natgillin/translations-raw huggingface dataset:
It is the growth in the reserve base, which is determined by certain shortterm liabilities on credit institutions’ balance sheets, which explains the abovementioned 14% increase in the total amount of reserve requirements during 2007.
Magyar Nemzeti Bank je 25. februarja 2008 v dogovoru z madžarsko vlado sklenila, da opusti razpon nihanja okrog forinta in uvede prosto drseči devizni tečaj.
Chart 41 Liquidity factors in the euro area in 2007
Razmerje med bolgarskih levom in eurom je ostalo stabilno in je znašalo 1,95583 BGN/EUR, kar je
OPEN MARKET OPERATIONSThe Eurosystem uses MROs, LTROs and
Razlika v dolgoročnih obrestnih merah je ostala dokaj velika v Romuniji in na Madžarskem, kjer je znašala okoli 340 oziroma 280 bazičnih točk.
(EUR billions) fi fine-tuning operations to manage the liquidity autonomous factors open market operations (outstanding volume)minimum reserve requirementscurrent accounts
V teh državah so ostajale razlike v donosnosti dolgoročnih obveznic visoke tudi zaradi javnofinančnih gibanj in zunanjih neravnotežij.
Banks are usually more reluctant to lend in the money market in the last weeks of the year, owing to balance sheet concerns. This well-known phenomenon was foreseen to be particularly strong in 2007.
Gibanja na delniških trgih so v večini držav članic EU zunaj euroobmočja od januarja 2007 do februarja 2008 dosegla pozitivno rast.
As a result, the ECB allotted €348.6 billion, which was €168.1 billion more than the benchmark amount. The provision of such abundant liquidity resulted in downward pressure on the overnight rate.
Cene delnic so najbolj zrasle v Bolgariji, na Cipru in v Romuniji, kjer so precej presegle povprečna gibanja tečajev delnic v euroobmočju, merjena z indeksom Dow Jones EURO STOXX.
Operations in connection with the US dollar Term Auction Facility
V Estoniji in Latviji pa so se cene delnic do konca februarja
As euro area banks were reported to be particularly concerned about the availability of their funding denominated in US dollars, the ECB established a reciprocal currency arrangement (swap line) in connection with the US dollar Term Auction Facility of the Federal Reserve System.
Vir: Izračuni strokovnjakov ECB.Opomba: Pozitivna (negativna) vrednost predstavlja apreciacijo (depreciacijo) eura.
Similar operations were also carried out by the Swiss National Bank.
Spremembe se nanašajo na obdobje od 2. januarja 2007 do 29. februarja 2008.
In each of the Eurosystem’s operations, US dollar funding of USD 10 billion was provided to counterparties with access to the marginal lending facility for a maturity of approximately one month.
10 Primerljiva dolgoro čna obrestna mera za Estonijo ni na voljo.
The collateral framework in the period of financial market volatility
Graf 39 Krediti zasebnemu sektorju v letu 2007
Owing to its acceptance of a broad range of collateral, the Eurosystem’s collateral framework has been well equipped to support the implementation of monetary policy during the ongoing market
(odstotki) rast kreditov (lestvica na levi strani)delež kreditov v BDP (lestvica na desni strani)
Chart 42 Eligible collateral by asset type
6 Litva 7 Bolgarija 8 Estonija 9 Latvija 10 Malta
The Eurosystem has selected a limited number of counterparties most active in the money market for these operations (127 at the end of 2007).
Hitro rast kreditov v teh gospodarstvih, razen Cipra, je treba obravnavati v okviru finančnega poglabljanja.
In 2007 the ECB conducted 24 fine-tuning operations, 18 of which were launched after 9 August as a result of the financial market turmoil.
Delež kreditov zasebnemu sektorju v BDP je namreč v vseh državah EU-11, razen Cipra in Malte, še vedno precej pod povprečjem euroobmočja.
This compares with 31 fine-tuning operations conducted in the eight-year period from 1999 until 2006.
Kljub temu predstavlja hitra rast kreditov tudi tveganje, ker v nekaterih državah prispeva k močnemu domačemu povpraševanju in s tem k čezmernemu zunanjemu in notranjemu neravnovesju.
All six operations conducted before 9 August were executed in order to re-establish balanced liquidity conditions on the last day of the maintenance period, as has been the practice since November 2004.
