natgillin/translations-raw huggingface dataset:
HAS DECIDED AS FOLLOWS : Whereas :
ob upoštevanju naslednjega :
Article 1 Establishment and scope of the outright purchase of covered bonds The Eurosystem has established the programme under which the Eurosystem central banks shall purchase eligible covered bonds with a targeted nominal amount of EUR 60 billion .
Člen 1 Vzpostavitev in obseg dokončnih nakupov kritih obveznic Eurosistem je vzpostavil program , po katerem centralne banke Eurosistema opravljajo nakupe primernih kritih obveznic v ciljnem nominalnem znesku 60 milijard EUR .
Under the programme , a Eurosystem central bank may decide to purchase eligible covered bonds from eligible counterparties in the primary and secondary markets according to the eligi ­ bility criteria contained in this Decision .
Po tem programu se centralna banka Eurosistema lahko odloči , da bo , v skladu z merili primernosti iz tega sklepa , kupila primerne krite obvez ­ nice od primernih nasprotnih strank na primarnih ali seku ­ ndarnih trgih .
Guideline ECB / 2000/7 of 31 August 2000 on monetary policy instruments and procedures of the Eurosystem ( 1 ) shall not apply to the outright purchase of covered bonds by a Eurosystem central bank under the programme .
Smernica ECB / 2000/7 z dne 31 . avgusta 2000 o instrumentih monetarne politike in postopkih Eurosistema ( 1 ) se ne uporablja za dokončne nakupe kritih obveznic s strani centralnih bank Eurosistema po programu .
In accordance with Article 18.1 of the Statute of the ESCB , national central banks of Member States that have adopted the euro ( hereinafter the « NCBs ') and the European Central Bank ( ECB ) ( hereinafter jointly the « Eurosystem central banks ') may operate in the financial markets by , among other things , buying and selling outright marketable instruments .
V skladu s členom 18.1 Statuta ESCB lahko nacionalne centralne banke držav članic , ki so sprejele euro ( v nada ­ ljevanju : NCB ) , in Evropska centralna banka ( ECB ) ( v nadaljevanju skupaj poimenovane : centralne banke Euro ­ sistema ) posredujejo na finančnih trgih med drugim z dokončnimi nakupi in prodajami tržnih instrumentov .
On 7 May 2009 and subsequently on 4 June 2009 the Governing Council decided that in view of the current exceptional circumstances prevailing in the market a programme ( hereinafter the « covered bo nd purchase programme » or the « programme ') should be initiated under which the NCBs and exceptionally the ECB in direct contact with counterparties may according to their allocated share purchase outright eligible covered bonds .
maja 2009 in za tem 4 . junija 2009 je Svet ECB sklenil , da je glede na trenutne izjemne okoliščine , ki prevladujejo na trgu , treba začeti izvajati program ( v nadaljevanju : program nakupa kritih obveznic ali program ) , po katerem bi lahko NCB in izjemoma ECB v neposrednem stiku z nasprotnimi strankami v skladu z dodeljenimi jim deleži opravljale dokončne nakupe primernih kritih obveznic .
The Eurosystem central banks intend to implement the covered bond purchase programme grad ­ ually , taking into account market conditions and the Eurosystem 's monetary policy needs .
Centralne banke Eurosistema nameravajo izvajati program nakupa kritih obveznic postopoma , ob upoštevanju razmer na trgu in potreb denarne politike Eurosistema .
The objectives of these purchases are to contribute to : ( a ) promoting the ongoing decline in money market term rates ;
Cilji teh nakupov so prispe ­ vati k : ( a ) nadaljnjemu zniževanju obrestnih mer denar ­ nega trga ;
( b ) easing funding conditions for credit institutions and enterprises ;
( b ) izboljšanju pogojev financiranja za banke
Article 2 Eligibility criteria for covered bonds Covered bonds that are : ( a ) eligible for monetary policy oper ­ ations as defined in Guideline ECB / 2000/7 ;
Člen 2 Merila primernosti kritih obveznic Krite obveznice , ki : ( a ) so primerne za operacije denarne poli ­ tike , kot je opredeljeno v Smernici ECB / 2000/7 ;
( b ) denominated in euro ;
( b ) so denomi ­ nirane v eurih ;
( c ) issued by credit institutions incorporated in the euro area or by other entities incorporated in the euro area complying with conditions set forth in paragraph 4 below ;
( c ) jih izdajo kreditne institucije , ustanovljene v euroobmočju , ali drugi subjekti , ustanovljeni v euroobmočju , ki izpolnjujejo pogoje , opredeljene v odstavku 4 spodaj ;
and ( d ) held and settled in the euro area , shall be eligible for outright purchase under the programme , provided that they satisfy the following additional requirements : ( 1 ) OJ L 310 , 11.12.2000 , p. 1 .
