natgillin/translations-raw huggingface dataset:
This single framework , also referred to as the « Single List » , entered into effect on 1 January 2007 and replaced the two-tier system which had been in place from the start of Stage Three of Economic and Monetary Union .
Enotni okvir ( imenuje se tudi „enotna lista ") je začel veljati 1 . januarja 2007 in je nadomestil sistem z dvema listama , ki je veljal od začetka tretje faze ekonomske in monetarne unije .
2 The single framework comprises two distinct asset classes -- marketable assets and non-marketable assets .
2 Enotni okvir obsega dva različna razreda finančnega premoženja , in sicer tržno finančno premoženje in netržno finančno premoženje .
No distinction is made between the two asset classes with regard to the quality of the assets and their eligibility for the various types of Eurosystem monetary policy operations , except that non-marketable assets are not used by the Eurosystem for outright transactions .
Med obema razredoma ni razlik glede kakovosti finančnega premoženja in njegove primernosti za različne vrste operacij denarne politike Eurosistema , razen dejstva , da netržnega finančnega premoženja Eurosistem ne uporablja za dokončne transakcije .
The eligibility criteria for the two asset classes are uniform across the euro area and are set out in Section 6.2.3 To ensure that the two asset classes comply with the same credit standards , a Eurosystem credit assessment framework ( ECAF ) has been set up , which relies on different credit assessment sources .
Merila primernosti za oba razreda finančnega premoženja so poenotena za celotno euroobmočje in so opisana v poglavju 6.2 . 3 Da bi zagotovili , da oba razreda finančnega premoženja izpolnjujeta enake bonitetne standarde , je Eurosistem vzpostavil bonitetni okvir Eurosistema ( ECAF ) , ki temelji na različnih bonitetnih virih .
Eurosystem counterparties may use eligible assets on a cross-border basis ( see Section 6.6 ) .
Nasprotne stranke Eurosistema lahko uporabijo primerno finančno premoženje za zavarovanje terjatev tudi preko meja ( glej poglavje 6.6 ) .
6.2 ELIGIBILITY SPECIFICATIONS FOR UNDERLYING ASSETS The ECB establishes , maintains and publishes a list of eligible marketable assets .
6.2 OPREDELITEV PRIMERNOSTI FINANČNEGA PREMOŽENJE ZA ZAVAROVANJE TERJATEV ECB oblikuje , vzdržuje in objavlja listo primernega tržnega finančnega premoženja .
4 For non-marketable assets , the ECB will publish neither a list of eligible assets nor a list of eligible debtors / guarantors .
4 ECB za netržno finančno premoženje ne bo objavljala niti liste primernega finančnega premoženja niti liste primernih dolžnikov / garantov .
The Eurosystem only provides counterparties with advice regarding eligibility as Eurosystem collateral if already issued marketable assets or outstanding non-marketable assets are submitted to the Eurosystem as collateral . There is thus no pre-issuance advice .
Eurosistem daje pojasnila nasprotnim strankam glede primernosti finančnega premoženja za 1 Tudi dokončne in povratne transakcije odprtega trga za zmanjševanje likvidnosti temeljijo na finančnem premoženju za zavarovanje terjatev .
Liquidity-absorbing outright and reverse open market operations are also based on underlying assets . For underlying assets used in liquidity-absorbing reverse open market operations , the eligibility criteria are identical to those applied for underlying assets used in liquidity-providing reverse open market operations .
Za finančno premoženje za zavarovanje terjatev , uporabljeno v povratnih transakcijah odprtega trga za zmanjševanje likvidnosti , so merila primernosti enaka tistim , ki veljajo za finančno premoženje za zavarovanje terjatev , ki se uporablja v povratnih transakcijah odprtega trga za povečevanje likvidnosti .
French fonds communs de créances ( FCCs ) that were incorporated in the tier one list and issued prior to 1 May 2006 will remain eligible for a transitional period until 31 December 2008 .
Enote francoskih fonds communs de créances ( FCC ) , vključene na listo 1 in izdane pred 1 . majem 2006 , ostanejo primerne v prehodnem obdobju do 31 .