Poleg tega je v številnih državah še posebno zaskrbljujoč velik in še vedno rastoč delež deviznega zadolževanja.
Four were liquidity-absorbing and two liquidity-providing operations, reflecting the slightly higher probability of a liquidity surplus after an allotment above the benchmark amount in the last MRO of the maintenance period.
Na Danskem, Švedskem in v Združenem kraljestvu je medletna stopnja rasti kreditov zasebnemu sektorju ob koncu leta 2007 znašala okoli 13%.
On two occasions, the intended amount could not be reached in a liquidity-absorbing operation, owing to an insufficient volume of bids.
Viri: Banka za mednarodne poravnave, ECB, Eurostat, Central Bank of Cyprus in Bank of England.Opombe: Podatki se nanašajo na domače kredite institucijam, ki niso MFI, brez širše opredeljene države, Kar zadeva rast kreditov v letu 2007, je bil za vsako državo uporabljen zadnji razpoložljivi mesec.
The practice of conducting end-of-period fine-tuning operations was maintained after 9 August.
Podatki za Združeno kraljestvo temeljijo na nacionalni definiciji. niciji.
STANDING FACILITIESCounterparties may use the two standing facilities on their own initiative to obtain overnight liquidity against eligible collateral or to make overnight deposits with the Eurosystem.
Rast kreditiranja zasebnega sektorja je leta 2007 ostala visoka v vseh državah članicah EU zunaj euroobmočja.
At the end of 2007, 2,122 counterparties had access to the marginal lending facility and 2,798 counterparties had access to the deposit facility.
Proti koncu leta 2007 se je medletna rast kreditov v številnih državah ustalila, deloma tudi zaradi višjih bančnih obrestnih mer.
The rates for these facilities, at 100 basis
Glede na močno infl acijo pa so šte-
Chart 43 Collateral put forward in Eurosystem credit operations versus outstanding credit in monetary policy operations
Tabela 11 Uradne strategije denarne politike držav članic EU zunaj euroobmočja
Page 104
Poljski zlot
The calendar for the phasing-out of marketable tier two assets eligible as collateral for Eurosystem credit operations was amended.2
Litva še naprej ohranja režim valutnega odbora kot svojo enostransko zavezanost.Ciljna inflacija: 3% ±1 odstotna točka kot srednjeročni cilj.
To ensure that its high credit standards for collateral are met, the Eurosystem relies on a set of procedures, rules and techniques that together constitute the Eurosystem credit assessment framework (ECAF).
Malta je v okviru svoje enostranske zavezanosti ohranjala menjalni tečaj nespremenjen glede na centralno pariteto.Ciljna inflacija: 2,5% ±1 odstotna točka (12-me-sečno povečanje CPI).
The credit quality threshold for the collateral eligible for Eurosystem credit operations is defined within the ECAF in terms of a “single A” credit assessment.4The ECAF foresees a number of alternative credit assessment sources.
Prosto drseči devizni tečaj.Ciljna inflacija: 4%, 3,8% in 3,5% ±1 odstotna točka do konca leta 2007, 2008 oziroma 2009. Uravnavano drsenje deviznega tečaja.Sodeluje v ERM II z razponom nihanja ±15% okoli centralne paritete 35,4424 SKK za 1 EUR.
The euro area-wide introduction of non-marketable assets as eligible collateral in Eurosystem credit operations as of 1 January 2007 was combined with the first, but still limited, use of internal ratings-based systems by Eurosystem counterparties as a new source of credit assessment.
Ciljna inflacija za obdobje 2006–08 je pod 2,5% do konca leta 2006 in pod 2% do konca leta 2007 in do konca leta 2008.Ciljna inflacija: 2% povečanje CPI s tolerančnim razponom ±1 odstotne točke.
A number of additions related to the ECAF were introduced in 2007.
Българска народна банка (bolgarska narodna banka) je januarja 2007 odpravila zahtevo, da morajo banke vzdrževati dodatne rezerve, če rast kreditov preseže določene omejitve.
Following a decision by the Governing Council on 19 October 2007,
Hkrati je z namenom, da bi ublažila močno rast kreditov, sklenila dvigniti obvezne rezerve za 400 bazičnih točk na 12%.
The ECB’s foreign exchange transactions were exclusively related to investment activity.
Narodow y Bank Polski je dvignila klju čno hitre rasti realnega BD
The US dollar and Japanese yen reserves are actively managed by the ECB and the euro area NCBs, as agents for the ECB.
