natgillin/translations-raw huggingface dataset:
The guarantee has to be payable on first demand (independently from the underlying credit claim). Guarantees given by public entities entitled to levy taxes should either be payable on first demand or otherwise provide for prompt and punctual payment following default.
• jamstvo se obravnava kot sprejemljivo, če garant brezpogojno in nepreklicno jamči za obveznosti dolžnika v povezavi s plačilom glavnice, obresti in vseh drugih zneskov, ki morajo biti na podlagi bančnega posojila plačani njihovim imetnikom, dokler obveznosti niso v celoti poravnane.
The ECAF builds on credit assessment information from four sources. Under each source, there might be a set of credit assessment systems.
V zvezi s tem ni nujno, da se sprejemljivo jamstvo nanaša na prav določeno bančno posojilo, ampak lahko velja le za dolžnika pod pogojem, da zajema tudi zadevno bančno posojilo; izdajatelj ali garant se razporedi v enega od treh razredov v skladu z direktivo o kapitalskih zahtevah 36, kot je prikazano v tabeli 5;
The guarantee must be governed by the law of an EU Member State and be legally valid, binding and enforceable against the guarantor.
Obveznosti garanta iz implicitna bonitetna ocena za izdajatelja ali garanta, ki sodi v razred 1 ali 2, se izpelje iz bonitetne ocene zunanje bonitetne institucije zacentralnodržavodržave, kjer je ustanovljen izdajatelj ali garant.
37 If the counterparty has chosen an ECAI as a credit assessment source, it may use the first-best rule (see footnote 28 in this chapter).38 For specific credit assessment systems, the credit quality threshold can be adjusted following the performance monitoring process (see Section 6.3.5).
34 V primeru tržnega finančnega premoženja, ki ga izdajo nefinančne družbe, vendar nima bonitetne ocene ene izmed sprejetih zunanjih bonitetnih institucij, ta zahteva velja za bonitetno oceno izdajatelja.35 Glej opombo 28 v tem poglavju.36 Glej opombo 32 v tem poglavju.37 Če je nasprotna stranka kot vir bonitetne ocene izbrala zunanjo bonitetno institucijo, lahko uporabi pravilo prve najboljše ocene (glej opombo 28 v tem poglavju).38 Pri določenih bonitetnih sistemih se lahko bonitetni prag po opravljenem spremljanju uspešnosti prilagodi (glej poglavje 6.3.5).
A legal confirmation concerning the legal validity, binding effect and enforceability of the guarantee will have to be submitted in a form and with substance acceptable to
Če bonitetna ocena, izdelana s pomočjo sistema ali vira, ki ga je izbrala nasprotna stranka (ali jo je v primeru pod (ii) za dolžnika ali garanta javnega sektorja izdelala zunanja bonitetna institucija), obstaja, vendar ne dosega
The accepted ECAIs, ICASs and third-party RTs and their providers are listed on the ECB’s website (www.ecb.europa.eu).39
jamstva se morajo obravnavati vsaj enako in sorazmerno (pari passu) z vsemi drugimi nezavarovanimi obveznostmi garanta;
Furthermore, the counterparty must inform the ICAS national central bank promptly about any credit event that is known only to the counterparty, including a delay of payments by the submitted debtors.
Sprejete zunanje bonitetne institucije, interni bonitetni sistemi nacionalnih centralnih bank in bonitetna orodja zunanjih ponudnikov so navedeni na spletnih straneh ECB (www.ecb.europa.eu). 39
ECAIs must be formally recognised by the relevant EU supervisory authority for the euro area countries in which they will be used, in line with the CRD.
ZUNANJE BONITETNE INSTITUCIJE jamstvo mora urejati zakonodaja države članice EU in mora biti pravno veljavno, zavezujoče in izvršljivo do garanta;
A copy of the decision of the relevant banking supervisory authority within the EU authorising the counterparty to use its IRB system for capital requirement purposes on a consolidated or unconsolidated basis, together with any specific conditions for such use.
