stanje pokojninskih skladov se je v primerjavi s preteklimi leti še dodatno izboljšalo , vendar so nanj še naprej negativno vplivali nizki donosi obveznic v letu 2006 .
The global hedge fund and private equity industries continued to grow in 2006 .
Svetovna industrija skladov za zavarovanje pred tveganji in zasebnih lastniških instrumentov je v letu 2006 še naprej rasla .
Following net outflows from the hedge fund industry during the final quarter of 2005 , aggregate net inflows recovered in the first half of 2006 , rising to levels close to the peak observed during 2004 .
Po neto odlivih iz skladov za zavarovanje pred tveganji v zadnjem četrtletju leta 2005 so se skupni neto prilivi v prvi polovici leta 2006 dvignili na ravni , ki so bile blizu najvišje vrednosti , opaženi v letu 2004 . Nekateri skladi za zavarovanje pred
Some hedge funds , especially those with directional strategies ( i.e. based on expectations of the direction of market changes ) , endured financial losses , mainly as a consequence of turbulence in financial markets during May and June 2006 and adverse developments in the natural gas market in August and September .
tveganji , zlasti tisti z usmeritvenimi strategijami ( tj . strategijami , ki temeljijo na pričakovanjih glede smeri tržnih sprememb ) , so doživeli finančne izgube , predvsem zaradi nemirnih razmer na finančnih trgih v maju in juniju 2006 in neugodnih gibanj na trgu naravnega plina v avgustu in septembru .
Nevertheless , the industry as a whole continued to deliver positive returns .
Kljub temu pa je dejavnost kot celota še naprej izkazovala pozitivne donose .
STRUCTURAL DEVELOPMENTS Structural developments occurring in the banking industry may affect the nature and stability of the wider financial system .
STRUKTURNA GIBANJA Strukturne spremembe v bančni industriji lahko vplivajo na naravo in stabilnost širšega finančnega sistema .
The long-term trends in consolidation , integration and internationalisation in the EU banking sector continued throughout 2006 .
Dolgoročni trendi konsolidacije , integracije in internacionalizacije bančnega sektorja EU so se v letu 2006 nadaljevali .
These developments can benefit customers through increased competition , better service quality and innovation , but at the same time they carry the risk of facilitating the spread of financial disturbances across borders .
Ta gibanja so lahko koristna za stranke zaradi povečanja konkurence , boljše kakovosti storitev in inovacij , hkrati pa predstavljajo tveganje lažje širitve finančnih motenj prek meja .
Although the observed trends are common to most Member States , there are significant differences among them , in particular regarding consolidation , which is most prevalent in the more mature economies .
Čeprav so opaženi trendi značilni za večino držav članic , pa so med njimi pomembne razlike , zlasti kar zadeva konsolidacijo , ki bolj prevladuje v razvitejših gospodarstvih .
Consolidation , as reflected in the decrease in the number of credit institutions , took place in parallel with a pick-up in cross-border mergers and acquisitions ( M & As ) in the EU banking sector during 2005 and the first half of 2006 . ECB Annual Report 2006
Konsolidacija , kakor se kaže v zmanjšanju števila kreditnih institucij , je potekala vzporedno s povečanjem čezmejnih združitev in prevzemov v bančnem sektorju EU v letu 2005 ECB Letno poročilo 2006
The completion of several large deals and the higher level of M & A activity may indicate an end to the declining trend observed from 2000 .
Sklenitev več velikih poslov in višja raven dejavnosti združitev in prevzemov lahko nakazuje konec padajočega trenda , ki smo ga opažali od leta 2000 .
Recent cross-border M & A activity has also increasingly involved retail market intermediaries .
V nedavno dejavnost čezmejnih združitev in prevzemov so bili vedno bolj vključeni posredniki trga na drobno .
The sustained growth in banking assets has been accompanied by disintermediation , as the assets of non-bank financial intermediaries ( such as insurance companies and investment and pension funds ) have also grown considerably .
Trajno rast bančnih sredstev je spremljala disintermediacija , saj so tudi sredstva nebančnih finančnih posrednikov ( kot so zavarovalnice , investicijski in pokojninski skladi ) občutno zrasla .
Banks appear to be adjusting to this trend by expanding their fee-earning activities , including investment banking and asset management .
Kaže , da se banke prilagajajo temu trendu s širjenjem svojih dejavnosti , za katere zaračunavajo pristojbine , vključno z investicijskim bančništvom in upravljanjem sredstev .
