natgillin/translations-raw huggingface dataset:
The ECB continued its work on the integration of European mortgage markets, following the Eurosystem’s contribution at the end of 2005 to the European Commission’s Green Paper on this subject.
reorganizaciji in prenehanju kreditnih institucij, pri čemer upošteva strokovni prispevek ECB, in bo predvidoma v letu 2008 predstavila predloge za nadaljnje izboljšanje predpisov za reševanje in obvladovanje kriz bančnih skupin EU.
The ECB pays close attention to the further integration and development of mortgage markets for several reasons.
Zagotavljanje učinkovitosti in uspešnosti regulativnega in nadzornega okvira EU za finančne storitve je bila v zadnjih letih ključna prednostna naloga.
Mortgage markets are relevant for the transmission of monetary policy in the euro area and can have important implications for financial stability.
Lamfalussyjev okvir3za finančno regulacijo in nadzor, ki je bil leta 2002 vzpostavljen za sektor vrednostnih papirjev, leta 2005 pa razširjen na bančni in zavarovalniški sektor, je bil zasnovan s ciljem, da na tem področju zagotovi ustrezno institucionalno ureditev.
In addition, mortgage securities play a role in the implementation of monetary policy via the Eurosystem’s framework for eligible collateral.
Napredek v smeri konvergence in sodelovanja v skladu z Lamfalussyjevim okvirom se je skrbno spremljal.
Following its Green Paper consultation, the European Commission published a White Paper on 18 December 2007.
Prvi celovit pregled Lamfalussyjevega okvira za finančno regulacijo in nadzor fi nančnih sektorjev je bil opravljen v drugi polovici leta 2007, vrhunec pa je dosegel s sprejetjem sklepov Ekonomsko-finančnega sveta na zasedanju 4. decembra 2007.
The ECB contributes to work in this field through its participation in various Commission expert groups and the European Financial Markets Lawyers Group (EFMLG).
Pri pregledu je bila koristna ocena različnih institucij in forumov EU, med drugim Evropske komisije, medinstitucionalne skupine za spremljanje, Odbora za finančne storitve (FSC) in Evropskega parlamenta.
On 7 May 2007 the EFMLG published a report on legal obstacles to crossborder securitisation in the EU.
dariti odgovornosti članov odbora CEBS pri nadaljnjem pospeševanju konvergence in sodelovanja v EU.
6 service unbundling and accounting separation.
Hkrati je treba tudi jasneje opredeliti cilje politike EU.
Given that the code is a self-regulatory tool, a strict monitoring mechanism has been set up to ensure that all the measures are implemented properly and on time.
Kar zadeva regulativni okvir, je po mnenju Eurosistema treba dodatno povečati konvergenco bančne zakonodaje EU.
In principle, the mechanism relies on external auditors and an ad hoc Monitoring Group composed of the European Commission, the Committee of European Securities Regulators and the ECB.
Medtem ko bo glavna prednostna naloga na področju sodelovanja med domačimi in gostujočimi nadzornimi organi učinkovito vsakodnevno izvajanje okrepljenega regulativnega okvira, ki ga določa direktiva o kapitalski ustreznosti 4, bo treba pripraviti tudi dodatna pojasnila.
As the code of conduct ultimately aims to establish freedom of choice, it needs to be complemented by the full removal of the “Giovannini barriers” to efficient clearing and settlement (named after the group that identified them in 2001), which result from differences in technical standards and business practices, legal uncertainty, and differences in tax procedures.
V tem okviru je treba posebno pozornost posvetiti ureditvi sodelovanja med domačimi in gostujočimi nadzorniki v primeru tujih podružnic, predvsem zato, da bi pri velikih tujih podružnicah zagotovili ustrezno sodelovanje gostujoče države.
The removal of the first set of barriers is addressed within the context of the Clearing and Settlement Advisory Monitoring Expert Group (CESAME). The fiscal barriers are being addressed by the Fiscal Compliance Expert Group, while the Legal Certainty Group is working on the legal barriers.