Za namene bonitetnega okvira Eurosistema so splošna merila sprejemljivosti, ki veljajo za zunanje bonitetne institucije, naslednja:
Such a copy is not requested when such information is transmitted directly by the relevant supervisory authority to the relevant national central bank.
• zunanjo bonitetno institucijo mora v skladu z direktivo o kapitalskih zahtevah formalno priznati ustrezen nadzorni organ EU v tistih državah euroobmočja, kjer se bo institucija uporabljala;
ECAIs must fulfil operational criteria and provide relevant coverage so as to ensure the efficient implementation of the ECAF.
• zunanjabonitetnainstitucijamora izpolnjevati operativna merila in zagotoviti ustrezno pokritost, da bi zagotovili učinkovito izvajanje bonitetnega okvira Eurosistema.
In particular, the use of their credit assessments is subject to the availability to the Eurosystem of information on these assessments, as well as information for the comparison and the assignment (mapping) of the assessments with the ECAF credit quality steps and the credit quality threshold and for the implementation of performance monitoring (see Section 6.3.5).
Bonitetne ocene se uporabljajo pod pogojem, da ima Eurosistem na voljo informacije o teh ocenah, kakor tudi informacije, potrebne za primerjavo in vzporeditev (mapiranje) ocen z bonitetnimi stopnjami bonitetnega okvira Eurosistema in bonitetnim pragom ter za spremljanje uspešnosti (glej poglavje 6.3.5).
The Eurosystem reserves the right to decide whether it accepts an ECAI for its lending operations, making use, among other factors, of its performance monitoring process.
Če je garant ustanovljen v okviru jurisdikcije, ki ni tista, ki ureja jamstvo, mora pravna potrditev potrditi tudi to, da je jamstvo veljavno in izvršljivo na podlagi zakonodaje, ki ureja ustanovitev garanta.
Information on its approach to assigning probabilities of default to debtors, as well as data on the rating grades and associated one-year probabilities of default used to determine eligible rating grades.
Eurosistem si pridržuje pravico, da odloči, ali bo pri svojih operacijah posojanja sprejel zunanjo bonitetno institucijo, pri čemer med drugim upošteva tudi spremljanje uspešnosti.
A copy of the Pillar 3 (market discipline) information that the counterparty is required to publish on a regular basis in accordance with the requirements on market discipline under Pillar 3 of the Basel II framework and the CRD.
INTERNI BONITETNI SISTEM NACIONALNE CENTRALNE BANKETa vir trenutno obsega štiri bonitetne sisteme, ki jih upravljajo Deutsche Bundesbank, Banco de España, Banque de France in Oesterreichische Nationalbank. Nacionalne centralne banke, ki bi želele razviti svoj
39 The Eurosystem only publishes the information in conjunction with its Eurosystem credit operations and does not assume any responsibility for its evaluation of the accepted credit assessment systems.40 ECAIs are commonly referred to as rating agencies in financial markets.41 If necessary, the listed documentation should be translated in a working language of the home national central bank.
39 Eurosistem objavlja te informacije samo v povezavi s kreditnimi operacijami Eurosistema in ne prevzema nobene odgovornosti za svojo oceno sprejetih bonitetnih sistemov.40 Zunanje bonitetne institucije se na finančnih trgih običajno imenujejo bonitetne agencije.
National central banks deciding to develop their own ICAS would be subject to a validation procedure by the Eurosystem.
Bonitetni okvir Eurosistema temelji na bonitetnih ocenah iz štirih virov.
ICASs are subject to the Eurosystem performance monitoring process (see Section 6.3.5).
Znotraj vsakega vira lahko obstaja več bonitetnih sistemov.
The name and the address of both the competent banking supervisor and the external auditor.
• imeinnaslovpristojnegabančnega nadzornika ter zunanjega revizorja.
the annual update of the Pillar 3 (market discipline) information that the counterparty is required to publish on a regular basis in accordance with the requirements of the Basel II framework and the CRD.
Prošnjo mora podpisati glavni izvršni direktor, f i finančni direktor ali vodilni uslužbenec nasprotne
• information on the competent banking supervisor and the external auditor.
