natgillin/translations-raw huggingface dataset:
This was not the Commission 's intention , and that has been made clear by modifications which represent a more differentiated approach . A separate online public consultation on a proposed draft of remuneration policy provisions ran from April 29 until May 6 , 2009 on DG MARKT website .
aprilom in 6 . majem 2009 je na spletni strani GD MARKT potekalo ločeno javno posvetovanje o predlaganem osnutku določb politike prejemkov .
Twenty three responses were received from financial institutions and industry representatives , Member States and regulators .
Prejetih je bilo 23 odgovorov finančnih institucij in predstavnikov industrije , držav članic in zakonodajalcev .
The majority of respondents expressed support for the principle that remuneration policies within the banking sector should be consistent with sound and effective risk management , and that this should be brought within the scope of supervisory review under the CRD .
Večina vprašancev je izrazila podporo načelu , da morajo biti politike prejemkov v bančnem sektorju skladne s premišljenim in učinkovitim upravljanjem s tveganjem in da je to treba vključiti v obseg nadzorniškega pregleda po CRD .
Some expressed concerns that because remuneration policies and practices are tailored to the structure and business model of individual institutions , the principles set out in the CRD should not be too prescriptive .
Nekateri so izrazili , da načela iz CRD ne smejo biti preveč predpisujoča , saj so politike prejemkov in prakse prilagojene strukturi in poslovnemu modelu posameznih institucij .
The Commission believes that the text permits the necessary flexibility by requiring firms to comply with the principles in a way that is appropriate to their size , internal organisation and nature , scope and complexity of their activities .
Komisija meni , da besedilo omogoča potrebno prožnost , saj od podjetij zahteva skladnost z načeli na način , ki je primeren glede na njihovo velikost , notranjo organiziranost in naravo , področje in celovitost njihovih dejavnosti .
In addition , other respondents were concerned that including remuneration for employees , other than executives , within the scope of supervisory review might impact adversely on collective agreements that banks and investment firms have in place for non-management employees .
Poleg tega so drugi vprašanci izrazili zaskrbljenost v zvezi s tem , da bi lahko vključitev premij za zaposlene , ki niso vodstveni delavci , v obseg nadzorniškega pregleda negativno vplivala na kolektivne pogodbe , ki jih imajo banke in investicijska podjetja sklenjene za nevodstvene delavce .
Altogether , fourteen different policy options have been assessed .
Skupaj je bilo ocenjenih 14 različnih možnosti politike .
The summary below describes the preferred policy option and its expected impact .
Spodnji povzetek opisuje prednostno možnost politike in njen pričakovan učinek .
Trading Book With respect to capital requirements for bank trading books , the following targeted amendments , aligned with what is envisaged by the Basel Committee , will be introduced : -- Adding an additional capital buffer based on stress scenario VAR to the ordinary VAR .
Trgovalna knjiga V zvezi s kapitalskimi zahtevami za bančne trgovalne knjige bodo uvedene naslednje ciljno usmerjene spremembe , usklajene s tistim , kar je predvidel Baselski odbor : -- Dodajanje dodatne kapitalske rezerve na podlagi scenarija izjemnih situacij VAR v primerjavi z navadnim VAR .
This change is expected to roughly double current trading book capital requirements .
Pričakuje se , da bo ta sprememba podvojila veljavne kapitalske zahteve za trgovalno knjigo .
-- Extending the existing charge for default risk in the trading book to capture losses short of issuer default , e.g. rating downgrades , to address the fact that recent losses on traded debt most of the time did not involve issuers actually defaulting .
-- Razširitev veljavne zahteve za tveganje neplačila v trgovalni knjigi za zajetje izgub zaradi neplačila izdajatelja , npr . padci bonitet , za obravnavo dejstva , da nedavne izgube pri dolžniških finančnih sredstvih večino časa niso vključevale dejanskega neplačila izdajatelja .
The impact of this change will depend on the composition of banks » portfolios in the post-crisis environment .
