natgillin/translations-raw huggingface dataset:
9 When performing these functions , NCBs act on behalf of the ECB on a disclosed agency basis .
Pri izvajanju teh nalog nacionalne centralne banke delujejo v imenu ECB .
This is so that the ECB 's counterparties in the international financial markets can distinguish between the operations carried out by the NCBs on behalf of the ECB and those carried out by the NCBs to manage their own reserves .
Tako lahko nasprotne stranke ECB na mednarodnih finančnih trgih razlikujejo med operacijami , ki jih izvajajo nacionalne centralne banke v imenu ECB , in operacijami , ki jih nacionalne centralne banke izvajajo v okviru upravljanja svojih 8
The ECB receives online information on the deals carried out by all NCBs on its behalf through a portfolio management system operating over the ESCB 's own secure communications network .
9 Uredba Sveta ( ES ) št .
The strategic benchmark for each currency , established by the Governing Council , reflects the long-term policy requirements and risk and return preferences of the ECB .
1010/2000 o zahtevah Evropske centralne banke po dodatnih deviznih rezervah ( UL L 115 , 16.5.2000 , str . 2 ) .
The tactical benchmarks established by the ECB 's Investment Committee and approved by the Executive Board , which must be kept within pre-set bands around the strategic benchmark , reflects the short to 9 Since the beginning of 2006 , euro area NCBs have had the freedom to abstain from taking up the ECB 's foreign reserve management mandates .
Od začetka leta 2006 imajo nacionalne centralne banke euroobmočja pravico , da ne prevzamejo mandata za upravljanje deviznih rezerv ECB .
Those NCBs that take up an ECB foreign reserve management mandate ( currently all 12 euro area NCBs ) are eligible for a mandate corresponding to either a US dollar sub-portfolio or a Japanese yen sub-portfolio .
Tiste , ki tak mandat sprejmejo ( trenutno vseh 12 nacionalnih centralnih bank euroobmočja ) , lahko dobijo mandat , ki ustreza podportfelju v ameriških dolarjih ali japonskih jenih .
The Deutsche Bundesbank and the Banque de France are each eligible for two mandates .
Deutsche Bundesbank in Banque de France imata pravico do dveh mandatov .
See ECB ( 2006 ) , Portfolio management at the ECB , p. 23 .
Glej ECB ( 2006 ) , Upravljanje premoženja v ECB , str .
medium-term risk and return preferences of the ECB within the prevailing market conditions .
ECB od vseh nacionalnih centralnih bank v elektronski obliki prek sistema upravljanja premoženja , ki deluje v varnem komunikacijskem omrežju ESCB , prejema informacije o poslih , ki jih izvajajo v njenem imenu .
The foreign exchange management mandates from the ECB to the NCBs envisage the outperformance of the tactical benchmarks .
Strateška referenčna vrednost za vsako valuto , ki jo je določil Svet ECB , odraža dolgoročne zahteve politik ter ravni tveganja in donosov , ki jih želi doseči ECB .
The counterparties and intermediaries used in operations involving foreign reserve assets are selected by the ECB on recommendations from the NCBs .
Mandati za upravljanje deviznega premoženja , ki jih ECB podeljuje nacionalnim centralnim bankam , predvidevajo takšne rezultate , ki presegajo taktične referenčne vrednosti . ECB na priporočilo nacionalnih centralnih bank izbere nasprotne stranke in posrednike , ki sodelujejo v operacijah z deviznimi rezervami .
In making its selection , the ECB follows a uniform approach based on two sets of criteria : -* an assessment of the creditworthiness of the counterparties ;
Pri izboru ECB uporablja enoten pristop , ki temelji na dveh sklopih kriterijev : -* ocena kreditne sposobnosti nasprotnih strank ;
-* efficiency considerations , in particular the research service provided , price competitiveness and counterparties » ability to handle large volumes in all market conditions .
-* učinkovitost delovanja , kamor sodijo predvsem storitve raziskovanja , cenovna konkurenčnost in sposobnost nasprotne stranke , da obdela velike posle v vseh tržnih pogojih .
