natgillin/translations-raw huggingface dataset:
V primeru, da n-to neplačilo med izpostavljenostmi sproži plačilo na podlagi kreditnega zavarovanja, kreditna institucija, ki kupuje zavarovanje, prizna zavarovanje za namen izračuna zneskov s tveganju prilagojenih izpostavljenosti, po potrebi pa tudi zneskov pričakovanih izgub, samo če je bilo zavarovanje pridobljeno tudi za neplačila od 1 do n-1, ali če je že prišlo do števila neplačil n-1.
Where the nth default among the exposures triggers payment under the credit protection, the credit institution purchasing the protection may only recognise the protection for the calculation of risk-weighted exposure amounts and, as relevant, expected loss amounts if protection has also been obtained for defaults 1 to n-1 or when n-1 defaults have already occurred.
V teh primerih se uporablja metodologija, določena v odstavku 1 za kreditne izvedene finančne instrumente na podlagi prvega neplačila, ustrezno spremenjena za produkte n-tega neplačila.
In such cases, the methodology shall follow that set out in point 1 for first-to-default derivatives appropriately modified for nth-to-default products.
LISTINJENJE Del 1 – Opredelitve pojmov za namene Priloge IX
SECURITISATION Part 1 – Definitions for the purposes of Annex IX
"dodatni razpon" pomeni pristojbine in drugi prihodki iz nadomestil, prejeti v zvezi listinjenimi izpostavljenostmi, zmanjšani za neto stroške in odhodke;
"Excess spread" means finance charge collections and other fee income received in respect of the securitised exposures net of costs and expenses;
"vgrajena nakupna opcija" pomeni pogodbena možnost, da originator začasno odkupi ali nadomesti pozicije listinjenja pred odplačilom vseh osnovnih izpostavljenosti, če znesek zapadlih izpostavljenosti pade pod določeno stopnjo;
"Clean-up call option" means a contractual option for the originator to repurchase or extinguish the securitisation positions before all of the underlying exposures have been repaid, when the amount of outstanding exposures falls below a specified level;
"likvidnostno posojilo" pomeni pozicija listinjenja, ki izhaja iz pogodbenega sporazuma o financiranju za zagotavljanje pravočasnosti denarnih tokov investitorjem;
"Liquidity facility" means the securitisation position arising from a contractual agreement to provide funding to ensure timeliness of cash flows to investors;
"kirb" pomeni 8 % zneskov tveganju prilagojenih izpostavljenosti, ki bi bili v skladu s členi 84 do 89 izračunani za listinjene izpostavljenosti, če slednje ne bi bile listinjene, čemur se prišteje znesek pričakovanih izgub, povezan z izpostavljenostmi, izračunanimi v skladu z navedenimi členi;
"Kirb" means 8% of the risk-weighted exposure amounts that would be calculated under Articles 84 to 89 in respect of the securitised exposures, had they not been securitised, plus the amount of expected losses associated with those exposures calculated under those Articles;
"metoda na podlagi bonitetnih ocen" pomeni metoda izračunavanja zneskov tveganju prilagojenih izpostavljenosti za pozicije listinjenja v skladu z odstavki 46 do 51 dela 4;
"Ratings based method" means the method of calculating risk-weighted exposure amounts for securitisation positions in accordance with Part 4, points 46 to 51;
"metoda nadzorniške formule" pomeni metoda izračunavanja zneskov tveganju prilagojenih izpostavljenosti za pozicije listinjenja v skladu z odstavki 52 do 54 dela 4;
"Supervisory formula method" means the method of calculating risk-weighted exposure amounts for securitisation positions in accordance with Part 4, points 52 to 54;
"neocenjena pozicija" pomeni pozicija listinjenja, ki nima primerne bonitetne ocene od primerne ECAI, kakor je določeno v členu 97;
"Unrated position" means a securitisation position which does not have an eligible credit assessment by an eligible ECAI as defined in Article 97;
"ocenjena pozicija" pomeni pozicija listinjenja, ki ima primerno bonitetno oceno od primerne ECAI, kakor je določeno v členu 97; in
"Rated position" means a securitisation position which has an eligible credit assessment by an eligible ECAI as defined in Article 97; and
"program s premoženjem kritih komercialnih zapisov" (program "ABCP") pomeni program listinjenj, iz katerega izdani vrednostni papirji so pretežno v obliki komercialnih zapisov s prvotno zapadlostjo do enega leta ali manj.