Učinek te spremembe bo odvisen od sestave portfeljev bank v času po krizi .
-- Basing the charge for securitisation positions in the trading book on the existing simple risk weights for the banking book .
-- Osnovanje zahteve za pozicije listinjenja v trgovalni knjigi na obstoječih enostavnih utežeh tveganja za bančno knjigo .
Again , the impact of this change will depend on the composition of banks » portfolios in the post-crisis environment .
Tudi tukaj bo učinek te spremembe odvisen od sestave portfeljev bank v času po krizi .
Generally , banks tend to maintain capital levels that are in line with internally developed « targets » , and which may lead to higher capital levels than those required by minimum capital requirements .
Na splošno banke ohranjajo ravni kapitala , ki so skladne z notranje pripravljenimi „cilji » in ki lahko vodijo do višjih ravni kapitala od tistih , ki jih določajo minimalne kapitalske zahteve .
Therefore , it is not straightforward to estimate how much additional capital banks would have to raise in order to comply with the proposed amendments .
Zato ni mogoče enostavno oceniti , koliko dodatnega kapitala bodo banke morale zbrati za skladno delovanje s predlaganimi spremembami .
An increase in the minimum capital required might be partially absorbed by existing capital buffers .
Povečanje zahtevanega minimalnega kapitala lahko delno uporabijo obstoječe kapitalske rezerve .
For instance , the overall solvency ratio for large euro-area financial institutions at the end of first half of 2008 was on average 11.4% , implying an average capital buffer ( over the minimum capital requirements ) of 3.4% of risk-weighted assets .
Na primer , splošna stopnja plačilne sposobnosti za velike finančne institucije iz območja evra je konec prve polovice leta 2008 v povprečju znašala 11,4 %, kar pomeni , da je bila povprečna kapitalska rezerva ( nad minimalnimi kapitalskimi zahtevami ) 3,4 % tveganja prilagojene tehtane aktive .
Re-securitizations In line with the approach developed by the Basel Committee , re-securitization positions would be assigned a higher capital requirement than other securitisation positions to reflect the higher risk of unexpected impairment losses .
Dodatna listinjenja V skladu s pristopom , ki ga je pripravil Baselski odbor , bo pozicijam dodatnega listinjenja dodeljena višja kapitalska zahteva v primerjavi z drugimi pozicijami listinjenja , z namenom odražanja višjega tveganja nepričakovanih izgub zaradi oslabitve .
For particularly complex re-securitizations , the proposals reinforce both the due diligence requirements and the supervisory process to enforce them .
Za posebej zapletena dodatna listinjenja predlogi določajo zahteve po potrebni skrbnosti in nadzorni postopek za njihovo uresničevanje .
For investments in resecuritizations of particularly high complexity , banks will have to demonstrate to their supervisor that necessary due diligence standards have been met .
zapletena , bodo morale banke nadzorniku dokazati , da so zahtevani standardi potrebne skrbnosti izpolnjeni .
If they cannot do so , a general deduction from capital would apply .
Če tega ne bodo uspele dokazati , bo veljal splošni odbitek od kapitala .
In instances where compliance with required due diligence is found to be inadequate , institutions would be debarred from future investment in such instruments .
V primerih , ko bo skladnost s potrebno skrbnostjo nezadostna , institucijam ne bodo odobrene prihodnje naložbe v takšne instrumente .
The impact of these measures on the future credit supply -- the funding of which is facilitated in part by issuance of re-securitizations such as certain collateralized debt obligations ( CDOs ) - should be assessed in the light of the level of their issuance in the post-crisis market environment .
Učinek teh ukrepov na prihodnjo ponudbo kreditov -- financiranje je delno omogočeno z izdajo dodatnih listinjenj , kot so nekatere zadolžnice , zavarovane z dolgom ( CDO ) -- je treba oceniti z vidika ravni izdajanja v tržnem okolju po krizi .
Evidence shows that total CDO issuance in Europe contracted from Euros 88.7 billion in 2007 to Euros 47.9 billion in 2008 .
