natgillin/translations-raw huggingface dataset:
4.2 THE DEPOSIT FACILITY TYPE OF INSTRUMENT Counterparties can use the deposit facility to make overnight deposits with national central banks . The deposits are remunerated at a pre-specified interest rate .
4.2 ODPRTA PONUDBA MEJNEGA DEPOZITA VRSTA INSTRUMENTA Nasprotne stranke lahko uporabijo odprto ponudbo mejnega depozita za sklenitev depozitov čez noč pri nacionalnih centralnih bankah .
Under normal circumstances , the interest rate on the facility provides a floor for the overnight market interest rate . The terms and conditions of the deposit facility are identical throughout the euro area .
Depoziti se obrestujejo po vnaprej
Throughout this document , the term « Eurosystem business day » refers to any day on which the ECB and at least one national central bank are open for the purpose of conducting Eurosystem monetary policy operations .
V celotnem dokumentu se izraz „delovni dan Eurosistema » nanaša na kateri koli dan , ko sta ECB in najmanj ena nacionalna centralna banka odprti za izvajanje operacij denarne politike Eurosistema .
6 The Governing Council usually decides on interest rate changes when assessing its monetary policy stance at its first meeting of the month .
6 Svet ECB ponavadi sprejme odločitev o spremembi obrestnih mer na prvi seji v mesecu , ko ocenjuje naravnanost denarne politike .
Usually such decisions become effective only from the beginning of the new reserve maintenance period .
Takšna odločitev ponavadi začne veljati šele na začetku novega obdobja izpolnjevanja obveznih rezerv .
7 Operational differences resulting from the existence of different account structures in the national central banks may exist across euro area countries .
7 Zaradi različnih struktur računov v nacionalnih centralnih bankah lahko med državami euroobmočja obstajajo operativne razlike .
8 Owing to the existence of different account structures across the national central banks , the ECB may allow national central banks to apply access conditions which are slightly different from those referred to here .
8 Zaradi obstoja različnih struktur računov v nacionalnih centralnih bankah lahko ECB dovoli nacionalnim centralnim bankam uporabljati pogoje dostopa , ki se nekoliko razlikujejo od tistih , ki so navedeni tukaj .
9 See footnote 3 in this chapter .
9 Glej opombo 3 v tem poglavju .
10 See footnote 4 in this chapter .
10 Glej opombo 4 v tem poglavju . 5
MATURITY AND INTEREST TERMS The maturity of deposits under the facility is overnight .
ZAPADLOST IN IZRAČUN OBRESTI Zapadlost depozita v okviru odprte ponudbe mejnega depozita je čez noč .
For counterparties participating directly in TARGET2 , deposits held under the facility mature on the next day on which TARGET2 is operational , at the time at which this system opens .
Za nasprotne stranke , ki so neposredno udeležene v sistemu TARGET2 , imajo depoziti rok zapadlosti naslednji dan , ko je TARGET2 odprt za poslovanje , in sicer v trenutku , ko se odpre .
The ECB may change the interest rate at any time , effective , at the earliest , from the following Eurosystem business day .
ECB lahko kadar koli spremeni obrestno mero , z veljavnostjo ne prej kot naslednji delovni dan Eurosistema .
11 Interest on the deposits is payable on maturity of the deposit .
11 Obresti na depozite se plačajo ob zapadlosti depozita .
SUSPENSION OF THE FACILITY Access to the facility is granted only in accordance with the objectives and general monetary policy considerations of the ECB .
UKINITEV ODPRTE PONUDBE Dostop do odprte ponudbe mejnega depozita se odobri samo v skladu s cilji in splošnimi usmeritvami denarne politike ECB .
11 See footnote 6 in this chapter .
11 Glej opombo 6 v tem poglavju .
CHAPTER 5 PROCEDURES 5.1 TENDER PROCEDURES 5.1.1 GENERAL CONSIDERATIONS Eurosystem open market operations are normally executed in the form of tenders .
POGLAVJE 5 POSTOPKI 5.1 AVKCIJSKI POSTOPKI 5.1.1 SPLOŠEN OPIS Operacije odprtega trga Eurosistema se običajno izvajajo v obliki avkcij .
STANDARD TENDERS For standard tenders , a maximum of 24 hours elapses from the announcement of the tender to the certification of the allotment result ( where the time between the submission deadline and the announcement of the allotment result is approximately two hours ) .
