natgillin/translations-raw huggingface dataset:
It is crucial that systemically important payments – i.e. those that could cause a systemic risk if not processed when due, notably the settlement transactions from the Continuous Linked Settlement (CLS) system and EURO1 (see Section 4.1 of Chapter 4), as well as margin calls for central counterparties – are carried out without delay, even in abnormal circumstances.
Operacije dolgoročnejšega refinanciranja so dostopne enakemu sklopu nasprotnih strank kot operacije glavnega refinanciranja, od katerih je v letu 2007 v operacijah dolgoročnejšega re-fi nanciranja sodelovalo v povprečju 145 strank (162 leta 2006).
In 2007 a number of further trials were carried out by central banks (often involving commercial banks), and these proved the effectiveness of the TARGET contingency measures.
Po 9. avgustu 2007 sta bili izvedeni dve dodatni operaciji dolgoročnejšega refinanciranja (s poravnavo 24. avgusta in 13. septembra), ki sta bili pozneje podaljšani s prilagoditvijo skupnega zneska.
They confirmed that the Eurosystem is in a good position to ensure that payment systems and financial markets can continue to function smoothly in a crisis situation.
Ob koncu leta 2007 je stanje operacij dolgoročnejšega refinanciranja znašalo 268 milijard EUR, kar je skoraj 80% več od stanja na začetku avgusta.
The second group of countries (Belgium, Ireland, Spain, France, the Netherlands, Portugal and Finland) migrated to TARGET2 on 18 February 2008.
OPERACIJE DENARNE POLITIKE V OBDOBJU VOLATILNOSTI NA FINANČNIH TRGIH
The third and final group (consisting of Denmark, Estonia, Greece, Italy, Poland and the ECB) will migrate on 19 May 2008.
Zgodnejše zagotavljanje likvidnosti v obdobju izpolnjevanja obveznih rezerv
TARGET CONNECTION FOR THE NCBS OF THE MEMBER STATES THAT JOINED THE EU IN 2004 AND 2007In October 2002 the Governing Council decided that, following EU enlargement in 2004, the NCBs of the new Member States would be allowed – but not obliged – to connect to the current TARGET system.
V operacijah odprtega trga Eurosistem navadno zagotavlja likvidnost na način, ki kreditnim institucijam omogoča, da imetja na svojih tekočih računih pri Eurosistemu ohranjajo blizu
The objective of the report was to update market participants on the Eurosystem’s decisions on outstanding issues related to pricing and on the approval of the TARGET2 Guideline, as well as to fine-tune some previous decisions.
Dnevne presežne rezerve v obdobju izpolnjevanja obveznih rezerv os x: število dni do konca obdobja izpolnjevanja obveznih rezerv os y: povprečne dnevne presežne rezerve v milijardah EUR dnevne presežne rezerve
In addition, on 29 October 2007 the Governing Council released the “Fifth progress report on TARGET2”, which updated market participants on the Eurosystem’s decisions concerning remaining operational issues.
(obdobja izp. obv. rez., ki so se končala medavgustom 2005 in avgustom 2007)dnevne presežne rezerve (obdobja izp. obv. rez., ki so se končala medseptembrom 2007 in februarjem 2008)
Both these figures reached around 80% with the migration of the second group of countries.
30 obveznih rezerv, kar pomeni, da v obdobju izpolnjevanja obveznih rezerv sorazmerno izpolnjujejo obvezne rezerve. Eurosistem to dosega tako, da v operacijah glavnega refinanciranja dodeli znesek, ki je blizu referenčnemu znesku dodelitve.
Moreover, with TARGET2, ancillary systems are able to conduct settlement directly on the SSP.
Namen take politike dodeljevanja je ohranjati zelo kratkoročne obrestne mere blizu uradne obrestne mere (izklicne obrestne mere v operacijah glavnega refinanciranja Eurosistema).
Each participant is, in principle, able to conduct its cash settlement with any ancillary system through a single central bank account in TARGET2.
