natgillin/translations-raw huggingface dataset:
annual averages ) non-marketable assets other marketable assets asset-backed securities corporate bonds covered bank bonds uncovered bank bonds regional government securities central government securities 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2004 Source : ECB . 2005 2006 2007 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0
Graf 42 Primerno zavarovanje po vrsti finančnega premoženja ( v milijardah EUR , letna povprečja ) netržno finančno premoženje drugo tržno finančno premoženje kolateralizirani vrednostni papirji podjetniške obveznice krite bančne obveznice nekrite bančne obveznice obveznice regionalne ravni države obveznice centralne ravni države 10.000 9.000 8.000 7.000 6.000 5.000 4.000 3.000 2.000 1.000 0 2004 Vir : ECB 2005 2006 2007 10.000 9.000 8.000 7.000 6.000 5.000 4.000 3.000 2.000 1.000 0
set of counterparties , so that the Eurosystem can provide the amount of liquidity it deems necessary through both its monetary policy and payment systems operations .
Graf 43 Dano zavarovanje v kreditnih operacijah Eurosistema v primerjavi s stanjem posojil v operacijah denarne politike ( v milijardah EUR ) skupaj dano zavarovanje od tega : stanje posojil najvišja vrednost stanja posojil1 )
This proved to be a stabilising feature in the ongoing financial market turmoil , since it ensured that counterparties had enough collateral at their disposal to access the credit operations of the Eurosystem .
1.200 1.000 800 600 400 200 0 Vir : ECB 1 ) Najvišja letna vrednost stanja posojil pri operacijah denarne politike .
In 2007 the average amount of eligible collateral increased by 7.7% compared with 2006 , to a total of Euros 9.5 trillion ( see Chart 42 ) . General government debt , at Euros 4.7 trillion , accounted for 49 % of the total , with the remainder of marketable collateral taking the form of credit institution uncovered bonds ( Euros 1.6 trillion , or 17 %) , credit institution covered bonds ( Euros 1.2 trillion , or 12 %) , corporate bonds ( Euros 0.8 trillion , or 9 %) , assetbacked securities ( Euros 0.7 trillion , or 8 %) , and other bonds , such as those issued by supranational organisations , ( Euros 0.4 trillion , or 4 %) .
obveznice v višini 4,7 bilijona EUR so predstavljale 49 % celote , preostanek tržnega finančnega premoženja pa je bil v obliki nekritih obveznic kreditnih institucij ( 1,6 bilijona EUR ali 17 %) , kritih obveznic kreditnih institucij ( 1,2 bilijona EUR ali 12 %) , podjetniških obveznic ( 0,8 bilijona EUR ali 9 %) , kolateraliziranih vrednostnih papirjev ( 0,7 bilijona EUR ali 8 %) in drugih obveznic , na primer tistih , ki jih izdajajo nadnacionalne organizacije ( 0,4 bilijona EUR ali 4 %) . Poleg tega je na enotno listo primernega zavarovanja od 1 .
In addition , non-marketable assets , consisting in particular of credit claims ( also referred to as bank loans ) , have been included in the single list of eligible assets since 1 January 2007 .
januarja 2007 naprej vključeno tudi netržno finančno premoženje , ki vključuje zlasti bančna posojila .
However , as the eligibility of these assets is not assessed in advance of their acceptance , the potential volume of such assets cannot easily be measured .
Ker pa primernost tega finančnega premoženja ni ocenjena pred sprejetjem , je težko meriti njegov obseg .
Their use in 2007 reached Euros 0.1 trillion , representing 1 % of total eligible collateral in the Eurosystem .
Uporaba takšnega finančnega premoženja je v letu 2007 dosegla 0,1 bilijona EUR , kar predstavlja 1 % skupnega primernega zavarovanja v Eurosistemu .
The average value of marketable and non-marketable assets deposited by counterparties as collateral in Eurosystem credit operations rose significantly from Euros 906 billion on average in 2006 to Euros 1,101 billion in 2007 .
Povprečna vrednost tržnega in netržnega finančnega premoženja , ki so ga nasprotne stranke v kreditnih operacijah Eurosistema deponirale kot zavarovanje , se je občutno povečala , in sicer z 906 milijard EUR v letu 2006 na 1.101 milijard EUR v letu 2007 .