STANDARDNE AVKCIJE Pri standardnih avkcijah lahko poteče največ 24 ur od najave avkcije do pošiljanja obvestil uspešnim ponudnikom ( pri čemer je čas med rokom za posredovanje protiponudb in objavo dodelitve približno dve uri ) .
The ECB The main refinancing operations , the longer-term refinancing operations and structural operations ( with the exception of outright transactions ) are always executed in the form of standard tenders .
ECB se lahko odloči , da prilagodi časovni okvir pri posameznih operacijah , če meni , da je to primerno . Operacije glavnega refinanciranja , operacije dolgoročnejšega refinanciranja in strukturne operacije ( razen dokončnih transakcij ) se vedno izvajajo v obliki standardnih avkcij .
Counterparties fulfilling the general eligibility criteria specified in Section 2.1 may participate in standard tenders .
Standardnih avkcij se lahko udeležijo nasprotne stranke , ki izpolnjujejo splošna merila primernosti iz poglavja 2.1 .
QUICK TENDERS Quick tenders are normally executed within 90 minutes of the announcement of the tender , with certification taking place immediately after the announcement of the allotment result .
HITRE AVKCIJE Hitre avkcije se običajno izvedejo v roku 90 minut po najavi avkcije , obvestila uspešnim ponudnikom pa se pošljejo takoj po objavi rezultatov .
The Eurosystem may select , according to the criteria and procedures specified in Section 2.2 , a limited number of counterparties to participate in quick tenders .
Eurosistem lahko v skladu z merili in postopki iz poglavja 2.2 izbere omejeno število nasprotnih strank za sodelovanje v hitrih avkcijah .
may decide to adjust the time frame in individual operations , if deemed appropriate . CHAPTER 5 Procedures
AVKCIJE S FIKSNO MERO IN AVKCIJE Z VARIABILNO MERO Eurosistem ima možnost izvajati bodisi avkcije s fiksno mero ( licitira se količina ) bodisi avkcije POGLAVJE 5 Postopki
Box 3
Okvir 3
OPERATIONAL STEPS FOR TENDER PROCEDURES Step 1 Tender announcement a. Announcement by the ECB through public wire services b. Announcement by the national central banks through national wire services and directly to individual counterparties ( if deemed necessary ) Counterparties » preparation and submission of bids Compilation of bids by the Eurosystem Tender allotment and announcement of tender results a. ECB allotment decision b. Announcement of the allotment result Certification of individual allotment results Settlement of the transactions ( see Section 5.3 )
OPERATIVNI KORAKI AVKCIJSKIH POSTOPKOV Korak 1 Najava avkcije a. objava s strani ECB prek javnih elektronskih medijev b. objava s strani nacionalnih centralnih bank prek nacionalnih elektronskih medijev in neposredno posameznim nasprotnim strankam ( po potrebi ) Priprava in posredovanje protiponudb s strani nasprotnih strank Zbiranje protiponudb s strani Eurosistema Dodelitev in objava rezultatov avkcije a. odločitev ECB o dodelitvi b. objava dodelitve Pošiljanje obvestil uspešnim ponudnikom Poravnava transakcij ( glej poglavje 5.3 ) ECB Izvajanje denarne politike v euroobmočju November 2008
Step 2 Step 3 Step 4
Korak 2 Korak 3 Korak 4
Step 5 Step 6
Korak 5 Korak 6
ECB The implementation of monetary policy in the euro area November 2008 23
23 Slika 1
Chart 1 Normal time frame for the operational steps in standard tenders ( times are stated in ECB time ( CET )) T-1 4 p.m. 1b 2 3 4a 4b 3.30 p.m. Tender announcement 9.30 a.m. Deadline for counterparties » submission of bids 5 6 Trade day ( T ) 10 a.m. 45 15 T + 1 30 45 11 a.m. 15 30
Običajni časovni okvir za izvajanje operativnih korakov v standardnih avkcijah ( naveden je čas , ki ga uporablja ECB ( srednjeevropski čas )) T-1 16.00 1b 2 3 4a 4b 15.30 Najava avkcije 9.30 Rok za posredovanje protiponudb nasprotnih strank 5 6 Trgovalni dan ( T ) 10.00 45 15 30 T + 1 45 11.00 15 30
11.15 a.m. Announcement of tender results
11.15 Objava rezultatov avkcije
Note : The figures refer to the operational steps as defined in Box 3 .