The resulting diversification of income sources may contribute to lowering banks » risks and to stabilising their profits .
Tako nastala razpršitev virov prihodkov lahko prispeva k zmanjšanju tveganj bank in k stabilizaciji njihovih dobičkov .
However , channelling risks away from banks to other , often less regulated , financial intermediaries may also increase the overall level of risk uncertainty .
Vendar pa lahko preusmerjanje tveganj od bank na druge , pogosto manj regulirane , finančne posrednike tudi poveča skupno raven negotovosti glede tveganj .
Important demographic changes are occurring in the EU which may also have an impact on the banking sector .
V EU se dogajajo pomembne demografske spremembe , ki imajo lahko vpliv tudi na bančni sektor .
Changes in life expectancy , fertility rates and migration may result in downward pressure on banks » intermediation ratios and on the demand for consumer credit and mortgages , thus reducing net interest income .
Spremembe pričakovane življenjske dobe , stopnje rodnosti in migracij lahko povzročijo pritisk na stopnje intermediacije bank in na povpraševanje po potrošniških kreditih in hipotekah , s čimer se zmanjšajo neto prihodki iz obresti .
Banks may respond by offering new products tailored to older customers as well as asset management and advisory services , leading to an increase in non-interest income .
Banke se lahko odzovejo s ponudbo novih proizvodov , oblikovanih po meri starejših strank , in tudi upravljanja premoženja in svetovalnih storitev , kar bi povečalo neobrestne prihodke .
They may also diversify internationally , becoming more active in emerging market economies with different demographic structures .
Lahko se razpršijo tudi mednarodno in postanejo dejavnejše v nastajajočih tržnih gospodarstvih , kjer so demografske strukture drugačne .
The funding base of EU banks continues to be largely made up of customer deposits , although these have become more diversified , both at the sectoral and the geographical level .
Podlago financiranja bank EU še naprej pretežno sestavljajo vloge strank , čeprav so te postale bolj razvejane na sektorski in geografski ravni .
The increasing commercialisation of more complex deposit instruments to a wide investor base may expose banks to reputational risks .
Vse večje trženje kompleksnejših pasivnih instrumentov širokemu krogu vlagateljev lahko banke izpostavi tveganjem ugleda .
There has been a slight shift towards ( mainly short-term ) market funding , while banks have become increasingly reliant on instruments such as
Prišlo je do manjšega premika ( predvsem kratkoročnega ) k tržnemu financiranju , medtem ko so se banke vse bolj opirale na instrumente ,
mortgage bonds and securitisation .
kot so hipotekarne obveznice in listinjenje .
Such instruments offer scale advantages but are more expensive than funding via deposits .
Taki instrumenti omogočajo prednosti ekonomije obsega , so pa dražji od financiranja prek vlog .
A growing centralisation of intra-group liquidity management has also been observed , which has clear advantages in terms of the efficiency of internal capital flows , but can also result in higher intra-group and cross-border contagion risks .
Opažena je bila tudi večja centralizacija upravljanja likvidnosti znotraj skupin , to ima izrazite prednosti , kar zadeva učinkovitost tokov notranjega kapitala , lahko pa tudi povzroči večji vpliv tveganj znotraj skupine in prek meja .
1.2 COOPERATION IN FINANCIAL CRISIS SITUATIONS The arrangements for handling financial crises between the authorities responsible for safeguarding financial stability at the EU level were further enhanced in the course of 2006 .
Sporazumi glede reševanja finančnih kriz med organi , ki so odgovorni za varovanje finančne stabilnosti na ravni EU , so se v letu 2006 stopnjevali .
The Capital Requirements Directive , which was adopted in June 2006 , transposes the revised capital requirements for credit institutions and investment firms into EU legislation and sets out a number of provisions that have a direct bearing on emergency situations .
Direktiva o kapitalski ustreznosti , ki je bila sprejeta junija 2006 , prenaša kapitalske zahteve za kreditne institucije in investicijska podjetja v zakonodajo EU in določa vrsto določb , ki se neposredno nanašajo na krizne situacije .
In particular , it specifies the information flows between the authorities potentially involved in cross-border crises , including supervisors and central banks .
Zlasti določa pretok informacij med organi , ki bi lahko bili vključeni v čezmejne krize , vključno z nadzorniki in centralnimi bankami .
The BSC and the Committee of European Banking Supervisors ( CEBS ) made significant progress in identifying central banking and supervisory practices regarding information exchange and cooperation in the event of a financial crisis at the cross-border level .