This increase was mainly due to the fact that counterparties deposited large additional amounts of collateral with the Eurosystem after the outbreak of the financial turmoil in August ( see Chart 43 ) .
To povečanje je v glavnem posledica dejstva , da so nasprotne stranke v Eurosistemu po finančnih pretresih v avgustu deponirale velike dodatne zneske zavarovanja ( glej graf 43 ) .
As the comparison of collateral with outstanding credit to the Eurosystem 's counterparties indicates , the share of deposited collateral not used to cover credit from monetary policy operations continued to be Chart 43 Collateral put forward in Eurosystem credit operations versus outstanding credit in monetary policy operations ( EUR billions ) total collateral put forward of which : outstanding credit peak outstanding credit 1 ) 1,200 1,000 800 600 400 200 0 2004 2005 2006 2007 1,200 1,000 800 600 400 200 0
Kot pokaže primerjava med zavarovanjem in stanjem posojil nasprotnim strankam Eurosistema , je delež deponiranega zavarovanja , ki se ni uporabilo za kritje posojil iz operacij denarne politike , ostal visok . To pomeni , da razpoložljivost zavarovanja po finančnih pretresih nasprotnim strankam Eurosistema ni predstavljala omejitve .
This suggests that sufficiency of collateral has not been a constraint on the Eurosystem 's counterparties in the wake of the turmoil . As regards the asset types deposited as collateral with the Eurosystem , the annual average share of central government bonds dropped from 23 % in 2006 to 15 % in 2007 .
Po vrsti finančnega premoženja , deponiranega pri Eurosistemu kot zavarovanje , je povprečni letni delež državnih obveznic padel s 23 % v letu 2006 na 15 % v letu 2007 .
Uncovered bank bonds continued to form the largest class of assets deposited with the Eurosystem ( 33 % on average in 2007 ) .
Nekrite bančne obveznice so še naprej predstavljale največji razred finančnega premoženja , deponiranega pri Eurosistemu ( leta 2007 v povprečju 33 %) .
The average share of asset-backed securities increased from 12 % in 2006 to 16 % in 2007 .
Povprečni delež kolateraliziranih vrednostnih papirjev se je z 12 % v letu 2006 povečal na 16 % v letu 2007 .
Following the euro area-wide introduction on 1 January 2007 of non-marketable assets as eligible collateral in Eurosystem credit operations , counterparties have started to make use of this additional collateral source .
Po 1 . januarju 2007 , ko je bila po vsem euroobmočju kot primerno zavarovanje kreditnih operacij Eurosistema omogočena uporaba netržnega finančnega premoženja , so nasprotne stranke začele uporabljati tudi ta dodatni
On a yearly average this asset class represented 10 % of the overall amount of collateral deposited , compared with 4 % in 2006 ( see Chart 44 ) . The number of credit claims whose creditworthiness could be assessed remained limited in 2007 ( see the section on risk management issues ) .
ECB Letno poročilo 2007 Graf 44 Razčlenitev finančnega premoženja ( vključno z bančnimi posojili ) , danega kot zavarovanje , po vrsti finančnega premoženja ( odstotki ;
Chart 44 Breakdown of assets ( including credit claims ) put forward as collateral by asset type ( percentages ; annual averages ) non-marketable assets other marketable assets asset-backed securities corporate bonds covered bank bonds uncovered bank bonds regional government securities central government securities 100 90 80 70 60 50 40 30 20 10 0 2004 Source : ECB .
letna premoženja ) netržno finančno premoženje drugo tržno finančno premoženje kolateralizirani vrednostni papirji podjetniške obveznice krite bančne obveznice nekrite bančne obveznice obveznice regionalne ravni države obveznice centralne ravni države 100 90 80 70 60 50 40 30 20 10 0 2004 Vir : ECB .
daily basis and applies appropriate risk control measures .
Kljub tej zahtevi je Eurosistem še vedno izpostavljen številnim finančnim tveganjem , če sodelujoča stranka ne izpolni svojih obveznosti .