"Asset-backed commercial paper (ABCP) programme" means a programme of securitisations the securities issued by which predominantly take the form of commercial paper with an original maturity of one year or less.
Del 2 – Minimalne zahteve za priznanje prenosa pomembnega deleža kreditnega tveganja ter izračun zneskov tveganju prilagojenih izpostavljenosti in zneskov pričakovanih izgub za listinjene izpostavljenosti
Part 2 – Minimum requirements for recognition of significant credit risk transfer and calculation of risk-weighted exposure amounts and expected loss amounts for securitised exposures
MINIMALNE ZAHTEVE ZA PRIZNANJE PRENOSA POMEMBNEGA DELEŽA KREDITNEGA TVEGANJA V TRADICIONALNEM LISTINJENJU
MINIMUM REQUIREMENTS FOR RECOGNITION OF SIGNIFICANT CREDIT RISK TRANSFER IN A TRADITIONAL SECURITISATION
Kreditna institucija v vlogi originatorja, ki uporablja tradicionalno listinjenje, lahko iz izračuna zneskov tveganju prilagojenih izpostavljenosti in zneskov pričakovanih izgub izključi listinjene izpostavljenosti, če je bilo na tretje osebe prenesen pomemben delež kreditnega tveganja iz naslova listinjenih izpostavljenosti, pri čemer ta prenos ustreza naslednjim pogojem:
The originator credit institution of a traditional securitisation may exclude securitised exposures from the calculation of risk-weighted exposure amounts and expected loss amounts if significant credit risk associated with the securitised exposures has been transferred to third parties and the transfer complies with the following conditions:
dokumentacija listinjenja odraža ekonomsko vsebino posla;
The securitisation documentation reflects the economic substance of the transaction;
listinjene izpostavljenosti so postavljene izven dosega kreditne institucije v vlogi originatorja in njenih upnikov, kar velja tudi za primer likvidacije in stečaja.
The securitised exposures are put beyond the reach of the originator credit institution and its creditors, including in bankruptcy and receivership.
Navedeno se utemelji z mnenjem kvalificiranega pravnega svetovalca;
This shall be supported by the opinion of qualified legal counsel;
izdani vrednostni papirji ne predstavljajo plačilnih obveznosti kreditne institucije v vlogi originatorja;
The securities issued do not represent payment obligations of the originator credit institution;
prevzemnik je subjekt s posebnim namenom pri listinjenju (SSPE);
The transferee is a securitisation special-purpose entity (SSPE);
kreditna institucija originator ne ohrani dejanskega ali posrednega nadzora nad prenesenimi izpostavljenostmi.
The originator credit institution does not maintain effective or indirect control over the transferred exposures.
Šteje se, da je originator ohranil dejanski nadzor nad prenesenimi izpostavljenostmi, če ima pravico, da od prevzemnika ponovno odkupi predhodno prenesene izpostavljenosti z namenom, da pridobi določene koristi, ali če je dolžan ponovno prevzeti preneseno tveganje.
An originator shall be considered to have maintained effective control over the transferred exposures if it has the right to repurchase from the transferee the previously transferred exposures in order to realise their benefits or if it is obligated to re-assume transferred risk.