FCCs issued from 1 May 2006 are not eligible .
FCC , izdane pred 1 . majem 2006 , niso primerne .
During the interim period until 31 December 2011 for a specific asset class of the non-marketable assets , credit claims , a limited number of eligibility and operational criteria may diverge across the euro area ( see Section 6.2.2 ) .
Za določen razred netržnega finančnega premoženja ( bančna posojila ) se lahko v prehodnem obdobju do 31 . decembra 2011 nekatera merila primernosti in operativna merila znotraj euroobmočja razlikujejo ( glej poglavje 6.2.2 ) .
This list is published and updated daily on the ECB 's website ( www.ecb.europa.eu ) .
Lista je objavljena na spletni strani ECB ( www.ecb.europa.eu ) in se dnevno dopolnjuje .
Marketable assets issued by non-financial corporations without a rating from an external credit assessment institution ( ECAI ) for the issue , issuer or guarantor are not included in the public list of eligible marketable assets .
Tržno finančno premoženje , izdano s strani nefinančnih družb , za katerega zunanje bonitetne institucije ( ECAI ) niso podale bonitetne ocene glede izdaje , izdajatelja ali garanta , ni vključeno na javno listo primernega tržnega finančnega premoženja .
ECB The implementation of monetary policy in the euro area November 2008
ECB Izvajanje denarne politike v euroobmočju November 2008 POGLAVJE 6 zavarovanje terjatev Eurosistema samo , če je bilo že izdano tržno finančno premoženje ali obstoječe netržno finančno premoženje predloženo Eurosistemu kot zavarovanje .
CHAPTER 6 6.2.1 ELIGIBILITY CRITERIA FOR MARKETABLE ASSETS Debt certificates issued by the ECB and all debt certificates issued by the national central banks of the Eurosystem prior to the date of adoption of the euro in their respective Member State are eligible .
6.2.1 MERILA PRIMERNOSTI ZA TRŽNO FINANČNO PREMOŽENJE Dolžniški certifikati , ki jih je izdala ECB , ter vsi dolžniški certifikati , ki so jih izdale nacionalne centralne banke Eurosistema pred uvedbo eura v svoji državi članici , so primerni .
To determine the eligibility of other marketable assets , the following eligibility criteria are applied ( see also Table 4 ) : TYPE OF ASSET It must be a debt instrument having : ( a ) a fixed , unconditional principal amount ;
Pri določanju primernosti drugega tržnega finančnega premoženja se uporabljajo naslednja merila primernosti ( glej tudi tabelo 4 ) . VRSTA FINANČNEGA PREMOŽENJA Biti mora dolžniški instrument , ki ima : ( a ) fiksen , brezpogojen znesek glavnice 5 ;
5 and ( b ) a coupon that cannot result in a negative cash flow .
( b ) kupon , ki ne more povzročiti negativnega denarnega toka .
In addition , the coupon should be one of the following : ( i ) a zero coupon ;
Poleg tega mora biti kupon eden od naslednjih : ( i ) kot pri brezkuponskih instrumentih ;
Furthermore , inflation-indexed bonds are also eligible .
Poleg tega so primerne tudi obveznice , indeksirane na inflacijo .
Debt instruments may not afford rights to the principal and / or the interest that are subordinated to the rights of holders of other debt instruments of the same issuer .
Dolžniški instrumenti ne smejo dati pravice do glavnice in / ali obresti , ki je podrejena pravicam imetnikov drugih dolžniških instrumentov istega izdajatelja .
Requirement ( a ) does not apply to asset-backed securities , with the exception of bonds issued by credit institutions in accordance with the criteria set out in Article 22 ( 4 ) of the UCITS Directive 6 ( referred to as « covered bank bonds ") .
Zahteva ( a ) ne velja za kolateralizirane vrednostne papirje , razen za obveznice , ki jih izdajo kreditne institucije v skladu z merili , določenimi v členu 22 ( 4 ) Direktive UCITS 6 ( „krite bančne obveznice ") .
The Eurosystem assesses the eligibility of assetbacked securities other than covered bank bonds against the following criteria .