Opomba : številke se nanašajo na operativne korake , kakor so opredeljeni v okvirju 3 .
Chart 2 Normal time frame for the operational steps for quick tenders Trade day ( T ) 30 45 1st hour 1a 1b 2 3 4a 4b 5 Tender announcement Deadline for counterparties » submission of bids Announcement of tender results Note : The figures refer to the operational steps as defined in Box 3 .
Slika 2 Običajni časovni okvir za izvajanje operativnih korakov v hitrih avkcijah Trgovalni dan ( T ) 30 45 1 . ura 1a 1b 2 3 4a 4b 5 Najava avkcije Rok za posredovanje protiponudb nasprotnih strank Objava rezultatov avkcije Opomba : številke se nanašajo na operativne korake , kakor so opredeljeni v okvirju 3 .
6 15 30 45 2nd hour 15 30 45 3rd hour 15 30 45
6 15 30 45 2 . ura 15 30 45 3 .
FIXED RATE AND VARIABLE RATE TENDERS The Eurosystem has the option of conducting either fixed rate ( volume ) or variable rate ( interest ) tenders .
z variabilno mero ( licitira se obrestna mera ) .
In a fixed rate tender , the ECB specifies the interest rate in advance and participating counterparties bid the amount of money they want to transact at the fixed interest rate .
Pri avkciji s fiksno mero ECB vnaprej določi obrestno mero in udeležene nasprotne stranke v protiponudbah navedejo denarni znesek posla , ki ga želijo skleniti po fiksni obrestni meri .
1 In a variable rate tender , counterparties bid the amounts of money and the interest rates at which they want to enter into transactions with the national central banks .
1 Pri avkciji z variabilno mero nasprotne stranke v protiponudbah navedejo denarne zneske in obrestne mere , po katerih želijo skleniti posle z nacionalnimi centralnimi bankami .
2 5.1.2 TENDER OPERATIONS CALENDAR MAIN AND LONGER-TERM REFINANCING OPERATIONS The main and the longer-term refinancing operations are executed according to an indicative calendar published by the Eurosystem .
2 5.1.2 KOLEDAR AVKCIJ OPERACIJE GLAVNEGA IN DOLGOROČNEJŠEGA REFINANCIRANJA Operacije glavnega in dolgoročnejšega refinanciranja se izvajajo v skladu z okvirnim koledarjem , ki ga objavi Eurosistem .
3 The calendar is published at least three months before the start of the year for which it is valid .
3 Koledar se objavi najmanj tri mesece pred začetkom leta , za katerega velja .
The ECB aims to ensure that counterparties in all Member States can participate in the main and the longerterm refinancing operations .
ECB si prizadeva zagotoviti , da se operacij glavnega in dolgoročnejšega refinanciranja lahko udeležijo nasprotne stranke v vseh državah članicah .
Therefore , when 1 In fixed rate foreign exchange swap tenders , the ECB fixes the swap points of the operation and the counterparties offer the amount of currency kept fixed that they wish to sell ( and buy back ) or buy ( and sell back ) at that rate .
Pri avkcijah valutnih zamenjav s fiksno swap mero ECB za posamezno operacijo določi swap točke , nasprotne stranke pa licitirajo znesek osnovne valute , ki ga želijo prodati ( in ponovno kupiti ) ali kupiti ( in ponovno prodati ) po navedeni meri .
The calendar for the Eurosystem 's tender operations can be found on the ECB 's website ( www.ecb.europa.eu . ) , as well as on the Eurosystem websites ( see Appendix 5 ) .
Koledar avkcij Eurosistema je objavljen na spletni strani ECB ( www.ecb.europa.eu ) , kakor tudi na spletnih straneh Eurosistema ( glej prilogo 5 ) .