Ohranitev pravic ali obveznosti kreditne institucije v vlogi originatorja do servisiranja pravic, ki se nanašajo na zadevne izpostavljenosti, sama po sebi ne predstavlja posrednega nadzora nad izpostavljenostmi;
The originator credit institution's retention of servicing rights or obligations in respect of the exposures shall not of itself constitute indirect control of the exposures;
v primeru, da obstaja vgrajena nakupna opcija, morajo biti izpolnjeni naslednji pogoji:
Where there is a clean-up call option, the following conditions are satisfied:
kreditna institucija v vlogi originatorja lahko vgrajeno nakupno opcijo uveljavi po svoji lastni presoji,
The clean-up call option is exercisable at the discretion of the originator credit institution;
vgrajena nakupna opcija se lahko uveljavi samo, če 10 % ali manj prvotne vrednosti listinjenih izpostavljenosti ostane neamortiziranih, in
The clean-up call option may only be exercised when 10% or less of the original value of the exposures securitised remains unamortised; and
vgrajena nakupna opcija ni strukturirana tako, da bi preprečevala izgube pozicij iz naslova izboljšanja kreditne kvalitete ali drugih pozicij investitorjev, niti ni strukturirana na drugačen način, ki bi zagotavljal izboljšanje kreditne kvalitete; in
The clean-up call option is not structured to avoid allocating losses to credit enhancement positions or other positions held by investors and is not otherwise structured to provide credit enhancement; and
dokumentacija listinjenja ne vsebuje klavzul, ki
The securitisation documentation does not contain clauses that
razen v primeru določb o predčasnem odplačilu, zahtevajo, da kreditna institucija v vlogi originatorja izboljša pozicije v listinjenju, ki vključujejo, vendar niso omejene na spremembo osnovnih kreditnih izpostavljenosti ali na povečanje donosa, ki se izplača investitorjem zaradi poslabšanja kreditne kvalitete listinjenih izpostavljenosti, ali
other than in the case of early amortisation provisions, require positions in the securitisation to be improved by the originator credit institution including but not limited to altering the underlying credit exposures or increasing the yield payable to investors in response to a deterioration in the credit quality of the securitised exposures; or
ki povečujejo donos, ki se izplača imetnikom pozicij v listinjenju zaradi poslabšanja kreditne kvalitete osnovnega paketa.
increase the yield payable to holders of positions in the securitisation in response to a deterioration in the credit quality of the underlying pool.
MINIMALNE ZAHTEVE ZA PRIZNANJE PRENOSA POMEMBNEGA DELEŽA KREDITNEGA TVEGANJA V SINTETIČNEM LISTINJENJU
MINIMUM REQUIREMENTS FOR RECOGNITION OF SIGNIFICANT CREDIT RISK TRANSFER IN A SYNTHETIC SECURITISATION
Kreditna institucija v vlogi originatorja, ki uporablja sintetično listinjenje, lahko izračuna zneske tveganju prilagojenih izpostavljenosti, po potrebi pa tudi zneske pričakovanih izgub, za listinjene izpostavljenosti v skladu z odstavkoma 3 in 4 spodaj, če je bilo s stvarnim ali z osebnim kreditnim zavarovanjem na tretje osebe prenesen pomemben delež kreditnega tveganja, pri čemer prenos ustreza naslednjim pogojem:
An originator credit institution of a synthetic securitisation may calculate risk-weighted exposure amounts, and, as relevant, expected loss amounts, for the securitised exposures in accordance with points 3 and 4 below, if significant credit risk has been transferred to third parties either through funded or unfunded credit protection and the transfer complies with the following conditions:
kreditno zavarovanje, s katerim se prenese kreditno tveganje, izpolnjuje merila primernosti in druge zahteve iz členov 90 do 93 za priznanje takega kreditnega zavarovanja.
The credit protection by which the credit risk is transferred complies with the eligibility and other requirements under Articles 90 to 93 for the recognition of such credit protection.
Za namene tega odstavka se subjekti s posebnim namenom ne priznajo kot primerni izdajatelji osebnih kreditnih zavarovanj;
For the purposes of this point, special purpose entities shall not be recognised as eligible unfunded protection providers.