in ( d ) se nahajajo in poravnajo v euroobmočju , so primerne za dokončne nakupe po programu pod pogojem , da izpolnjujejo naslednje dodatne zahteve : ( 1 ) UL L 310 , 11.12.2000 , str . 1 .
They shall be either ( i ) covered bonds issued in accordance with the criteria set out in Article 22 ( 4 ) of the UCITS Direct ­ ive ( 1 ) ( hereinafter the « UCITS-compliant covered bonds ') , or ( ii ) structured covered bonds that a Eurosystem central bank at its sole discretion considers as offering safeguards similar to UCITS-compliant covered bonds .
So bodisi ( i ) krite obveznice , izdane v skladu z merili , določenimi v členu 22 ( 4 ) Direktive UCITS ( 1 ) ( v nadaljevanju : krite obveznice , skladne z Direktivo UCITS ) , bodisi ( ii ) struk ­ turirane krite obveznice , za katere centralna banka Eurosi ­ stema po svoji lastni presoji šteje , da nudijo podobna varo ­ vala kot krite obveznice , skladne z Direktivo UCITS .
Each covered bond issue shall , as a rule , have a minimum issue size of EUR 500 million .
Velikost vsake od izdaj kritih obveznic praviloma ne sme biti manjša od 500 milijonov EUR .
In special cases , a Eurosystem central bank may decide to purchase outright covered bonds with an issue size of below EUR 500 million , provided that the issue size is not below EUR 100 million , when this Eurosystem central bank decides at its sole discretion that specific market circumstances or risk management considerations require such purchase .
V posebnih primerih se centralna banka Eurosistema lahko odloči , da bo opravila dokončni nakup kritih obveznic , katerih velikost izdaje je manjša od 500 milijonov EUR , pod pogojem , da velikost izdaje ni manjša od 100 milijonov EUR , če se po lastni presoji odloči , da tak nakup zahtevajo posebne okoliščine na trgu ali razlogi z vidika obvladovanja tveganj .
The covered bond issue shall , as a rule , have a minimum rating of « AA » or equivalent , awarded by at least one of the major rating agencies .
Izdaja kritih obveznic mora biti praviloma ocenjena z boni ­ tetno oceno najmanj „AA » ali s tej oceni enakovredno oceno , ki jo dodeli vsaj ena od največjih bonitetnih agencij .
If the issuer of the covered bond is an entity ( other than a credit institution ) incorporated in the euro area , the conditions shall be that ( i ) such an entity only issues covered bonds , and ( ii ) the covered bonds are guaranteed in a manner satisfactory to the relevant Eurosystem central bank by a credit institution incorporated in the euro area , or , alternatively , have safeguards of a similar nature that satisfy the requirements of the relevant Eurosystem central bank .
Če je izdajatelj kritih obveznic subjekt ( razen kreditnih insti ­ tucij ) , ustanovljen v euroobmočju , veljata pogoja , ( i ) da tak subjekt izdaja samo krite obveznice in ( ii ) da za krite obvez ­ nice zadevni centralni banki Eurosistema v zadostni meri jamči kreditna institucija , ustanovljena v euroobmočju , oziroma , alternativno , da imajo krite obveznice podobna varovala , ki izpolnjujejo zahteve zadevne centralne banke Eurosistema .
The covered bonds shall be issued pursuant to legislation governing covered bonds that is in force in a euro area Member State .
Krite obveznice morajo biti izdane v skladu z zakonodajo , ki ureja krite obveznice , veljavno v državi članici euroobmočja .
In the case of structured covered bonds , the law governing the documentation of the covered bonds shall be the law of a euro area Member State .
V primeru strukturiranih kritih obveznic mora biti pravo , ki ureja dokumentacijo kritih obveznic , pravo države članice euroobmočja .
