natgillin/translations-raw huggingface dataset:
This is achieved by allotting amounts in the main refinancing operations ( MROs ) which are close to the benchmark amount . The purpose of this allotment policy is to maintain very short-term rates close to the main official rate , namely the minimum bid rate in the Eurosystem 's MROs .
avgustu se je ohranjala praksa izvajanja operacij finega uravnavanja ob koncu obdobja . Toda večina operacij finega uravnavanja po tem datumu ( skupno 14 ) je bila izvedena za preprečitev nihanj v likvidnostnih razmerah in v obrestni meri čez noč , kar je bilo povezano s pretresi na finančnem trgu v obdobju izpolnjevanja obveznih rezerv ( glej okvir 9 ) .
However , after the turmoil in financial markets had spilled over into the overnight euro money market on the morning of 9 August 2007 , it appeared that credit institutions developed a preference for fulfilling their reserve requirements relatively early in the maintenance period against the background of indications of decreasing turnover in longerterm money market segments .
1 Referenčni znesek dodelitve nasprotnim strankam , gledano v celoti , omogoča ohranjati imetja na tekočih računih blizu obveznih rezerv , pri čemer se upoštevajo predvidene likvidnostne potrebe in likvidnostna neravnovesja , ki so se že akumulirala v istem obdobju izpolnjevanja obveznih rezerv .
In order to achieve its target for very short-term interest rates , the ECB « frontloaded » the supply of reserves , i.e. it increased the supply of liquidity towards the beginning of the maintenance period , while reducing the provision at the end of the period .
Za natančnejšo opredelitev referenčnega zneska dodelitve glej okvir z naslovom „Publication of the benchmark allotment in the main refinancing operations » , Monthly Bulletin ECB , april 2004 .
1 This frontloading of reserves in the first few days after 9 August was achieved by injecting additional liquidity in four overnight fine-tuning operations . A fifth overnight fine-tuning operation was conducted at the beginning of September .
Okvir 9 OPERACIJE DENARNE POLITIKE V OBDOBJU VOLATILNOSTI NA FINANČNIH TRGIH Zgodnejše zagotavljanje likvidnosti v obdobju izpolnjevanja obveznih rezerv V operacijah odprtega trga Eurosistem navadno zagotavlja likvidnost na način , ki kreditnim institucijam omogoča , da imetja na svojih tekočih računih pri Eurosistemu ohranjajo blizu
Thereafter , the additional 1 The Eurosystem had frontloaded the supply of reserves by providing liquidity slightly above the benchmark allotment in the MROs already before the turmoil .
obveznih rezerv , kar pomeni , da v obdobju izpolnjevanja obveznih rezerv sorazmerno izpolnjujejo obvezne rezerve .
However , the degree of frontloading was much higher during the period of turmoil , as the chart illustrates .
Eurosistem to dosega tako , da v operacijah glavnega refinanciranja dodeli znesek , ki je blizu referenčnemu znesku dodelitve .
ECB Annual Report 2007 liquidity at the beginning of the maintenance period was mainly provided in the regular MROs .
Namen take politike dodeljevanja je ohranjati zelo kratkoročne obrestne mere blizu uradne obrestne mere ( izklicne obrestne mere v operacijah glavnega refinanciranja Eurosistema ) .
In all cases , the liquidity provision for the whole maintenance period remained unchanged , only the timing of the provision was adapted .
avgusta 2007 zjutraj finančni pretresi prenesli na eurski denarni trg čez noč , so kreditne institucije obvezne rezerve raje izpolnjevale razmeroma zgodaj v obdobju izpolnjevanja obveznih rezerv zaradi znakov vse manjšega prometa na dolgoročnejših segmentih denarnega trga .
This is illustrated by the path of the daily reserve surplus , i.e. the difference between current account holdings of credit institutions and reserve requirements in the course of a maintenance period ( see the chart ) .