Eurosistem ocenjuje primernost kolateraliziranih vrednostnih papirjev , razen kritih bančnih obveznic , po naslednjih merilih .
The cash flow-generating assets backing the asset-backed securities must fulfil the following requirements : ( a ) the acquisition of such assets must be governed by the law of an EU Member State ;
Finančno premoženje , ki ustvarja denarni tok in s katerim so zavarovani kolateralizirani vrednostni papirji , mora izpolnjevati naslednje zahteve : ( a ) pridobitev takšnega premoženja mora urejati zakonodaja države članice EU ;
and ( 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 .
( 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 .
A tranche ( or sub-tranche ) is considered to be non-subordinated vis-à-vis other tranches ( or sub-tranches ) of the same issue if , in accordance with the priority of payment applicable after the delivery of an enforcement notice , as set out in the offering circular , no other tranche ( or sub-tranche ) is given priority over that tranche or sub-tranche in respect of receiving payment ( principal and interest ) , and thereby such tranche ( or sub-tranche ) is last in incurring losses among the different tranches or sub-tranches of a structured issue .
Tranša ( ali podtranša ) šteje kot nepodrejena drugim tranšam ( ali podtranšam ) iste izdaje , če -- v skladu z vrstnim redom poplačila , ki se uporabi po dostavi obvestila o izvršbi , kot je določen v prospektu -- nobena druga tranša ( ali podtranša ) nima prednosti pred to tranšo ali podtranšo glede prejema plačila ( glavnice in obresti ) , s čimer takšna tranša ( ali podtranša ) zadnja utrpi škodo med različnimi tranšami ali podtranšami znotraj strukturirane izdaje .
The Eurosystem reserves the right to request from any relevant third party ( such as the issuer , the originator or the arranger ) any clarification and / or legal confirmation that it considers necessary to assess the eligibility of asset-backed securities .
Eurosistem si pridržuje pravico , da od katerih koli tretjih oseb ( kot so izdajatelj , originator ali organizator ) zahteva kakršno koli pojasnilo in / ali pravno potrditev , za katero šteje , da je potrebna za oceno primernosti kolateraliziranih vrednostnih papirjev .
Bonds with warrants or other similar rights attached are not eligible .
Obveznice z nakupnim bonom ali z drugo podobno pravico niso primerne . Direktiva Sveta 85/611 / EGS z dne 20 .
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 ) , as last amended by Directive 2005/1 / EC ( OJ L 79 , 24.3.2005 , p. 9 ) .
decembra 1985 o usklajevanju zakonov in drugih predpisov o kolektivnih naložbenih podjemih za vlaganja v prenosljive vrednostne papirje ( KNPVP ) ( UL L 375 z dne 31 . decembra 1985 , stran 3 ) , kakor je bila nazadnje spremenjena z Direktivo 2005/1 / ES ( UL L 79 z dne 24 .
CREDIT STANDARDS The debt instrument must meet the high credit standards specified in the ECAF rules for marketable assets , as set out in Section 6.3.2 .
BONITETNI STANDARD Dolžniški instrument mora izpolnjevati visoke bonitetne standarde , ki so opredeljeni v pravilih ECAF za tržno finančno premoženje , kakor je opisano v poglavju 6.3.2 .
PLACE OF ISSUE The debt instrument must be deposited / registered ( issued ) in the EEA with a central bank or with a central securities depository ( CSD ) which fulfils the minimum standards established by the ECB .
KRAJ IZDAJE Dolžniški instrument mora biti deponiran / registriran ( izdan ) v EGP pri centralni banki ali pri centralnem registru vrednostnih papirjev ( CRVP ) , ki izpolnjuje minimalne standarde , določene s strani ECB .
7 In case a marketable debt instrument is issued by a non-financial corporation 8 that is not rated by an accepted external credit assessment institution ( ECAI ) , the place of issue must be the euro area .
7 Če tržni dolžniški instrument izda nefinančna družba 8 , katere bonitete ni ocenila sprejeta zunanja bonitetna institucija ( ECAI ) , mora biti kraj izdaje euroobmočje .