Dokazi kažejo , da se je skupna izdaja CDO v Evropi skrčila z 88,7 milijard EUR v letu 2007 na 47,9 milijard EUR v letu 2008 .
This contraction would have been even more pronounced had the European Central Bank and the Bank of England not been accepting securitization as collateral : in 2008 , 95 % of all securitization issuance was retained by banks for « repo » purposes , with primary market remaining effectively closed due to significantly diminished investor appetite for these instruments .
To zmanjšanje bi bilo še bolj očitno , če Evropska centralna banka in Britanska centralna banka za zavarovanje ne bi sprejemali listinjenja : leta 2008 so banke 95 % vse izdaje listinjenja zadržale za „repo » namene , pri čemer je primarni trg ostal učinkovito zaprt zaradi znatno zmanjšanega povpraševanja vlagateljev po teh instrumentih .
Against such trends , any incremental impact on the CDO issuance and credit supply would appear to be limited .
Spričo takšnih trendov bi se zdel presežen vpliv na izdajo CDO in ponudbo kreditov omejen .
However , this measure could limit recovery of the secondary market for the affected instruments .
Vendar pa bi lahko ta ukrep omejil okrevanje sekundarnega trga za prizadete instrumente .
Disclosure of Securitization Risks Disclosure requirements , in line with internationally agreed standards , would be enhanced in several areas such as securitization exposures in the trading book and sponsorship of offbalance sheet vehicles .
Razkritje tveganj listinjenja V skladu z mednarodno dogovorjenimi standardi bi bile zahteve po razkritju strožje na več področjih , kot so izpostavljenosti iz naslova pozicije listinjenja v trgovalni knjigi in sponzorstvo za zunajbilančne postavke .
These changes will improve investor understanding of banks » risk profile and , by enhancing transparency , reinforce banks » risk management .
Te spremembe bodo izboljšale razumevanje profila tveganja za banke s strani vlagatelja , zaradi boljše preglednosti pa se bo izboljšalo upravljanje s tveganjem bank .
The incremental administrative burden for the EU banking industry is estimated at Euros 1.3 million per year and is expected to fall mostly on larger institutions with more advanced approaches to risk management .
Povečano upravno breme za evropsko bančno industrijo je ocenjeno na 1,3 milijona EUR na leto in pričakuje se , da bo padlo predvsem na večje institucije z bolj naprednimi pristopi do upravljanja s tveganjem .
Supervisory Review of Remuneration Policies The proposed amendments will impose oblige credit institutions and investment firms to have remuneration policies that are consistent with effective risk management .
Nadzorniški pregled politik prejemkov Predlagane spremembe bodo kreditnim institucijam in investicijskim podjetjem naložile politike prejemkov , ki so skladne z učinkovitim upravljanjem s tveganjem .
The relevant principles will be set out in the CRD , but will be closely aligned with those set out in Commission Recommendation C ( 2009 ) 3159 of 30 April 2009 on remuneration policies in the financial services sector .
Zadevna načela bodo določena v CRD , vendar bodo tesno usklajena z načeli iz Priporočila Komisije C ( 2009 ) 3159 z dne 30 . aprila 2009 o politikah prejemkov v sektorju finančnih storitev .
Making the relevant principles of the Recommendation binding will increase the rate of compliance by credit institutions and investment firms .
Ker bodo zadevna načela Priporočila zavezujoča , bo stopnja skladnosti kreditnih institucij in investicijskih podjetij večja .
The proposal allows firms the flexibility to comply with the new obligation and high level principles in a way that is appropriate to their size and internal organisation and the nature , scope and complexity of their activities .
Predlog podjetjem omogoča prožnost pri izpolnjevanju nove obveznosti in načel na visoki ravni na način , ki je primeren glede na njihovo velikost in notranjo organiziranost ter naravo , področje in celovitost njihovih dejavnosti .