Dnevne presežne rezerve v obdobju izpolnjevanja obveznih rezerv os x : število dni do konca obdobja izpolnjevanja obveznih rezerv os y : povprečne dnevne presežne rezerve v milijardah EUR dnevne presežne rezerve ( obdobja izp .
While the daily reserve surplus was on average relatively close to zero in the maintenance periods before August 2007 , it was well above zero at the beginning of subsequent maintenance periods and well below zero towards the end of those periods .
rez . , ki so se končala med avgustom 2005 in avgustom 2007 ) dnevne presežne rezerve ( obdobja izp .
Daily reserve surplus over the course of a maintenance period x-axis : number of days until the end of the maintenance period y-axis : daily reserve surplus in EUR billions observed on average daily reserve surplus ( maintenance periods ending between August 2005 and August 2007 ) daily reserve surplus ( maintenance periods ending between September 2007 and February 2008 ) 50 40 30 20 10 0 - 10 - 20 - 30 - 40 - 50 50 40 30 20 10 0 - 10 - 20 - 30 - 40 - 50 On 8 October and 23 November the ECB announced 2 ( via news wire services ) that it 28 26 24 22 20 18 16 14 12 10 8 6 4 2 would reinforce this policy of « frontloading » Source : ECB .
, ki so se končala med septembrom 2007 in februarjem 2008 ) 50 40 30 20 10 0 - 10 - 20 - 30 - 40 - 50 28 26 24 22 20 18 16 14 12 10 8 6 4 2 50 40 30 20 10 0 - 10 - 20 - 30 - 40 - 50 Da bi ECB lahko uresničila svoj cilj glede zelo kratkoročnih obrestnih mer , je „preddoVir : ECB .
and that it would steer liquidity towards more balanced conditions also during the period if this was needed to keep short-term rates close to the minimum bid rate .
Zatem se je dodatna likvidnost na začetku obdobja izpolnjevanja obveznih rezerv v glavnem zagotavljala prek rednih operacij glavnega refinanciranja . V vseh primerih je obseg zagotavljanja likvidnosti v celotnem obdobju ostal nespremenjen , prilagojen je bil le časovni razpored .
In line with this communication , the ECB steadily allotted amounts significantly above the benchmark in the MROs , and whenever notable downward pressure on the overnight rate started to appear , the ECB conducted liquidity-absorbing fine-tuning operations .
razlike med imetji na tekočih računih kreditnih institucij in obveznimi rezervami v obdobju izpolnjevanja obveznih rezerv ( glej graf ) . Medtem ko so bile dnevne presežne rezerve v obdobjih izpolnjevanja obveznih rezerv pred avgustom 2007 v povprečju razmeroma blizu nič , so se na začetku naslednjih obdobij izpolnjevanja dvignile precej nad nič , na koncu teh obdobij pa padle precej pod nič .
In addition to the usual fine-tuning operations on the last day of the maintenance period , such liquidity-absorbing fine-tuning operations were carried out on 12 October , 7 December , 17 December and , as described below , around the year-end .
novembra ( prek elektronskih medijev obveščanja ) objavila , 2 da bo dodatno okrepila politiko „preddobave » in uravnavala likvidnost v smeri bolj uravnoteženih razmer tudi med obdobjem , če bo to potrebno za ohranjanje kratkoročnih obrestnih mer blizu izklicne obrestne mere . V skladu s tem obvestilom je ECB v operacijah glavnega refinanciranja redno dodeljevala zneske , ki so bili občutno nad referenčnim zneskom dodelitve , kadar pa se je pritisk na znižanje obrestne mere čez noč občutno povečal , je ECB izvajala operacije finega uravnavanja za umikanje likvidnosti .
On 14 January 2008 the ECB confirmed that it would continue its frontloading policy for as long as necessary .
ECB je 14 . januarja 2008 potrdila , da namerava nadaljevati takšno politiko preddobave , dokler bo potrebno .
Supplementary longer-term refinancing operations The financial market volatility seemed to increase banks » preference for reducing their future liquidity needs , which led to significant tensions in the money market , not only in the short-term segment but also in the longer-term segment , where the turnover was reported to be very low .