Potem ko so se 9. avgusta 2007 zjutraj finančni pretresi prenesli na eurski denarni trg čez noč, so kreditne institucije obvezne rezerve raje izpolnjevale razmeroma zgodaj v obdobju izpolnjevanja obveznih rezerv zaradi znakov vse manjšega prometa na dolgoročnejših segmentih denarnega trga.
The objective of the TARGET2-Securities (T2S) initiative is to provide harmonised and efficient settlement of securities transactions in central bank money in euro, by concentrating securities and cash settlements in euro within a single platform.
V vseh primerih je obseg zagotavljanja likvidnosti v celotnem obdobju ostal nespremenjen, prilagojen je bil le časovni razpored. To kaže tudi krivulja dnevnih presežnih rezerv, tj. razlike med imetji na tekočih računih kreditnih institucij in obveznimi rezervami v obdobju izpolnjevanja obveznih rezerv (glej graf).
With T2S there would be no difference between conducting domestic and crossborder settlements within the euro area in participating central securities depositories (CSDs).
ECB je 8. oktobra in 23. novembra (prek elektronskih medijev obveščanja) objavila,2da bo dodatno okrepila politiko „preddobave” in uravnavala likvidnost v smeri bolj uravnoteženih razmer tudi med obdobjem, če bo to potrebno za ohranjanje kratkoročnih obrestnih mer blizu izklicne obrestne mere.
It would therefore act as a catalyst to the integration and harmonisation of European post-trading financial services.
ECB je 14. januarja 2008 potrdila, da namerava nadaljevati takšno politiko preddobave, dokler bo potrebno.
T2S would also foster competition by providing equal, cheaper and harmonised access to settlement services within the European financial market.
1 Eurosistem je preddobavil ponudbo rezerv tako, da je v operacijah glavnega refinanciranja še pred pretresi zagotovil likvidnost nekoliko nad referenčnim zneskom dodelitve.
On 8 March 2007 the Governing Council made a positive assessment of the feasibility of T2S 8
Dodatne operacije dolgoročnejšega refinanciranja nanciranja
The TARGET2 Guideline was adopted by the Governing Council on 26 April 2007 and published in all official EU languages on 11 June 2007.
Izvedeni sta bili dve dodatni operaciji dolgoročnejšega refinanciranja z zapadlostjo treh mesecev, in sicer 23. avgusta in 12. septembra v znesku 40 milijard EUR oziroma 75 milijard EUR.
It is addressed to the NCBs of the Member States that have adopted the euro (“Eurosystem NCBs”) and also applies, on the basis of a separate agreement, to EU NCBs outside the euro area that are connected or will connect to TARGET2 (“connected NCBs”).
Ker so se redne mesečne operacije dolgoročnejšega refinanciranja izvajale kot po navadi, se je skupni znesek refinanciranja prek operacij dolgoročnejšega refinanciranja povečal s 150 milijard EUR (tri dodelitve po 50 milijard EUR) na 265 milijard EUR, obseg operacij glavnega refinanciranja pa se je ustrezno zmanjšal, in sicer s približno 300 milijard EUR na slabih 200 milijard EUR.
Annex II to the Guideline contains the harmonised conditions for participation in TARGET2, which have to be implemented in the TARGET2 documentation of all participating and connected NCBs.
Dodatni operaciji dolgoročnejšega refinanciranja sta bili obnovljeni ob dospelosti novembra in decembra, znesek dodelitve pa je bil v vsaki operaciji prilagojen in je znašal 60 milijard EUR.
The Guideline was published in the Official Journal of the European Union on 8 September 2007 and is also available on the ECB’s website in all EU languages.
ECB je 7. februarja najavila, da bosta operaciji spet obnovljeni februarja in marca 2008.
The national migration profiles and the ancillary system profiles were regularly updated throughout the year.
V zadnjih tednih leta se banke zaradi bilančnih potreb običajno težje odločajo za posojanje.
These profiles show, for each central bank, which SSP modules will be used and how ancillary systems will settle after migration to TARGET2.