Polegtega moranasprotnastrankatakoj obvestiti interni bonitetni sistem NCB o kakršnemkolikreditnemdogodku,kije nasprotni stranki poznan, vključno z zamudo pri plačilu s strani predloženega dolžnika.
The request has to be signed by the counterparty’s chief executive officer (CEO), chief financial officer (CFO) or a manager of similar seniority, or by an authorised signatory on behalf of one of them.
stranke na podobno visokem položaju oziroma pooblaščeni podpisnik v imenu enega od njih.
This yearly communication has to be signed by the counterparty’s CEO, CFO or a manager of similar seniority, or by an authorised signatory on behalf of one of them.
V državah, kjer nasprotne stranke mobilizirajo netržne hipotekarne dolžniške instrumente, zadevna nacionalna centralna banka vzpostavi bonitetniokvirzatovrstofinančnega premoženja v skladu z bonitetnim okvirom Eurosistema.
The relevant supervisor and, where applicable, the external auditor of the counterparty receive a copy of this letter from the Eurosystem.
Takšen okvir je predmet letnega spremljanja uspešnosti.
Any branch or subsidiary of a counterparty may rely on the IRB system of its parent if the Eurosystem has accepted the use of the IRB system for ECAF purposes.
Vsaka podružnica ali hčerinsko podjetje nasprotne stranke lahko uporablja interni bonitetni sistem matičnega podjetja, če je Eurosistem sprejel uporabo tega bonitetnega sistemazanamenebonitetnegaokvira Eurosistema.
THIRD-PARTY RATING TOOL SOURCEThe RT source consists of third-party applications that assess the credit quality of debtors using, among other information, audited accounts. The tools have to be operated by the RT providers.
INTERNI BONITETNI SISTEMNasprotna stranka, ki namerava za oceno bonitete dolžnika, izdajatelja ali garanta primernega dolžniškega instrumenta uporabiti interni bonitetni sistem, mora pridobiti dovoljenje svoje domače nacionalne centralne banke.
The Eurosystem decides on the acceptance of the proposed RT.
Za to mora vložiti prošnjo skupaj z naslednjimi dokumenti:41 41
Counterparties using an IRB system as described above are also subject to the Eurosystem performance monitoring process (see Section 6.3.5).
Nasprotne stranke, ki uporabljajo interni bonitetni sistem, kot je opisano zgoraj, so tudi predmet postopka Eurosistema za spremljanje uspešnosti (glej poglavje 6.3.5).
In addition to the information requirements for this process, the counterparty is under an obligation to communicate the following information on an annual basis (or as and when required by the relevant national central bank) unless such information is transmitted directly by the relevant supervisory authority to the relevant national central bank:
Poleg zahtevanih informacij v okviru tega postopka mora nasprotna stranka vsako leto (oziroma takrat, ko to zahteva zadevna nacionalna centralna banka) sporočiti tudi naslednje informacije, razen če ustrezni nadzorni organ predloži te informacije neposredno zadevni nacionalni centralni banki: kopijosklepaustreznegabančnega nadzornega organa v EU, ki dovoljuje nasprotni stranki, da za namene kapitalskih zahtev na konsolidirani ali nekonsolidirani osnovi uporabi svoj interni bonitetni sistem, skupaj z vsemi posebnimi pogoji uporabe.
Furthermore, the counterparty must inform the RT provider of any credit event that is known only to the counterparty, including a delay of payments by the submitted debtors.
Kopija ni potrebna, če ustrezni nadzorni organ predloži te informacije neposredno zadevni nacionalni centralni banki;
43 a copy of the most up-to-date assessment of the counterparty’s IRB system by the counterparty’s supervisor translated into a working language of the home national central bank;
• kopijonajnovejšeoceneinternega bonitetnega sistema nasprotne stranke, ki jo je izdelal nadzornik nasprotne stranke, prevedene v delovni jezik domače nacionalne centralne banke; informacije o pristopu, ki ga nasprotna stranka uporablja pri dodelitvi stopnje verjetnosti neplačila dolžniku, ter podatke o bonitetnih ocenah in povezanih enoletnih verjetnostih neplačila, ki se uporabljajo pri določanju primernih bonitetnih ocen;
42 The acceptance criteria are listed on the ECB’s website (www.ecb.europa.eu).43 The counterparty must inform the RT provider promptly about any credit event that may indicate a deterioration of the credit quality.