Dodatne operacije dolgoročnejšega refinanciranja Videti je bilo , da je volatilnost na finančnem trgu spodbudila banke , da so zmanjševale svoje prihodnje likvidnostne potrebe , kar je pripeljalo do občutnih napetosti na denarnem trgu , in sicer ne samo na kratkoročnem segmentu , temveč tudi na dolgoročnem , kjer je bil po poročilih promet zelo majhen .
In order to support a normalisation of conditions , the Eurosystem increased the share of refinancing provided via three-month longer-term refinancing operations ( LTROs ) , while at the same time reducing the share provided via the one-week MROs .
Da bi Eurosistem spodbudil normalizacijo razmer , je povečal delež refinanciranja prek trimesečnih operacij dolgoročnejšega refinanciranja , hkrati pa zmanjšal delež , ki ga je zagotavljal z enotedenskimi operacijami glavnega refinanciranja .
Accordingly , the total amount of outstanding refinancing remained unchanged , while the average maturity was extended , thereby temporarily reducing the future liquidity needs of the banking system .
Zato je skupni znesek stanja refinanciranja ostal nespremenjen , povprečna zapadlost pa se je podaljšala in tako začasno zmanjšala prihodnje likvidnostne potrebe bančnega sistema .
Specifically , two supplementary LTROs with a maturity of three months were carried out , one on 23 August and one on 12 September , for amounts of Euros 40 billion and Euros 75 billion respectively .
Izvedeni sta bili dve dodatni operaciji dolgoročnejšega refinanciranja z zapadlostjo treh mesecev , in sicer 23 . avgusta in 12 .
As the regular monthly LTROs were conducted as usual , the total amount of refinancing provided via LTROs increased from Euros 150 billion ( three allotments of Euros 50 billion ) to Euros 265 billion , while the size of the MROs decreased correspondingly from around Euros 300 billion to below Euros 200 billion . The supplementary LTROs were renewed when they matured in November and December , with an 2 The full list of statements issued by the ECB can be found at : http://www.ecb.europa.eu/mopo/implement/omo/html/communication .
septembra v znesku 40 milijard EUR oziroma 75 milijard EUR . Ker so se redne mesečne operacije dolgoročnejšega refinanciranja izvajale kot po navadi , se je skupni znesek refinanciranja prek operacij dolgoročnejšega refinanciranja povečal s 150 milijard EUR ( tri dodelitve po 50 milijard EUR ) na 265 milijard EUR , obseg operacij glavnega refinanciranja pa se je ustrezno zmanjšal , in sicer s približno 300 milijard EUR na slabih 200 milijard EUR .
99 adjustment in the allotment amounts to Euros 60 billion each .
Dodatni operaciji dolgoročnejšega refinanciranja sta bili obnovljeni ob dospelosti novembra in decembra , znesek dodelitve pa je bil v vsaki operaciji prilagojen in je znašal 60 milijard EUR .
On 7 February 2008 it was announced that they would again be renewed in February and March 2008 .
februarja najavila , da bosta operaciji spet obnovljeni februarja in marca 2008 .
Special measures around the year-end Banks are usually more reluctant to lend in the money market in the last weeks of the year , owing to balance sheet concerns .
Posebni ukrepi ob koncu leta V zadnjih tednih leta se banke zaradi bilančnih potreb običajno težje odločajo za posojanje .
This well-known phenomenon was foreseen to be particularly strong in 2007 . In a press release on 30 November , the ECB therefore announced special measures to alleviate tensions in the money market during this time period .
Strokovnjaki so predvidevali , da bo ta znani pojav v letu 2007 še posebno očiten , zato je ECB v sporočilu za javnost z dne 30 . novembra objavila posebne ukrepe za omilitev napetosti na denarnem trgu v tem obdobju .
The maturity of the MRO allotted on 18 December was exceptionally extended from one to two weeks , so that banks could cover their liquidity needs over Christmas and the days around the year-end in advance of this difficult period .