Financial risks in credit operations are quantified and reported to the ECB 's decision-making bodies .
Ta vključujejo kreditno tveganje , povezano s sprejetim zavarovanjem , ter tržno in likvidnostno tveganje zaradi neugodnih gibanj v ceni zavarovanja , do katerega lahko pride med likvidacijskim obdobjem , potem ko nasprotna stranka ni izpolnila svojih obveznosti .
To ensure that its high credit standards for collateral are met , the Eurosystem relies on a set of procedures , rules and techniques that together constitute the Eurosystem credit assessment framework ( ECAF ) .
Da bi Eurosistem ta tveganja omejil na sprejemljivo raven , vzdržuje visoke bonitetne standarde za finančno premoženje , ki ga sprejema kot zavarovanje , ter na dnevni osnovi vrednoti zava-rovanja in izvaja ustrezne ukrepe za obvladovanje tveganj .
The credit quality threshold for the collateral eligible for Eurosystem credit operations is defined within the ECAF in terms of a « single A » credit assessment .
Finančna tveganja v kreditnih operacijah se kvantitativno opredelijo , o njih pa se poroča organom odločanja ECB .
4 The ECAF foresees a number of alternative credit assessment sources . The euro area-wide introduction of non-marketable assets as eligible collateral in Eurosystem credit operations as of 1 January 2007 was combined with the first , but still limited , use of internal ratings-based systems by Eurosystem counterparties as a new source of credit assessment .
Da bi Eurosistem zagotovil , da zavarovanje izpolnjuje visoke bonitetne standarde , uporablja sklop postopkov , pravil in tehnik , ki skupaj tvorijo bonitetni okvir Eurosistema ( ECAF ) . Bonitetni prag , ki velja za primerno zavarovanje v kreditnih operacijah Eurosistema , je v bonitetnem okviru opredeljen kot bonitetna ocena „single A » 4 .
As a consequence of the limited use of internal ratings-based systems , most of the credit claims that were newly eligible as of 1 January 2007 and were submitted thereafter to the Eurosystem were claims on public sector entities for which an implicit credit assessment is derived from the credit assessment of the country where the debtor or guarantor of the credit claim is established .
Po 1 . januarju 2007 , ko je bila po vsem euroobmočju kot primerno zavarovanje kreditnih operacij Eurosistema omogočena uporaba netržnega finančnega premoženja , so se kot nov vir za ocenjevanje bonitete začeli v zaenkrat 2 Tržno finančno premoženje , ki je bilo izdano pred 31 .
A number of additions related to the ECAF were introduced in 2007 . Following a decision by the Governing Council on 19 October 2007 , 2 Marketable assets which were issued prior to 31 May 2007 and are traded on non-regulated markets that currently fulfil the Eurosystem 's requirements for safety and accessibility , but not for transparency , will remain eligible until 31 December 2009 and will become ineligible thereafter .
majem 2007 in s katerim se trguje na neorganiziranih trgih , ki trenutno izpolnjujejo zahteve Eurosistema glede varnosti in dostopnosti , ne pa tudi preglednosti , ostane primerno do 31 . decembra 2009 , po tem datumu pa bo veljalo kot neprimerno .
As a result of the completion of the single collateral framework on 1 January 2007 , the Eurosystem has specified that , with the exception of international or supranational institutions , issuers of marketable assets eligible for Eurosystem credit operations must be established either in the EEA or in one of the four non-EEA G10 countries ( Canada , Japan , Switzerland and the United States ) .
Po dokončnem oblikovanju enotnega sistema zavarovanj dne 1 . januarja 2007 je Eurosistem opredelil , da morajo razen mednarodnih in nadnacionalnih institucij izdajatelji tržnega finančnega premoženja , ki je primerno za zavarovanje kreditnih operacij Eurosistema , imeti sedež bodisi v EGP ali v kateri od štirih držav G10 zunaj EGP ( v Kanadi , na Japonskem , v Švici in v ZDA ) .
Assets issued after 1 January 2007 by entities domiciled outside the EEA or the non-EEA G10 countries are not eligible , irrespective of whether a guarantee by an entity established in the EEA is available .