instrumenti, ki se uporabljajo za prenos kreditnega tveganja, ne vsebujejo zahtev ali pogojev, ki
The instruments used to transfer credit risk do not contain terms or conditions that:
zahtevajo večje prage bistvenosti, za katere se šteje, da se kreditno zavarovanje v primeru kreditnega dogodka ne sproži, če niso doseženi,
impose significant materiality thresholds below which credit protection is deemed not to be triggered if a credit event occurs;
dopuščajo prekinitev zavarovanja zaradi poslabšanja kreditne kvalitete osnovnih izpostavljenosti,
allow for the termination of the protection due to deterioration of the credit quality of the underlying exposures;
razen v primeru določb o predčasnem odplačilu dolga, zahtevajo, da kreditna institucija v vlogi originatorja izboljša pozicije v listinjenju,
other than in the case of early amortisation provisions, require positions in the securitisation to be improved by the originator credit institution;
povečujejo stroške kreditnih institucij za kreditno zavarovanje ali donos, ki se izplača imetnikom pozicij v listinjenju zaradi poslabšanja kreditne kvalitete osnovnega paketa; in
increase the credit institutions' cost of credit protection or the yield payable to holders of positions in the securitisation in response to a deterioration in the credit quality of the underlying pool; and
od kvalificiranega pravnega svetovalca se pridobi mnenje, ki potrjuje izterljivost kreditnega zavarovanja v vseh zadevnih pravnih redih.
An opinion is obtained from qualified legal counsel confirming the enforceability of the credit protection in all relevant jurisdictions.
IZRAČUN ZNESKOV TVEGANJU PRILAGOJENIH IZPOSTAVLJENOSTI KREDITNE INSTITUCIJE V VLOGI ORIGINATORJA ZA IZPOSTAVLJENOSTI, LISTINJENE V SINTETIČNEM LISTINJENJU
ORIGINATOR CREDIT INSTITUTIONS' CALCULATION OF RISK-WEIGHTED EXPOSURE AMOUNTS FOR EXPOSURES SECURITISED IN A SYNTHETIC SECURITISATION
Za izračun zneskov tveganju prilagojenih izpostavljenosti za listinjene izpostavljenosti, pri čemer so izpolnjeni pogoji iz odstavka 2, kreditna institucija v vlogi originatorja, ki uporablja sintetično listinjenje, v skladu z odstavki 5 do 7 uporabi ustrezne metodologije izračunavanja iz dela 4 in ne metodologije iz členov 78 do 89.
In calculating risk-weighted exposure amounts for the securitised exposures, where the conditions in point 2 are met, the originator credit institution of a synthetic securitisation shall, subject to points 5 to 7, use the relevant calculation methodologies set out in Part 4 and not those set out in Articles 78 to 89.
Za kreditne institucije, ki izračunavajo zneske tveganju prilagojenih izpostavljenosti in zneske pričakovanih izgub v skladu s členi 84 do 89, je znesek pričakovanih izgub iz naslova teh izpostavljenosti enak nič.
For credit institutions calculating risk-weighted exposure amounts and expected loss amounts under Articles 84 to 89, the expected loss amount in respect of such exposures shall be zero.
Zaradi jasnosti se odstavek 3 nanaša na celotni paket izpostavljenosti, vključeno v listinjenje.
For clarity, point 3 refers to the entire pool of exposures included in the securitisation.
Na podlagi odstavkov 5 do 7 se od kreditne institucije v vlogi originatorja zahteva, da v skladu z določbami dela 4 izračuna zneske tveganju prilagojenih izpostavljenosti za vse tranše v listinjenju, vključno s tistimi, ki jim je bilo priznano zmanjšanje kreditnega tveganja.
Subject to points 5 to 7, the originator credit institution is required to calculate risk-weighted exposure amounts in respect of all tranches in the securitisation in accordance with the provisions of Part 4 including those relating to the recognition of credit risk mitigation.
Če se na primer tranša prenese na tretjo stranko z osebnim kreditnim zavarovanjem, se utež tveganja te tretje stranke uporabi za tranšo pri izračunu zneskov tveganju prilagojenih izpostavljenosti kreditne institucije v vlogi originatorja.
For example, where a tranche is transferred by means of unfunded credit protection to a third party, the risk weight of that third party shall be applied to the tranche in the calculation of the originator credit institution's risk-weighted exposure amounts.
Obravnava neusklajenosti zapadlosti v sintetičnih listinjenjih
Treatment of maturity mismatches in synthetic securitisations
Za izračun zneskov tveganju prilagojenih izpostavljenosti v skladu z odstavkom 3 se v skladu z odstavki 6 do 7 upošteva kakršna koli morebitna neusklajenost zapadlosti med kreditnim zavarovanjem, s katerim je doseženo tranširanje, in listinjenimi izpostavljenostmi.