41 Če je potrebno, je treba navedene dokumente prevesti v delovni jezik matične nacionalne centralne banke.
any changes to the counterparty’s IRB system recommended or required by the supervisor, together with the deadline by which such changes must be implemented;
kopijo informacij o tretjem stebru (tržna disciplina), ki jih mora nasprotna stranka redno objavljati v skladu z zahtevami o tržni
annual basis, the rating system provider has to agree to submit to the Eurosystem the number of eligible debtors contained in the static pool at time t and the number of those debtors in the static pool (t) that defaulted in the subsequent 12-month period.
• letno dopolnitev informacije o tretjem stebru (tržna disciplina), ki jih mora nasprotna stranka redno objavljati v skladu z zahtevami tretjega stebra kapitalskega sporazuma Basel II in direktive o kapitalskih zahtevah;
(see Section 6.3.5).
Eurosistema za spremljanje uspešnosti 43 (glej poglavje 6.3.5).
The RT provider is obliged to set up and maintain the necessary infrastructure for monitoring the so-called static pool.
Ponudnik bonitetnih orodij mora vzpostaviti in vzdrževati potrebno infrastrukturo za spremljanje tako imenovanega statičnega nabora.
Construction and evaluation of the static pool have to be in line with the general requirements on performance monitoring under the ECAF.
Določitev in ocena statičnega nabora morata biti v skladu s splošnimi zahtevami spremljanja uspešnosti znotraj bonitetnega okvira Eurosistema.
The RT provider has to undertake to inform the Eurosystem of the results of the performance evaluation as soon as it has been carried out by the RT provider.
Ponudnik bonitetnih orodij mora obvestiti Eurosistem o rezultatih ocenjevanja uspešnosti, takoj ko ga je opravil.
Therefore, RT providers prepare a report on the RT’s static pool performance.
Ponudniki bonitetnih orodij zato pripravijo poročilo o uspešnosti bonitetnih orodij pri ocenjevanju statičnega nabora.
6.3.5 PERFORMANCE MONITORING OF CREDIT ASSESSMENT SYSTEMS
6.3.5 SPREMLJANJE USPEŠNOSTI BONITETNIH SISTEMOV
The realised default rate of the static pool of a credit assessment system recorded over a one-year horizon serves as input to the ECAF performance monitoring process which comprises an annual rule and a multi-period assessment.
Zgoraj navedene letne informacije mora podpisati glavni izvršni direktor, finančni direktor ali vodilni uslužbenec nasprotne stranke na podobno visokem položaju oziroma pooblaščeni podpisnik v imenu enega od njih.
This procedure may result in a correction of the credit quality threshold applicable to the system in question.
Eurosistem pošlje kopijo tega pisma ustreznemu nadzorniku in, kjer je to primerno, zunanjemu revizorju nasprotne stranke.
The monitoring process takes place one year after the date on which the static pool was defined. ned.
Spremljanje poteka eno leto po datumu, ko je bil statični nabor določen.
The Eurosystem may decide to suspend or exclude the credit assessment system in cases where no improvement in performance is observed over a number of years. In addition, in the event of an infringement of the rules governing the ECAF, the credit assessment system will be excluded from the ECAF.
Ponudnik bonitetnega sistema letno sestavi statični nabor primernih dolžnikov, tj. nabor, ki obsega vse dolžnike iz javnega in podjetniškega sektorja, ki jim je sistem dodelil bonitetno oceno, in ki izpolnjuje naslednji pogoj:
6.4.1 GENERAL PRINCIPLES
S temi orodji mora upravljati ponudnik bonitetnih orodij.