SETTLEMENT PROCEDURES The debt instrument must be transferable in book-entry form .
POSTOPKI PORAVNAVE Dolžniški instrument mora biti prenosljiv v nematerializirani obliki .
It must be held and settled in the euro area through an account with the Eurosystem or with an SSS that fulfils the standards established by the ECB , so that perfection and realisation are subject to the law of a euro area country .
Hraniti in poravnavati se mora v euroobmočju prek računa , odprtega pri Eurosistemu ali pri sistemu poravnave vrednostnih papirjev ( SPVP ) , ki izpolnjuje standarde , določene s strani ECB , tako da obliko in vsebino ter realizacijo ureja zakonodaja države članice euroobmočja .
If the CSD where the asset is issued and the SSS where it is held are not identical , then the two institutions have to be connected by a link approved by the ECB .
Če CRVP , kjer se finančno premoženje izda , in SPVP , kjer se poravnava , nista ista ustanova , morata biti obe ustanovi med seboj povezani na način , ki ga odobri ECB .
9 ACCEPTABLE MARKETS The debt instrument must be admitted to trading on a regulated market as defined in the Directive 2004/39 / EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments , 10 or traded on certain non-regulated markets as specified by the ECB .
9 SPREJEMLJIVI TRGI Dolžniški instrument mora biti sprejet v trgovanje na organiziranem trgu , kot je določeno v Direktivi 2004/39 / ES Evropskega parlamenta in Sveta z dne 21 . aprila 2004 o trgih s finančnimi instrumenti 10 , ali pa se mora z njim trgovati na nekaterih neorganiziranih trgih , katerih primernost določa ECB .
11 The assessment of non-regulated markets by the Eurosystem is based on three principles -- safety , transparency and accessibility .
11 Ocena neorganiziranih trgov , ki jo pripravlja Eurosistem , temelji na treh načelih -- varnost , transparentnost in dostopnost .
12 , 13 TYPE OF ISSUER / GUARANTOR The debt instrument may be issued or guaranteed by central banks , public sector entities , private sector entities , or international or supranational institutions .
12 , 13 VRSTA IZDAJATELJA / GARANTA Dolžniški instrument lahko izdajo ali zanj jamčijo centralne banke , osebe javnega sektorja , osebe zasebnega sektorja ali mednarodne oziroma nadnacionalne institucije .
PLACE OF ESTABLISHMENT OF THE ISSUER / GUARANTOR The issuer must be established in the EEA or in one of the non-EEA G10 countries .
KRAJ USTANOVITVE IZDAJATELJA / GARANTA Izdajatelj mora biti ustanovljen v EGP ali eni od držav skupine G-10 zunaj EGP .
14,15 In the latter case , the debt instruments can only be considered eligible if the Eurosystem ascertains that its rights would be protected in an appropriate manner , as determined by the Eurosystem , under the laws of the respective non-EEA G10 country . For this purpose , a legal assessment in a form and with substance acceptable to the Eurosystem will have 7 Since 1 January 2007 , international debt securities in global bearer form issued through the ICSDs Euroclear Bank ( Belgium ) and Clearstream Banking Luxembourg must , in order to be eligible , be issued in the form of New Global Notes ( NGNs ) and must be deposited with a Common Safekeeper ( CSK ) which is an ICSD or , if applicable , a CSD that fulfils the minimum standards established by the ECB .
14 , 15 7 Da bi bili primerni , morajo biti mednarodni dolžniški vrednostni papirji v globalni prinosniški obliki , izdani prek MRVP Euroclear Bank ( Belgija ) in Clearstream Banking Luxembourg , od 1 . januarja 2007 dalje izdani v obliki novih svetovnih zadolžnic ( New Global Notes , NGN ) in morajo biti deponirani pri skupnem varuhu ( Common Safekeeper , CSK ) , ki je MRVP ali , kjer je to primerno , CRVP , ki izpolnjuje minimalne standarde , določene s strani ECB .