Da bi spodbudili konvergenco nadzornih zahtev, Eurosistem poudarja pomembnost okrepljenega procesa odločanja v odboru CEBS, skupaj z izvajanjem na podlagi načela „spoštuj ali pojasni”, ter učinkovitega nadzorniškega razkritja in medsebojnega strokovnega pregleda.
The ECB continued to participate in CESAME and the Legal Certainty Group.
Pred kratkim je bilo uvedenih tudi več ukrepov za pospeševanje konvergence nadzornih procesov.
Finally, the ECB continued to contribute to several strands of work that are being pursued in this field on a global level (e.g. by Unidroit), with a view to ensuring that EU initiatives in the area of securities clearing and settlement both complement and are consistent with the approaches developed by international bodies.
Ti ukrepi so zlasti povezani z doslednim vsakodnevnim izvajanjem standardov in smernic odbora CEBS, z „operativnim mreženjem” v nadzornih kolegijih, ki so odgovorni za bančne skupine EU, z delegiranjem nalog in posredovanjem med nadzorniki ter s prizadevanji za spodbujanje enotne nadzorne kulture.
The ECB provided advisory input on issues related to the integration of securities settlement systems and of payment systems. In particular, the ECB was closely involved in the work relating to the “Code of Conduct for Clearing and Settlement”.
V tem prispevku je Eurosistem poudaril, da so gibanja na trgu – predvsem napredek pri bančni integraciji, vse večja vloga bančnih skupin EU z obsežnimi čezmejnimi dejavnostmi in vse močnejša centralizacija poslovnih funkcij – pokazala, da je treba nujno povečati čezmejno povezovanje in sodelovanje pri nadzoru bank v EU.
The code essentially aims to allow users to choose freely their preferred service provider at each stage along the transaction chain.
S tem bi zagotovili učinkovito spremljanje čezmejnih fi nančnih tveganj in odziv nanje, obenem pa vzpostavili poenoten nadzorni vmesnik ter enakopravne pogoje za udeležence na trgu.
To this end, the code contains commitments in three areas: price transparency; access and interoperability; and
Da bi to dosegli, je treba izboljšati vse stopnje regulativnega in nadzornega procesa.
Available at www.efmlg.org
Lamfalussyjev pristop obsega štiri stopnje.
Furthermore, with a view to reaping the full benefits of TARGET2, the Eurosystem continued to explore, in close cooperation with market participants, the possibility of offering a new service, called TARGET2-Securities (T2S), to provide a common technical infrastructure for the euro settlement of securities transactions in central bank money by central securities depositories and to process both securities and cash settlements on a single technical platform (see Section 2.3 of Chapter 2).
2.2 BANČNIŠTVO sane količnike likvidnosti tudi za namene notranjega upravljanja. In zadnja točka, ugotovljeno je bilo, da med najpomembnejše dejavnike, ki vplivajo na upravljanje likvidnostnega tveganja bank, sodijo skrajšana obdobja za plačilne obveznosti bank, uporaba bolj tržnih in potencialno bolj nestanovitnih virov fi nanciranja in večja potreba po zelo kakovostnem finančnem premoženju za zavarovanje terjatev.
Finally, in the area of collateral management, a single shareable platform (CCBM2) will be developed in parallel, and in close cooperation with market participants (see Section 2.4of Chapter 2).
Poročilo je bilo predloženo tudi baselskemu odboru za bančni nadzor (BCBS) in Odboru evropskih bančnih nadzornikov kot prispevek njihovemu delu na tem področju.
Article 65(1) of the Markets in Financial Instruments Directive requires the European Commission to submit a review to the European Parliament and the EU Council on the possible extension of the transparency provisions set out in the Directive to financial instruments other than equities, in particular to bonds.
ECB bo na tem pomembnem področju v prihodnje še naprej sodelovala z Odborom za bančni nadzor. Pri tem bo odbor analiziral sedanje postopke glede testiranja izjemnih situacij v zvezi z likvidnostnim tveganjem bank EU in načrte kriznega financiranja. financiranja.
