natgillin/translations-raw huggingface dataset:
Compared with the September 2009 ECB staff projections , the inflation projections for 2010 remain largely unchanged .
V primerjavi s septembrskimi projekcijami strokovnjakov ECB so projekcije inflacije za leto 2010 ostale večinoma nespremenjene .
Available forecasts from international organisations provide a broadly similar picture .
Razpoložljive napovedi mednarodnih organizacij dajejo približno enako sliko .
Risks to this outlook remain broadly balanced . They relate , in particular , to the outlook for economic activity and the evolution of commodity prices .
Tveganja , ki spremljajo takšne inflacijske obete , ostajajo večinoma uravnotežena . Povezana so predvsem s prihodnjo gospodarsko aktivnostjo in gibanjem cen primarnih surovin .
Furthermore , increases in indirect taxation and administered prices may be stronger than currently expected owing to the need for fiscal consolidation in the coming years .
Poleg tega se zaradi konsolidacije javnih financ , ki bo potrebna v prihodnjih letih , lahko bolj , kot je pričakovano , povečajo posredni davki in nadzorovane cene .
Turning to the monetary analysis , the data for October confirm the ongoing decline in the annual growth rates of M3 and loans to the private sector , to 0.3% and - 0.8% respectively .
V denarni analizi podatki za oktober potrjujejo , da se je medletna stopnja rasti agregata M3 še nadalje zmanjšala na 0,3% , rast posojil zasebnemu sektorju pa je upadla na - 0,8% .
These concurrent declines continue to support the assessment of a moderate underlying pace of monetary expansion and low inflationary pressures over the medium term .
Ta sočasna upočasnitev še naprej potrjuje oceno o zmerni osnovni dinamiki rasti denarja in nižjih inflacijskih pritiskih v srednjeročnem obdobju .
At the same time , the annual growth rate of M1 was 11.8% in October 2009 , down from 12.8% in September , mainly reflecting a base effect .
Obenem je medletna stopnja rasti agregata M1 s septembrskih 12,8% v oktobru upadla na 11,8% , kar je predvsem posledica baznih učinkov .
The current decline in the annual growth rates of monetary aggregates is influenced by a number of special factors and is thereby likely to overstate the deceleration in the underlying pace of monetary expansion .
Sedanje upočasnjevanje medletne stopnje rasti denarnih agregatov je rezultat vrste posebnih dejavnikov in zato verjetno kaže preveliko upadanje osnovne dinamike denarne rasti .
First , base effects associated with the intensification of the financial turmoil in autumn 2008 have had a downward effect on the annual growth rate of M3 in the past two months .
Prvič , bazni učinki , povezani s stopnjevanjem finančnih pretresov lansko jesen so v zadnjih dveh mesecih zaviralno vplivali na medletno stopnjo rasti agregata M3 .
Second , and more fundamentally , the steep slope of the yield curve provides an incentive to shift funds out of M3 into longer-term deposits and securities , thereby dampening M3 growth .
Drugič , in bolj temeljno , strma krivulja donosnosti spodbuja prerazporejanje sredstev iz agregata M3 v dolgoročnejše vloge in vrednostne papirje , s čimer zavira rast agregata M3 .
The current constellation of interest rates also continues to trigger shifts of funds within M3 , as the narrow spread between the rates on different short-term deposits reduces the opportunity costs of holding the most liquid assets contained in M1 .
Sedanje razmerje med obrestnimi merami prav tako še naprej povzroča premike sredstev znotraj agregata M3 , saj majhen razpon med obrestnimi merami za različne kratkoročne vloge zmanjšuje oportunitetne stroške imetja najbolj likvidnih sredstev v agregatu M1 .
The annual growth rate of bank loans to the non-financial private sector turned somewhat more negative in October .
Medletna stopnja rasti bančnih posojil nefinančnemu zasebnemu sektorju je oktobra zdrsnila nekoliko globlje v negativno območje .
In the case of loans to households , the latest data provide further confirmation of a levelling-off at low rates of growth .
Glede posojil gospodinjstvom so najnovejši podatki dodatno potrdili , da se je rast ustalila pri nizkih stopnjah .
As regards loans to non-financial corporations , it is worthwhile to note that the growth of loans to enterprises typically picks up with some lag compared with the cycle in economic activity .
Pri posojilih nefinančnim družbam pa je smiselno omeniti , da se rast podjetjem navadno okrepi z določenim zamikom glede na cikel gospodarske aktivnosti .