International debt securities in global bearer form that were issued in the form of Classical Global Notes ( CGNs ) prior to 1 January 2007 and fungible securities issued under the same ISIN code on or after that date remain eligible until maturity .
Mednarodni dolžniški vrednostni papirji v globalni prinosniški obliki , ki so bili izdani v obliki klasičnih svetovnih zadolžnic ( Classical Global Notes , CGN ) pred 1 . januarjem 2007 , ter zamenljivi vrednostni papirji , ki so bili izdani pod isto ISIN kodo na ta datum ali po njem , ostanejo primerni do zapadlosti .
The description of the standards for the use of eligible SSSs in the euro area and an updated list of the eligible links between these systems can be found on the ECB 's website ( www.ecb.europa.eu ) .
Opis standardov za uporabo primernih SPVP v euroobmočju in ažuriran seznam primernih povezav med temi sistemi je objavljen na spletni strani ECB ( www.ecb.europa.eu ) .
OJ L 145 , 30.4.2004 , p. 1 .
UL L 145 z dne 30 . aprila 2004 , stran 1 .
A list of acceptable non-regulated markets is published on the ECB 's website ( www.ecb.europa.eu ) and updated at least once a year .
Seznam sprejemljivih neorganiziranih trgov je objavljen na spletni strani ECB ( www.ecb.europa.eu ) in je dopolnjen vsaj enkrat na leto .
« Safety » , « transparency » and « accessibility » are defined by the Eurosystem exclusively in terms of the performance of the Eurosystem 's collateral management function .
Eurosistem opredeljuje „varnost » , „transparentnost » in „dostopnost » izključno z vidika upravljanja s finančnim zavarovanjem .
The selection process is not aimed at assessing the intrinsic quality of the various markets .
Cilj ni ocenjevati temeljne kakovosti različnih trgov .
The principles are to be understood as follows .
Omenjena načela se interpretirajo na naslednji način .
Transparency is taken to mean unimpeded access to information on the market 's rules of procedure and operation , the financial features of the assets , the price formation mechanism , and the relevant prices and quantities ( quotes , interest rates , trading volumes , outstanding amounts , etc .) .
Transparentnost pomeni nemoten dostop do podatkov o pravilih poslovanja in delovanja trga , finančnih značilnostih premoženja , mehanizmu oblikovanja cen ter o ustreznih cenah in količinah ( kotacije , obrestne mere , obseg trgovanja , obseg izdaje vrednostnih papirjev itd .
Accessibility refers to the Eurosystem 's ability to take part in and have access to the market ;
Dostopnost se nanaša na možnost Eurosistema , da sodeluje na trgu in da ima dostop do njega ;
a market is accessible for collateral management purposes if its rules of procedure and operation allow the Eurosystem to obtain information and conduct transactions when needed for these purposes .
trg je dostopen za namene upravljanja s finančnim zavarovanjem , če njegova pravila poslovanja in delovanja omogočajo Eurosistemu , da pride do informacij in da v primeru potrebe opravlja transakcije upravljanja s finančnim zavarovanjem .
Marketable assets , which were accepted as tier two assets , and which have been 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 , remain eligible until 31 December 2009 , provided they fulfil the other eligibility criteria , and become ineligible after that date .
Tržno finančno premoženje , ki je bilo sprejeto kot finančno premoženje z liste 2 , izdano pred 31 . majem 2007 in s katerim se trguje na neorganiziranih trgih , ki trenutno izpolnjujejo zahteve Eurosistema glede varnosti in dostopnosti , ne pa tudi transparentnosti , ostane primerno do 31 .
This does not apply to uncovered marketable assets issued by credit institutions that were accepted as tier two assets and became ineligible on 31 May 2007 .
To ne velja za nekrito tržno finančno premoženje izdano s strani kreditne institucije , ki je bilo sprejeto kot finančno premoženje z liste 2 in je 31 . maja 2007 postalo neprimerno .
Non-EEA G10 countries currently include the United States , Canada , Japan and Switzerland .
Države skupine G-10 zunaj EGP so trenutno ZDA , Kanada , Japonska in Švica .