Strokovnjaki so predvidevali, da bo ta znani pojav v letu 2007 še posebno očiten, zato je ECB v sporočilu za javnost z dne 30. novembra objavila posebne ukrepe za omilitev napetosti na de- narnem trgu v tem obdobju.
– and decided to launch the next phase of the project, consisting of the definition of the T2S user requirements, in full transparency and in cooperation with market participants, in particular CSDs and their users.
Ta odlo čitev je v glavnem temeljila na ugotovitvah, da bi se lahko ponujene obrestne mere zaradi likvidnostnih potreb dvignile do nezaželene ravni. Zato je ECB dodelila 3
The findings and progress reports were shared
ECB z operacijami fi nega uravnavanja dnevno iz črpala 14
auditing requirements.
) in tako zadovoljila dodatno likvidnostno povpraševanje nasprotnih strank v navedenem obdobju.
No major legal obstacles to the T2S initiative were identified. ed.
Zaradi zelo obsežne ponudbe likvidnosti je bila EO
with market participants during three information sessions held in June, August and November 2007.
A na zadnji dan trgovanja v letu 2007 8 baziv prejšnjih dveh letih 19 oziroma 17 bazi čnih točk pod izklicno obrestno mero, medtem ko je bila čnih točk nad izklicno obrestno mero.
All T2S documents, including miniconsultations, newsletters, progress reports, agendas and meeting summaries, are available on the ECB’s website.
Operacije v zvezi z začasno avkcijo v ameriških dolarjih (Term Auction Facility)
In total, the T2S governance structure during this phase involves more than 188 individuals from 77 organisations 9, ensuring that all user
Ker so bile po poročilih banke euroobmočja zelo zaskrbljene glede razpoložljivosti sredstev v ameriških dolarjih, je ECB v povezavi z začasno avkcijo v ameriških dolarjih ameriškega sis-
Following this public consultation, the user requirements will be finalised, together with an assessment of the economic, legal and governance structure of the T2S initiative.
Eurosistem je tako pridobljena sredstva v ameriških dolarjih ponudil svojim nasprotnim strankam v dveh operacijah, ki sta bili poravnani 20. in27. decembra, ob predložitvi primernega finančnega premoženja za zavarovanje kreditnih operacij Eurosistema. Podobne operacije je izvedla tudi švicarska centralna banka.
requirements and functionalities required by market participants are addressed and included where appropriate.
V vsaki operaciji Eurosistema je bilo zagotovljeno 10 milijard USD tistim nasprotnim strankam, ki imajo dostop do odprte ponudbe mejnega posojila, z dospelostjo približno en mesec.
The Advisory Group, which reports directly to the Governing Council, completed the first draft version of the T2S user requirements in December 2007.
Ti dve operaciji sta bili izvedeni po fiksni obrestni meri, ki je bila enaka mejni obrestni meri v hkratnih avkcijah ameriške centralne banke (4,65% oziroma 4,67%), in sta pritegnili protiponudbe v višini 22 milijard USD na dan 17. decembra in 14 milijard USD na dan 20. decembra.
With the implementation of T2S, the euro area would benefit from a safe, efficient and borderless infrastructure for the settlement in central bank money of securities transactions in euro.
Ti operaciji nista imeli neposrednega vpliva na eurske likvidnostne razmere, temveč sta želeli izboljšati globalne pogoje financiranja.
The services provided by this infrastructure would also be available to CSDs, central banks and banks in other EU and EEA countries if requested.
Operaciji sta bili obnovljeni januarja 2008, toda likvidnostne potrebe v ameriških dolarjih so upadle, kar je bilo razvidno iz manjšega obsega protiponudb.
Financial market participants would have one common set of harmonised settlement procedures and processes regardless of their own location and that of the trade.
ECB v februarju ni izvedla nobene operacije fi nanciranja v ameriških dolarjih.
2.4 SETTLEMENT PROCEDURES FOR COLLATERAL
Sistem zavarovanj v obdobju volatilnosti na fi nančnih trgih
On 8 March 2007 the Governing Council also decided that T2S would be fully owned, developed and operated within the Eurosystem on the TARGET2 platform in order to exploit synergies to the fullest extent.