For the purposes of calculating risk-weighted exposure amounts in accordance with point 3, any maturity mismatch between the credit protection by which the tranching is achieved and the securitised exposures shall be taken into consideration in accordance with points 6 to 7.
Zapadlost listinjenih zapadlosti se upošteva kot najdaljša zapadlost katere koli izmed vseh zapadlostmi, vendar ne več kot pet let.
The maturity of the securitised exposures shall be taken to be the longest maturity of any of those exposures subject to a maximum of five years.
Kreditna institucija v vlogi originatorja zanemari vse morebitne neusklajenosti zapadlosti pri izračunavanju zneskov tveganju prilagojenih izpostavljenosti za tranše, katerih utež tveganja v skladu z delom 4 predstavlja 1 250 %.
An originator credit institution shall ignore any maturity mismatch in calculating risk-weighted exposure amounts for tranches appearing pursuant to Part 4 with a risk weighting of 1 250%.
Za vse druge tranše se uporablja obravnava neusklajenosti zapadlosti, določena v Prilogi VIII, in sicer v skladu z naslednjo formulo:
For all other tranches, the maturity mismatch treatment set out in Annex VIII shall be applied in accordance with the following formula:
RW* = zneski tveganju prilagojenih izpostavljenosti za namene člena 75(a);
RW* is Risk-weighted exposure amounts for the purposes of Article 75(a) ;
RW(Ass) = zneski tveganju prilagojenih izpostavljenosti za izpostavljenosti, če ne bi bile listinjene, izračunani pro-rata;
RW(Ass) is Risk-weighted exposure amounts for exposures if they had not been securitised, calculated on a pro-rata basis;
RW(SP) = zneski tveganju prilagojenih izpostavljenosti, izračunani v skladu z odstavkom 3, če ni bilo nikakršne neusklajenosti zapadlosti;
RW(SP) is Risk-weighted exposure amounts calculated under point 3 if there was no maturity mismatch;
T = zapadlost osnovnih izpostavljenosti, izražena v letih;
T is maturity of the underlying exposures expressed in years;
t = zapadlost kreditnega zavarovanja, izražena v letih; in
t is maturity of credit protection. expressed in years; and
Del 3 – Zunanje bonitetne ocene
Part 3 – External credit assessments
ZAHTEVE, KI JIH MORAJO IZPOLNITI BONITETNE OCENE ECAI
REQUIREMENTS TO BE MET BY THE CREDIT ASSESSMENTS OF ECAIS
Da se lahko bonitetna ocena primerne ECAI uporabi za izračun zneskov tveganju prilagojenih izpostavljenosti v skladu z delom 4, mora ustrezati naslednjim pogojem:
To be used for the purposes of calculating risk-weighted exposure amounts under Part 4, a credit assessment of an eligible ECAI shall comply with the following conditions.
ni nikakršne neskladnosti med vrstami plačil, ki se odražajo v bonitetni oceni, in vrstami plačil, do katerih je kreditna institucija upravičena v skladu s pogodbo, iz katere izhaja zadevna pozicija listinjenja;
There shall be no mismatch between the types of payments reflected in the credit assessment and the types of payment to which the credit institution is entitled under the contract giving rise to the securitisation position in question; and
je javno dostopna na trgu.
The credit assessments shall be available publicly to the market.
Šteje se, da so bonitetne ocene javno dostopne, samo če so objavljene na javno dostopnem forumu in vključene v matriko prehodov ECAI.
Credit assessments are considered to be publicly available only if they have been published in a publicly accessible forum and they are included in the ECAI's transition matrix.
UPORABA BONITETNIH OCEN
USE OF CREDIT ASSESSMENTS
Kreditna institucija lahko imenuje eno ali več primernih ECAI, katerih bonitetne ocene se v skladu s členi 94 do 101 uporabijo za izračun zneskov tveganju prilagojenih izpostavljenosti ("imenovana ECAI").
A credit institution may nominate one or more eligible ECAIs the credit assessments of which shall be used in the calculation of its risk-weighted exposure amounts under Articles 94 to 101 (a "nominated ECAI").
