natgillin/translations-raw huggingface dataset:
The term « bilateral procedures » refers to any case in which the Eurosystem conducts a transaction with one or a few counterparties without using tender procedures .
Izraz „dvostranski postopki » se nanaša na kateri koli primer , v katerem Eurosistem izvede transakcijo z eno ali nekaj nasprotnimi strankami , ne da bi pri tem uporabil avkcijske postopke .
Bilateral procedures include operations executed through stock exchanges or market agents .
Dvostranski postopki zajemajo tudi operacije , ki se izvedejo prek borz vrednostnih papirjev ali prek tržnih posrednikov .
Official Journal of the European Union Table 1 Eurosystem monetary policy operations Types of transactions
Uradni list Evropske unije Tabela 1 Operacije denarne politike Eurosistema Vrste transakcij
Open market operations Main refinancing operations Longer-term refinancing operations Fine-tuning operations Reverse transactions Reverse transactions Reverse transactions Foreign exchange swaps One week Three months Weekly Monthly Standard tenders Standard tenders
Operacije odprtega trga Operacije glavnega refinanciranja Operacije dolgoročnejšega refinanciranja Operacije finega uravnavanja Povratne transakcije Povratne transakcije Povratne transakcije Valutne zamenjave En teden Tedensko Standardne avkcije Standardne avkcije Hitre avkcije Dvostranski postopki
Reverse transactions Collection of fixed-term deposits Foreign exchange swaps Outright sales Issuance of debt certificates Outright sales
Povratne transakcije Zbiranje vezanih vlog Valutne zamenjave Dokončne prodaje Izdaja dolžniških certifikatov Dokončne prodaje
Nonstandardised
Nestandardizirano
Quick tenders Bilateral procedures Outright purchases Structural operations Reverse transactions Outright purchases Standing facilities Marginal lending facility Deposit facility Reverse transactions -
Dokončni nakupi Strukturne operacije Povratne transakcije Dokončni nakupi Odprte ponudbe Odprta ponudba mejnega posojila Odprta ponudba mejnega depozita Povratne transakcije - -
Standardised / nonstandardised - Non-regular Regular and non-regular Non-regular
Dvostranski postopki Standardne avkcije Dvostranski postopki Standardizirano / Redno in nestandardizobčasno irano Občasno
Bilateral procedures Standard tenders Bilateral procedures
Čez noč Čez noč
Overnight Overnight Access at the discretion of counterparties Access at the discretion of counterparties
Dostop po prostem preudarku nasprotnih strank Dostop po prostem preudarku nasprotnih strank
The main refinancing operations are regular liquidity-providing reverse transactions with a weekly frequency and a maturity of normally one week .
Operacije glavnega refinanciranja so redne povratne transakcije za povečevanje likvidnosti , organizirane tedensko in z običajno dospelostjo enega tedna .
The main refinancing operations play a pivotal role in pursuing the objectives of the Eurosystem 's open market operations and provide the bulk of refinancing to the financial sector .
Operacije glavnega refinanciranja igrajo osrednjo vlogo pri uresničevanju ciljev operacij odprtega trga Eurosistema in zagotavljajo večino refinanciranja finančnemu sektorju .
The longer-term refinancing operations are liquidity-providing reverse transactions with a monthly frequency and a maturity of normally three months .
Operacije dolgoročnejšega refinanciranja so povratne transakcije za povečevanje likvidnosti , organizirane mesečno in z običajno dospelostjo treh mesecev .
In these operations , the Eurosystem does not , as a rule , intend to send signals to the market and therefore normally acts as a rate taker .
S temi operacijami Eurosistem trgu praviloma ne želi signalizirati namer glede obrestnih mer .
Fine-tuning operations are executed on an ad hoc basis with the aim of managing the liquidity situation in the market and steering interest rates , in particular in order to smooth the effects on interest rates caused by unexpected liquidity fluctuations in the market .