Article 3 Eligible counterparties The following shall be eligible counterparties for the covered bond purchase programme : ( a ) domestic counterparties partici ­ pating in Eurosystem monetary policy operations as defined in section 2.1 of Annex I to Guideline ECB / 2000/7 ;
Člen 3 Primerne nasprotne stranke Primerne nasprotne stranke za program nakupa kritih obveznic so naslednje : ( a ) domače nasprotne stranke , ki sodelujejo v operacijah denarne politike Eurosistema , kot je opredeljeno v oddelku 2.1 Priloge I k Smernici ECB / 2000/7 ;
and ( b ) any other counterparties established in the euro area ( either through incorporation or through a branch ) that are used by a Euro ­ system central bank for the investment of its euro denominated investment portfolios .
in ( b ) vse druge nasprotne stranke , ustanovljene v euroobmočju ( bodisi kot samostojne pravne osebe bodisi kot podružnice ) , ki jih centralne banke Eurosistema uporabljajo pri nalaganju svojih naložbenih portfeljev , denominiranih v eurih .
Article 4 Final provisions 1 .
Člen 4 Končni določbi 1 .
This Decision shall enter into force on the day following its publication on the ECB 's website .
Ta sklep začne veljati naslednji dan po objavi na spletni strani ECB .
This Decision shall apply until 30 June 2010 .
Ta sklep se uporablja do 30 . junija 2010 .
Done at Luxembourg , 2 July 2009 .
V Luxembourgu , 2 .
The President of the ECB Jean-Claude TRICHET
julija 2009 Predsednik ECB Jean-Claude TRICHET
( 1 ) Council Directive 85/611 / EEC of 20 December 1985 on the coor ­ dination of laws , regulations and administrative provisions relating to undertakings for collective investment in transferable securities ( UCITS ) ( OJ L 375 , 31.12.1985 , p. 3 ) .
( 1 ) Direktiva Sveta 85/611 / EGS z dne 20 . decembra 1985 o usklaje ­ vanju zakonov in drugih predpisov o kolektivnih naložbenih podjemih za vlaganja v prenosljive vrednostne papirje ( KNPVP ) ( UL L 375 , 31.12.1985 , str .
GUIDELINE OF THE EUROPEAN CENTRAL BANK of 20 January 2009 amending Guideline ECB / 2000/7 on monetary policy instruments and procedures of the Eurosystem ( ECB / 2009/1 ) ( 2009/101 / EC ) THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK ,
SMERNICA EVROPSKE CENTRALNE BANKE z dne 20 . januarja 2009 o spremembah Smernice ECB / 2000/7 o instrumentih monetarne politike in postopkih Eurosistema ( ECB / 2009/1 ) ( 2009/101 / ES ) SVET EVROPSKE CENTRALNE BANKE JE --
Having regard to the Treaty establishing the European Community and in particular to the first indent of Article 105 ( 2 ) , Having regard to the Statute of the European System of Central Banks and of the European Central Bank ( hereinafter the ESCB Statute ) and in particular Article 12.1 and Article 14.3 in conjunction with the first indent of Article 3.1 , Article 18.2 and the first paragraph of Article 20 , Whereas : ( 1 ) regarding issuers or assets used as collateral .
ob upoštevanju Pogodbe o ustanovitvi Evropske skupnosti ter zlasti prve alinee člena 105 ( 2 ) Pogodbe , ob upoštevanju Statuta Evropskega sistema centralnih bank in Evropske centralne banke ( v nadaljevanju „Statut ESCB ") ter zlasti člena 12.1 in člena 14.3 v povezavi s prvo alineo člena 3.1 , členom 18.2 in prvim odstavkom člena 20 , ob upoštevanju naslednjega : ( 1 )
In order to safeguard the Eurosystem against credit exposure , it is necessary to limit issuer concentration in the use of uncovered bank bonds as collateral , HAS ADOPTED THIS GUIDELINE :
treba omejiti koncentracijo izdajateljev pri uporabi nekritih bančnih obveznic kot zavarovanja -- SPREJEL NASLEDNJO SMERNICO :
Article 1 Amendments to Annex I Annex I to Guideline ECB / 2000/7 of 31 August 2000 on monetary policy instruments and procedures of the Euro ­ system ( 1 ) is amended in accordance with the Annex to this Guideline .