BSC in Odbor evropskih bančnih nadzornikov ( CEBS ) sta dosegla velik napredek pri ugotavljanju praks centralnih bank in nadzornikov glede izmenjave informacij in sodelovanja ob finančni krizi na čezmejni ravni .
The aim of this work was to enhance the operational effectiveness of the existing arrangements and to identify areas where further progress is needed .
Namen teh prizadevanj je bil okrepiti operativno učinkovitost obstoječih ukrepov in ugotoviti področja , kjer je potreben dodatni napredek .
In order to enhance understanding of the practical implementation of the EU arrangements , several financial crisis simulation exercises were organised .
Za boljše razumevanje praktične izvedbe ukrepov EU je bilo organiziranih več simulacij finančnih kriz .
In April 2006 an EUwide simulation exercise took place under the aegis of the Economic and Financial Committee with the aim of testing the Memorandum of Understanding ( MoU ) that had been concluded
Aprila 2006 je pod okriljem ekonomskega in finančnega odbora potekala simulacija po vsej EU in njen namen je bil testirati Memorandum o soglasju , ki je bil sklenjen leta 2005 .
ECB Annual Report 2006 in 2005 .
2 ESCB je sodeloval pri pripravi in izvajanju simulacije .
2 The ESCB contributed to the preparation and running of the exercise .
2 Več podrobnosti o tem memorandumu je navedenih v Letnem poročilu ECB 2005 , str .
The central banks of the euro area also carried out financial crisis simulation exercises to test the ability of the Eurosystem to address effectively a financial crisis with the potential for cross-border systemic implications .
Tudi centralne banke euroobmočja so izvajale simulacije finančnih kriz , da bi preverile sposobnost Eurosistema za učinkovito reševanje finančne krize , ki ima lahko čezmejne sistemske posledice .
The most recent exercise took place in May 2006 and involved the conduct of monetary policy operations , the oversight and operation of market infrastructures , and the safeguarding of financial stability .
Zadnja simulacija je potekala maja 2006 in je zadevala vodenje operacij denarne politike , nadzor in delovanje tržnih infrastruktur in varovanje finančne stabilnosti .
Given the high degree of financial integration within the euro area , the exercise placed particular emphasis on the interlinkages between financial institutions , markets and market infrastructures , both on a national and a cross-border basis .
Zaradi visoke stopnje finančne integracije znotraj euroobmočja je bil poseben poudarek simulacije namenjen povezavam med finančnimi institucijami , trgi in tržnimi infrastrukturami na nacionalni in čezmejni podlagi .
The exercise confirmed the preparedness of the Eurosystem for dealing with potentially systemic events that might affect the euro area financial system .
Simulacija je potrdila pripravljenost Eurosistema za obravnavanje potencialnih sistemskih dogodkov , ki bi lahko vplivali na finančni sistem euroobmočja .
For more details on this MoU , see the ECB 's Annual Report 2005 , pp. 120-121 . ECB Annual Report 2006
ECB Letno poročilo 2006
2 FINANCIAL REGULATION AND SUPERVISION 2.1 GENERAL ISSUES On 5 December 2005 the European Commission released its White Paper on Financial Services Policy 2005-2010 .
I SPLOŠNE ZADEVE Evropska komisija je 5 . decembra 2005 objavila Belo knjigo o politiki finančnih storitev 2005 -- 2010 .
The document , which will shape the Commission 's medium-term policy programme in the field of financial services , aims to support further integration in the EU financial sector by dynamically consolidating the regulatory framework already set in place by the Financial Services Action Plan .
Dokument , ki bo oblikoval srednjeročni program politike Komisije na področju finančnih storitev , je namenjen podpori nadaljnje integracije finančnega sektorja z dinamično konsolidacijo regulativnega okvira , ki je že oblikovan z akcijskim načrtom za finančne storitve .
The overall objective of the White Paper was broadly supported by the Eurosystem in its contribution to the Commission 's public consultation on the document .
Skupni cilj Bele knjige je s svojim prispevkom v javni razpravi Komisije o dokumentu široko podprl Eurosistem .
3 In view of the fact that the White Paper is now being implemented , the ECB will continue to cooperate with the Commission and monitor its policy agenda , as well as ensuring the timely involvement of the Eurosystem in its fields of competence .
3 Ker je Bela knjiga zdaj v fazi izvajanja , bo ECB še naprej sodelovala s Komisijo in spremljala program politike in zagotavljala sodelovanje Eurosistema na področjih , za katera je pristojen .