CHAPTER 5 Table 2 Normal trade days for the main and the longer-term refinancing operations Type of operation Main refinancing operations Longer-term refinancing operations Normal trade day ( T ) Each Tuesday The last Wednesday of each calendar month 1 )
POGLAVJE 5 Tabela 2 Običajni trgovalni dnevi za operacije glavnega in dolgoročnejšega refinanciranja Vrsta operacije Operacije glavnega refinanciranja Operacije dolgoročnejšega refinanciranja Običajni trgovalni dan ( T ) vsak torek zadnjo sredo vsakega koledarskega meseca1 )
Procedures 1 ) Owing to the Christmas period , the December operation is brought forward , normally by one week , i.e. to the preceding Wednesday of the month .
1 ) Zaradi božičnih praznikov se decembrska operacija prestavi na zgodnejši termin , običajno za en teden , tj .
compiling the calendar for these operations , the ECB makes appropriate adjustments to the normal schedule to take into account bank holidays in the individual Member States .
na predhodno sredo v tem mesecu . državah članicah , zato so možna odstopanja od običajnih trgovalnih dni .
STRUCTURAL OPERATIONS Structural operations through standard tenders are not executed according to any pre-specified calendar .
STRUKTURNE OPERACIJE Strukturne operacije , ki se izvajajo na podlagi standardnih avkcij , se ne izvajajo po vnaprej določenem koledarju .
However , they are normally conducted and settled only on days which are NCB business days 4 in all Member States .
Običajno se izvajajo in poravnavajo samo ob dnevih , ki so delovni dnevi za nacionalne centralne banke 4 v vseh državah članicah .
FINE-TUNING OPERATIONS Fine-tuning operations are not executed according to any pre-specified calendar .
OPERACIJE FINEGA URAVNAVANJA Operacije finega uravnavanja se ne izvajajo po vnaprej določenem koledarju .
Only national central banks of Member States in which the trade day , the settlement day and the reimbursement day are NCB business days participate in such operations .
V teh operacijah sodelujejo samo nacionalne centralne banke držav članic , v katerih so trgovalni dan , dan poravnave in dan zapadlosti delovni dnevi NCB .
5.1.3 ANNOUNCEMENT OF TENDER OPERATIONS Eurosystem standard tenders are publicly announced by means of wire services .
5.1.3 NAJAVA AVKCIJ Standardne avkcije Eurosistema se javno objavijo prek elektronskih medijev .
The public tender announcement message normally contains the following information : -* -* -* the reference number of the tender operation ;
Javna najava avkcije običajno vsebuje naslednje podatke : -* -* -* sklicna številka avkcije ;
the type of auction ( fixed rate or variable rate tender ) ; the method of allotment (" Dutch » or « American » auction , as defined in Section 5.1.5 ) ;
metoda dodelitve ( avkcija nizozemskega tipa ali avkcija ameriškega tipa , kakor je opredeljeno v poglavju 5.1.5 ) ;
the start date and maturity date of the operation ( if applicable ) , or the value date and maturity date of the instrument ( in the case of the issuance of debt certificates ) ;
datum začetka in datum zapadlosti operacije ( če je predvideno ) ali datum poravnave in datum zapadlosti instrumenta ( pri izdaji dolžniških certifikatov ) ;
the reference spot exchange rate to be used for the calculation of bids ( in the case of foreign exchange swaps ) ;
referenčni promptni devizni tečaj , ki se uporablja za izračun protiponudb ( pri valutnih zamenjavah ) ;
the minimum allotment ratio ( if any ) ;
rok za predložitev protiponudb ;
the time schedule for the submission of bids ; the denomination of the certificates ( in the case of the issuance of debt certificates ) ;
nominalna vrednost certifikatov ( pri izdaji dolžniških certifikatov ) ;
and the ISIN code of the issue ( in the case of the issuance of debt certificates ) .
ISIN koda izdaje ( pri izdaji dolžniških certifikatov ) .
0.01 percentage point .
odstotne točke .
In the case of a variable rate foreign exchange swap tender , the swap points must be quoted according to standard market conventions and bids must be expressed as multiples of 0.01 swap point .
Pri operacijah valutnih zamenjav z variabilno swap mero se morajo swap točke navesti v skladu s splošnimi tržnimi običaji , protiponudbe pa morajo biti izražene kot mnogokratnik 0,01 swap točke .
For the main refinancing operations , the minimum bid amount is Euros 1,000,000 .
Pri operacijah glavnega refinanciranja znaša najnižji znesek protiponudbe 1.000.000 EUR .
Bids exceeding this amount must be expressed as multiples of Euros 100,000 .