Člen 1 Spremembe Priloge I Priloga I k Smernici ECB / 2000/7 z dne 31 . avgusta 2000 o instrumentih monetarne politike in postopkih Eurosistema ( 1 ) se spremeni v skladu s Prilogo k tej smernici .
Article 2
Člen 2 Preverjanje NCB bodo poslale ECB podrobnosti glede besedil in sredstev , s katerimi se nameravajo uskladiti s to smernico , najkasneje do 30 .
Achieving a single monetary policy entails defining the instruments and procedures to be used by the Euro ­ system , consisting of the national central banks ( NCBs ) of Member States that have adopted the euro ( hereinafter the participating Member States ) and the European Central Bank ( ECB ) , in order to implement such a policy in a uniform manner throughout the participating Member States .
Enotna denarna politika zahteva opredelitev instru ­ mentov in postopkov , ki se uporabljajo v Eurosistemu , sestavljenem iz nacionalnih centralnih bank ( NCB ) držav članic , ki so sprejele euro ( v nadaljevanju „sodelujoče države članice ") , in Evropske centralne banke ( ECB ) , da bi se ta politika izvajala na enoten način v vseh sodelu ­ jočih državah članicah .
Taking into account recent developments in the markets for asset-backed securities , certain changes are necessary to the definition and implementation of the Eurosystem 's single monetary policy .
Zaradi nedavnega dogajanja na trgih kolateraliziranih vrednostnih papirjev so potrebne nekatere spremembe opredelitve in izvajanja enotne denarne politike Eurosi ­ stema .
In particular , it is necessary to change the rating requirements relating to asset-backed securities and to exclude a certain category of assetbacked securities from use in the Eurosystem 's credit operations in order to comply with the requirement of Article 18.1 of the ESCB Statute that credit operations with credit institutions and other market participants must be based on adequate collateral .
Še posebej je treba spremeniti bonitetne zahteve za kolateralizirane vrednostne papirje in izločiti nekatere kategorije kolateraliziranih vrednostnih papirjev iz uporabe pri kreditnih poslih Eurosistema , da bi se zago ­ tovila skladnost s členom 18.1 Statuta ESCB , ki zahteva , da se morajo kreditni posli s kreditnimi institucijami in drugimi udeleženci na trgu sklepati na podlagi ustreznega zavarovanja posojil .
One of the risk control measures that may be applied by the Eurosystem in order to ensure adequate risk protection of the Eurosystem in line with Article 18.1 of the ESCB Statute is the introduction of restrictions Verification The NCBs shall forward details of the texts and means by which they intend to comply with this Guideline to the ECB by 30 January 2009 at the latest .
Eden izmed ukrepov za obvladovanje tveganj , ki ga Euro ­ sistem lahko uporabi za zagotovitev ustrezne zaščite Eurosistema pred tveganji v skladu s členom 18.1 Statuta ESCB , je uvedba omejitev glede izdajateljev ali finančnega premoženja , ki se uporablja kot zavarovanje .
Article 3 Entry into force This Guideline shall enter into force on 20 January 2009 . Article 1 shall apply from 1 March 2009 .
Da bi se Eurosistem zaščitil pred kreditno izpostavljenostjo , je
Done at Frankfurt am Main , 20 January 2009 .
V Frankfurtu na Majni , 20 .
For the Governing Council of the ECB The President of the ECB Jean-Claude TRICHET
januarja 2009 Za Svet ECB Predsednik ECB Jean-Claude TRICHET
( 3 ) ( 1 ) OJ L 310 , 11.12.2000 , p. 1 .
( 1 ) UL L 310 , 11.12.2000 , str . 1 .
ANNEX Annex I to Guideline ECB / 2000/7 is amended as follows : 1 .
PRILOGA Priloga I k Smernici ECB / 2000/7 se spremeni , kot sledi : 1 .
in Section 6.2.1 under the heading « Type of Asset » point ( c ) in the fourth paragraph is replaced by the following : « ( c ) they must not consist , in whole or in part , actually or potentially , of credit-linked notes or similar claims resulting from the transfer of credit risk by means of credit derivatives or tranches of other asset-backed securities (*) .