In this respect , the still subdued levels of production and trade , as well as the ongoing uncertainty surrounding the business outlook , are likely to dampen firms » demand for bank financing also in the coming months , especially for short-term loans .
Zato bosta še vedno skromen obseg proizvodnje in trgovinske menjave , pa tudi negotovost , ki je še vedno prisotna v poslovnih obetih , verjetno tudi v prihodnjih mesecih zavirala povpraševanje podjetij po bančnem financiranju , kar še zlasti velja za kratkoročna posojila .
At the same time , overall financing conditions continue to improve , which should support the demand for loans in the period ahead .
Obenem se splošni pogoji financiranja še naprej izboljšujejo , kar bi v prihodnjem obdobju moralo spodbuditi povpraševanje po posojilih .
Banks are currently faced with the challenge of managing the size and structure of their overall balance sheets , and at the same time ensuring the availability of credit to the non-financial sector .
Banke se trenutno soočajo z izzivom , kako obvladovati skupno bilanco stanja v obstoječem obsegu in strukturi ter hkrati zagotavljati ponudbo kreditov nefinančnemu sektorju .
Against the background of their improved liquidity situation and access to market financing , banks should address this challenge by taking appropriate measures to strengthen further their capital bases and , where necessary , take full advantage of government support measures for recapitalisation .
Glede na to , da sta se likvidnostno stanje ter dostop do trga in financiranja izboljšala , bi se banke tega izziva morale lotiti s tem , da uvedejo ukrepe za nadaljnjo krepitev svoje kapitalske osnove in po potrebi v celoti izkoristijo državne ukrepe za pomoč pri dokapitalizaciji .
Taking into account all the information and analyses that have become available since the Governing Council meeting on 5 November 2009 , price developments are expected to remain subdued over the policy-relevant horizon .
Glede na vse informacije in analize , ki so postale dostopne od zadnje seje Sveta 5 . novembra 2009 , se pričakuje , da bodo v obdobju , ki je pomembno za denarno politiko , cenovna gibanja ostala umirjena .
The latest information also confirms the expected improvement in economic activity in the second half of this year , with euro area real GDP growth returning to positive territory in the third quarter of 2009 .
Najnovejše informacije prav tako potrjujejo pričakovano izboljšanje gospodarske aktivnosti v drugi polovici leta , saj se je realna rast BDP v euroobmočju v tretjem četrtletju leta 2009 vrnila v pozitivno območje .
Cross-checking the outcome of the economic analysis with that of the monetary analysis confirms the assessment of low inflationary pressure over the medium term , as money and credit growth continues to slow down .
Navzkrižna primerjava rezultatov ekonomske in denarne analize potrjuje oceno o šibkih inflacijskih pritiskih v srednjeročnem obdobju , saj se rast denarja in kreditov še naprej upočasnjuje .
With all the measures taken in response to the intensification of the financial crisis , the Governing Council has supported both the availability of liquidity to the banking sector and the recovery of the euro area economy .
Svet ECB je z vsemi ukrepi , ki jih je sprejel v odziv na stopnjevanje finančne krize , podprl tako ponudbo likvidnosti bančnemu sektorju kot tudi okrevanje gospodarstva euroobmočja .
As the transmission of monetary policy works with lags , it is expected that the policy actions will continue to progressively feed through to the economy .
Ker transmisija denarne politike deluje s časovnim zamikom , se bodo ukrepi politike predvidoma še naprej v vedno večji meri prelivali v gospodarstvo .
The Governing Council will continue its enhanced credit support to the banking system , while taking into account the ongoing improvement in financial market conditions and avoiding distortions associated with maintaining non-standard measures for too long .
Svet ECB bo tudi v prihodnje nudil okrepljeno kreditno podporo bančnemu sistemu ter ob upoštevanju dejstva , da se razmere na finančnih trgih vztrajno izboljšujejo , preprečeval izkrivljanja , do katerih bi lahko prišlo , če bi nestandardne ukrepe vzdrževal predolgo .
The extraordinary liquidity measures that are not needed to the same extent as in the past will gradually be phased out , at the appropriate time .
Izredni likvidnostni ukrepi , ki niso več potrebni v enakem obsegu kot v preteklosti , bodo v ustreznem času postopno odpravljeni .
In order to counter effectively any threat to price stability over the medium to longer term , the liquidity provided will be absorbed when necessary .
Da bi lahko Svet učinkovito preprečil tveganja za cenovno stabilnost na srednji in daljši rok , bo po potrebi umikal zagotovljeno likvidnost .
In this way , the Governing Council will continue to ensure a firm anchoring of medium-term inflation expectations .