Operacije finega uravnavanja se izvajajo občasno s ciljem uravnavanja likvidnosti na trgu in uravnavanja obrestnih mer , zlasti z namenom izravnati učinke , ki jih imajo na obrestne mere nepričakovana nihanja likvidnosti na trgu .
Fine-tuning operations are primarily executed as reverse transactions , but can also take the form of outright transactions , foreign exchange swaps and the collection of fixed-term deposits .
Operacije finega uravnavanja se v prvi vrsti izvajajo kot povratne transakcije , vendar so lahko tudi v obliki dokončnih transakcij , valutnih zamenjav in zbiranja vezanih vlog .
The Governing Council of the ECB can decide whether , under exceptional circumstances , fine-tuning bilateral operations may be executed by the ECB itself .
Svet ECB lahko odloči , da v izrednih okoliščinah dvostranske operacije finega uravnavanja izvaja tudi sama ECB .
In addition , the Eurosystem may carry out structural operations through the issuance of debt certificates , reverse transactions and outright transactions .
Poleg tega lahko Eurosistem izvaja strukturne operacije na podlagi izdaje dolžniških certifikatov , povratnih transakcij in dokončnih transakcij .
These operations are executed whenever the ECB wishes to adjust the structural position of the Eurosystem vis-à-vis the financial sector ( on a regular or non-regular basis ) .
Te operacije se izvajajo , kadar želi ECB prilagoditi strukturno pozicijo Eurosistema do finančnega sektorja ( redno ali občasno ) .
EN 1.3.2 .
SL 1.3.2 .
Standing facilities are aimed at providing and absorbing overnight liquidity , signal the general stance of monetary policy and bound overnight market interest rates .
Namen odprtih ponudb je povečevati ali umikati likvidnost čez noč , signalizirati splošno naravnanost denarne politike in določiti mejo nihanja obrestnih mer na trgu čez noč .
Two standing facilities are available to eligible counterparties on their own initiative , subject to their fulfilment of certain operational access conditions ( see also Table 1 ) :
Primerne nasprotne stranke imajo na lastno pobudo na voljo dve odprti ponudbi , pod pogojem , da izpolnjujejo določene operativne pogoje dostopa ( glej tudi tabelo 1 ) .
--- Counterparties can use the marginal lending facility to obtain overnight liquidity from the national central banks against eligible assets .
--- Nasprotne stranke lahko uporabijo odprto ponudbo mejnega posojila za pridobitev likvidnosti čez noč od nacionalnih centralnih bank na podlagi primernega finančnega premoženja za zavarovanje terjatev .
Under normal circumstances , there are no credit limits or other restrictions on counterparties » access to the facility , apart from the requirement to present sufficient underlying assets .
V normalnih okoliščinah ni omejitev zneska posojila ali drugih omejitev dostopa nasprotnih strank do posojila , razen zahteve po predložitvi zadostnega finančnega premoženja za zavarovanje terjatev .
The interest rate on the marginal lending facility normally provides a ceiling for the overnight market interest rate .
Obrestna mera za mejno posojilo praviloma predstavlja zgornjo mejo obrestne mere na trgu čez noč .
--- Counterparties can use the deposit facility to make overnight deposits with the national central banks .
Nasprotne stranke lahko uporabijo odprto ponudbo mejnega depozita za plasiranje depozitov čez noč pri nacionalnih centralnih bankah .
Under normal circumstances , there are no deposit limits or other restrictions on counterparties » access to the facility .
V normalnih okoliščinah ni omejitev višine depozitov ali drugih omejitev dostopa nasprotnih strank do tega instrumenta .
The interest rate on the deposit facility normally provides a floor for the overnight market interest rate .
Obrestna mera za odprto ponudbo mejnega depozita praviloma predstavlja spodnjo mejo obrestne mere na trgu čez noč .
The standing facilities are administered in a decentralised manner by the national central banks .
--- Odprte ponudbe upravljajo decentralizirano nacionalne centralne banke .
