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The appendices contain examples of monetary policy operations , a glossary , criteria for the selection of counterparties for Eurosystem foreign exchange intervention operations , a presentation of the reporting framework for the money and banking statistics of the European Central Bank , a list of the Eurosystem websites , a description of the procedures and sanctions to be applied in the event of non-compliance with counterparty obligations and additional legal requirements for the creation of valid security over credit claims when these are used as collateral with the Eurosystem .
Priloge vsebujejo primere operacije denarne politike , glosar , merila za izbor nasprotnih strank pri posegih Eurosistema na deviznem trgu , predstavitev okvira poročanja za potrebe denarne in bančne statistike Evropske centralne banke , seznam naslovov spletnih strani Eurosistema , opis postopkov in sankcij , ki se uporabijo v primeru , da nasprotna stranka ne izpolni svojih obveznosti , ter dodatne pravne zahteve za vzpostavitev učinkovitega zavarovanja z bančnimi posojili , ko se ta uporabijo kot zavarovanje pri operacijah Eurosistema .
The Governing Council of the European Central Bank has agreed to use the term « Eurosystem » to denote those components of the European System of Central Banks that carry out its basic tasks , i.e. the European Central Bank and the national central banks of those Member States which have adopted the single currency in accordance with the Treaty establishing the European Community .
Svet Evropske centralne banke je sklenil , da besedo „Eurosistem » uporablja kot izraz , ki označuje tiste elemente Evropskega sistema centralnih bank , ki opravljajo njegove temeljne naloge , tj . Evropsko centralno banko in nacionalne centralne banke tistih držav članic , ki so uvedle enotno valuto v skladu s Pogodbo o ustanovitvi Evropske skupnosti .
CHAPTER 1 OVERVIEW OF THE MONETARY POLICY FRAMEWORK 1.1 THE EUROPEAN SYSTEM OF CENTRAL BANKS The European System of Central Banks ( ESCB ) consists of the European Central Bank ( ECB ) and the national central banks of the European Union ( EU ) Member States .
POGLAVJE 1 PREGLED OKVIRA DENARNE POLITIKE 1.1 EVROPSKI SISTEM CENTRALNIH BANK Evropski sistem centralnih bank ( ESCB ) sestavljajo Evropska centralna banka ( ECB ) in nacionalne centralne banke držav članic Evropske unije ( EU ) .
1 The activities of the ESCB are carried out in accordance with the Treaty establishing the European Community ( Treaty ) and the Statute of the European System of Central Banks and of the European Central Bank ( Statute of the ESCB ) .
1 Dejavnosti ESCB se izvajajo v skladu s Pogodbo o ustanovitvi Evropske skupnosti ( Pogodba ) in Statutom Evropskega sistema centralnih bank in Evropske centralne banke ( Statut ESCB ) .
To the extent deemed possible and appropriate and with a view to ensuring operational efficiency , the ECB has recourse to the national central banks 2 for carrying out the operations which form part of the tasks of the Eurosystem .
Kolikor je možno in primerno ter s ciljem zagotoviti operativno učinkovitost , ECB uporabi nacionalne centralne banke 2 za opravljanje poslov , ki so sestavni del nalog Eurosistema .
The national central banks may , if necessary for the implementation of monetary policy , share amongst the Eurosystem members individual information , such as operational data , related to counterparties participating in Eurosystem operations .
Nacionalne centralne banke lahko med članicami Eurosistema izmenjujejo posamezne informacije , kot so na primer operativni podatki v zvezi z nasprotnimi strankami , ki sodelujejo v operacijah Eurosistema , če je to potrebno za izvajanje denarne politike .
3 The Eurosystem 's monetary policy operations are executed under uniform terms and conditions in all Member States .
3 Operacije denarne politike Eurosistema se izvajajo pod enakimi pogoji v vseh državah članicah .
4 1.3 EUROSYSTEM MONETARY POLICY INSTRUMENTS In order to achieve its objectives , the Eurosystem has at its disposal a set of monetary policy instruments ; the Eurosystem conducts open market operations , offers standing facilities and requires credit institutions to hold minimum reserves on accounts with the Eurosystem .
4 da vzdržujejo obvezne rezerve na računih pri Eurosistemu .
1.3.1 OPEN MARKET OPERATIONS Open market operations play an important role in the monetary policy of the Eurosystem for the purposes of steering interest rates , managing the liquidity situation in the market and signalling the stance of monetary policy .
1.3.1 OPERACIJE ODPRTEGA TRGA Operacije odprtega trga imajo pomembno vlogo v denarni politiki Eurosistema , ko gre za uravnavanje obrestnih mer , uravnavanje likvidnosti na trgu in signaliziranje naravnanosti denarne politike .