Zaradi sprejemanja širokega nabora finančnega premoženja za zavarovanje terjatev je bil sistem zavarovanj Eurosistema dobro opremljen pri podpori vodenja denarne politike med pretresi na trgu.
Credit institutions would be able to pool all securities and central bank money on a single platform, instead of distributing securities and central bank money across several independent national platforms, thereby benefiting from the synergies between TARGET2 and T2S.
Kot ponazarjata graf 42 in graf 43, zadostnost finančnega premoženja za zavarovanje terjatev Eurosistemu ni predstavljala omejitve niti takrat, ko je bilo stanje posojil v obdobju pretresov najvišje.
This should increase the efficiency of collateral management.
Tako zasnovani sistem zavarovanj je veliko nasprotnim strankam omogočal lažji dostop do centralnobančnega denarja.
T2S would also enable a faster re-use of securities and central bank money, which would be of benefit to market participants.
PRIMERNO FINANČNO PREMOŽENJE ZA ZAVAROVANJE TERJATEV V OPERACIJAH DENARNE POLITIKE V skladu s prakso centralnih bank po vsem svetu morajo biti vse kreditne operacije Eurosistema zadostno zavarovane.
Four euro area NCBs (the Deutsche Bundesbank, the Banco de España, the Banque de France and the Banca d’Italia) are prepared to develop and operate T2S.
Zato Eurosistem za zavarovanje operacij sprejema širok nabor finančnega premoženja, kar se je izkazalo kot stabilizacijski dejavnik med pretresi na finančnem trgu, ker je nasprotnim strankam zagotovilo zadosten obseg zavarovanja za dostop do kreditnih operacij Eurosistema.
The CCBM is provided by the Eurosystem, while eligible links are a market-led solution.
Leta 2007 se je povpre čni znesek primernega za- varovanja glede na leto 2006 pove čal za 7
The amount of crossborder collateral held by the Eurosystem increased to €683 billion in December 2007, from €514 billion in the same month of the previous year.
ODPRTE PONUDBENasprotne stranke lahko ob primernem zavarovanju na svojo pobudo uporabijo odprto ponudbo za pridobitev likvidnosti ali deponiranje likvidnosti v Eurosistemu čez noč.
Overall, at the end of 2007 crossborder collateral represented 48.5% of the total collateral provided to the Eurosystem.
Do konca leta 2007 je imelo 2.122 nasprotnih strank dostop do odprte ponudbe mejnega posojila, 2.798 pa dostop do odprte ponudbe mejnega depozita.
With respect to legal issues, a comprehensive stocktaking exercise was undertaken during 2007 covering the EU and national legislation, and other national arrangements and practices, that could have a bearing on the legal feasibility of T2S.
Leta 2007 je bila odprta ponudba mejnega posojila v povprečju izkoriščena do zneska 0,2 milijarde EUR, odprta ponudba mejnega depozita pa do zneska 0,5 milijarde EUR na dan, kar predstavlja povečanje za 0,1 milijarde EUR oziroma 0,3 milijarde EUR v primerjavi s prejšnjim letom.
This exercise included settlement procedures, data storage requirements, and reporting and
Povečanje povprečne uporabe odprte ponudbe mejnega depozita je mogoče pripisati gibanjem po 9. avgustu.
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5 bilijona EU
3.1 THE CIRCULATION OF BANKNOTES AND COINS AND THE HANDLING OF CURRENCY average value of a banknote in circulation was €55.85 (compared with €55.36 one year before).