The first element of the process is the annual compilation by the credit assessment system provider of a static pool of eligible debtors, i.e. a pool consisting of all corporate and public debtors, receiving a credit assessment from the system satisfying the following condition:
Nasprotne stranke, ki bi za namene bonitetnega okvira Eurosistema želele uporabiti določeno bonitetno orodje, morajo predložiti prošnjo svoji nacionalni centralni banki na obrazcu, ki ga predpiše Eurosistem, to pa je treba dopolniti z dodatno dokumentacijo o bonitetnih orodjih, kot je določeno na obrazcu za prošnjo.
All debtors fulfilling this condition at the beginning of period t constitute the static pool for t.
Vsi dolžniki, ki na začetku obdobja t izpolnjujejo ta pogoj, so del statičnega nabora v obdobju t.
At the end of the foreseen 12-month period, the realised default rate for the static pool of debtors at time t is computed. On an
Na koncu 12-mesečnega obdobja se izračuna realizirana stopnja neplačila za statični nabor dolžnikov v času t.
Risk control measures are applied to the assets underlying Eurosystem credit operations in order to protect the Eurosystem against the risk of financial loss if underlying assets have to be realised owing to the default of a counterparty.
42 Merila sprejemljivosti so navedena na spletnih straneh ECB (www.ecb.europa.eu).43 Nasprotna stranka mora takoj obvestiti ponudnika bonitetnih orodij o kakršnem koli kreditnem dogodku, ki bi nakazoval poslabšanje bonitete.
The risk control measures at the disposal of the Eurosystem are described in Box 7.
Ponudnik bonitetnih orodij, ki sodeluje v bonitetnem okviru Eurosistema, mora s sporazumom sprejeti, da bo podvržen postopku
Eligible assets
Primerno finančno premoženje za zavarovanje napredka.
The Eurosystem applies the following risk control measures:
6.4 UKREPI ZA OBVLADOVANJE TVEGANJ
Valuation haircuts The Eurosystem applies “valuation haircuts” in the valuation of underlying assets.
Ukrepi za obvladovanje tveganj se uporabljajo pri finančnem premoženju za zavarovanje kreditnih operacij Eurosistema z namenom, da se zagotovi zaščita Eurosistema pred tveganjem f i finančne izgube v primeru unovčenja finančnega finančnega premoženja zaradi neplačila nasprotne stranke.
This implies that the value of the underlying asset is calculated as the market value of the asset less a certain percentage (haircut).
Ukrepi za obvladovanje tveganj, ki jih ima Eurosistem na razpolago, so opisani v okvirju 7.
Variation margins (marking to market)The Eurosystem requires the haircut-adjusted market value of the underlying assets used in its liquidity-providing reverse transactions to be maintained over time.
Dejanska stopnja neplačila statičnega nabora bonitetnega sistema v enoletnem obdobju, služi kot izhodišče za spremljanje uspešnosti bonitetnega okvira Eurosistema, ki obsega letno ocenjevanje in večletno ocenjevanje.
This implies that if the value, measured on a regular basis, of the underlying assets falls below a certain level, the national central bank will require the counterparty to supply additional assets or cash (i.e. it will make a margin call).
Če se dejanska stopnja neplačila statičnega nabora v enoletnem in/ali večletnem obdobju znatno razlikuje od bonitetnega praga, se Eurosistem posvetuje s ponudnikom bonitetnega sistema, z namenom analizirati razloge za to razliko.
Similarly, if the value of the underlying assets, following their revaluation, exceeds a certain level, the counterparty may retrieve the excess assets or cash.
Ta postopek lahko privede do popravka bonitetnega praga, ki se uporablja za zadevni sistem.
(The calculations relevant for the execution of margin calls are presented in Box 8.)
Eurosistem se lahko odloči, da začasno ali trajno izključi bonitetni sistem, če pri uspešnosti v več letih ni dosegel nikakršnega
The following risk control measures may also be applied by the Eurosystem at any time if required to ensure adequate risk protection of the Eurosystem in line with Article 18.1 of the Statute of the ESCB:
Eurosistem uporablja posebne ukrepe za obvladovanje tveganj glede na vrsto finančnega premoženja za zavarovanje terjatev, ki ga
Initial margins The Eurosystem may apply initial margins in its liquidity-providing reverse transactions.