V oddelku 6.2.1 pod naslovom „Vrsta finančnega premoženja » se točka ( c ) v četrtem odstavku nadomesti z naslednjim : „ ( c ) ne sme vsebovati , v celoti ali delno , dejansko ali potencialno , kreditnih zapisov ali podobnih terjatev , ki bi izhajale iz prenosa kreditnega tveganja z izvedenimi kreditnimi finančnimi instrumenti ali s tranšami drugih kolateralizi ­ ranih vrednostnih papirjev (*) .
Assetbacked securities issued before 1 March 2009 will be exempted from the requirement of not consisting of tranches of other asset-backed securities until 1 March 2010 .
marcem 2009 , bodo do 1 . marca 2010 izvzeti iz zahteve po izključitvi tranš drugih kolateraliziranih vrednostnih papirjev .
___________ (*) This requirement does not exclude asset-backed securities where the issuance structure includes two special purpose vehicles and the « true sale » requirement is met in respect of those special-purpose vehicles so that the debt instruments issued by the second special-purpose vehicle are directly or indirectly backed by the original pool of assets without tranching .
___________ (*) Ta zahteva ne izključuje kolateraliziranih vrednostnih papirjev , pri katerih sta v strukturo izdaje vključena dva subjekta za posebne namene in je v zvezi s tema subjektoma za posebne namene izpolnjena zahteva po « pravi prodaji » , tako da so dolžniški vrednostni papirji , ki jih izda drugi subjekt za posebne namene , neposredno ali posredno podprti z izvirnim skladom finančnega premoženja brez tranš .
Moreover , the concept of tranches of other asset-backed securities does not include covered bonds which comply with Article 22 ( 4 ) of Council Directive 85/611 / EEC of 20 December 1985 on the coordination of laws , regulations and administrative provisions relating to undertakings for collective investment in transferable securities ( UCITS ) ( OJ L 375 , 31.12.1985 , p. 3 ) .' ;
Še več , koncept tranš drugih kolaterali ­ ziranih vrednostnih papirjev ne vključuje kritih obveznic , ki so v skladu s členom 22 ( 4 ) Direktive Sveta 85/611 / EGS z dne 20 . decembra 1985 o usklajevanju zakonov in drugih predpisov o kolektivnih naložbenih podjemih za vlaganja v prenosljive vrednostne papirje ( KNPVP ) ( UL L 375 , 31.12.1985 , str .
in the fifth paragraph of Section 6.3.1 the following sentence is inserted after the second sentence : « For asset-backed securities issued from 1 March 2009 onwards , the Eurosystem 's requirement for high credit standards is defined in terms of a « AAA » credit assessment at issuance with a minimum credit quality threshold over the life of the security set at the « single A » credit assessment level (*) .
V petem odstavku oddelka 6.3.1 se za drugim stavkom vstavi naslednji stavek : „Za kolateralizirane vrednostne papirje , izdane od 1 . marca 2009 dalje , je zahteva Eurosistema glede visokih bonitetnih standardov opredeljena kot bonitetna ocena « AAA » ob izdaji , z minimalnim bonitetnim pragom ves čas obstoja vrednostnega papirja , določenim na ravni bonitetne ocene « single A » (*) .
(*) « AAA » means a long-term rating of « AAA » by Fitch , Standard & Poor 's or DBRS or « Aaa » by Moody 's .' ;
(*) « AAA » pomeni dolgoročno bonitetno oceno « AAA » , ki jo dodeli Fitch , Standard & Poor 's ali DBRS , ali « Aaa » , ki jo dodeli Moody 's ."
in the first paragraph of Section 6.4.2 the following third indent is inserted : « --- The Eurosystem limits the use of uncovered bank bonds issued by an issuer or any entity with which the issuer has close links in accordance with the legal requirements set out in Section 6.2.3 .
V prvem odstavku oddelka 6.4.2 se vstavi naslednja tretja alinea : „ --- Eurosistem omeji uporabo nekritih bančnih obveznic , ki jih izda izdajatelj ali kateri koli drugi subjekt , s katerim je izdajatelj v tesni povezavi , v skladu s pravnimi zahtevami , določenimi v oddelku 6.2.3 .
Uncovered bank bonds issued by a single issuer or an entity with which the issuer has close links may only be used as collateral by a counterparty to the extent that the value assigned to such collateral by the Eurosystem after the application of haircuts does not exceed 10 % of the total value of the collateral submitted by that counterparty after the haircuts .