Finančno premoženje , ki so ga po 1 . januarju 2007 izdali izdajatelji s sedežem zunaj EGP ali štirih držav G10 zunaj EGP , ni primerno ne glede na to , ali je na voljo jamstvo pravne osebe s sedežem v EGP .
However , assets issued before 1 January 2007 will remain eligible until 31 December 2011 and will only become ineligible after that date .
januarjem 2007 , ostalo primerno do 31 . decembra 2011 , po tem datumu pa bo veljalo kot neprimerno .
« Single A » means a minimum long-term rating of « A - » by Fitch or Standard & Poor 's , « A3 » by Moody 's or « AL » by DBRS .
Bonitetna ocena „single A » pomeni najnižjo dolgoročno oceno „A - » , ki jo dodeli agencija Fitch ali Standard & Poor 's , „A3 » , ki jo dodeli agencija Moody 's , ali „AL » , ki jo dodeli agencija DBRS .
On 24 May 2007 the Governing Council adopted the following two minor adjustments to the collateral framework during 2007 : -- The calendar for the phasing-out of marketable tier two assets eligible as collateral for Eurosystem credit operations was amended .
V letnem povprečju je ta vrsta finančnega premoženja predstavljala 10 % skupnega zneska deponiranega zavarovanja , v primerjavi s 4 % leta 2006 ( glej graf 44 ) . Število bančnih posojil , katerih boniteto je bilo mogoče oceniti , je leta 2007 ostalo omejeno ( glej razdelek o upravljanju tveganja ) .
2 -- The residence criteria for assets eligible as collateral for Eurosystem credit operations were further defined .
-* Koledar postopne odprave tržneg finančnega premoženja z liste 2 , ki se lahko uporabi kot zavarovanje za kreditne operacije Eurosistema , je bil spremenjen 2 .
3 RISK MANAGEMENT ISSUES The Eurosystem mitigates the risk of a counterparty default in a Eurosystem credit operation by requiring counterparties to submit adequate collateral .
Natančneje so bila opredeljena rezidenčna merila za finančno premoženje , ki se šteje kot primerno za zavarovanje kreditnih operacij Eurosistema 3 .
However , despite this requirement , the Eurosystem may still be exposed to a number of financial risks if a counterparty defaults .
omejenem obsegu uporabljati notranji sistemi nasprotnih strank Eurosistema . Zaradi omejene uporabe notranjih sistemov ocenjevanja bonitete so bančna posojila , ki se od 1 .
These include the credit risk associated with the collateral accepted , and the market and liquidity risks of adverse movements in the price of the collateral during the liquidation period after a counterparty default . In order to reduce these risks to acceptable levels , the Eurosystem maintains high credit standards for assets accepted as collateral , valuates collateral on a
januarja 2007 po novem štejejo kot primerna in so bila torej predložena Eurosistemu , večinoma obsegala terjatve do oseb javnega prava , za katere je implicitna bonitetna ocena izpeljana iz bonitetne ocene države , v kateri ima sedež dolžnik ali garant bančnega posojila .
4 ECB Annual Report 2007
Leta 2007 so bile uvede številne novosti v zvezi z bonitetnim okvirom Eurosistema . Po sklepu Sveta ECB z dne 19 .
the rating agency DBRS is used , as of 1 January 2008 , as an additional external credit assessment institution source within the ECAF .
januarja 2008 naprej kot dodaten zunanji vir ocenjevanja bonitete v bonitetnem okviru Eurosistema uporablja tudi agencija DBRS .
The Governing Council also decided in 2007 that covered bank bonds complying strictly with the criteria set out in Article 22 ( 4 ) of the Directive on undertakings for collective investment in transferable securities ( UCITS Directive ) and issued after 1 January 2008 will be subject to the same credit assessment requirements as other marketable assets .
Svet ECB je leta 2007 prav tako sklenil , da bodo za krite bančne obveznice , ki strogo ustrezajo merilom iz člena 22 ( 4 ) direktive o kolektivnih naložbenih podjemih za vlaganja v prenosljive vrednostne papirje ( Direktiva UCITS ) in so bile izdane po 1 .