The transactions conducted with the ECB 's counterparties are documented under standard market agreements .
Transakcije z nasprotnimi strankami ECB se dokumentirajo s standardnimi tržnimi sporazumi .
The ECB has also developed a proprietary master netting agreement , which has been accepted by its counterparties .
ECB je razvila tudi lastno okvirno pogodbo o pobotu , ki so jo njene nasprotne stranke sprejele .
From time to time , the ECB modifies the list of instruments eligible for use in its foreign reserve management .
Od časa do časa ECB spremeni seznam instrumentov , ki so primerni za operacije upravljanja njenih deviznih rezerv .
The choice of instruments aims to achieve an increasing degree of sophistication while meeting the requirements for high levels of security and liquidity .
Pri izboru instrumentov si ECB prizadeva za čim večjo natančnost , ob spoštovanju zahtev za visoko raven varnosti in likvidnosti .
T h e E C B « s g o l d h o l d i n g s In line with the Central Bank Gold Agreement ( see Box 14 ) , the ECB 's gold reserves are not actively managed .
Imetja ECB v zlatu V skladu s Sporazumom centralnih bank o zlatu ( glej okvir 14 ) se zlate rezerve ECB ne upravljajo aktivno .
T h e N C B s « f o re i g n re s e r ve s The foreign reserves that have not been transferred to the ECB continue to be held and managed by the NCBs .
Devizne rezerve nacionalnih centralnih bank Devizne rezerve , ki niso bile prenesene v ECB , še naprej imajo in upravljajo nacionalne centralne banke .
Net of exchange rate changes , the foreign reserves held by the NCBs declined steadily between 1999 and 2005 ; at the end of 2005 , they amounted to around Euros 279 billion , of which Euros 111 billion was in foreign exchange assets and Euros 168 billion in gold , SDRs and IMF reserve positions .
Neto vrednost deviznih rezerv brez tečajnih sprememb , ki jih imajo nacionalne centralne banke , se je med leti 1999 in 2005 vztrajno zmanjševala in ob koncu 2005 znašala približno 279 milijard EUR . Od tega je bilo 111 milijard EUR deviznih imetij in 168 milijard EUR imetij v zlatu , posebnih pravicah črpanja in rezervnih imetij pri Mednarodnem denarnem skladu ( MDS ) .
Since intervention on the foreign exchange markets is effected through the reserves held by the ECB , the foreign reserves of the NCBs no longer serve foreign exchange policy purposes .
Ker se intervencije na deviznih trgih izvajajo iz rezerv , ki jih hrani ECB , se devizne rezerve nacionalnih centralnih bank ne uporabljajo več za namene devizne politike .
As explained above , however , they may be subject to further calls on reserves by the ECB .
Lahko pa so , kot je bilo pojasnjeno , predmet dodatnih zahtev za rezerve ECB .
B ox 1 4 J o i n t S t a t e m e n t o n G o l d ( 8 M a rc h 2 0 0 4 ) European Central Bank Banca d' Italia Banco de España Banco de Portugal Bank of Greece Banque centrale du Luxembourg Banque de France Banque Nationale de Belgique Central Bank & Financial Services Authority of Ireland De Nederlandsche Bank Deutsche Bundesbank Oesterreichische Nationalbank Suomen Pankki -- Finlands Bank Schweizerische Nationalbank Sveriges Riksbank In the interest of clarifying their intentions with respect to their gold holdings , the undersigned institutions make the following statement : 1 .
Okvir 14 Skupna izjava o zlatu ( 8 . marec 2004 ) Evropska centralna banka Banca d' Italia Banco de España Banco de Portugal Bank of Greece Banque centrale du Luxembourg Banque de France Banque Nationale de Belgique Central Bank & Financial Services Authority of Ireland De Nederlandsche Bank Deutsche Bundesbank Oesterreichische Nationalbank Suomen Pankki -- Finlands Bank Schweizerische Nationalbank Sveriges Riksbank Z namenom pojasniti svoje namene glede imetij zlata podpisane ustanove sprejemajo naslednjo izjavo .
Gold will remain an important element of global monetary reserves .