Graf 43 Dano zavarovanje v kreditnih operacijah Eurosistema v primerjavi s stanjem posojil v operacijah denarne politike
Looking at a breakdown of the denominations, the €50 and €100 banknotes showed the strongest growth in circulation in numerical terms, rising by 8.9% and 8.3% respectively, followed by the €500 banknote, which rose by
1) skupaj dano zavarovanjeod tega: stanje posojilnajvišja vrednost stanja posojil netržno finančno premoženjedrugo tržno finančno premoženjekolateralizirani vrednostni papirjipodjetniške obveznicekrite bančne obveznicenekrite bančne obvezniceobveznice regionalne ravni državeobveznice centralne ravni države
(millions)
7 bilijona EU
EUR 50EUR 20EUR 10EUR 5
6 bilijona EU
The share of the small denominations, the 1, 2 and 5 cent coins, in the total number of coins in circulation reached 58.0% (compared with 57.3% one year earlier).
Da bi Eurosistem zagotovil, da zavarovanje izpolnjuje visoke bonitetne standarde, uporablja sklop postopkov, pravil in tehnik, ki skupaj tvorijo bonitetni okvir Eurosistema (ECAF).
Anecdotal evidence suggests that this continuing strong demand for low-value coins is explained by relatively high loss rates and hoarding.
Bonitetni prag, ki velja za primerno zavarovanje v kreditnih operacijah Eurosistema, je v bonitetnem okviru opredeljen kot bonitetna ocena „single A”4.
BANKNOTE HANDLING BY THE EUROSYSTEMThe slight upward trend observed in euro banknote issues and withdrawals in previous years continued.
Natančneje so bila opredeljena rezidenčna merila za finančno premoženje, ki se šteje kot primerno za zavarovanje kreditnih operacij Eurosistema3.
In 2007 the euro area NCBs issued 33.4 billion banknotes, while 32.7 billion banknotes were returned to them. The return frequency 11of banknotes in circulation fell slightly from 3.03 in 2006 to 2.93 in 2007.
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.
Compared with the number of genuine euro banknotes in circulation, which was on average more than 11 billion in 2007, the quantity of counterfeits is very small indeed.
Kljub temu bo finančno premoženje, izdano pred 1. januarjem 2007, ostalo primerno do 31. decembra 2011, po tem datumu pa bo veljalo kot neprimerno.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. ECBLetno poročilo2007
The €50 banknote was the counterfeiters’ biggest target, accounting for nearly half of the number of counterfeits.
1.3 INVESTICIJSKE DEJAVNOSTI omejenem obsegu uporabljati notranji sistemi nasprotnih strank Eurosistema.
The public can remain confident in the security of the euro: it has proven to be a well-protected currency, in terms of both the sophistication of its security features and the effectiveness of European and national law enforcement authorities.
Investicijske dejavnosti ECB so organizirane tako, da pri sprejemanju investicijskih odločitev ni mogoče uporabiti nobenih notranjih informacij o ukrepih denarne politike centralne banke. Sklop pravil in postopkov, ki se imenuje „kitajski zid”, ločuje poslovne enote, ki se ukvarjajo z investicijskimi dejavnostmi, od preostalih poslovnih enot.
In 2007 the NCBs identified some 5.5 billion banknotes as being unfit for circulation and replaced them accordingly.
Leta 2007 so bile uvede številne novosti v zvezi z bonitetnim okvirom Eurosistema.
This represented an increase of 5.1% compared with the previous year and an unfit rate 12 of 17.0% (16.9% in 2006).
Po sklepu Sveta ECB z dne 19. oktobra 2007 se od 1. januarja 2008 naprej kot dodaten zunanji vir ocenjevanja bonitete v bonitetnem okviru Eurosistema uporablja tudi agencija DBRS.
However, this confidence should never give rise to complacency, and the ECB’s advice to the public is to be alert to the possibility of fraud and to remember the “feel-look-tilt” test.15
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.
14 This figure is subject to very slight correction on account of late reports, particularly from outside the EU.15 For details, see http://www.ecb.europa.eu/bc/banknotes/security/html/index.en.html
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.
COUNTERFEIT EURO BANKNOTES The number of counterfeit euro banknotes removed from circulation has remained stable over the last four years, despite the increase in the number of genuine banknotes in circulation over the same period.