Marketable assets issued before 1 January 2007 by an entity not established in the EEA or in one of the non-EEA G10 countries , but guaranteed by an entity established in the EEA , remain eligible until 31 December 2011 , provided they fulfil the other eligibility criteria and the requirements applicable to guarantees as set out in Section 6.3.2 , and become ineligible after that date .
januarjem 2007 izdali subjekti , ki niso ustanovljeni v EGP ali v eni od držav G-10 zunaj EGP , vendar zanj jamči subjekt , ustanovljen v EGP , ostane primerno do 31 . decembra 2011 pod pogojem , da izpolnjuje druga merila primernosti in zahteve glede garancij , kot so opisane v poglavju 6.3.2 , po tem datumu pa postane neprimerno .
CHAPTER 6 to be submitted before the assets can be considered eligible .
POGLAVJE 6 V slednjem primeru se dolžniški instrumenti štejejo za primerne samo , če se Eurosistem prepriča , da bodo njegove pravice ustrezno zaščitene , na način , ki ga določa Eurosistem , v okviru zakonodaje zadevne države skupine G-10 zunaj EGP .
CURRENCY OF DENOMINATION The debt instrument must be denominated in euro .
VALUTA DENOMINACIJE Dolžniški instrument mora biti denominiran v eurih .
16 6.2.2 ELIGIBILITY CRITERIA FOR NON-MARKETABLE ASSETS Two types of non-marketable assets are eligible as collateral in the single framework for eligible assets : credit claims and non-marketable retail mortgage-backed debt instruments ( RMBDs ) .
16 6.2.2 MERILA PRIMERNOSTI ZA NETRŽNO FINANČNO PREMOŽENJE V enotnem okviru primernega finančnega premoženja za zavarovanje terjatev sta kot zavarovanje primerni dve vrsti netržnega finančnega premoženja : bančna posojila in netržni hipotekarni dolžniški instrumenti ( RMBD ) .
17 CREDIT CLAIMS To be eligible , a credit claim 18 has to fulfil the following eligibility criteria ( see also Table 4 ) : -* Type of asset : It must be a credit claim which is a debt obligation of a debtor vis-à-vis a Eurosystem counterparty .
17 -* BANČNA POSOJILA Da bi bilo primerno , mora bančno posojilo 18 izpolnjevati naslednja merila primernosti ( glej tudi tabelo 4 ) .
Credit claims that have a « reducing balance » ( i.e. where the principal and interest are paid off according to a pre-agreed schedule ) are also eligible .
Bančna posojila s postopnim odplačevanjem glavnice ( kjer se glavnica in obresti odplačujejo po vnaprej določenem načrtu ) so ravno tako primerna .
Undrawn credit lines ( e.g. undrawn facilities of revolving credit claims ) , current account overdrafts and letters of credit ( which authorise the use of credit but are not credit claims per se ) are not eligible .
Neizkoriščene kreditne linije ( npr . neizkoriščen del revolving posojil ) , prekoračitve stanja na tekočem računu in akreditivi ( ki dovoljujejo uporabo kredita , vendar sami po sebi niso bančna posojila ) niso primerni .
The share of a syndicate member institution in a syndicated loan is considered an eligible type of credit claim .
Delež institucije v sindikatu pri sindiciranem posojilu šteje kot primerno bančno posojilo .
Credit claims may not afford rights to the principal and / or the interest that are subordinated to the rights of holders of other credit claims ( or other tranches or sub-tranches in the same syndicated loan ) or debt instruments of the same issuer .
Pri bančnih posojilih pravica iz naslova plačil glavnice oziroma obresti ne sme biti podrejena pravici imetnika drugih bančnih posojil ( ali drugih tranš ali podtranš v istem sindiciranem posojilu ) ali dolžniških instrumentov istega izdajatelja .
-* The credit claim must have ( a ) a fixed , unconditional principal amount and ( b ) an interest rate that cannot result in a negative cash flow .
Bančno posojilo mora imeti ( a ) fiksen , brezpogojen znesek glavnice ter ( b ) obrestno mero , ki ne more povzročiti negativnega denarnega toka .