1.2 FOREIGN EXCHANGE OPERATIONS In 2007 the Eurosystem did not undertake any interventions in the foreign exchange market for policy reasons .
januarju 2008 , veljale enake zahteve glede bonitetne ocene kot za drugo tržno finančno premoženje .
The ECB 's foreign exchange transactions were exclusively related to investment activity . Furthermore , the ECB did not undertake any foreign exchange operations in the non-euro area currencies that participate in ERM II .
1.3 INVESTICIJSKE DEJAVNOSTI Investicijske dejavnosti ECB so organizirane tako , da pri sprejemanju investicijskih odločitev ni mogoče uporabiti nobenih notranjih informacij o ukrepih denarne politike centralne banke .
The standing agreement between the ECB and the IMF to facilitate the initiation of special drawing right ( SDR ) transactions by the IMF on behalf of the ECB with other SDR holders was activated on 18 occasions in 2007 . In the context of the financial market volatility in 2007 , the Eurosystem also conducted two operations in connection with the US dollar Term Auction Facility of the Federal Reserve System , on both occasions providing an amount of USD 10 billion to the Eurosystem 's counterparties ( for more details , see Box 9 ) .
Sklop pravil in postopkov , ki se imenuje „kitajski zid » , ločuje poslovne enote , ki se ukvarjajo z investicijskimi dejavnostmi , od preostalih poslovnih enot . UPRAVLJANJE DEVIZNIH REZERV Portfelj deviznih rezerv ECB so prvotno sestavljale prenesene devizne rezerve s strani centralnih bank euroobmočja .
FOREIGN RESERVE MANAGEMENT The ECB 's foreign reserve portfolio was originally set up through transfers of foreign reserve assets from the euro area NCBs . Over time , the composition of the portfolio reflects changes in the market value of the invested assets , as well as foreign exchange and gold operations of the ECB .
Sčasoma so na sestavo portfelja začele vplivati spremembe v tržni vrednosti investiranih sredstev ter devizne operacije in operacije z zlatom , ki jih izvaja ECB .
The main purpose of the ECB 's foreign reserves is to ensure that , whenever needed , the Eurosystem has a sufficient amount of liquid resources for its foreign exchange policy operations involving non-EU currencies .
Glavni namen deviznih rezerv ECB je zagotoviti , da ima Eurosistem , kadar je potrebno , zadostno količino likvidnih sredstev za svoje devizne operacije , ki vključujejo valute držav zunaj EU .
The objectives for the management of the ECB 's foreign reserves are , in order of importance , liquidity , security and return .
Cilji upravljanja deviznih rezerv ECB so likvidnost , varnost in donos , in sicer v navedenem zaporedju .
The ECB 's foreign reserve portfolio consists of US dollars , Japanese yen , gold and SDRs .
Portfelj deviznih rezerv ECB je sestavljen iz ameriških dolarjev , japonskih jenov , zlata in posebnih pravic črpanja .
The US dollar and Japanese yen reserves are actively managed by the ECB and the euro area NCBs , as agents for the ECB .
Devizne rezerve v ameriških dolarjih in japonskih jenih aktivno upravljajo ECB in nacionalne centralne banke euroobmočja kot pooblaščenke ECB .
As of January 2006 a « currency specialisation model » has been in operation to increase the efficiency of the Eurosystem 's investment operations .
Od januarja 2006 naprej se uporablja „model valutne specializacije » , ki naj bi povečal učinkovitost investicijskih operacij Eurosistema .
Under this scheme , each NCB is as a rule allocated a share in either the US dollar or the Japanese yen portfolio , with two NCBs currently managing two .
Po tej shemi se vsaki centralni banki načeloma dodeli delež bodisi v portfelju ameriških dolarjev bodisi v portfelju japonskih jenov , pri čemer dve centralni banki trenutno upravljata dva .
5 In January 2007 two NCBs ( Banka Slovenije and the Banque centrale du Luxembourg ) pooled their operational activities for the management of their share of the ECB 's foreign reserves .
5 Januarja 2007 sta dve centralni banki ( Banka Slovenije in Banque centrale du Luxembourg ) za upravljanje njunega deleža deviznih rezerv ECB združili svoje operativne dejavnosti .