Eurosistem uporablja naslednje ukrepe za obvladovanje tveganj.
Limits in relation to issuers/debtors or guarantors The Eurosystem may apply limits to the exposure vis-à-vis issuers/debtors or guarantors.
Odbitki pri vrednotenju Eurosistem pri vrednotenju finančnega premoženja za zavarovanje terjatev uporablja „odbitke pri vrednotenju”.
Such limits can also be applied to specific counterparties, in particular if the credit quality of the counterparty appears to exhibit a high correlation with the credit quality of the collateral submitted by the counterparty.
To pomeni, da se vrednost finančnega premoženja za zavarovanje terjatev izračuna kot tržna vrednost finančnega premoženja minus določen odstotek (odbitek).
Additional guarantees The Eurosystem may require additional guarantees from financially sound entities in order to accept certain assets.
Če redno merjena vrednost finančnega premoženja za zavarovanje terjatev pade pod določeno raven, nacionalne centralne banke zahtevajo od nasprotnih strank, da te zagotovijo dodatno finančno premoženje ali denarna sredstva (tj. sprožijo poziv h kritju).
Exclusion The Eurosystem may exclude certain assets from use in its monetary policy operations.
(Izračuni, ki se nanašajo na izvedbo pozivov h kritju, so predstavljeni v okvirju 8.)
Such exclusion can also be applied to specific counterparties, in particular if the credit quality of the counterparty appears to exhibit a high correlation with the credit quality of the collateral submitted by the counterparty.
Eurosistem lahko kadar koli uporabi tudi sledeče ukrepe za obvladovanje tveganj, če je to potrebno za zagotovitev zadostne zaščite Eurosistema pred tveganjem v skladu s členom 18.1 Statuta ESCB.
Box 7 (continued)
Okvir 7 (nadaljevanje)
Assets issued or guaranteed by entities that are subject to a freezing of funds and/or to other measures imposed by the European Community, or by a Member State under Article 60(2) of the Treaty, restricting the use of their funds, or by entities in respect of which the ECB’s Governing Council has issued a decision suspending or excluding their access to open market operationsor the Eurosystem’s standing facilities, may be excluded from the list of eligible assets.
Začetno kritje Eurosistem lahko uporabi začetno kritje pri povratnih transakcijah za povečevanje likvidnosti. To bi pomenilo, da bi morale nasprotne stranke priskrbeti finančno premoženje za zavarovanje terjatev v vrednosti, ki je najmanj enaka likvidnosti, ki jo zagotovi Eurosistem, povečani za vrednost začetnega kritja.
The Eurosystem applies specific risk control measures according to the types of underlying assets offered by the counterparty.
Omejitve v zvezi z izdajatelji/dolžniki ali garanti Eurosistem lahko uporabi omejitve pri izpostavljenosti do izdajateljev/dolžnikov ali garantov.
The ECB determines the appropriate risk control measures for both marketable and nonmarketable eligible assets. The risk control measures are broadly
Takšne omejitve je mogoče uporabiti tudi pri določenih nasprotnih strankah, zlasti če se zdi kreditna kakovost nasprotne stranke povezana s kreditno kakovostjo finančnega premoženja, ki ga je kot zavarovanje predložila ta nasprotna stranka.
• discriminatory conditions for any type of eligible asset across the euro area.
Dodatne garancije Eurosistem lahko pogojuje sprejem določenega finančnega premoženja z dodatnimi jamstvi s strani finančno trdnih subjektov.
44 Owing to operational differences across Member States, some differences in terms of risk control measures may prevail.
Izločitev Eurosistem lahko določeno finančno premoženje izloči iz uporabe pri svojih operacijah denarne politike.
Furthermore, in the case of nonmarketable assets, the precision of valuation techniques may differ, which is reflected in the overall level of haircuts (see Section 6.4.3).
Takšno izločitev je mogoče uporabiti tudi pri določenih nasprotnih strankah, zlasti če se zdi kreditna kakovost nasprotne stranke povezana s kreditno kakovostjo finančnega premoženja, ki ga je kot zavarovanje predložila ta nasprotna stranka.