V skladu s spodaj navedenimi odstavki 5 do 7 morajo kreditne institucije za svoje pozicije listinjenja dosledno uporabljati bonitetne ocene imenovanih ECAI.
Subject to points 5 to 7 below, a credit institution must use credit assessments from nominated ECAIs consistently in respect of its securitisation positions.
V skladu z odstavkoma 5 in 6 kreditna institucija ne sme za svoje pozicije v nekaterih tranšah uporabiti bonitetne ocene ene ECAI, za svoje pozicije v drugih tranšah v isti strukturi, ki jih je ali jih ni ocenila prva ECAI, pa bonitetne ocene druge ECAI.
Subject to points 5 and 6, a credit institution may not use an ECAI's credit assessments for its positions in some tranches and another ECAI's credit assessments for its positions in other tranches within the same structure that may or may not be rated by the first ECAI.
V primerih, kjer ima pozicija dve bonitetni oceni imenovanih ECAI, kreditna institucija uporabi manj ugodno bonitetno oceno.
Where a position has two credit assessments by nominated ECAIs, the credit institution shall use the less favourable credit assessment.
V primerih, v katerih ima pozicija več kot dve bonitetni oceni imenovanih ECAI, se uporabita dve najugodnejši bonitetni oceni.
Where a position has more than two credit assessments by nominated ECAIs, the two most favourable credit assessments shall be used.
Če se kreditno zavarovanje, ki izpolnjuje pogoje iz členov 90 do 93, zagotovi neposredno SSPE, in se odraža v bonitetni oceni pozicije, ki jo poda imenovana ECAI, se lahko uporabi utež tveganja, povezana s to bonitetno oceno.
Where credit protection eligible under Articles 90 to 93 is provided directly to the SSPE, and that protection is reflected in the credit assessment of a position by a nominated ECAI, the risk weight associated with that credit assessment may be used.
Če zavarovanje ne izpolnjuje pogojev iz členov 90 do 93, se bonitetna ocena ne prizna.
If the protection is not eligible under Articles 90 to 93, the credit assessment shall not be recognised.
V primeru, da se kreditno zavarovanje ne zagotovi SSPE, temveč neposredno poziciji listinjenja, se bonitetna ocena ne prizna.
In the situation where the credit protection is not provided to the SSPE but rather directly to a securitisation position, the credit assessment shall not be recognised.
Pristojni organi določijo, s katero stopnjo kreditne kvalitete v tabelah iz dela 4 se poveže posamezna bonitetna ocena primerne ECAI.
The competent authorities shall determine with which credit quality step in the tables set out in Part 4 each credit assessment of an eligible ECAI shall be associated.
Pri tem pristojni organi razlikujejo med relativnimi stopnjami tveganja, ki jih odraža posamezna bonitetna ocena.
In doing so the competent authorities shall differentiate between the relative degrees of risk expressed by each assessment.
Upoštevajo tudi kvantitativne dejavnike, kot so stopnje neplačil in/ali stopnje izgub, in kvalitativne dejavnike, kot je skupina poslov, ki jih oceni ECAI, ter pomen bonitetne ocene.
They shall consider quantitative factors, such as default and/or loss rates, and qualitative factors such as the range of transactions assessed by the ECAI and the meaning of the credit assessment.
Pristojni organi si prizadevajo, da zagotovijo, da za pozicije listinjenja, za katere se na podlagi bonitetnih ocen primernih ECAI uporabi enaka utež tveganja, veljajo enakovredne stopnje kreditnega tveganja.
The competent authorities shall seek to ensure that securitisation positions to which the same risk weight is applied on the basis of the credit assessments of eligible ECAIs are subject to equivalent degrees of credit risk.
To vključuje tudi spremembo njihovega določanja glede na stopnjo kreditne kvalitete, s katero se poveže določena bonitetna ocena.
This shall include modifying their determination as to the credit quality step with which a particular credit assessment shall be associated, as appropriate.
IZRAČUN ZNESKOV TVEGANJU PRILAGOJENIH IZPOSTAVLJENOSTI
CALCULATION OF RISK-WEIGHTED EXPOSURE AMOUNTS