They can be executed on the basis of standard tenders , quick CHAPTER 1 Overview of the monetary policy framework
Lahko se izvršijo na podlagi standardnih avkcij , hitrih avkcij ali dvostranskih postopkov .
1.2 OBJECTIVES OF THE EUROSYSTEM 1 The primary objective of the Eurosystem is to maintain price stability , as defined in Article 105 of the Treaty .
5 Glede na njihove cilje , pogostost in postopke se lahko operacije odprtega trga Eurosistema razdelijo na naslednje štiri kategorije ( glej tudi tabelo 1 ) .
Without prejudice to the primary objective of price stability , the Eurosystem has to support the general economic policies in the European Community . In pursuing its objectives , the Eurosystem has to act in accordance with the principle of an open market economy with free competition , favouring an efficient allocation of resources .
-* Operacije glavnega refinanciranja so redne povratne transakcije za povečevanje likvidnosti , organizirane tedensko in z Opozoriti je treba , da nacionalne centralne banke držav članic , ki niso uvedle enotne valute v skladu s Pogodbo o ustanovitvi Evropske skupnosti ( Pogodbo ) , obdržijo svoja pooblastila na področju denarne politike v skladu z nacionalnim pravom in zato niso vključene v izvajanje enotne denarne politike .
It should be noted that the national central banks of those Member States which have not adopted the single currency in accordance with the Treaty establishing the European Community ( Treaty ) retain their powers in the field of monetary policy according to national law and are thus not involved in the conduct of the single monetary policy .
V celotnem dokumentu se izraz „nacionalne centralne banke » nanaša na nacionalne centralne banke držav članic , ki so uvedle enotno valuto v skladu s Pogodbo .
Throughout this document , the term « national central banks » refers to the national central banks of the Member States which have adopted the single currency in accordance with the Treaty . Such information is subject to the requirement for professional secrecy in accordance with Article 38 of the Statute of the ESCB .
Takšne informacije morajo biti poslovna skrivnosti v skladu s členom 38 Statuta ESCB . V celotnem dokumentu se izraz „država članica » nanaša na državo članico , ki je uvedla enotno valuto v skladu s Pogodbo .
Throughout this document , the term « Member State » refers to a Member State which has adopted the single currency in accordance with the Treaty .
standardne avkcije , hitre avkcije in dvostranski postopki , so opredeljeni v poglavju 5 . Pri standardnih avkcijah poteče največ 24 ur med najavo avkcije in pošiljanjem obvestil uspešnim ponudnikom .
ECB The implementation of monetary policy in the euro area November 2008 7
Eurosistem lahko izbere omejeno število nasprotnih strank za sodelovanje pri hitrih avkcijah .
tenders or bilateral procedures . 5 With regard to their aims , regularity and procedures , the Eurosystem 's open market operations can be divided into the following four categories ( see also Table 1 ) : -* The main refinancing operations are regular liquidity-providing reverse transactions with a weekly frequency and a maturity of normally one week .
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 . Dvostranski postopki zajemajo tudi operacije , ki se izvedejo prek borz vrednostnih papirjev ali prek tržnih posrednikov .
These operations are executed by the national central banks on the basis of standard tenders .
običajno zapadlostjo enega tedna . Te operacije izvajajo nacionalne centralne banke na podlagi standardnih avkcij .
The main refinancing operations play a pivotal role in pursuing the objectives of the Eurosystem 's open market operations .
Operacije glavnega refinanciranja imajo osrednjo vlogo pri uresničevanju ciljev operacij odprtega trga Eurosistema .
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 zapadlostjo treh mesecev .
Fine-tuning operations may be conducted on the last day of a reserve maintenance period to counter liquidity imbalances which may have accumulated since the allotment of the last main refinancing operation .
Operacije finega uravnavanja se lahko izvajajo na zadnji dan obdobja izpolnjevanja obveznih rezerv z namenom odpraviti likvidnostna neravnovesja , ki bi lahko nastala po dodelitvi v zadnji operaciji glavnega refinanciranja .
Fine-tuning operations are primarily executed as reverse transactions , but may also take the form of either foreign exchange swaps or the collection of fixed-term deposits .
Operacije finega uravnavanja se v prvi vrsti izvajajo kot povratne transakcije , vendar so lahko tudi v obliki valutnih zamenjav ali zbiranja vezanih vlog .
The instruments and procedures applied in the conduct of fine-tuning operations are adapted to the types of transactions and the specific objectives pursued in the operations .
Instrumenti in postopki , ki se uporabljajo pri izvajanju operacij finega uravnavanja , se prilagodijo glede na vrsto transakcije in posebne cilje , ki se jih želi doseči s temi operacijami .
-* 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 ) .