Zapadlost operacije glavnega refinanciranja , dodeljene 18 . decembra , je bila izjemoma podaljšana z enega na dva tedna , da bi lahko banke pred tem težavnim obdobjem vnaprej pokrile svoje likvidnostne potrebe za čas božiča in zadnje dni leta .
On 17 December the ECB also communicated via news wire services that in this two-week MRO it would deviate from the usual allotment procedure and satisfy all bids at or above the weighted average rate of the previous MRO , which was 4.21% . This decision was mainly driven by evidence suggesting that liquidity needs could push up bidding rates to undesirable levels .
Poleg tega je ECB 17 . decembra prek elektronskih medijev sporočila , da bo v tej dvotedenski operaciji glavnega refinanciranja odstopila od običajnega postopka dodeljevanja in sprejela vse protiponudbe nad tehtano povprečno obrestno mero v prejšnji operaciji glavnega refinanciranja , ki je znašala 4,21% .
As a result , the ECB allotted Euros 348.6 billion , which was Euros 168.1 billion more than the benchmark amount . The provision of such abundant liquidity resulted in downward pressure on the overnight rate .
Ta odločitev je v glavnem temeljila na ugotovitvah , da bi se lahko ponujene obrestne mere zaradi likvidnostnih potreb dvignile do nezaželene ravni . Zato je ECB dodelila 348,6 milijarde EUR , kar je bilo 168,1 milijarde EUR več od referenčnega zneska dodelitve .
In order to reduce this pressure , the ECB conducted a series of liquidity-absorbing fine-tuning operations .
Zaradi tako obilne likvidnosti je prišlo do pritiska na znižanje obrestne mere čez noč . Da bi ECB omejila ta pritisk , je izvedla serijo operacij finega uravnavanja za umikanje likvidnosti .
The last of these fine-tuning operations was conducted on 3 January , the day before the settlement of the first MRO in 2008 .
Zadnja taka operacija je bila izvedena 3 . januarja , dan pred poravnavo prve operacije glavnega refinanciranja v letu 2008 .
On average , the ECB drained Euros 143.8 billion per day via fine-tuning operations .
V povprečju je ECB z operacijami finega uravnavanja dnevno izčrpala 143,8 milijarde EUR .
However , the ECB also provided Euros 20 billion of additional liquidity at a marginal tender rate of 4.20% in the MRO covering the year-end , thereby accommodating further liquidity demands from counterparties over this period .
Vendar pa je ECB v operaciji glavnega refinanciranja ob koncu leta zagotovila 20 milijard EUR dodatne likvidnosti po mejni ponujeni obrestni meri ( 4,20% ) in tako zadovoljila dodatno likvidnostno povpraševanje nasprotnih strank v navedenem obdobju .
As a result of the very ample supply of liquidity , the EONIA stood 8 basis points below the minimum bid rate on the last trading day of 2007 , whereas it had been 19 and 17 basis points above the minimum bid rate in the previous two years .
Zaradi zelo obsežne ponudbe likvidnosti je bila EONIA na zadnji dan trgovanja v letu 2007 8 bazičnih točk pod izklicno obrestno mero , medtem ko je bila v prejšnjih dveh letih 19 oziroma 17 bazičnih točk nad izklicno obrestno mero .
Operations in connection with the US dollar Term Auction Facility As euro area banks were reported to be particularly concerned about the availability of their funding denominated in US dollars , the ECB established a reciprocal currency arrangement ( swap line ) in connection with the US dollar Term Auction Facility of the Federal Reserve System .
Operacije v zvezi z začasno avkcijo v ameriških dolarjih ( Term Auction Facility ) Ker so bile po poročilih banke euroobmočja zelo zaskrbljene glede razpoložljivosti sredstev v ameriških dolarjih , je ECB v povezavi z začasno avkcijo v ameriških dolarjih ameriškega sisECB Letno poročilo 2007
The Eurosystem provided the US dollar funding received via this swap line to its counterparties against collateral eligible for Eurosystem credit operations in two operations settling on 20 and 27 December .