1 . Zlato bo ostalo pomemben element v svetovnih denarnih rezervah .
The gold sales already decided and to be decided by the undersigned institutions will be achieved through a concerted programme of sales over a period of five years , starting on 27 September 2004 , just after the end of the previous agreement .
Prodaje zlata , ki so že potrjene ali jih bodo potrdile podpisane ustanove , se izvedejo v okviru usklajenega programa prodaj v obdobju naslednjih petih let , ki se začne 27 . septembra 2004 , takoj po koncu prejšnjega sporazuma .
Annual sales will not exceed 500 tonnes and total sales over this period will not exceed 2,500 tonnes .
Letne prodaje ne smejo preseči 500 ton , skupni obseg prodaje v tem obdobju pa ne sme preseči 2500 ton .
Over this period , the signatories to this agreement have agreed that the total amount of their gold leasings and the total amount of their use of gold futures and options will not exceed the amounts prevailing at the date of the signature of the previous agreement .
Podpisniki tega sporazuma so se dogovorili , da v tem obdobju skupni obseg zakupa zlata in skupni obseg uporabe zlatih terminskih pogodb in opcij ne bo presegel obsega na dan podpisa prejšnjega sporazuma . Ta sporazum se ponovno pregleda vsakih pet let .
This agreement will be reviewed after five years . Source : ECB Press Release of 8 March 2004 .
Vir : Sporočilo za javnost ECB z dne 8 . marca 2004 .
exchange rate policy of the ECB . Transactions carried out by NCBs -- either by themselves or on behalf of national governments -- in fulfilment of their obligations towards international organisations , such as the BIS and the IMF , are also exempt from this requirement .
Člen 31 Statuta ESCB določa , da mora devizne posle , ki jih izvajajo nacionalne centralne banke s svojimi deviznimi rezervami , najprej odobriti ECB . S to zahtevo je zagotovljena skladnost z denarno in tečajno politiko ECB .
By analogy with euro area NCBs and in line with Article 31.3 of the Statute , EU Member States » transactions with their foreign currency working balances are also subject to control by the ECB . 10 10
Zahteva velja za transakcije , ki bi lahko vplivale na devizni tečaj ali domače likvidnostne pogoje in presegajo zgornjo mejo , ki je določena s smernicami ECB .
Guideline ECB / 2003/12 of 23 October 2003 for participating Member States » transactions with their foreign exchange working balances pursuant to Article 31.3 of the Statute of the European System of Central Banks and of the European Central Bank ( OJ L 283 , 31.10.2003 , p. 81 ) . 97
Za investicijske posle nacionalnih centralnih bank na deviznih trgih ni potrebna predhodna odobritev , saj ne vplivajo na enotno denarno politiko in politiko deviznega tečaja ECB . Transakcije , ki jih bodisi zase ali v imenu vlade svoje države izvajajo nacionalne centralne banke pri izpolnjevanju svojih obveznosti do mednarodnih organizacij , kot sta Banka za mednarodne poravnave ( BIS ) in MDS , so prav tako izvzete iz te zahteve .
3 PAY M E N T A N D C L E A R I N G S Y S T E M S The Eurosystem 's task to promote the smooth operation of payment systems is substantiated in Article 22 of the Statute which entitles the ECB and the NCBs to provide facilities to ensure efficient and sound clearing and payment systems within the Community and other countries .
3.3 PLAâILNI IN KLIRIN · KI SISTEMI Pri zagotavljanju učinkovitega delovanja plačilnih sistemov Eurosistemu dodatno oporo zagotavlja člen 22 Statuta , ki ECB in nacionalnim centralnim bankam omogoča , da zagotovijo možnosti za delovanje učinkovitih in zanesljivih klirinških in plačilnih sistemov znotraj Skupnosti in z drugimi državami .
To the same end , the ECB may issue regulations .
V okviru izvajanja te naloge lahko ECB izda tudi uredbe11 .
11 Efficient and sound payment systems and securities clearing and settlement systems are indispensable for the effectiveness of monetary policy .
Učinkoviti in zanesljivi plačilni sistemi ter sistemi kliringa in poravnave vrednostnih papirjev so nujni za učinkovito izvajanje denarne politike .