Structural operations in the form of outright transactions are executed through bilateral procedures . -*
Strukturne operacije v obliki dokončnih transakcij se izvajajo na podlagi dvostranskih postopkov .
1.3.2 STANDING FACILITIES Standing facilities are aimed at providing and absorbing overnight liquidity , signal the general stance of monetary policy and bound overnight market interest rates .
1.3.2 ODPRTE PONUDBE 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 ) : -* Counterparties can use the marginal lending facility to obtain overnight liquidity from the national central banks against eligible assets .
Primerne nasprotne stranke imajo na lastno pobudo na voljo dve odprti ponudbi , pod pogojem , da izpolnjujejo določene operativne pogoje dostopa ( glej tudi tabelo 1 ) . -* 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 The different procedures for the execution of Eurosystem open market operations , i.e. standard tenders , quick tenders and bilateral procedures , are specified in Chapter 5 .
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 .
For standard tenders , a maximum of 24 hours elapses between the tender announcement and the certification of the allotment result .
Obrestna mera za mejno posojilo praviloma predstavlja zgornjo mejo obrestne mere na trgu čez noč .
All counterparties fulfilling the general eligibility criteria specified in Section 2.1 may participate in standard tenders .
Nasprotne stranke lahko uporabijo odprto ponudbo mejnega depozita za plasiranje depozitov čez noč pri nacionalnih centralnih bankah .
Quick tenders are normally executed within a time frame of 90 minutes . The Eurosystem may select a limited number of counterparties to participate in quick tenders .
V normalnih okoliščinah ni omejitev višine depozitov ali drugih omejitev dostopa nasprotnih strank do tega instrumenta .
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 .
Obrestna mera za odprto ponudbo mejnega depozita praviloma predstavlja spodnjo mejo obrestne mere na trgu čez noč . -*
Bilateral procedures include operations executed through stock exchanges or market agents .
Odprte ponudbe upravljajo decentralizirano nacionalne centralne banke . 1.3.3 OBVEZNE REZERVE Sistem obveznih rezerv Eurosistema se uporablja za kreditne institucije v euroobmočju ,
8 ECB The implementation of monetary policy in the euro area November 2008
ECB Izvajanje denarne politike v euroobmočju November 2008
CHAPTER 1 Table 1 Eurosystem monetary policy operations Monetary policy operations Types of transactions Provision of liquidity Absorption of liquidity Maturity Frequency Procedure
POGLAVJE 1 Tabela 1 Operacije denarne politike Eurosistema Operacije denarne politike Vrsta transakcije Povečevanje likvidnosti Umikanje likvidnosti Zapadlost Pogostost Postopek
Overview of the monetary policy framework
Pregled okvira denarne politike
Open market operations Main refinancing Reverse transactions operations Longer-term refinancing operations Fine-tuning operations Reverse transactions One week Three months
Operacije odprtega trga Operacije glavnega Povratne transakcije refinanciranja Operacije dolgoročnejšega refinanciranja Operacije finega uravnavanja Strukturne operacije Povratne transakcije
Weekly Monthly
En teden Tri mesece
Standard tenders Standard tenders Quick tenders Bilateral procedures Standard tenders Bilateral procedures
Standardne avkcije Standardne avkcije Hitre avkcije Dvostranski postopki Standardne avkcije Dvostranski postopki
Reverse transactions Foreign exchange swaps
Povratne transakcije Valutne zamenjave Povratne transakcije Dokončni nakupi
Reverse transactions Collection of fixed-term deposits Foreign exchange swaps Issuance of debt certificates Outright sales
Povratne transakcije Zbiranje vezanih vlog Valutne zamenjave Izdaja dolžniških certifikatov Dokončne prodaje
Structural operations
Občasno
Reverse transactions Outright purchases Standardised / nonstandardised -
Standardizirano / nestandardizirano - Redno in občasno Občasno
Regular and non-regular Non-regular Standing facilities Marginal lending facility Deposit facility
Odprte ponudbe Odprta ponudba mejnega posojila Odprta ponudba mejnega depozita
Reverse transactions -
Povratne transakcije -
Access at the discretion of counterparties Access at the discretion of counterparties
Čez noč Čez noč
from the requirement to present sufficient underlying assets .
Dostop po prostem preudarku nasprotnih strank Dostop po prostem preudarku nasprotnih strank
The interest rate on the marginal lending facility normally provides a ceiling for the overnight market interest rate . -* Counterparties can use the deposit facility to make overnight deposits with the national central banks .
in sicer predvsem za stabilizacijo obrestnih mer denarnega trga in ustvarjanje ( ali povečanje ) strukturnega likvidnostnega primanjkljaja .
Under normal circumstances , there are no deposit limits or other restrictions on counterparties » access to the facility .