This approach is likely to minimise the up-front and on-going compliance costs for firms , and was therefore preferred over an alternative of requiring a strict and uniform compliance by all firms , irrespective of their size , with the principles set out in Commission Recommendation C ( 2009 ) 3159 of 30 April 2009 on remuneration policies in the financial services sector .
Ta pristop bo verjetno zmanjšal vnaprejšnje in tekoče stroške za skladnost za podjetja in je zato imel prednost pred drugo možnostjo , tj . pred zahtevo po strogem in enotnem upoštevanju načel iz Priporočila Komisije C ( 2009 ) 3159 z dne 30 .
EN 5
aprila 2009 o politikah prejemkov v sektorju finančnih storitev s strani vseh podjetij , ne glede na njihovo velikost .
EN BUDGETARY IMPLICATION The proposal has no implication for the Community budget .
PRORAČUNSKE POSLEDICE Predlog ne vpliva na proračun Skupnosti .
Given that changes need to be introduced into an existing Directive , an amending Directive is the most appropriate instrument .
Glede na to , da je treba spremembe uvesti v obstoječo direktivo , je direktiva o spremembi najbolj primeren instrument .
This amending Directive should have the same legal basis as the Directive it amends .
Ta direktiva o spremembi mora imeti enako pravno podlago kot direktiva , ki jo spreminja .
Therefore , the proposal is based on Article 47 ( 2 ) EC , which provides the legal basis for the harmonisation of rules relating to the taking up and pursuit of the business of , inter alia , credit institutions .
Zato predlog temelji na členu 47 ( 2 ) Pogodbe ES , ki predvideva
In accordance with the principles of proportionality and subsidiarity as set out in Article 5 EC , the objectives of the proposed action cannot be sufficiently achieved by the Member States and can therefore be better achieved by the Community .
pravno podlago za usklajevanje pravil v zvezi z ustanavljanjem in poslovanjem med drugim tudi kreditnih institucij . V skladu z načeloma sorazmernosti in subsidiarnosti , opredeljenima v členu 5 Pogodbe ES , države članice ciljev predlaganih ukrepov ne morejo doseči v zadostni meri in jih lahko bolje doseže Skupnost .
Its provisions do not go beyond what it is necessary to achieve the objectives pursued .
Določbe ne smejo prekoračiti okvirov , ki so potrebni za doseganje ciljev .
Only Community legislation can ensure that credit institutions operating in more than one Member State are subject to the same requirements for prudential supervision , in this case by ensuring that the already harmonised capital requirements framework for credit institutions and investment firms is further strengthened by reinforced capital requirements for trading book items , appropriate due diligence and upgraded capital requirements for complex resecuritisations , and the introduction of explicit rules and appropriate supervisory measures and sanctions with regard to remuneration structures .
Le zakonodaja Skupnosti lahko zagotovi , da za kreditne institucije , ki delujejo v več kot eni državi članici , veljajo iste zahteve za bonitetni nadzor , v tem primeru tako , da se že usklajen mednarodni kapitalski okvir za kreditne institucije in investicijska podjetja še nadalje zaostri s strožjimi kapitalskimi zahtevami za finančna sredstva , ki so namenjena trgovanju , ustrezno potrebno skrbnostjo , nadgrajenimi kapitalskimi zahtevami za zapletena dodatna listinjenja in z uvedbo izrecnih pravil ter ustreznih nadzornih ukrepov in sankcij v zvezi s strukturami prejemkov .
5.1 . DETAILED EXPLANATION OF THE PROPOSAL Capital requirements for re-securitisation
5.1 PODROBNA RAZLAGA PREDLOGA Kapitalske zahteve za dodatno listinjenje
( Article 1 ( 1 ) and ( 9 ) and Annex I , paragraph ( 3 )) Re-securitisations are securitisations that have underlying securitisation positions , typically in order to repackage medium-risk securitisation exposures into new securities .
Člen 1 ( 1 ) in ( 9 ) in Priloga I , odstavek 3 . Dodatna listinjenja so listinjenja , ki imajo za osnovo pozicije listinjenja , običajno za preoblikovanje izpostavljenosti iz naslova listinjenja srednjega tveganja v nove vrednostne papirje .