Na ta način bo še naprej skrbel za to , da srednjeročna inflacijska pričakovanja ostanejo trdno zasidrana .
Such anchoring is indispensable to supporting sustainable growth and employment and contributing to financial stability .
Takšno sidranje je nujno za podporo vzdržni gospodarski rasti in zaposlenosti ter prispeva k finančni stabilnosti .
Accordingly , all developments over the period ahead will continue to be monitored very closely .
Zato bo Svet tudi v prihodnjem obdobju zelo natančno spremljal vsa gibanja .
As regards fiscal policies , the Governing Council re-emphasises how important it is for governments to develop , communicate and implement ambitious fiscal consolidation strategies in a timely manner .
V zvezi z javnofinančnimi politikami Svet ECB ponovno poudarja , kako pomembno je , da države pravočasno pripravijo , objavijo in izvedejo ambiciozne strategije javnofinančne konsolidacije .
These strategies must be based on realistic output growth assumptions and focus on structural expenditure reforms , not least with a view to coping with the budgetary burden associated with an ageing population .
Te strategije morajo temeljiti na realističnih predpostavkah glede gospodarske rasti in se morajo osredotočati na strukturne reforme odhodkov , nenazadnje tudi zato , da bi se države lahko spoprijele s proračunskim bremenom staranja prebivalstva .
As agreed by the ECOFIN Council on 2 December 2009 , governments need to set out concrete and quantifiable adjustment measures that will lead to a sustainable correction of fiscal imbalances .
Kot je bilo dogovorjeno na seji Ekonomsko-finančnega sveta 2 . decembra 2009 , morajo vlade opredeliti konkretne in merljive prilagoditvene ukrepe , ki bodo vodili k vzdržni odpravi javnofinančnih neravnovesij .
Several countries will have to start consolidation in 2010 , and all others in 2011 at the latest .
Več držav bo proces konsolidacije moralo začeti v letu 2010 , vse ostale pa najkasneje v letu 2011 .
With regard to structural reforms , most estimates indicate that the financial crisis has reduced the productive capacity of the euro area economies , and will continue to do so for some time to come .
V zvezi s strukturnimi reformami več ocen kaže , da je finančna kriza prizadela produktivno sposobnost gospodarstev euroobmočja in jo bo še vsaj nekaj časa omejevala tudi v prihodnje .
In order to support sustainable growth and employment , labour market flexibility and more effective incentives to work will be needed .
Za podporo vzdržni gospodarski rasti in zaposlenosti bo potrebna večja prožnost trga dela ter bolj učinkovite spodbude za delo .
Furthermore , policies that enhance competition and innovation are also urgently needed to speed up restructuring and investment and to create new business opportunities .
Poleg tega je za pospešitev prestrukturiranja in hitrejšo rast investicij ter oblikovanje novih poslovnih priložnosti treba čim prej sprejeti tudi politike , ki spodbujajo konkurenco in inovativnost .
An appropriate restructuring of the banking sector should also play an important role .
Pomembno vlogo bi pri tem moralo odigrati tudi ustrezno prestrukturiranje bančnega sektorja .
Sound balance sheets , effective risk management , and transparent as well as robust business models are key to strengthening banks » resilience to shocks , thereby laying the foundations for sustainable economic growth and financial stability .
Zdrave poslovne bilance , učinkovito upravljanje tveganj ter pregledni in vzdržljivi poslovni modeli so ključni za večjo odpornost bank na šoke , s čimer bodo vzpostavljeni temelji za vzdržno gospodarsko rast in finančno stabilnost .
20 September 2006 - Publication of a report on differences in MFI interest rates across euro area countries
20 . september 2006 - Objava poročila o razlikah med obrestnimi merami MFI v državah članicah euroobmočja
The European Central Bank ( ECB ) today publishes a report entitled « Differences in MFI interest rates across euro area countries » .
Evropska centralna banka ( ECB ) danes objavlja poročilo z naslovom » Razlike med obrestnimi merami MFI v državah članicah euroobmočja «.
This publication has been prepared by a group of experts at the ECB and at national central banks under the joint mandate of the Monetary Policy Committee and the Statistics Committee .
Poročilo so skupaj pripravili strokovnjaki nacionalnih centralnih bank euroobmočja in ECB v okviru skupne pristojnosti Odbora za denarno politiko in Odbora za statistiko .
The report presents the first comprehensive assessment of cross-country differences in various types of deposit and lending interest rates that are offered and charged by euro area monetary financial institutions ( MFIs ) to households and non-financial corporations .