, naraš čajočih inflacijskih acijskih obrestno mero v štirih korakih za skupaj 100 bazičnih točk na 5%.
Two further pooling arrangements came into effect in January 2008 with the entry of the Central Bank of Cyprus and the Central Bank of Malta into the Eurosystem (see Chapter 3).
Januarja in februarja 2008 je bila ključna obrestna mera ponovno povečana za pritiskov ter velikih in vztrajnih zunanjih neravnovesij.
1.3 INVESTMENT ACTIVITIES
skupno 50 bazičnih točk na 5
A set of rules and procedures, known as the Chinese wall, separates the business units involved in operational investment activities from other business units.
na enoto proizvoda ter ohlapnejše Sveriges Riksbank je dvignila svojo klju čno obre- stno mero v petih korakih za skupaj 125 bazičnih točk na 4
were added to the Japanese yen portfolio and, to a minor extent, to the US dollar portfolio.
, kolikor je znašala februarja 2008, f l acije zopet približala ciljni ravni da bi napoved indveh odstotkov.
The value of the ECB’s net foreign reserve assets 6at current exchange rates and market confidence level.
Bank of England je leta 2007 trikrat zvišala svojo ključno obrestno mero (za skupno 75 bazičnih točk na 5,75%) predvsem zaradi močne rasti in visoke inflacije. Pozneje pa jo je spustila za 25 bazičnih točk na 5,5%.
The value of the portfolio at current market prices grew from €7.5 billion at end-2006 to €9.3 billion at end-2007.
Nasprotno od večine drugih držav je Magyar Nemzeti Bank zmanjšala svojo ključno obrestno mero v dveh korakih za skupaj 50 bazičnih točk na 7,5%, ker se je zdelo, da je mogoče doseči srednjeročni inflacijski cilj.
Most of the increase in market value was due to the investment in the own funds portfolio of the provision against foreign exchange rate, interest rate and gold price risks established by the ECB in 2005.
Leta 2007 je Banca Naţională a României do junija 2007 štirikrat zmanjšala svojo ključno obrestno mero za skupaj 175 bazičnih točk na 7,0% zaradi boljših inflacijskih obetov in močnejše apreciacije nominalnega tečaja od pričakovane.
Investment returns also contributed positively to the increase in market value.
Oktobra 2007 ter januarja in februarja 2008 pa je bila ključna obrestna mera zvišana za skupno 200 bazičnih točk na 9,0% zaradi poslabšanja infl a-cijskih obetov, ki so bili posledica šokov na strani ponudbe in na strani povpraševanja.
prices increased from €42.3 billion at end-2006 to €42.8 billion at end-2007, of which €32.1 billion was in foreign currencies – the Japanese yen and the US dollar – and €10.7 billion was in gold and SDRs.
Po ukrepih ECB je Danmarks Nationalbank v dveh korakih povečala svojo obrestno mero posojanja na 4,25%.
Applying the exchange rates of end-2007, US dollardenominated assets represented 79.7% of the foreign currency reserves, while those denominated in Japanese yen accounted for 20.3%.
Central Bank of Cyprus je 12. marca in 6. junija 2007 povečala svojo obrestno mero mejnega posojila in depozita čez noč vsakič za 25 bazičnih točk na 5,00% oziroma 3,00%, da bi tako postopoma ustvarila 1 odstotno točko razlike med tema dvema obrestnima merama in ciprsko obrestno mero glavnega refinanciranja, ki je ostala 4,5%.
The most substantial change in 2007 was therefore in the market value of gold and SDRs, which rose to €10.7 billion from €10.3 billion in 2006, mostly as a result of the appreciation of gold by around 18% measured in euro-denominated terms.
Decembra 2007 je bila obrestna mera glavnega refinanciranja zmanjšana za 50 bazičnih točk in tako usklajena z obrestno mero glavnega refinanciranja v euroobmočju, ki je znašala 4%. Bank Ċentrali ta’ Malta/Central Bank of Malta je 25. januarja in 29. maja 2007 zvišala svojo osrednjo interventno obrestno mero za 25 bazičnih točk na 4,25%.
In the course of the year, floating rate notes were added to the investment options available for the management of this portfolio. In addition, the list of eligible issuers of covered bonds and senior unsecured bonds was further extended.