They have generally been considered low credit risk by rating agencies and market participants .
Na splošno so jih bonitetne agencije in udeleženci na trgu označili kot nizko kreditno tveganje .
However , given their complexity and sensitivity to correlated losses , such re-securitisations entail higher risks than straight securitisations .
Vendar pa zaradi zapletenosti in občutljivosti na povezane izgube takšna dodatna listinjenja prinašajo višja tveganja kot običajna listinjenja .
Therefore , this proposal comprises a set of capital requirements that are higher than for straight securitisation positions of the same rating .
Zato ta predlog zajema niz kapitalskih zahtev , ki so strožje kot za običajne pozicije listinjenja z enako bonitetno oceno .
Furthermore , the proposal includes a strengthened supervisory process for re-securitisations that are particularly complex .
Poleg tega predlog vključuje strožji postopek nadzora za dodatna listinjenja , ki so še posebej zapletena .
The sample-based supervisory review that applies to securitisations and re-securitisations of normal complexity is not sufficiently rigorous for some re-securitisations , where the high level of complexity of the instrument in question casts doubt on the ability of the bank to understand fully the nature and risks of the underlying exposures .
Nadzorniški pregled na podlagi vzorca , ki velja za listinjenja in dodatna listinjenja običajne zapletenosti , ni dovolj strog za nekatera dodatna listinjenja , kjer visoka raven zapletenosti zadevnega instrumenta poraja dvom glede sposobnosti banke , da popolnoma razume naravo in tveganja osnovnih izpostavljenosti .
The proposal therefore requires that compliance with the applicable due diligence standards for banks that invest in such products be checked for each individual investment made .
Zato predlog zahteva , da se skladnost z veljavnimi standardi potrebne skrbnosti za banke , ki vlagajo v takšne produkte , preveri za vsako posamezno naložbo .
CEBS will converge supervisory practice by agreeing which types of re-securitisations are « highly complex » , so that the ability of institutions to perform proper due diligence in relation to such instruments can be verified by supervisors on a case-by-case basis .
CEBS bo približal prakso nadzora z določitvijo , katere vrste dodatnih listinjenj so „zelo zapletene » , tako da bodo lahko nadzorniki , za vsak primer posebej , preverili sposobnost institucij , da v zvezi s takšnimi instrumenti ravnajo s potrebno skrbnostjo .
In exceptional cases where a bank cannot demonstrate to its regulator that it has complied with the required due diligence in respect of a highly complex re-securitisation , a risk weight of 1250 % will be applied to the position in that re-securitisation .
V izjemnih primerih , ko banka svojemu zakonodajalcu ne more dokazati , da izpolnjuje vse zahteve v zvezi s potrebno skrbnostjo glede zelo zapletenega dodatnega listinjenja , se poziciji v tem dodatnem listinjenju pripiše utež tveganja v višini 1 250 %. Ta obravnava kapitala velja za nova dodatna listinjenja , izdana po 31 .
This capital treatment applies to new re-securitisations issued after 31 December 2010 , and will only apply to an existing resecuritisation position after 31 December 2014 if new underlying exposures are added or
decembru 2010 , in velja le za obstoječo pozicijo dodatnega listinjenja po 31 . decembru 2014 , če se po tem datumu dodajo ali nadomestijo nove osnovne izpostavljenosti .
substituted after that date . Accordingly , the 1250 % risk weight cannot be applied to banks » legacy positions in re-securitisations ( unless the underlying exposures of those positions are changed after the end of 2014 ) .
V skladu s tem utež tveganja v višini 1 250 % ne more veljati za podedovane pozicije in dodatna listinjenja bank ( razen če se osnovne izpostavljenosti teh pozicij spremenijo po koncu leta 2014 ) .