The ECB will also provide technical support for the Commission 's actions that may have a bearing on financial stability and on the integration of European financial markets .
ECB bo tudi zagotovila tehnično podporo za dejavnosti Komisije , ki lahko zadevajo finančno stabilnost in integracijo evropskih finančnih trgov .
As regards the Lamfalussy framework 4 , the Commission and the European Parliament agreed on a revision of the comitology procedures ( the system of committees through which Community legislation is adopted ) which grant the Parliament scrutiny powers over the measures adopted by the Commission to implement Level 1 framework legislation .
Kar zadeva okvir Lamfalussy 4 , sta se Komisija in Evropski parlament dogovorila o spremembi postopkov komitologije ( sistem odborov , prek katerih se sprejema zakonodaja Skupnosti ) , ki Parlament pooblašča , da nadzira ukrepe , ki jih je Komisija sprejela za izvajanje zakonodaje stopnje 1 .
This will enable the Lamfalussy committees to continue to contribute effectively to the process for EU financial services legislation .
To bo odborom Lamfalussy omogočilo , da še naprej učinkovito sodelujejo v procesu zakonodaje EU o finančnih storitvah .
5 The adoption by the ECOFIN Council of recommendations made by the Financial Services Committee 6 will result in the further development of some existing supervisory tools in order to fully exploit the Lamfalussy framework .
5 Ker je Svet ECOFIN sprejel priporočila odbora za finančne storitve6 , se bodo nekatera obstoječa nadzorna orodja dodatno razvila , da bo mogoče v celoti izkoristiti okvir Lamfalussy .
In this context , CEBS continued its work on the implementation of the Capital Requirements Directive with a view to delivering supervisory convergence in practice .
V tem kontekstu je CEBS nadaljeval svoje delo z izvajanjem Direktive o kapitalski ustreznosti , da bi uresničil konvergenco nadzorne prakse .
The Committee of European Securities Regulators ( CESR ) also focused on delivering effective supervisory convergence in the securities sector ( Level 3 ) .
Tudi Odbor evropskih regulativnih organov s področja vrednostnih papirjev ( CESR ) se je posvetil uresničevanju nadzorne konvergence v sektorju vrednostnih papirjev ( stopnja 3 ) .
On 23 October 2006 the ECB published a report providing an overview of recent changes in the supervisory structures of the then 25 EU Member States and two acceding countries .
ECB je 23 . oktobra 2006 objavila poročilo o pregledu nedavnih sprememb v nadzornih strukturah takratnih 25 držav članic EU in dveh držav pristopnic .
7 The report identified the following trends . First , there is a move towards consolidation among supervisory authorities at the national level , with the aim of enhancing efficiency and effectiveness .
7 Poročilo ugotavlja naslednje trende : prvič , obstaja premik h konsolidaciji med nadzornimi organi na nacionalni ravni z namenom povečati učinkovitost .
The reasons for the unification of supervisory responsibilities may include the blurring of demarcation lines between financial sectors or the existence of a relatively small financial market .
Razlogi za poenotenje nadzornih pristojnosti so lahko tudi zabrisane ločitvene meje med finančnimi sektorji ali prisotnost razmeroma majhnega finančnega trga .
However , not all Member States use the same supervisory model , as the institutional structure chosen depends on the specific national setting .
Vendar pa vse države članice ne uporabljajo istega nadzornega modela , ker je izbrana institucionalna struktura odvisna od nacionalne ureditve .
Second , central banks play a role in nearly all national supervisory systems .
Drugič , centralne banke so vključene v skoraj vse nacionalne nadzorne sisteme .
In some cases , they have direct supervisory responsibilities or have concluded cooperation arrangements with the national supervisors according to which they undertake certain supervisory tasks .
V nekaterih primerih imajo neposredne nadzorne pristojnosti ali pa so z nacionalnimi nadzorniki sklenile sporazume o sodelovanju in v skladu z njimi izvajajo nekatere nadzorne naloge .
In a number of countries , the search for increased efficiency has led to arrangements under which resources are shared between central banks and supervisors .
V številnih državah je težnja po večji učinkovitosti vodila do sporazumov , v skladu s katerimi si centralne banke in nadzorniki izmenjujejo vire .
Finally , nearly all Member States are moving towards formal agreements to ensure cooperation and the sharing of information between central banks and banking supervisors .