Za to se je odločila zaradi nadaljnjega zmanjševanja zunanjih rezerv in izrazitega zmanjševanja razlike v kratkoročnih obrestnih merah glede na euro v korist malteške lire, predvsem zaradi povečanja obrestnih mer v euroobmočju.
In 2007 the list of eligible instruments in which the ECB’s foreign reserves can be invested was extended to include interest rate swaps.
Decembra 2007 je bila ključna obrestna mera zmanjšana za 25 bazičnih točk in tako postala usklajena s ključno obrestno mero v euroobmočju.
In addition, the pilot project set up to establish an automatic securities lending programme for the ECB’s US dollar assets is well advanced and is expected to be implemented in the course of 2008.
Zadnje odločitve glede obrestnih mer, ki sta jih sprejeli centralna banka Cipra in Malte, so bile sprejete v okviru priprav pred uvedbo eura 1. januarja 2008.
For this purpose, a detailed limit structure is in place and limits are monitored daily.
Sklepi o denarni politiki nacionalnih centralnih bank z inflacijskim ciljanjem, ki ne sodelujejo v
Net foreign reserve assets are calculated as official reserve assets, plus deposits in foreign currency with residents, minus future predetermined net drains on foreign currency holdings owing to repos and forward transactions.
, so se med državami razlikovali, zlasti zaradi različnega cikličnega stanja in inflacijskih pričakovanj.
For detailed information on the data sources, see http://www.ecb.europa.eu/stats/external/reserves/templates/html/index.en.html
Glede na rastoče inflacijske pritiske in navzgor popravljene napovedi in f l acije za leti
The purpose of this portfolio is to provide the ECB with income to help to cover its operating expenses.
2007 in 2008 je Česká národní banka v letu 2007 štirikrat povečala svojo obrestno mero glavnega
all stakeholders are adequately informed of the level of such risks.
1OPERACIJE DENARNE POLITIKE, OPERACIJE NA DEVIZNIH TRGIHININVESTICIJSKE DEJAVNOSTI
The enhancements mean that many risk monitoring, measuring and reporting tasks can be automated within a robust and flexible infrastructure.
Leta 2007 je takšen razpon EONIA v povprečju znašal 3 bazične točke, kar je manj kot leta 2006 (8 bazičnih točk).
Moreover, a modelbased performance attribution framework has been developed that allows portfolio performance to be assigned to exposures to individual risk factors.
Hkrati se je volatilnost razpona EONIA, ki jo merimo s standardnim odklonom, povečala s 5 bazičnih točk leta 2006 na 12 bazičnih točk v letu 2007.
Finally, in recognition of the fact that credit risk management techniques are gaining in importance within the central bank community, the ECB chaired a special Task Force of the Market Operations Committee, which carried out a comparative analysis of portfolio credit risk models used by Eurosystem central banks.
Ta gibanja v glavnem zrcalijo volatilnost tržnega okolja po 9. avgustu: čeprav je ECB vse leto uspešno usmerjala povprečno obrestno mero čez noč blizu izklicni obrestni meri, je v tem letu prišlo do dviga standardnega odklona v razponu EONIA s 6 bazičnih točk pred 9. avgustom na 17 bazičnih točk po 9. avgustu.
The results of this analysis were published in the ECB’s Occasional Paper Series.7
V istem obdobju se je povprečna raven razpona znižala s 6 bazičnih točk na -3 bazične točke.
One of the indicators used to monitor market risk is Value-at-Risk (VaR), which defines the loss for a portfolio of assets that will not be exceeded at the end of a specified period of time with a given probability.
LIKVIDNOSTNE POTREBE BANČNEGA SISTEMA Ko Eurosistem zagotavlja likvidnost prek operacij odprtega trga, pri tem upošteva dnevno oceno likvidnostnih potreb celotnega bančnega sistema euroobmočja. Likvidnostne potrebe so
The value of this indicator depends on a series of parameters used for the calculation, in particular the confidence level, the length of the time horizon and the sample used to estimate asset price volatility.
Kljub temu se je Eurosistem po 9. avgustu 2007 znašel v enem najtežavnejših obdobij za izvajanje denarne politike po uvedbi eura, ko so se finančni pretresi, ki so se začeli na trgu drugorazrednih hipotekarnih posojil v ZDA, prenesli tudi na eurski denarni trg.