Market participants and regulators have extensively debated the implications of enhanced trading transparency for non-equity financial instruments, especially corporate bonds.
V skladu s to direktivo je Evropska komisija v sodelovanju z državami članicami in ob upoštevanju prispevka ECB dobila mandat, da v rednih presledkih preverja, ali minimalne kapitalske zahteve pomembno vplivajo na ekonomski cikel, in da, če to ugotovi, predlaga korektivne ukrepe.
The ECB is of the view that there is no firm evidence that the limited transparency in the bond market after trades have been executed is currently causing any market failure.
Odbor za bančni nadzor in Odbor evropskih bančnih nadzornikov v ta namen skupaj pripravljata analitični okvir za ocenjevanje potencialnega procikličnega učinka novega regulativnega kapitalskega okvira.
At the same time, there is no evidence either that such limited transparency means an efficient market functioning.
ECB je s svojim sodelovanjem v evropskem odboru za vrednostne papirje prispevala k regulativnemu delu EU na področju vrednostnih papirjev.
The ECB suggested, at the Commission’s public hearing on 11 September 2007 and at meetings of the ESME during 2007, that this lack of experience in Europe be addressed via a market-led controlled experiment in both retail and wholesale markets to assess the effect of gradually introducing post-trade transparency into the markets for certain bonds.
ECB je kot opazovalka sodelovala tudi pri delu strokovne skupine za evropske trge vrednostnih papirjev (ESME), ki jo je Evropska komisija ustanovila kot posvetovalni organ za sektor vrednostnih papirjev.
PROVIDING CENTRAL BANKING SERVICES THAT FOSTER FINANCIAL INTEGRATIONThe successful launch of TARGET2 on 19 November 2007 gave further impetus to the process of financial integration in Europe.
Usklajena različica poročila je bila posebej objavljena v poročilu ECB „EU banking structures” oktobra 2007.
TARGET2 introduces a single technical infrastructure which permits the provision of a harmonised service level and ensures a level playing-field for banks across Europe.
Poročilo se osredotoča na predpise o likvidnosti, dogajanja na področju organizacije upravljanja likvidnostnega tveganja čezmejnih bank ter na morebitne posledice za finančno stabilnost.
A single price structure applies to both domestic and crossborder transactions.
Glavne ugotovitve poročila je mogoče povzeti v naslednje točke.
TARGET2 also provides a harmonised set of cash settlement services in central bank money for all ancillary systems.
Vseeno so navedle, da bi lahko drugi predpisi v zvezi z urejanjem domačega in gostujočega nadzora ter limiti velike izpostavljenosti predstavljali ovire za učinkovito upravljanje likvidnostnega tveganja.
The new functionalities of TARGET2 enable banks with multinational operations to consolidate their internal processes, such as treasury and back office functions, and to further integrate their euro liquidity management.
Četrtič, uporaba kompleksnih notranjih pristopov upravljanja likvidnostnih tveganj sicer še ni splošno razširjena, vendar večje banke, ki so take pristope oblikovale, te pristope želijo uporabljati tudi za regulativne namene.
In addition, TARGET2 users have uniform access to comprehensive online information and liquidity control measures (see Section 2.2of Chapter 2).
Na splošno so se javni organi v letu 2007 posvečali predvsem vprašanju, ali države članice pravilno izvajajo direktivo o trgih fi nančnih instrumentov in direktivo o preglednosti, ter ocenjevanju potrebe po dodatnih regulativnih posegih.
4OVERSIGHT OF MARKETINFRASTRUCTURES standards to both its own systems and those that are privately operated.
Natančneje je ECB v mednarodnih in evropskih forumih dejavno sodelovala v razpravi o mogočih regulativnih ukrepih za hedge sklade glede na njihovo vse večjo vlogo v finančnem sistemu in možne posledice za finančno stabilnost.
These standards are the Core Principles for Systemically Important Payment Systems, defined by the G10 Committee on Payment and Settlement Systems (CPSS) and adopted by the Governing Council in 2001.