The Eurosystem 's minimum reserve system applies to credit institutions in the euro area and primarily pursues the aims of stabilising money market interest rates and creating ( or enlarging ) a structural liquidity shortage .
Obvezne rezerve Sistem obveznih rezerv Eurosistema se uporablja za kreditne institucije v euroobmočju , in sicer predvsem za stabilizacijo obrestnih mer denarnega trga in ustvarjanje ( ali povečanje ) strukturnega likvidnostnega primanjkljaja .
In order to pursue the aim of stabilising interest rates , the Eurosystem 's minimum reserve system enables institutions to make use of averaging provisions .
Z namenom slediti cilju stabilizacije obrestnih mer sistem obveznih rezerv Eurosistema omogoča institucijam uporabo metode povprečenja .
Institutions » holdings of required reserves are remunerated at the rate of the Eurosystem 's main refinancing operations .
Institucije prejmejo nadomestilo za rezervna imetja , ki ne presegajo zneska izračunanih obveznih rezerv po obrestni meri Eurosistema za operacije glavnega refinanciranja .
Counterparties The Eurosystem 's monetary policy framework is formulated with a view to ensuring the participation of a broad range of counterparties .
Nasprotne stranke Okvir denarne politike Eurosistema je oblikovan tako , da zagotavlja udeležbo širokega kroga nasprotnih strank .
The Eurosystem may select a limited number of counterparties to participate in fine-tuning operations .
Eurosistem lahko izbere omejeno število nasprotnih strank za sodelovanje pri operacijah finega uravnavanja .
For foreign exchange swaps conducted for monetary policy purposes , active players in the foreign exchange market are used .
Pri operacijah valutnih zamenjav ( swap poslih ) , ki se izvajajo za namene denarne politike , se uporabljajo aktivni udeleženci na deviznem trgu .
The set of counterparties for these operations is limited to those institutions selected for Eurosystem foreign exchange intervention operations which are located in the euro area .
Krog nasprotnih strank za te operacije je omejen na tiste institucije , ki se nahajajo v euroobmočju in so bile izbrane za posege Eurosistema na deviznem trgu .
Underlying assets Pursuant to Article 18.1 of the Statute of the ESCB , all Eurosystem credit operations ( i.e. liquidity-providing monetary policy operations and intraday credit ) have to be based on adequate collateral .
Finančno premoženje za zavarovanje terjatev Na podlagi člena 18.1 Statuta ESCB morajo vse kreditne operacije Eurosistema ( tj . operacije denarne politike za povečevanje likvidnosti in posojilo čez dan ) temeljiti na primernih zavarovanjih .
The Eurosystem accepts a wide range of assets to underlie its operations .
Eurosistem sprejema širok nabor finančnega premoženja za zavarovanje svojih operacij .
The Eurosystem has developed a single framework for eligible collateral common to all Eurosystem credit operations ( also referred to as the « Single List ') .
Eurosistem je razvil enoten okvir primernega finančnega premoženja za zavarovanje terjatev , ki je skupen za vse kreditne operacije ( imenuje se tudi „enotna lista ") .
On 1 January 2007 , this single framework will replace the two-tier system that has been in place since the start of Economic and Monetary Union .
Enotni okvir bo 1 . januarja 2007 nadomestil sistem z dvema listama , ki je veljal od začetka ekonomske in denarne unije .
The single framework covers marketable and non-marketable assets that fulfil uniform euro area-wide eligibility criteria specified by the Eurosystem .
Enotni okvir zajema tržno in netržno finančno premoženje , ki izpolnjuje poenotena merila primernosti , ki veljajo za celotno euroobmočje in jih je določil Eurosistem .
No distinction is made between marketable and non-marketable assets with regard to the quality of the assets and their eligibility for the various types of Eurosystem monetary policy operations , except that non-marketable assets are not used by the Eurosystem for outright transactions .