The Eurosystem uses payment systems to settle its monetary policy and intraday credit operations .
Eurosistem uporablja plačilne sisteme za poravnavo svojih operacij denarne politike in posojila čez dan .
Since these operations have to be collateralised , the ability of the Eurosystem 's counterparties to provide collateral rests on a sound and efficient infrastructure of securities clearing and settlement systems .
Ker morajo biti ti posli zavarovani , je sposobnost nasprotnih strank Eurosistema , da zagotovijo finančno premoženje za zavarovanje , odvisna od zanesljive in učinkovite infrastrukture kliringa in poravnave vrednostnih papirjev .
The smooth working of both payment systems and securities settlement systems is also crucial for the functioning of the euro money market and , more generally , for other national and international financial markets ( such as foreign exchange , securities and derivatives markets ) .
Nemoteno delovanje tako plačilnih sistemov kot sistemov poravnave vrednostnih papirjev je ključno tudi za delovanje eurskega denarnega trga in splošnejše tudi za druge nacionalne in mednarodne finančne trge ( na primer devizni trg , trg vrednostnih papirjev in izvedenih finančnih instrumentov ) .
There are two basic kinds of financial risk associated with payment systems and securities clearing and settlement systems : -* the risk that a party within the system may be unable to meet its obligations either when such obligations fall due or at any time in the future ( credit risk ) ;
Obstajata dve glavni vrsti finančnega tveganja , ki je povezano s plačilnimi sistemi ter sistemi kliringa in poravnave vrednostnih papirjev : -* tveganje , da stranka v sistemu ne bo sposobna poravnati svojih obveznosti bodisi takrat , ko obveznosti zapadejo , ali kadar koli v prihodnosti ( kreditno tveganje ) ;
-* the risk that a party within the system may have insufficient funds or securities to meet its obligations as and when expected , although it may be able to do so later ( liquidity risk ) .
-* tveganje , da stranka v sistemu ne bo imela zadostnih sredstev ali vrednostnih papirjev , da bi lahko poravnala svoje obveznosti pravočasno in kot dogovorjeno , čeprav jih bo morda sposobna poravnati pozneje ( likvidnostno tveganje ) .
Both categories of financial risk might lead to a situation where the failure of one participant in an interbank funds transfer or securities clearing and settlement system to meet its obligations results in a domino effect in which other participants become unable to meet their obligations when due .
Obe kategoriji finančnega tveganja lahko privedeta do položaja , kjer nesposobnost ene stranke , da bi v sistemu za medbančni prenos sredstev ali v sistemu kliringa in poravnave vrednostnih papirjev poravnala svoje obveznosti , sproži domino učinek , pri katerem tudi drugi udeleženci ob zapadlosti ne morejo poravnati svojih obveznosti .
Such a scenario could lead to widespread disturbances in the financial markets as a whole ( systemic risk ) which could also affect the broader economy .
Takšen scenarij lahko povzroči velike motnje na finančnih trgih kot celoti ( sistemsko tveganje ) , ki lahko prizadenejo tudi širše gospodarstvo .
In the case of securities clearing and settlement systems , there is also the risk of the loss or unavailability of securities held in custody caused by the insolvency or negligence of the custodian bank , or by any other adverse situation in which it finds itself ( custody risk ) .
Pri sistemih kliringa in poravnave vrednostnih papirjev obstaja tudi tveganje izgube ali nedostopnosti vrednostnih papirjev v skrbništvu zaradi nesolventnosti Smernica ECB / 2003/12 z dne 23 .
Besides being secure , payment and securities clearing and settlement systems should also be efficient and practical , both for their users and for the economy as a whole . However , there is always a trade-off between minimising costs and meeting other objectives , such as safety .
oktobra 2003 za transakcije sodelujočih držav članic s svojimi operativnimi deviznimi sredstvi po členu 31.3 Statuta Evropskega sistema centralnih bank in Evropske centralne banke ( UL L 283 , 31.10.2003 , str . 81 ) .