Poročilo predstavlja prvo celovito oceno razlik med državami na področju različnih vrst obrestnih mer za bančne vloge in posojila , ki jih gospodinjstvom in nefinančnim družbam ponujajo in zaračunavajo denarne finančne institucije ( MFI ) euroobmočja .
Despite the remarkable convergence that has taken place in the euro area in recent years , similar types of interest rate still vary considerably across countries .
Kljub izjemni konvergenci , ki je bila v euroobmočju dosežena v zadnjih letih , med sorodnimi obrestnimi merami v posameznih državah še vedno obstajajo precejšnje razlike .
Several factors , in many cases operating simultaneously , contribute to this dispersion .
K tej razpršitvi prispeva več dejavnikov , ki v mnogih primerih delujejo hkrati .
One factor may be remaining product heterogeneity , which may reflect differences in national commercial conventions and practices , as well as in regulatory and fiscal arrangements .
Eden takšnih dejavnikov je še obstoječa raznolikost izdelkov , ki verjetno odraža razlike v poslovnih konvencijah in praksah posameznih držav , pa tudi razlike v njihovih regulativnih in fiskalnih sistemih .
Other factors such as differences in credit risk ( including differences in collateral practices ) and market structure may also contribute .
Drugi možni dejavniki so razlike v kreditnem tveganju ( vključno z razlikami v postopkih zavarovanja poslov ) in tržni strukturi .
At the current juncture it is not possible to disentangle the effects of all these factors .
V sedanjih razmerah ni mogoče natančno ločiti učinkov vseh teh dejavnikov .
By making available detailed and comprehensive information on average MFI interest rates , the report released today aims to ensure that comparisons across countries are made on a well-informed basis .
Namen poročila , ki podrobno in celovito predstavlja povprečne obrestne mere MFI , je omogočiti zanesljive in poučene primerjave med državami .
The ECB and national central banks will soon also start releasing common tables which will give a regular overview of 15 types of average deposit and lending interest rates in each euro area country .
ECB in nacionalne centralne banke bodo kmalu začele objavljati tudi tabele , s katerimi bo mogoče redno spremljati gibanja 15 vrst povprečnih obrestnih mer za vloge in posojila v vsaki od držav članic euroobmočja .
The report can be downloaded from the « Publications » section of the ECB 's website ( http://www.ecb.europa.eu/pub ) . Printed copies are also available free of charge from the ECB 's Press and Information Division at the address given below .
Poročilo je mogoče prenesti z razdelka « Publications » na spletni strani ECB , ( http://www.ecb.europa.eu/put ) , medtem ko tiskano različico lahko brezplačno naročite v oddelku ECB za tisk in informiranje ( Press and Information Division ) na naslovu , ki je naveden spodaj .
Once available , the tables containing country-by-country MFI interest rates will become part of the « Statistics » section of the ECB 's website ( http://www.ecb.europa.eu/stats ) .
Ko bodo na voljo , bodo tabele z obrestnimi merami MFI za posamezne države objavljene v razdelku « Statistics » na spletni strani ECB ( http://www.ecb.europa.eu/stats ) .
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13 January 2006 - Amendments to « The implementation of monetary policy in the euro area : General documentation on Eurosystem monetary policy instruments and procedures » relating to asset-backed securities
januar 2006 - Spremembe dokumenta » Izvajanje monetarne politike v euroobmočju : Splošna dokumentacija o instrumentih in postopkih monetarne politike Eurosistema « v zvezi z zavarovanimi vrednostnimi papirji
The European Central Bank ( ECB ) is today publishing amendments to the document entitled « The implementation of monetary policy in the euro area : General documentation on Eurosystem monetary policy instruments and procedures » ( referred to as the « General Documentation ") in order to clarify the criteria on which the eligibility of asset-backed securities for use in Eurosystem credit operations is assessed .
Evropska centralna banka ( ECB ) danes objavlja spremembe dokumenta » Izvajanje monetarne politike v euroobmočju : Splošna dokumentacija o instrumentih in postopkih monetarne politike Eurosistema « ( v nadaljevanju » Splošna dokumentacija «) , da bi razjasnila merila , na podlagi katerih se ocenjuje primernost zavarovanih vrednostnih papirjev za uporabo v kreditnih operacijah Eurosistema .
In the past , the Eurosystem has not applied specific eligibility criteria to asset-backed securities , which belong to the category of debt instruments .
V preteklosti se v Eurosistemu niso uporabljala posebna merila primernosti za zavarovane vrednostne papirje , ki spadajo v kategorijo dolžniških instrumentov .