Po poročilu o institucijah z velikim finančnim vzvodom, ki ga je pripravil Forum za finančno stabilnost (FSF), je bilo potrjeno mednarodno soglasje o prevladujočem posrednem regulativnem pristopu, ki temelji na podrobnem nadzoru hedge skladov, ki ga izvajajo njihove nasprotne stranke – predvsem banke – in vlagatelji.
They are complemented by the business continuity oversight expectations for systemically important payment systems (SIPS) which were adopted by the Governing Council in 2006.
Forum za finančno stabilnost pozorno spremlja izvajanje priporočil, ki jih je izdal nadzornim organom, nasprotnim strankam, vlagateljem in sektorju hedge skladov, in je guvernerjem in finančnim ministrom G10 že poročal o dosedanjem napredku na tem področju.
Payment systems oversight is one of the Eurosystem’s main tasks.
3FINANČNAINTEGRACIJA finančno integracijo EU in izpolnjevanje nalog ECB.
By overseeing payment systems, in particular those that are systemically important 7, the Eurosystem contributes to the safety and efficiency of financial infrastructures and, consequently, to the efficiency of payment flows for goods, services and financial assets in the economy.
Drugo poglavje prvega poročila zajema naslednje naslove: denarna politika in finančna integracija, krepitev okvira EU za čezmejne banke ter pobuda za enotno območje plačil v eurih in njegove posledice za finančno integracijo.
The close relationship between payment systems and securities clearing and settlement systems means that central banks in general and the Eurosystem in particular also take a strong interest in securities clearing and settlement.
Tretje poglavje pa predstavlja dejavnosti, s katerimi je Eurosistem v preteklem letu prispeval k oblikovanju bolj integriranih in razvitejših fi nančnih trgov v Evropi.
It is essential that, in their endeavours to promote the soundness and efficiency of payment and securities clearing and settlement systems, central banks have comprehensive information on these systems at their disposal.
Eurosistem je zelo zainteresiran za finančno integracijo v Evropi, ker dobro povezan finančni sistem poveča nemoten in učinkovit prenos impulzov denarne politike po vsem euroobmočju in je pomemben za nalogo Eurosistema, da varuje finančno stabilnost.
For this reason, the ECB publishes, every few years, a comprehensive description of the main payment and securities settlement systems in the EU Member States.
Finančna integracija je pomembna tudi za učinkovito in nemoteno delovanje plačilnih sistemov in sistemov poravnave vrednostnih papirjev.
The fourth edition of this report, which has become known as the “Blue Book”, was published on 14 August 2007.
Poleg tega lahko finančna integracija kot prednostni cilj EU prispeva k razvoju finančnega sistema in izboljšuje možnosti za gospodarsko rast.
Based on the Core Principles and the business continuity oversight expectations, the Eurosystem in 2007 developed a common methodology for the oversight assessment of systemically and prominently important euro payment systems.
Eurosistem razlikuje med štirimi vrstami dejavnosti, s katerimi prispeva h krepitvi evropske finančne integracije: i) povečevanje osveščenosti o finančni integraciji in spremljanje razmer na tem področju, ii) vloga pospeševalca pri dejavnostih zasebnega sektorja s spodbujanjem kolektivnega delovanja, iii) svetovanje pri oblikovanju zakonodajnega in regulativnega okvira finančnega sistema in neposrednega oblikovanja pravil ter iv) izvajanje storitev centralnega bančništva, ki prav tako pospešujejo finančno integracijo. ECB je v letu 2007 nadaljevala svoje dejavnosti na vseh štirih področjih.
The common methodology aims to provide the Eurosystem’s payment systems overseers with clear and comprehensive guidelines for the assessment of the relevant systems and the preparation of oversight reports.
Raziskovalna mreža je nadaljevala svojo serijo konferenc s profesorji, tržnimi udeleženci in oblikovalci politike, pri čemer so dejavno sodelovale tudi nacionalne centralne banke.