Rezerve , ki jih je dolžna zagotoviti vsaka institucija , se določijo glede na postavke njene bilance stanja .
The interest rate on the deposit facility normally provides a floor for the overnight market interest rate . 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 . Izpolnjevanje obveznih rezerv se določi na podlagi povprečnih dnevnih stanj rezervnih imetij v obdobju izpolnjevanja .
Compliance with the reserve requirement is determined on the basis of the institutions » average daily reserve holdings over the maintenance period . 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 . pri operacijah finega uravnavanja .
1.4 COUNTERPARTIES The Eurosystem 's monetary policy framework is formulated with a view to ensuring the participation of a broad range of counterparties .
Pri operacijah valutnih zamenjav ( swap poslih ) , ki se izvajajo za namene denarne politike , se uporabljajo aktivni udeleženci na deviznem trgu .
Institutions subject to minimum reserve requirements according to Article 19.1 of the Statute of the ESCB may access the standing facilities and participate in open market operations based on standard tenders as well as outright transactions . The Eurosystem may select a limited number of counterparties to participate in fine-tuning operations .
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 . 1.5 FINANČNO PREMOŽENJE ZA ZAVAROVANJE TERJATEV Na podlagi člena 18.1 Statuta ESCB morajo vse kreditne operacije Eurosistema ( tj .
For foreign exchange swaps conducted for monetary policy purposes , active players in the foreign exchange market are used . The set of counterparties for these operations is limited to those institutions ECB The implementation of monetary policy in the euro area November 2008
operacije denarne politike za povečevanje likvidnosti in posojilo čez dan ) temeljiti na primernem zavarovanju .
The standing facilities are administered in a decentralised manner by the national central banks .
Eurosistem sprejema širok nabor finančnega premoženja za zavarovanje svojih operacij .
1.3.3 MINIMUM RESERVES 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 .
Eurosistem je razvil enoten okvir primernega finančnega premoženja za zavarovanje terjatev , ki je skupen za vse kreditne operacije ( imenuje se tudi „enotna lista ") .
The reserve requirement of each institution is determined in relation to elements of its balance sheet .
Enotni okvir je 1 .
selected for Eurosystem foreign exchange intervention operations which are located in the euro area .
januarja 2007 nadomestil sistem z dvema listama , ki je veljal od začetka tretje faze ekonomske in monetarne unije .
1.5 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 .
Enotni okvir zajema tržno in netržno finančno premoženje , ki izpolnjuje poenotena merila primernosti , ki ECB Izvajanje denarne politike v euroobmočju November 2008
The Eurosystem accepts a wide range of assets to underlie its operations .
1.4 NASPROTNE STRANKE Okvir denarne politike Eurosistema je oblikovan tako , da zagotavlja udeležbo širokega kroga nasprotnih strank .
The Eurosystem has developed a single framework for eligible collateral common to all Eurosystem credit operations ( also referred to as the « Single List ") . On 1 January 2007 , this single framework replaced the two-tier system that had been in place since the start of Stage Three of Economic and Monetary Union .
Institucije , za katere velja zahteva po obveznih rezervah v skladu s členom 19.1 Statuta ESCB , lahko dostopajo do odprtih ponudb in sodelujejo v operacijah odprtega trga na podlagi standardnih avkcij ter dokončnih transakcij . Eurosistem lahko izbere omejeno število nasprotnih strank za sodelovanje
The single framework covers marketable and non-marketable assets that fulfil uniform euro area-wide eligibility criteria specified by the Eurosystem .
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 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 preko meja s pomočjo korespondenčnega centralnobančnega modela ( CCBM ) ter v primeru tržnega premoženja tudi prek primernih povezav med sistemi poravnave vrednostnih papirjev ( SPVP ) v EU .
1.6 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 .
1.6 SPREMEMBE OKVIRA DENARNE POLITIKE Svet ECB lahko kadar koli spremeni instrumente , pogoje , merila in postopke za izvajanje operacij denarne politike Eurosistema .
CHAPTER 2 ELIGIBLE COUNTERPARTIES 2.1 GENERAL ELIGIBILITY CRITERIA Counterparties for Eurosystem monetary policy operations must fulfil certain eligibility criteria .
POGLAVJE 2 PRIMERNE NASPROTNE STRANKE 2.1 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 .
1 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 ter zahteve skrbnega in varnega poslovanja . -* Samo institucije , ki so obvezniki v sistemu obveznih rezerv Eurosistema v skladu s členom 19.1 Statuta ESCB , so primerne nasprotne stranke .
They should be subject to at least one form of harmonised EU / EEA supervision by national authorities .
Biti morajo podvržene najmanj eni obliki nadzora s strani nacionalnih organov , ki je usklajen z zahtevami EU / EGP .