Protiponudbe , ki ta znesek presegajo , morajo biti izražene kot mnogokratnik 100.000 EUR .
For the longer-term refinancing operations , each national central bank defines a minimum bid amount in the range from Euros 10,000 to Euros 1,000,000 .
Pri operacijah dolgoročnejšega refinanciranja vsaka nacionalna centralna banka določi najnižji znesek protiponudbe v razponu od 10.000 EUR do 1.000.000 EUR .
Bids exceeding the defined minimum bid amount must be expressed as multiples of Euros 10,000 .
Protiponudbe , ki presegajo najnižji določeni znesek protiponudbe , morajo biti izražene kot mnogokratnik 10.000 EUR .
Counterparties are expected always to be in a position to cover the amounts allotted to them with a sufficient amount of eligible underlying assets .
Od nasprotnih strank se pričakuje , da imajo za denarni znesek , ki jim je bil dodeljen , vedno na razpolago zadostno višino primernega finančnega premoženja .
8 The contractual or regulatory arrangements applied by the respective national central bank allow the imposition of penalties if a counterparty is unable to transfer a sufficient amount of underlying assets or cash to settle the amount it has been allotted in a tender operation .
8 Pogodbene ali zakonske ureditve , ki jih uporablja zadevna nacionalna centralna banka , dovoljujejo naložiti kazen , če nasprotna stranka ni sposobna zagotoviti zadostnega zneska
In a quick tender which is not announced publicly in advance , the selected counterparties are contacted directly by the national central banks .
Pri hitri avkciji , ki ni javno najavljena vnaprej , nacionalne centralne banke neposredno stopijo v stik z izbranimi nasprotnimi strankami .
In a quick tender , which is announced publicly , the national central bank may contact the selected counterparties directly .
Pri hitri avkciji , ki je javno najavljena , pa imajo nacionalne centralne banke možnost , da neposredno stopijo v stik z izbranimi nasprotnimi strankami .
5.1.4 PREPARATION AND SUBMISSION OF BIDS BY COUNTERPARTIES Counterparties » bids must be in a form that follows the pro forma example provided by the national central banks for the relevant operation .
5.1.4 PRIPRAVA IN POSREDOVANJE PROTIPONUDB S STRANI NASPROTNIH STRANK Protiponudbe nasprotnih strank morajo biti pripravljene v skladu z vzorcem , ki ga za zadevno operacijo določijo nacionalne centralne banke .
In fixed rate tenders , counterparties must state in their bids the amount of money that they are willing to transact with the national central banks .
Pri avkcijah s fiksno mero morajo nasprotne stranke v svojih protiponudbah navesti denarni znesek , v višini katerega so pripravljene skleniti posel z nacionalnimi centralnimi bankami .
5 In variable rate tenders , counterparties may submit bids for up to ten different interest rate / price / swap point levels .
5 Pri avkcijah z variabilno mero lahko nasprotne stranke predložijo do deset protiponudb z različnimi obrestnimi merami / cenami / swap točkami .
In each bid , they must state the amount of money that they are willing to transact with the national central banks and the respective interest rate .
V vsaki protiponudbi morajo navesti denarni znesek , v višini katerega so pripravljene skleniti posel z nacionalnimi centralnimi bankami , in ustrezno obrestno mero .
6 , 7 The interest rates bid must be expressed as multiples of
6 , 7 Licitirane obrestne mere morajo biti izražene kot mnogokratnik 0,01
In fixed rate foreign exchange swaps , the amount of the currency kept fixed that the counterparty is willing to transact with the Eurosystem must be stated .
Pri valutnih zamenjavah s fiksno swap mero se mora navesti znesek v osnovni valuti , v višini katerega je nasprotna stranka pripravljena skleniti posel z Eurosistemom .
With regard to the issuance of ECB debt certificates , the ECB may decide that bids are to be expressed in the form of a price rather than an interest rate .
V zvezi z izdajo dolžniških certifikatov ECB lahko ECB odloči , da morajo protiponudbe vsebovati licitirano ceno in ne obrestne mere .
CHAPTER 5 Bids are revocable up to the tender submission deadline .
POGLAVJE 5 primernega finančnega premoženja ali denarnih sredstev za poravnavo zneska , ki ji je bil dodeljen na avkciji .