5.2 . Technical changes ( Article 1 ( 5 ) and Annex II , point ( 4 ) ;
5.2 Tehnične spremembe Člen 1 ( 5 ) in Priloga II , točka ( 4 ) ;
Article 1 ( 7 ) ;
člen 1 ( 7 ) ;
Article 2 ( 2 ) and ( 3 ) ;
člen 2 ( 2 ) in ( 3 ) ;
Annex I , point ( 2 ) and Annex II , point ( 2 )) In 2006 the Commission and CEBS set up the Capital Requirements Directive Transposition Group ( CRDTG ) in 2006 to facilitate a coherent implementation and application throughout the EU of the CRD .
Priloga I , točka ( 2 ) , in Priloga II , točka ( 2 ) . Leta 2006 sta Komisija in CEBS ustanovila Skupino za prenos Direktive o kapitalskih zahtevah ( CRDTG ) z namenom pospešiti skladno izvajanje in uporabo CRD po vsej EU .
According to the CRDTG , certain technical provisions of that Directive need to be further specified .
Po navedbah CRDTG je treba nekatere tehnične določbe te direktive podrobneje opredeliti .
For instance , this directive will clarify that capital requirements for settlement risk also apply in the non-trading book .
direktiva bo na primer razjasnila , da kapitalske zahteve za tveganje neizpolnitve veljajo tudi v bančni knjigi .
5.3 . Disclosure requirements ( Article 1 ( 11 ) and Annex I , point ( 4 )) The existing disclosure requirements in the CRD regarding institutions » securitisation exposures are strengthened by this proposal .
5.3 Zahteve po razkritju Člen 1 ( 11 ) in Priloga I , točka ( 4 ) . Ta predlog zaostruje obstoječe zahteve po razkritju v CRD v zvezi z izpostavljenostmi iz listinjenja institucij .
In particular , the disclosure requirements will in future cover the risks not only of securitisation positions in the non-trading book , but also those in the trading book .
Zlasti bodo zahteve po razkritju v prihodnje zajemale tveganja ne le pozicij listinjenja v bančni knjigi , temveč tudi v trgovalni knjigi .
5.4 . Market risk capital requirements for securitisations ( Article 1 ( 4 ) , ( 6 ) and ( 8 ) ;
5.4 Kapitalske zahteve za tržna tveganja za listinjenja Člen 1 ( 4 ) , ( 6 ) in ( 8 ) ;
Article 2 ( 1 ) ;
člen 2 ( 1 ) ;
Annex II , point ( 1 )) Capital requirements for securitisations in the trading book are currently calculated as if these instruments were normal debt positions .
Priloga II , točka ( 1 ) . Kapitalske zahteve za listinjenja v trgovalni knjigi se sedaj izračunajo , kot da so ti instrumenti običajne dolžniške pozicije .
This contrasts with the banking book , where there is a separate , more differentiated and risk sensitive set of capital requirements .
To je v nasprotju z bančno knjigo , kjer obstaja ločen , bolj raznolik in na tveganje občutljiv niz kapitalskih zahtev .
This proposal envisages that the trading book capital requirements be based on those for equivalent securities in the banking book .
Ta predlog predvideva osnovanje kapitalskih zahtev za trgovalno knjigo na zahtevah za enakovredne vrednostne papirje v bančni knjigi .
5.5 . Internal models based capital requirements for market risks ( Annex II , point ( 3 ) Institutions may currently calculate their capital requirements for market risks in the trading book using their own models that estimate the potential losses from future adverse market movements .
5.5 Kapitalske zahteve na osnovi notranjih modelov za tržna tveganja Priloga II , točka ( 3 ) . Institucije lahko sedaj izračunajo svoje kapitalske zahteve za tržna tveganja v trgovalni knjigi s pomočjo lastnih modelov , ki ocenijo potencialne izgube iz prihodnjih negativnih gibanj na trgu .
Over 2007-2008 , it became clear that internal models systematically underestimated the potential loss in stressed conditions .
V letih 2007 in 2008 je postalo jasno , da so notranji modeli sistematično podcenjevali potencialno izgubo v izjemnih pogojih .