Minimum safety and efficiency standards and recommendations are therefore warranted to guide stakeholders in payment 11 So far , the ECB has not had need for recourse to the regulatory powers provided for by Article 22 of the Statute of the ESCB .
11 Doslej ECB ni bilo treba uporabiti svojih normativnih pooblastil , ki jih ima po členu 22 Statuta ESCB .
For a more detailed discussion of the scope of the ECB 's regulatory powers under Article 22 of the Statute , see the Article entitled « The role of the Eurosystem in payment and clearing systems » in the April 2002 issue of the ECB 's Monthly Bulletin .
Normativna pooblastila ECB po členu 22 Statuta so podrobneje predstavljena v članku z naslovom „The role of the Eurosystem in payment and clearing systems » , ECB Monthly Bulletin , april 2002 . 10
and securities clearing and settlement systems in making their choices , which , in turn , fosters competition between payment systems and among securities clearing and settlement systems , and helps to avoid regulatory arbitrage .
Kljub temu vedno obstaja kompromis med čim nižjimi stroški in drugimi cilji , kot je na primer varnost . Minimalni standardi glede varnosti in učinkovitosti ter priporočila so zato smiselni kot pomoč uporabnikom in izvajalcem sistemov kliringa in poravnave plačil in vrednostnih papirjev pri njihovem odločanju , saj po drugi strani prispevajo k večji konkurenčnosti med plačilnimi sistemi ter sistemi kliringa in poravnave vrednostnih papirjev ter zmanjšujejo potrebo po normativnem poseganju .
In line with these considerations and the mandate given by the EC Treaty and the Statute of the ESCB , the policy objectives of the Eurosystem are geared towards ensuring safe and efficient systems .
V skladu s temi dejavniki in mandatom , ki izhaja iz Pogodbe ES in Statuta ESCB , je politika Eurosistema usmerjena k zagotavljanju varnih in učinkovitih sistemov .
To this end , the Eurosystem : -* provides payment and securities settlement facilities ;
S tem namenom Eurosistem : -* zagotavlja tehnične zmogljivosti za plačilne sisteme in sisteme poravnave vrednostnih papirjev ;
-* oversees the systems with a view to ensuring their efficiency and security . 3 .
-* pregleduje delovanje sistemov in tako zagotavlja njihovo učinkovitost in varnost .
1 P rov i s i o n o f p ay m e n t a n d s e c u r i t i e s s e t t l e m e n t f a c i l i t i e s In line with its statutory task to promote the smooth functioning of payment systems , the Eurosystem provides a wide range of payment and securities settlement facilities , the most important of which is the TARGET system .
3.3.1 Tehniãne zmogljivosti za plaãilne sisteme in sisteme poravnave vrednostnih papirjev V skladu s svojo zakonsko obveznostjo , da podpira nemoteno delovanje plačilnih sistemov , Eurosistem zagotavlja širok izbor tehničnih zmogljivosti za plačilne sisteme in sisteme poravnave vrednostnih papirjev , od katerih je najpomembnejši sistem TARGET .
TA R G E T ( Tr a n s - E u ro p e a n A u t o m a t e d R e a l - t i m e G ro s s s e t t l e m e n t E x p re s s Tr a n s f e r s y s t e m ) The Eurosystem has developed TARGET to process large-value payments in euro in real time throughout the euro area .
TARGET ( transevropski sistem bruto poravnave v realnem ãasu ) Eurosistem je razvil TARGET za obdelavo plačil velikih vrednosti v eurih v realnem času v celotnem euroobmočju .
TARGET provides a level playing field for market participants and a tool through which the monetary policy-related transactions between the NCBs of the Eurosystem and credit institutions can be carried out in a timely and secure manner .
TARGET tržnim udeležencem zagotavlja enake pogoje in orodje , ki omogoča hitro in varno izvedbo transakcij , povezanih z denarno politiko , med nacionalnimi centralnimi bankami Eurosistema in kreditnimi institucijami .
It is the only payment system carrying out cross-border payments in euro which is directly accessible to all monetary policy counterparties .
Je edini plačilni sistem za čezmejna plačila v eurih , ki je neposredno dostopen vsem nasprotnim strankam denarne politike .