In addition, it provides payment system designers and operators with greater insight into overseers’ safety and efficiency concerns, gives operators additional incentives to continue their efforts to mitigate or limit the various risks their systems may face and, ultimately, helps to ensure the smooth functioning of their systems.
Deveta konferenca, ki jo je 8. in 9. oktobra 2007 v Dublinu gostila irska centralna banka, je osrednjo pozornost namenila upravljanju sredstev, podjetjem zasebnega lastniškega kapitala in mednarodnim kapitalskim tokovom: njihova vloga pri finančni integraciji in učinkovitosti. ECB mladim raziskovalcem v okviru raziskovalne mreže vsako leto podeli pet štipendij raziskovalnega programa Lamfalussy Fellowships.
Following a public consultation on the common oversight assessment methodology, the final versions of the “Terms of reference for the oversight assessment of euro systemically and prominently important payment systems against the Core Principles”8 and the “Guide for the assessment against the business continuity oversight expectations for SIPS” were published on 12 November 2007.
Ker bo finančna integracija po pričakovanjih vplivala na razvoj finančnega sistema in na gospodarsko rast, je delo ECB na področju finančne integracije tesno povezano z njenimi širšimi analizami dejavnikov, ki podpirajo ustrezno delovanje fi nančnih sistemov. Delo na tem področju se je v letu 2007 nadaljevalo v smeri vzpostavitve konceptualnega okvira za merjenje razvoja finančnega sistema.
The ECB also publishes on an annual basis statistical data on payments and securities trading, clearing and settlement.
VLOGA POSPEŠEVALCA PRI DEJAVNOSTIH ZASEBNEGA SEKTORJA Napredek evropske finančne integracije je v veliki meri odvisen od pobud zasebnega sektorja, katerih cilj je izraba obstoječih možnosti za čezmejno poslovanje.
In the past, these statistics were published in an addendum to the “Blue Book”.
Javni organi podpirajo takšna zasebna prizadevanja.
The Eurosystem must retain ultimate control over the euro.
Eurosistem je v letu 2007 še naprej podpiral pobudo za enotno območje plačil v eurih (SEPA).
Therefore, from both a general
Projekt je leta 2007 s pripravami na
4.1 OVERSIGHT OF LARGE-VALUE EURO PAYMENT SYSTEMS AND INFRASTRUCTURES
Prvo poglavje podaja oceno ECB o stanju finančne integracije v euroobmočju.
A payment system is considered systemically important if a disruption within it could trigger or transmit further disruptions among participants and, ultimately, in the wider financial system.A payment system is considered prominently important if it plays a prominent role in the processing and settlement of retail payments and its failure could have major economic effects and undermine the confidence of the public in payment systems and in the currency in general.
Ta ocena temelji na vrsti kvantitativnih kazalnikov (z njihovo podrobno obdelavo v statistični prilogi), ki zajemajo mnoge pomembne vidike finančnega sistema (kot so denarni in obvezniški trg, trg lastniških vrednostnih papirjev in bančni trg ter tržne infrastrukture), ki so polletno objavljeni na spletni strani ECB in letno v tem novem poročilu.
The Eurosystem oversees all major payment systems and infrastructures which process and/or settle euro transactions, including those managed by the Eurosystem itself.
Drugo poglavje z naslovom posebne značilnosti vsebuje poglobljeno analizo izbranih tem.
The Eurosystem applies the same oversight
Te so v glavnem izbrane glede na njihov pomen za
policies, it is intended that the oversight assessment of TARGET2 will be published in the course of 2008.
uvedbo SEPA v januarju 2008 dosegel najpomembnejšo fazo.
EURO1 EURO1 is the largest privately operated payment system for euro credit transfers operating in the euro area.
Eurosistem je svojo vlogo pospeševalca okrepil z vzdrževanjem stalnega dialoga z bankami in drugimi deležniki ter s tesnejšim usklajevanjem dejavnosti z Evropsko komisijo.
It is operated by the clearing company of the Euro Banking Association, EBA CLEARING.
Kljub temu je za odobritev in odvzem oznake STEP zadnji pristojen sekretariat STEP.