Portfelj deviznih rezerv ECB je sestavljen iz ameriških dolarjev, japonskih jenov, zlata in posebnih pravic črpanja. Devizne rezerve v ameriških dolarjih in japonskih jenih aktivno upravljajo ECB in nacionalne centralne banke euroobmočja kot pooblaščenke ECB.
Chart 48 shows the trend in counterfeits removed from circulation, with figures taken at half-yearly intervals since the euro banknotes were launched.
Od januarja 2006 naprej se uporablja „model valutne specializacije”, ki naj bi povečal učinkovitost investicijskih operacij Eurosistema.
COUNTERFEIT DETERRENCEThe Eurosystem continued in 2007 to work closely with Europol and the European Commission (in particular the European Anti-Fraud Office, OLAF) in the fight against counterfeiting of the euro.
Vrednost portfelja po tekočih tržnih cenah je narasla s 7,5 milijarde EUR ob koncu leta 2006 na 9,3 milijarde EUR ob koncu leta 2007.
The Eurosystem is active, both in the EU and beyond, in training professional cash handlers in the recognition and handling of counterfeit banknotes.
Večina povečanja tržne vrednosti je nastala zato, ker so bile v portfelj lastnih sredstev vložene rezervacije za tečajna tveganja, obrestna tveganja in cenovna tveganja pri zlatu, ki jih je ECB oblikovala leta 2005.
While in a few countries the BRF has been implemented by means of a legal act (complemented by mandatory contracts to be signed with the respective NCB), in other countries, NCBs have issued obligatory instructions (which in some cases bind only credit institutions) or entered into bilateral contractual agreements (whereby credit institutions agree to adhere to the rules of the BRF and to include those rules in contracts with their service providers).
Tekoča tržna vrednost tujih valut v portfelju je leta 2007 ostala v glavnem nespremenjena, pri čemer se je depreciacija ameriškega dolarja in japonskega jena v razmerju do eura izravnala s pozitivnimi neto donosi (kapitalskimi dobički in prihodki od obresti), ustvarjenimi z upravljanjem portfelja in s prihodki od prodaje zlata ECB.
In an opinion in December 2007 the Governing Council welcomed the European Commission’s proposal to amend Council Regulation (EC) 1338/2001 on the protection of the euro against counterfeiting.
Tekom leta so bile med investicijske možnosti za upravljanje portfelja dodane tudi zadolžnice s spremenljivo obrestno mero.
In accordance with this proposal, Article 6 of the Regulation would include the express obligation for credit institutions and other professional cash handlers to check euro banknotes and coins which they have received and that they intend to put back into circulation, and would also contain a reference to the procedures to be defined by the ECB as regards the method for checking recycled banknotes.
Poleg tega je bil dodatno razširjen seznam primernih izdajateljev kritih obveznic in prednostnih nezavarovanih obveznic.
The Eurosystem participates actively in the work of the Central Bank Counterfeit Deterrence Group (CBCDG) (a working group of 30 central banks and note-printing authorities cooperating under the auspices of the G10).
Poleg tega pilotski projekt, ki je bil zasnovan za vzpostavitev programa avtomatiziranega posojanja vrednostnih papirjev za finančno premoženje ECB v ameriških dolarjih, dobro napreduje in bo po pričakovanjih uveden tekom leta 2008.
The ECB hosts the International Counterfeit Deterrence Centre (ICDC), which acts as the technical centre for all CBCDG members.
UPRAVLJANJE TVEGANJFinančna tveganja, ki jim je ECB izpostavljena pri svojih investicijskih dejavnostih, se skrbno
Its main role is to provide technical support and to operate a centralised communication system serving all parties involved in the field of counterfeit deterrence systems.
Neto devizne rezerve so izračunane kot uradne devizne rezerve, povečane za devizne vloge pri rezidentih in zmanjšane za prihodnje vnaprej določene neto odlive deviznih imetij zaradi repo in terminskih poslov.
The ICDC also maintains a public website which provides information and guidance concerning the reproduction of banknote images as well as links to country-specific websites.
Podrobne informacije o virih podatkov so na spletni strani http://www.ecb.europa.eu.