It thus enables the euro money market to function as a single market and makes a single monetary policy possible .
Eurskemu denarnemu trgu s tem omogoča , da deluje kot enotni trg , in zagotavlja izvajanje enotne denarne politike .
T h e c u r re n t s y s t e m TARGET began live operations on 4 January 1999 and has a decentralised structure .
Sedanji sistem TARGET je v živo začel delovati 4 . januarja 1999 in ima decentralizirano strukturo .
It currently comprises and interlinks 16 national RTGS systems and the ECB payment mechanism ( EPM ) .
Trenutno obsega in povezuje 16 nacionalnih sistemov bruto poravnave v realnem času ( BPRČ ) in plačilni mehanizem ECB ( EPM ) .
The 16 national RTGS systems are the systems of the 12 euro area countries plus Denmark , Sweden , the United Kingdom and , since March 2005 , Poland .
Teh 16 nacionalnih sistemov BPRČ predstavljajo sistemi 12 držav članic euroobmočja ter sistemi Danske , Švedske , Združenega kraljestva in -- od marca 2005 -- Poljske .
Slovenia is set to join in 2007 .
Slovenija bo v sistemu začela sodelovati leta 2007 .
The ECB Guideline on TARGET12 lays down the rules governing the operation of the system , including its national components .
Smernica ECB o sistemu TARGET12 določa pravila za delovanje sistema , vključno z njegovimi nacionalnimi komponentami .
It also contains provisions on a number of minimum common features ( e.g. access criteria , currency unit , pricing rules , time of operation , payment rules , irrevocability , finality and intraday credit ) with which each national RTGS system participating in TARGET must comply . A multilateral agreement that mirrors the TARGET Guideline has been concluded between the Eurosystem and the non-euro area NCBs .
Vključuje tudi določila glede številnih minimalnih skupnih značilnosti ( na primer merila za dostop , valuta , pravila za določanje cene in plačevanje storitev , čas delovanja , nepreklicnost , dokončnost in posojilo čez dan ) , ki jih morajo izpolnjevati vsi nacionalni sistemi bruto poravnave v realnem času in sistem TARGET .
TARGET must be used for all payments directly resulting from or made in connection with : 12 Guideline ECB / 2001/3 of 26 April 2001 on a Trans-European Automated Real-time Gross settlement Express Transfer system ( TARGET ) ( OJ L 140 , 24.5.2001 , p. 72 ) , as last amended by Guideline ECB / 2003/6 of 4 April 2003 ( OJ L 113 , 7.5.2003 , p. 74 ) .
Med Eurosistemom in nacionalnimi centralnimi bankami zunaj euroobmočja je bil sklenjen večstranski sporazum , ki odraža določila Smernice TARGET . Sistem TARGET se mora uporabljati za vsa plačila , ki neposredno izhajajo ali so povezana z : ( i ) operacijami denarne politike Eurosistema ;
i. ii . the Eurosystem 's monetary policy operations ;
( ii ) poravnavo eurskega dela deviznih operacij , v katerih je udeležen Eurosistem ;
the settlement of the euro leg of foreign exchange operations involving the Eurosystem ; iii .
( iii ) poravnalnimi operacijami sistemov velikih vrednosti , ki obdelujejo prenose v eurih .
the settlement operations of large-value systems handling euro transfers . For other payments , such as interbank and commercial payments in euro , market participants are free to use TARGET or another payment system .
Za ostala plačila , na primer medbančna ali komercialna plačila v eurih , lahko tržni udeleženci uporabijo sistem TARGET ali kak drug plačilni sistem .
In 2005 , 89 % of the total turnover of large-value payments in euro were carried out via TARGET .
V letu 2005 je bilo 89 % celotnega prometa plačil velikih vrednosti v eurih opravljenega prek sistema TARGET .
At the end of 2004 , there were more than 10,000 participants ; overall , some 50,000 institutions can be addressed through TARGET .
Ob koncu leta 2004 je imel sistem več kot 10.000 udeležencev , skupno pa je prek sistema mogoče nasloviti približno 50.000 institucij13 .