Med tržnim in netržnim finančnim premoženjem ni razlik glede kakovosti finančnega premoženja in njegove primernosti za različne vrste operacij denarne politike Eurosistema , razen dejstva , da se netržno finančno premoženje običajno ne uporablja za dokončne transakcije .
All eligible assets may be used on a cross-border basis by means of the correspondent central banking model ( CCBM ) and , in the case of marketable assets , through eligible links between EU securities settlement systems ( SSSs ) .
Vse primerno finančno premoženje za zavarovanje terjatev se lahko uporablja prek meje s pomočjo korespondenčnega centralnobančnega modela ( CCBM ) ter v primeru tržnega premoženja tudi prek primernih povezav med poravnalnimi sistemi vrednostnih papirjev ( PSVP ) v EU .
Modifications to the monetary policy framework The Governing Council of the ECB may , at any time , change the instruments , conditions , criteria and procedures for the execution of Eurosystem monetary policy operations .
Spremembe okvira denarne politike Svet ECB lahko kadar koli spremeni instrumente , pogoje , merila in postopke za izvajanje operacij denarne politike Eurosistema .
Official Journal of the European Union CHAPTER 2 ELIGIBLE COUNTERPARTIES 13.12.2006
13.12.2006 POGLAVJE 2 PRIMERNE NASPROTNE STRANKE
General eligibility criteria Counterparties for Eurosystem monetary policy operations must fulfil certain eligibility criteria ( 1 ) .
Splošna merila primernosti Nasprotne stranke v operacijah denarne politike Eurosistema morajo izpolnjevati določena merila primernosti ( 1 ) .
These criteria are defined with a view to giving a broad range of institutions access to Eurosystem monetary policy operations , enhancing equal treatment of institutions across the euro area and ensuring that counterparties fulfil certain operational and prudential requirements : --- Only institutions subject to the Eurosystem 's minimum reserve system according to Article 19.1 of the Statute of the ESCB are eligible to be counterparties .
Ta merila so določena s ciljem omogočiti širokemu krogu institucij dostop do operacij denarne politike Eurosistema , krepiti enako obravnavo institucij v celotnem euroobmočju in zagotoviti , da nasprotne stranke izpolnjujejo določene operativne zahteve in zahteve varnega poslovanja . --- Samo institucije , ki so obvezniki v sistemu obveznih rezerv Eurosistema v skladu s členom 19.1 Statuta ESCB , so primerne nasprotne stranke .
Institutions which are exempt from their obligations under the Eurosystem 's minimum reserve system ( see Section 7.2 ) are not eligible to be counterparties to Eurosystem standing facilities and open market operations .
Institucije , ki so izvzete iz obveznosti v okviru sistema obveznih rezerv Eurosistema ( glej poglavje 7.2 ) , niso primerne nasprotne stranke pri odprtih ponudbah in operacijah odprtega trga Eurosistema .
Counterparties must be financially sound .
Nasprotne stranke morajo biti finančno trdne .
They should be subject to at least one form of harmonised EU / EEA supervision by national authorities ( 2 ) .
Biti morajo podvržene najmanj eni obliki nadzora s strani nacionalnih organov , ki je usklajen z zahtevami EU / EGP ( 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 ) .
Vendar 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 ) .
These general eligibility criteria are uniform throughout the euro area .
Ta splošna merila primernosti so enaka za celotno euroobmočje .
Institutions fulfilling the general eligibility criteria may : --- access the Eurosystem 's standing facilities ; and --- participate in Eurosystem open market operations that are based on standard tenders .
Institucije , ki izpolnjujejo splošna merila primernosti : --- lahko dostopajo do odprtih ponudb Eurosistema in --- se lahko udeležujejo operacij odprtega trga Eurosistema , ki temeljijo na standardnih avkcijah .
An institution may access the Eurosystem 's standing facilities and open market operations based on standard tenders only through the national central bank of the Member State in which it is established .
Institucija lahko dostopa do odprtih ponudb in operacij odprtega trga Eurosistema na podlagi standardnih avkcij samo prek nacionalne centralne banke države članice , v kateri je ustanovljena .