Eurosistem je tako pridobljena sredstva v ameriških dolarjih ponudil svojim nasprotnim strankam v dveh operacijah , ki sta bili poravnani 20 . in 27 .
Similar operations were also carried out by the Swiss National Bank .
Podobne operacije je izvedla tudi švicarska centralna banka .
In each of the Eurosystem 's operations , US dollar funding of USD 10 billion was provided to counterparties with access to the marginal lending facility for a maturity of approximately one month .
V vsaki operaciji Eurosistema je bilo zagotovljeno 10 milijard USD tistim nasprotnim strankam , ki imajo dostop do odprte ponudbe mejnega posojila , z dospelostjo približno en mesec .
The two operations were conducted at a fixed rate equal to the marginal rate of the simultaneous Federal Reserve tenders , 4.65% and 4.67% respectively , and attracted bids of USD 22 billion on 17 December and USD 14 billion on 20 December .
Ti dve operaciji sta bili izvedeni po fiksni obrestni meri , ki je bila enaka mejni obrestni meri v hkratnih avkcijah ameriške centralne banke ( 4,65% oziroma 4,67% ) , in sta pritegnili protiponudbe v višini 22 milijard USD na dan 17 . decembra in 14 milijard USD na dan 20 .
These operations did not have a direct effect on euro liquidity conditions , but aimed to improve global funding conditions .
Ti operaciji nista imeli neposrednega vpliva na eurske likvidnostne razmere , temveč sta želeli izboljšati globalne pogoje financiranja .
The operations were renewed in January 2008 , but liquidity needs in US dollars had declined , as highlighted by the decreasing volume of bids .
Operaciji sta bili obnovljeni januarja 2008 , toda likvidnostne potrebe v ameriških dolarjih so upadle , kar je bilo razvidno iz manjšega obsega protiponudb .
The ECB did not carry out any US dollar funding operations in February .
ECB v februarju ni izvedla nobene operacije financiranja v ameriških dolarjih .
The collateral framework in the period of financial market volatility Owing to its acceptance of a broad range of collateral , the Eurosystem 's collateral framework has been well equipped to support the implementation of monetary policy during the ongoing market ECB Annual Report 2007
Sistem zavarovanj v obdobju volatilnosti na finančnih trgih Zaradi sprejemanja širokega nabora finančnega premoženja za zavarovanje terjatev je bil sistem zavarovanj Eurosistema dobro opremljen pri podpori vodenja denarne politike med pretresi na trgu .
turbulence . As Charts 42 and 43 demonstrate , sufficiency of collateral has not been a constraint for the Eurosystem , even at the peak of outstanding credit during the turmoil .
Kot ponazarjata graf 42 in graf 43 , zadostnost finančnega premoženja za zavarovanje terjatev Eurosistemu ni predstavljala omejitve niti takrat , ko je bilo stanje posojil v obdobju pretresov najvišje .
Against this background , the collateral framework has facilitated access for a broad range of counterparties to central bank money .
Tako zasnovani sistem zavarovanj je veliko nasprotnim strankam omogočal lažji dostop do centralnobančnega denarja .
The ECB executes liquidity-providing and liquidity-absorbing fine-tuning operations on an ad hoc basis to manage liquidity conditions in the market and to steer interest rates . The Eurosystem has selected a limited number of counterparties most active in the money market for these operations ( 127 at the end of 2007 ) .
ODPRTE PONUDBE Nasprotne stranke lahko ob primernem zavarovanju na svojo pobudo uporabijo odprto ponudbo za pridobitev likvidnosti ali deponiranje likvidnosti v Eurosistemu čez noč .
In 2007 the ECB conducted 24 fine-tuning operations , 18 of which were launched after 9 August as a result of the financial market turmoil .
Do konca leta 2007 je imelo 2.122 nasprotnih strank dostop do odprte ponudbe mejnega posojila , 2.798 pa dostop do odprte ponudbe mejnega depozita .