Two further pooling arrangements came into effect in January 2008 with the entry of the Central Bank of Cyprus and the Central Bank of Malta into the Eurosystem ( see Chapter 3 ) .
Januarja 2008 sta stopila v veljavo še dva dogovora o tovrstnem operativnem združevanju , ko sta v Eurosistem vstopili centralni banki Central
During 2007 the ECB carried out gold sales amounting to around 79 tonnes of gold in total .
1.2 DEVIZNE OPERACIJE ECB leta 2007 ni posredovala na deviznem trgu zaradi razlogov , ki bi jih narekovala denarna politika .
These sales were in full conformity with the Central Bank Gold Agreement dated 27 September 2004 , to which the ECB is a signatory . Most of the proceeds of the gold sales
Njene devizne transakcije so bile povezane izključno z investicijsko dejavnostjo . Poleg tega ECB ni opravila nobenih deviznih operacij v državah zunaj euroobmočja , ki sodelujejo v ERM II .
1.3 INVESTMENT ACTIVITIES The ECB 's investment activities are organised in such a way as to ensure that no insider information about central bank policy actions may be used when making investment decisions .
Sporazum med ECB in MDS , ki omogoča , da MDS v imenu ECB z drugimi imetniki posebnih pravic črpanja izvaja transakcije s temi pravicami , je bil leta 2007 aktiviran v osemnajstih primerih .
A set of rules and procedures , known as the Chinese wall , separates the business units involved in operational investment activities from other business units .
Zaradi volatilnosti finančnega trga v letu 2007 je Eurosistem izvedel tudi dve operaciji v okviru začasne avkcije ameriškega sistema centralnih bank v ameriških dolarjih ( Term Auction Facility ) , v obeh primerih pa je nasprotnim strankam Eurosistema zagotovil znesek v višini 10 milijard USD ( za podrobnosti glej okvir 9 ) .
For more details , see the article entitled « Portfolio management at the ECB » in the April 2006 issue of the ECB 's Monthly Bulletin . 104
Za več podrobnosti glej članek z naslovom „Portfolio management at the ECB » , Monthly Bulletin ECB , april 2006 .
were added to the Japanese yen portfolio and , to a minor extent , to the US dollar portfolio .
septembra 2004 , katerega podpisnica je tudi ECB . Večina prihodka od prodaje zlata je bila dodana portfelju japonskega jena , v manjšem obsegu pa tudi portfelju ameriškega dolarja .
The value of the ECB 's net foreign reserve assets 6 at current exchange rates and market prices increased from Euros 42.3 billion at end-2006 to Euros 42.8 billion at end-2007 , of which Euros 32.1 billion was in foreign currencies -- the Japanese yen and the US dollar -- and Euros 10.7 billion was in gold and SDRs .
Vrednost neto deviznih rezerv ECB 6 po tekočih deviznih tečajih in tržnih cenah se je povečala z 42,3 milijarde EUR ob koncu leta 2006 na 42,8 milijarde EUR ob koncu leta 2007 , od tega je bilo 32,1 milijarde EUR v tujih valutah ( japonskem jenu in ameriškem dolarju ) , 10,7 milijarde EUR pa v zlatu in posebnih pravicah črpanja .
Applying the exchange rates of end-2007 , US dollardenominated assets represented 79.7% of the foreign currency reserves , while those denominated in Japanese yen accounted for 20.3% .
Po deviznih tečajih , veljavnih ob koncu leta 2007 , so sredstva v ameriških dolarjih predstavljala 79,7% deviznih rezerv , sredstva v japonskih jenih pa 20,3% .
The most substantial change in 2007 was therefore in the market value of gold and SDRs , which rose to Euros 10.7 billion from Euros 10.3 billion in 2006 , mostly as a result of the appreciation of gold by around 18 % measured in euro-denominated terms .
Največja sprememba v letu 2007 je torej nastala v tržni vrednosti zlata in posebnih pravic črpanja , ki se je z 10,3 milijarde EUR v letu 2006 povečala na 10,7 milijarde EUR , predvsem zaradi apreciacije zlata za približno 18 %, merjeno v eurih .