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 .
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 .
For foreign exchange swaps executed for monetary policy purposes , counterparties must be able to conduct largevolume 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 range of counterparties to foreign exchange swaps corresponds to the counterparties located in the euro area which are selected for Eurosystem foreign exchange intervention operations .
Krog nasprotnih strank za valutne zamenjave je enak krogu nasprotnih strank , ki se nahajajo v euroobmočju in so izbrane za posege Eurosistema na deviznem trgu .
The criteria and procedures applied for the selection of counterparties to foreign exchange intervention operations are presented in Annex 3 .
Merila in postopki , ki se uporabljajo za izbiro 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 članici , ki izpolnjujejo splošna merila primernosti za nasprotne stranke .
In this respect , activity in the money market is the prime selection criterion . Other criteria which might be taken into account are , for example , the efficiency of the trading desk and the bidding potential .
Pri tem je glavno merilo izbire aktivnost na denarnem trgu . Druga merila , ki se lahko upoštevajo , so na primer učinkovitost službe za trgovanje z vrednostnimi papirji in potencial za udeležbo pri avkcijah .
( 1 ) For outright transactions , no restrictions are placed a priori on the range of counterparties .
( 1 ) Pri dokončnih transakcijah ni vnaprejšnjih omejitev glede kroga nasprotnih strank .
( 2 ) 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 of 30 June 2006 , page 1 .
( 2 ) Usklajen nadzor kreditnih institucij temelji na Direktivi 2006/48 / ES Evropskega parlamenta in Sveta z dne 14 . junija 2006 o začetku opravljanja in opravljanja dejavnosti kreditnih institucij ( preoblikovano ) , Uradni list Evropske unije ( UL ) , L 77 z dne 30 .
13.12.2006 EN
junija 2006 , stran 1 . 13.12.2006
If , for operational reasons , a national central bank cannot deal in each operation with all of its fine-tuning counterparties , the selection of counterparties in this Member State will be based on a rotation scheme in order to ensure equitable access .
Če zaradi operativnih razlogov nacionalna centralna banka pri vsaki operaciji ne more sodelovati z vsemi nasprotnimi strankami za fino uravnavanje , se nasprotne stranke v tej državi članici izberejo po sistemu kroženja , da bi se zagotovil enakopraven dostop vseh nasprotnih strank .
The Governing Council of the ECB can decide whether , under exceptional circumstances , fine-tuning bilateral operations may be carried out by the ECB itself .
Svet ECB lahko odloči , da v izrednih okoliščinah dvostranske operacije finega uravnavanja izvaja tudi sama ECB .
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 .
Če bi morala dvostranske operacije izvajati ECB , ta v takšnih primerih z namenom zagotovitve enakopravnega dostopa po sistemu kroženja izbere nasprotne stranke iz kroga tistih nasprotnih strank v euroobmočju , ki so primerne za hitre avkcije in dvostranske operacije .
Sanctions in the event of non-compliance with counterparty obligations
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 .
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 Decisions relating to the application of minimum reserves .
2157/1999 z dne 23 . septembra 1999 o pooblastilih Evropske centralne banke za nalaganje sankcij ( ECB / 1999/4 ) ( 4 ) , Uredbo Sveta ( ES ) št .
The relevant sanctions and the procedural rules for their application are specified in the abovementioned Regulations .
novembra 1998 o uporabi obveznih rezerv Evropske centralne banke ( 5 ) , kakor je bila spremenjena , in Uredbo Evropske centralne banke ( ES ) št .
In addition , in the case of serious infringements of the minimum reserve requirements , the Eurosystem may suspend counterparties » participation in open market operations .
Ustrezne sankcije in postopkovna pravila za njihovo izvajanje so določeni v zgoraj navedenih uredbah . Poleg tega lahko v primeru hudih kršitev obveznih rezerv Eurosistem nasprotne stranke začasno izključi iz udeležbe v operacijah odprtega trga .