This compares with 31 fine-tuning operations conducted in the eight-year period from 1999 until 2006 . All six operations conducted before 9 August were executed in order to re-establish balanced liquidity conditions on the last day of the maintenance period , as has been the practice since November 2004 .
Obrestne mere za ti dve odprti ponudbi , ki znašajo 100 bazičnih točk nad oziroma pod izklicno obrestno mero za operacije glavnega refinanciranja , načelno zagotavljajo zgornjo in spodnjo mejo obrestnih mer čez noč in imajo torej pomembno funkcijo pri izvajanju denarne politike .
Four were liquidity-absorbing and two liquidity-providing operations , reflecting the slightly higher probability of a liquidity surplus after an allotment above the benchmark amount in the last MRO of the maintenance period . On two occasions , the intended amount could not be reached in a liquidity-absorbing operation , owing to an insufficient volume of bids .
Leta 2007 je bila odprta ponudba mejnega posojila v povprečju izkoriščena do zneska 0,2 milijarde EUR , odprta ponudba mejnega depozita pa do zneska 0,5 milijarde EUR na dan , kar predstavlja povečanje za 0,1 milijarde EUR oziroma 0,3 milijarde EUR v primerjavi s prejšnjim letom .
The practice of conducting end-ofperiod fine-tuning operations was maintained after 9 August .
Povečanje povprečne uporabe odprte ponudbe mejnega depozita je mogoče pripisati gibanjem po 9 .
However , most fine-tuning operations thereafter ( a total of 14 ) were used to counter fluctuations in liquidity conditions and the overnight rate related to the financial market turmoil within the maintenance period ( see Box 9 ) .
avgustu .
STANDING FACILITIES Counterparties may use the two standing facilities on their own initiative to obtain overnight liquidity against eligible collateral or to make overnight deposits with the Eurosystem .
PRIMERNO FINANČNO PREMOŽENJE ZA ZAVAROVANJE TERJATEV V OPERACIJAH DENARNE POLITIKE V skladu s prakso centralnih bank po vsem svetu morajo biti vse kreditne operacije Eurosistema zadostno zavarovane .
At the end of 2007 , 2,122 counterparties had access to the marginal lending facility and 2,798 counterparties had access to the deposit facility . The rates for these facilities , at 100 basis points above and below the minimum bid rate on the MROs respectively , provide in principle a ceiling and a floor for the overnight rate and therefore perform an important function for monetary policy implementation .
Koncept zadostnosti pomeni , prvič , da mora Eurosistem svoje kreditne operacije zavarovati pred izgubami , in drugič , da mora širok razpon sodelujočih strank imeti na voljo zadostno zavarovanje , da bi lahko Eurosistem prek denarne politike in operacij plačilnega sistema zagotovil tak znesek likvidnosti , kot se mu zdi potreben .
In 2007 the marginal lending facility was used to the average amount of Euros 0.2 billion and the deposit facility to Euros 0.5 billion per day , which represented an increase of Euros 0.1 and Euros 0.3 billion respectively by comparison with the previous year . The increase in the average recourse to the deposit facility can be attributed to the developments after 9 August .
Zato Eurosistem za zavarovanje operacij sprejema širok nabor finančnega premoženja , kar se je izkazalo kot stabilizacijski dejavnik med pretresi na finančnem trgu , ker je nasprotnim strankam zagotovilo zadosten obseg zavarovanja za dostop do kreditnih operacij Eurosistema .
ELIGIBLE ASSETS FOR MONETARY POLICY OPERATIONS In line with central bank practice worldwide , all credit operations of the Eurosystem need to be based on adequate collateral . The concept of adequacy implies , first , that the Eurosystem is protected from incurring losses in its credit operations and , second , that sufficient collateral should be available to a wide Chart 42 Eligible collateral by asset type ( EUR billions ;
Leta 2007 se je povprečni znesek primernega zavarovanja glede na leto 2006 povečal za 7,7% na skupno 9,5 bilijona EUR ( glej graf 42 ) . Državne ECB Letno poročilo 2007