Nekrite bančne obveznice , ki jih izda posamezni izdajatelj ali subjekt , s katerim je izdajatelj v tesni povezavi , lahko nasprotne stranke uporabijo kot zavarovanje samo , kolikor vrednost , ki jo Eurosistem pripiše takšnemu zavarovanju , po uporabi odbitkov ne preseže 10 % skupne vrednosti zavarovanja , ki ga predloži ta nasprotna stranka , po upoštevanju odbitkov .
This limitation does not apply to uncovered bank bonds that are guaranteed by a public sector entity which has the right to levy taxes , or if the value after haircuts of the uncovered bank bonds referred to above does not exceed EUR 50 million .
Ta omejitev se ne uporablja za nekrite bančne obveznice , za katere jamči subjekt javnega sektorja , ki ima pravico pobirati davke , ali če vrednost zgoraj navedenih nekritih bančnih obveznic po odbitkih ne presega 50 milijonov EUR .
Uncovered bank bonds submitted as collateral to the Eurosystem until 20 January 2009 are not subject to this limitation until 1 March 2010 .
Za nekrite bančne obveznice , predložene Eurosistemu kot zavarovanje do 20 . januarja 2009 , ta omejitev ne velja do 1 .
In case of a merger between two or more issuers of uncovered bank bonds or the establishment of a close link between such issuers , these issuers are treated as one issuer group , in the context of this limitation , only one year after the date of the merger or the establishment of a close link .' ;
V primeru združitve dveh ali več izdajateljev nekritih bančnih obveznic ali vzpostavitve tesne povezave med temi izdajatelji , se v kontekstu te omejitve ti izdajatelji obravnavajo kot ena skupina izdajateljev samo eno leto po dnevu združitve ali vzpostavitve tesne povezave ."
Box 7 in Section 6.4.1 is replaced by the following :
V oddelku 6.4.1 se okvir 7 nadomesti z naslednjim :
« BOX 7 Risk control measures The Eurosystem applies the following risk control measures : --- Valuation haircuts The Eurosystem applies « valuation haircuts » in the valuation of underlying assets .
„OKVIR 7 Ukrepi za obvladovanje tveganj Eurosistem uporablja naslednje ukrepe za obvladovanje tveganj : --- Odbitki pri vrednotenju Eurosistem pri vrednotenju finančnega premoženja za zavarovanje terjatev uporablja « odbitke pri vredno ­ tenju » .
This implies that the value of the underlying asset is calculated as the market value of the asset less a certain percentage ( haircut ) .
To pomeni , da se vrednost finančnega premoženja za zavarovanje terjatev izračuna kot tržna vrednost finančnega premoženja minus določen odstotek ( odbitek ) .
--- Variation margins ( marking to market ) The Eurosystem requires the haircut-adjusted market value of the underlying assets used in its liquidityproviding reverse transactions to be maintained over time .
--- Gibljivo kritje ( dnevno vrednotenje po tržnih cenah ) Eurosistem zahteva , da finančno premoženje , ki se uporablja za zavarovanje terjatev pri povratnih transakcijah za povečevanje likvidnosti , v času vzdržuje svojo tržno vrednost po odbitku .
This implies that if the value , measured on a regular basis , of the underlying assets falls below a certain level , the national central bank will require the counterparty to supply additional assets or cash ( i.e. it will make a margin call ) .
Če redno merjena vrednost finančnega premoženja za zavarovanje terjatev pade pod določeno raven , nacionalne centralne banke zahtevajo od nasprotnih strank , da te zagotovijo dodatno finančno premoženje ali denarna sredstva ( tj . sprožijo poziv h kritju ) .
Similarly , if the value of the underlying assets , following their revaluation , exceeds a certain level , the counterparty may retrieve the excess assets or cash .
Podobno , če ob vrednotenju vrednost finančnega premoženja za zavarovanje terjatev preseže določeno raven , lahko nasprotne stranke umaknejo presežno finančno premoženje ali denarna sredstva .
( The calculations relevant for the execution of margin calls are presented in Box 8 . )
( Izračuni , ki se nanašajo na izvedbo pozivov h kritju , so predstavljeni v okvirju 8 ) .