Bids submitted after the deadline specified in the tender announcement message are invalid .
Nasprotne stranke lahko umaknejo protiponudbe do roka za oddajo protiponudb .
Respect of the deadline is judged by the national central banks .
O upoštevanju roka presojajo nacionalne centralne banke .
5.1.5 TENDER ALLOTMENT PROCEDURES FIXED RATE TENDER OPERATIONS In the allotment of a fixed rate tender , the bids received from counterparties are added together .
5.1.5 POSTOPKI ZA DODELITEV NA AVKCIJAH AVKCIJE S FIKSNO MERO Pri avkciji s fiksno mero se protiponudbe , ki so jih podale nasprotne stranke , seštejejo .
VARIABLE RATE TENDERS IN EURO In the allotment of liquidity-providing variable rate tenders in euro , bids are listed in descending order of offered interest rates .
AVKCIJE V EURIH Z VARIABILNO OBRESTNO MERO Pri avkcijah v eurih z variabilno obrestno mero , na katerih Eurosistem povečuje likvidnost , se protiponudbe razvrstijo po padajočem vrstnem redu glede na licitirano obrestno mero .
In the allotment of liquidity-absorbing variable rate tenders ( which may be used for the issuance Procedures
Pri avkcijah z variabilno obrestno mero , na katerih Eurosistem umika likvidnost ( takšne avkcije se lahko uporabljajo za izdajo dolžniških certifikatov in zbiranje vezanih vlog ) , se protiponudbe razvrstijo po naraščajočem Postopki
Box 4
Okvir 4
ALLOTMENT OF FIXED RATE TENDERS The percentage of allotment is : all % = A i = 1 n ∑ ai
DODELITEV NA AVKCIJAH S FIKSNO MERO Odstotek dodelitve je : dod % = n A ∑ ai i = 1
The amount allotted to the ith counterparty is : where : A n ai all % alli
Znesek dodelitve i-ti nasprotni stranki je : kjer je : A = n = ai = dod % = dodi =
alli = all % × ( ai )
dod ( rm ) i = dod % ( rm ) i
= total amount allotted = total number of counterparties = bid amount of the ith counterparty = percentage of allotment = total amount allotted to the ith counterparty ECB The implementation of monetary policy in the euro area November 2008
skupni dodeljeni znesek skupno število nasprotnih strank ponujeni znesek i-te nasprotne stranke odstotek dodelitve skupni znesek , dodeljen i-ti nasprotni stranki ECB Izvajanje denarne politike v euroobmočju November 2008
ALLOTMENT OF VARIABLE RATE TENDERS IN EURO ( the example refers to bids quoted in the form of interest rates ) The percentage of allotment at the marginal interest rate is : A - all % ( rm ) =
DODELITEV NA AVKCIJAH V EURIH Z VARIABILNO OBRESTNO MERO ( primer se nanaša na avkcije , kjer se licitira obrestna mera ) Odstotek dodelitve pri mejni obrestni meri je : A - dod % ( rm ) =
The allotment to the ith counterparty at the marginal interest rate is : all ( rm ) i = all % ( rm ) × a ( rm ) i The total amount allotted to the ith counterparty is : alli = where : A rs n a ( rs ) i a ( rs )
Znesek dodelitve i-ti nasprotni stranki pri mejni obrestni meri je : dod ( rm ) i = dod % ( rm ) × a ( rm ) i Skupni znesek , dodeljen i-ti nasprotni stranki , je : dodi = kjer je : A rs n a ( rs ) i a ( rs )
∑ a ( r ) + all ( r ) s i s = 1
∑ a ( r ) + dod ( r ) s i s = 1
= = = = = total amount allotted sth interest rate bid by the counterparties total number of counterparties amount bid at the sth interest rate ( rs ) by the ith counterparty total amount bid at the sth interest rate ( rs ) a ( rs ) =
= skupni dodeljeni znesek = s-ta obrestna mera , ki jo licitirajo nasprotne stranke = skupno število nasprotnih strank = ponujeni znesek pri s-ti obrestni meri ( rs ) s strani i-te nasprotne stranke = skupni znesek protiponudb pri s-ti obrestni meri ( rs ) a ( rs ) =
all %( rm ) all ( rs ) i alli
dod %( rm ) = dod ( rs ) i = dodi =