Končno , skoraj vse države članice se usmerjajo k formalnim sporazumom za zagotavljanje sodelovanja in izmenjave informacij med centralnimi bankami in bančnimi nadzorniki .
Arrangements involving main
V sporazume o glavnih vprašanjih politike ali kriznega upravljanja so pogosto vključena finančna ministrstva .
See the ECB 's Annual Report 2005 , p. 122 .
V skladu 3 4 Glej Letno poročilo ECB 2005 , str . 122 .
« Final Report of the Committee of Wise Men on the Regulation of European Securities Markets » , 15 February 2001 .
„Final Report of the Committee of Wise Men on the Regulation of European Securities Markets » , 15 . februar 2001 .
This report is available on the European Commission 's website .
To poročilo je na voljo na spletni strani Evropske komisije .
See also the ECB 's Annual Report 2003 , p. 111 .
Glej tudi Letno poročilo ECB 2003 , str . 111 .
The Lamfalussy approach is a four-level process for approving securities , banking and insurance legislation .
Pristop Lamfalussy je štiristopenjski proces za odobritev vrednostnih papirjev , bančne in zavarovalniške zakonodaje .
Level 1 consists of framework principles , in the form of directives or regulations , to be adopted by normal EU legislative procedures .
Stopnjo 1 sestavljajo okvirna načela v obliki direktiv ali uredb , ki se sprejemajo z navadnimi zakonodajnimi postopki EU .
Level 2 arranges for the implementation of detailed measures following the Level 1 framework principles .
Stopnja 2 ureja izvajanje podrobnih ukrepov v skladu z okvirnimi načeli stopnje 1 .
Level 3 consists of enhanced cooperation and networking among EU supervisors to ensure a consistent and equivalent transposition of Level 1 and Level 2 legislation .
Stopnjo 3 sestavlja okrepljeno sodelovanje in mreženje med nadzorniki EU , da se zagotovi skladen in enakovreden prenos zakonodaje stopnje 1 in stopnje 2 .
Level 4 consists of strengthened enforcement , notably with action by the Commission to enforce Community law , underpinned by enhanced cooperation between Member States , their regulatory bodies and the private sector .
Stopnjo 4 predstavlja okrepljeno izvrševanje , zlasti z ukrepanjem Komisije , da se izvrši zakonodaja Skupnosti , podpira pa jo okrepljeno sodelovanje med državami članicami , njihovimi regulativnimi organi in zasebnim sektorjem .
See Council Decision of 17 July 2006 amending Decision 1999/468 / EC , OJ L 200 , 22.7.2006 , p. 11 .
Glej Sklep Sveta z dne 17 . julija 2006 o spremembi Sklepa 1999/468 / ES , UL L 200 , 22.7.2006 , str .
« Report on financial supervision » , Financial Services Committee , February 2006 .
„Poročilo o finančnem nadzoru » , Odbor za finančne storitve , februar 2006 .
A similar review was conducted in 2003 .
Podoben pregled je bil opravljen v letu 2003 .
Both reports are available on the ECB 's website .
Obe poročili sta na voljo na spletni strani ECB .
ECB Annual Report 2006 policy issues or crisis management often include finance ministries .
ECB Letno poročilo 2006
2.2 BANKING The ECB continued to contribute in 2006 to the work of CEBS and the Basel Committee on Banking Supervision ( BCBS ) through its participation in the main committees and some of their substructures . Following the definition of the conceptual elements of the revised framework for the « International Convergence of Capital Measurement and Capital Standards » (" Basel II ") , the BCBS agreed in May 2006 to keep the quantitative parameters unchanged and thereby finalised the revised framework .
z opredelitvijo konceptualnih elementov revidiranega okvira „Mednarodna konvergenca kapitalske meritve in kapitalskih standardov » ( „Basel II ") je odbor BCBS maja 2006 sklenil , da ostanejo količinski parametri nespremenjeni in s tem končal revidirani okvir .
This decision was supported by the results of the fifth Quantitative Impact Study (" QIS 5 ") , a data collection exercise organised by the BCBS to assess the impact of the revised capital rules on banks .
Ta sklep so podpirali tudi rezultati pete študije o kvantitativnih posledicah ( „QIS 5 ") , zbiranje podatkov , ki ga je organiziral odbor BCBS za oceno učinka revidiranih kapitalskih pravil na banke .
CEBS played a prominent role in carrying out the QIS 5 at the EU level .
CEBS je igral pomembno vlogo pri izvajanju QIS 5 na ravni EU .