EURO1 works on a multilateral net basis.
Drugič, ECB bo na svoji spletni strani redno objavljala statistične podatke o donosih in obsegih na trgu STEP.
The end-of-day positions of EURO1 participants are ultimately settled in central bank money via the TARGET system.
Statistični podatki STEP bodo s povečevanjem preglednosti trga predvidoma igrali pomembno vlogo pri pospeševanju integracije tega trga.
As no major changes took place in the EURO1 system in 2007, the ECB’s oversight activities focused on monitoring the regular functioning of the system.
ECB od septembra 2006 objavlja statistične podatke STEP o mesečnih stanjih, od aprila 2007 pa dnevno objavlja statistične podatke STEP o donosih za izbrane posredovalce podatkov.
The ECB concluded that there were no issues during 2007 which adversely affected the EURO1 system’s continued compliance with the Core Principles.
Svet EU pa 15. oktobra 2007.
policy and a systemic risk perspective, the Eurosystem cannot, as a matter of principle, allow payment infrastructures for euro transactions which are located outside the euro area to have the potential to develop into major euro payment infrastructures, particularly if this would put at risk the Eurosystem’s control over the euro.
ECB in Komisija sta objavili skupno izjavo, s katero sta sprejem direktive pozdravili kot ključni korak k vzpostavitvi območja SEPA. Nacionalne centralne banke so pri izvedbenem procesu projekta SEPA neposredno vključene v delo nacionalnih organov, ki so odgovorni za prehod na SEPA.
On 19 July 2007 the ECB published the “Eurosystem policy principles on the location and operation of infrastructures settling euro-denominated payment transactions”.
ECB je na evropski ravni zagotovila analitični okvir, ki je omogočal primerjave med različnimi nacionalnimi izvedbenimi načrti.
These principles do not constitute a new policy stance but further detail the position of the Eurosystem which was outlined in 1998 in the policy statement on euro payment and settlement systems located outside the euro area and in 2001 in the Eurosystem’s policy line with regard to consolidation in central counterparty clearing.
Eurosistem je gostil več forumov za krepitev odprtega dialoga z bankami, uporabniki in ponudniki infrastrukture ter podpiral podobne pobude bank in Evropske komisije.
The principles apply to any existing or potential payment infrastructure located outside the euro area that settles euro transactions.
Vsem deležnikom je posredoval tudi informacije v brošurah in na spletnih straneh ECB oz. nacionalnih centralnih bank ter gostil direktorij povezav, ki združuje informacije, povezane s SEPA.
CONTINUOUS LINKED SETTLEMENT SYSTEM The Continuous Linked Settlement (CLS) system was set up in 2002 to provide settlement services for foreign exchange transactions in multiple currencies. CLS currently settles in 15 major currencies around the world.
Dejavnosti glede okvira EU za finančni nadzor so bile v letu 2007 usmerjene na široko zasnovano posodobitev Lamfalussyjevega okvira, pri čemer je sodeloval tudi Eurosistem (glej razdelek 2 tega poglavja).
Run by CLS Bank International (“CLS Bank”), the system virtually eliminates foreign exchange settlement risk by settling the two currency legs involved in foreign exchange trades simultaneously,i.e. on a payment-versus-payment (PvP) basis, and only when sufficient funds are available.
V okviru svoje svetovalne vloge na podlagi člena 105(4) Pogodbe ECB poleg tega redno svetuje glede predlogov Komisije za drugostopenjsko zakonodajo (glej tudi razdelek 2).
TARGET In accordance with the common TARGET oversight framework and objectives, the ECB and the NCBs perform regular and change-driven oversight activities with regard to the nationalreal-time gross settlement systems which participate in or are connected to TARGET, as well as with regard to the ECB payment mechanism (EPM).
Eurske kartične sheme, ki delujejo v Evropi, morajo biti skladne s kartičnim okvirom SEPA od začetka leta 2008, kreditna plačila SEPA pa so bila uvedena 28. januarja 2008.