Instead , it has interpreted the general tier one eligibility criterion stipulating that debt instruments must have « a fixed , unconditional principal amount » as excluding those asset-backed securities in which the credit risk has been transferred to a special purpose vehicle using credit derivatives .
Namesto tega se je splošno merilo primernosti za listo 1 , ki je določalo , da morajo imeti dolžniški instrumenti » fiksen , brezpogojni znesek glavnice «, razlagalo , kot da izključuje tiste zavarovane vrednostne papirje , pri katerih se je kreditno tveganje z uporabo kreditnih izvedenih finančnih instrumentov preneslo na nosilca s posebnim namenom .
The amendments have therefore been introduced to increase the overall transparency of the collateral framework by specifying the precise criteria that have to be fulfilled by asset-backed securities in addition to the criteria applicable to debt instruments in general .
Spremembe so bile torej uvedene zato , da se poveča splošna preglednost sistema zavarovanj z določitvijo natančnih meril , ki jih morajo izpolnjevati zavarovani vrednostni papirji poleg tistih , ki se na splošno uporabljajo za dolžniške instrumente .
As a result of the introduction of the new criteria , it has also been decided that the « fixed , unconditional principal amount » requirement will no longer apply to asset-backed securities .
Zaradi uvedbe novih meril je bilo tudi določeno , da se zahteva glede » fiksnega , brezpogojnega zneska glavnice « ne uporablja več za zavarovane vrednostne papirje .
This is because the principal amount of all asset-backed securities is usually dependent on the performance of the underlying assets .
To je zato , ker je znesek glavnice vseh zavarovanih vrednostnih papirjev običajno odvisen od donosnosti osnovnega instrumenta .
The new criteria relate to the following five aspects :
Nova merila se nanašajo na naslednjih pet vidikov .
The structure of the transaction .
Struktura transakcije .
The cash-flow generating assets must be legally acquired in accordance with the laws of a Member State from the originator or an intermediary by the securitisation special purpose vehicle in a manner which the Eurosystem considers to be a « true sale » that is enforceable against any third party .
Nosilec s posebnim namenom pri listinjenju mora finančno premoženje , ki ustvarja denarni tok , zakonito pridobiti od originatorja ali posrednika v skladu s predpisi države članice na način , ki ga Eurosistem šteje za » pravo prodajo «, izvršljivo proti tretjim osebam .
They must be beyond the reach of the originator and its creditors , including in the event of the originator 's insolvency .
Finančno premoženje mora biti zunaj dosega originatorja in njegovih upnikov , tudi v primeru originatorjeve insolventnosti .
The composition of the pool of assets .
Sestava košarice finančnega premoženja .
The cash-flow generating assets must not consist of credit-linked notes or similar claims resulting from the transfer of credit risk by means of credit derivatives .
Finančno premoženje , ki ustvarja denarni tok , ne sme vsebovati kreditnih zapisov ali podobnih terjatev , ki bi izhajale iz prenosa kreditnega tveganja s kreditnimi izvedenimi finančnimi instrumenti .
The seniority of the tranches .
Vrstni red poplačila tranš .
Debt instruments affording rights to the principal and / or the interest that are subordinated to the rights of holders of other debt instruments of the same issuer ( or , within a structured issue , subordinated to other tranches of the same issue ) are excluded from tier one .
Dolžniški instrumenti , ki dajejo pravice do glavnice in / ali obresti , ki so podrejene pravicam imetnikov drugih dolžniških instrumentov istega izdajatelja ( ali , znotraj strukturirane izdaje , drugim tranšam iste izdaje ) , so izključeni z liste 1 .
A tranche ( or sub-tranche ) is considered to be non-subordinated vis-à-vis other tranches ( or sub-tranches ) of the same issue and is « senior » if -- in accordance with the priority of payment applicable after the delivery of an enforcement notice , as set out in the offering circular -- that tranche ( or sub-tranche ) receives payment ( principal and interest ) in priority to other tranches or other sub-tranches or is last in incurring losses in relation to underlying assets .
Šteje se , da tranša ( ali podtranša ) ni podrejena drugim tranšam ( ali podtranšam ) iste izdaje in je » nadrejena «, če -- v skladu z vrstnim redom poplačila , ki se uporabi po dostavi obvestila o izvršbi , kot je določeno v prospektu -- ta tranša ( ali podtranša ) prejme plačilo ( glavnico in obresti ) pred drugimi tranšami ali podtranšami oziroma zadnja utrpi škodo v zvezi s finančnim premoženjem za zavarovanje terjatev .