As an illustration, computing this indicator for the ECB’s investment portfolio, using as parameters a 95% confidence level, a time horizon of one year and a sample of one year for asset price volatility, would result in a VaR of €3,500 million. Computing the same indicator with a five-year sample instead of one year would result in a VaR of €4,800 million.
V nekaj urah po izčrpanju likvidnosti na eurskem denarnem trgu zjutraj dne9. avgusta, se je Eurosistem odzval tako, da je trgu zagotovil 95 milijard EUR dodatne likvidnosti po ključni obrestni meri 4,00%, in sicer prek operacije fi nega uravnavanja z dospelostjo čez noč.
Most of this market risk is due to currency and gold price risk.
To je bil največji znesek, ki je bil do takrat dodeljen v operaciji fi nega uravnavanja.
The low levels of interest rate risk reflect the fact that the modified duration of the ECB’s investment portfolios remained relatively low.
Pretresi so na operacije odprtega trga Eurosistema močno vplivali še vse do konca leta 2007.
For more details, see “The use of portfolio credit risk models in central banks” by the Task Force of the Market Operations Committee of the ESCB, ECB Occasional Paper No 64, July 2007.
V okvirju 9 so opisani posebni operativni ukrepi, s katerimi je Eurosistem obvladal napetosti na denarnem trgu, in predstavljena vloga, ki jo je imel sistem zavarovanj pri podpori izvajanja de-
To this end, the Eurosystem created the Trans-European Automated Real-time Gross settlement Express Transfer system, known as TARGET, for large-value and urgent payments in euro.
9 naprej so ob- opredeljene kot vsota obveznih rezerv, sredstev na tekočih računih kreditnih institucij pri Eurosistemu, ki presegajo zahtevane rezerve (presežne rezerve), in avtonomni dejavniki.
The technically decentralised TARGET system is being progressively replaced by the TARGET2 system, which is based on a single technical platform that is shared by all participants. A first group of countries migrated to TARGET2 on 19 November 2007.
Avtonomni dejavniki so tiste postavke v bilanci stanja Eurosistema, npr. „bankovci v obtoku” in „vloge države”, ki vplivajo na imetja na tekočih računih kreditnih institucij, vendar niso pod neposrednim nadzorom upravljanja likvidnosti Eurosistema.
About 9,300 banks, including branches and subsidiaries, use TARGET to initiate payments on their own behalf or on their customers’ behalf.
Leta 2007 so povprečne dnevne likvidnostne potrebe bančnega sistema euroobmočja vezne rezerve leta 2007 znašale 2% osnove za obvezne rezerve kreditnih institucij.
Overall, around 52,000 institutions, in particular branches of participants, can be addressed through TARGET using a Bank Identifier Code.
Prav z rastjo osnove za obvezne rezerve, ki jo določajo nekatere kratkoročne obveznosti v bilanci stanja kreditnih institucij, je mogoče razložiti zgoraj omenjeno 14% povečanje skupne vsote obveznih rezerv v letu 2007.
Furthermore, the Eurosystem, together with market participants, is defining the user requirements for the provision of securities settlement services in central bank money through a single European technical platform with harmonised processes and procedures (TARGET2-Securities).
600 500 400 300 200 100 0 so redne operacije, ki se izvajajo tedensko in imajo navadno rok dospelosti en teden. So glavni instrument za upravljanje likvidnostnih razmer na trgu in za signaliziranje naravnanosti denarne politike.
Such an initiative would ensure that there is no difference between conducting domestic and crossborder settlements within the euro area.
Leta 2007 so se izvajale kot avkcije z variabilno obrestno mero z izklicno obrestno mero, ki je ključna obrestna mera denarne politike ECB.
Overall Total Daily average
, jih je v povpre čju v letu 2007 de-
Overall Total Daily average
ECBLetno poročilo2007
Intra-Member State 2
v enem (ko je zagotovila 2 milijardi EUR nad referenčnim zneskom), zagotovila za milijardo EUR višji znesek likvidnosti od referenčnega zneska dodelitve, kar je znesek, ki nasprotnim strankam omogoča nemoteno izpolnjevanje obveznih rezerv do poravnave naslednje operacije
Source: ECB.1) There were 255 operating days in both 2006 and 2007.2) Includes the traffic of remote participants.
, kar je bilo posledica zago- tavljanja dodatne likvidnosti prek dodatnih oper- čnejšega rest fi nanciranja ( glej spodaj in acij dolgorookvir 9).
TARGET plays an important role in the execution of the single monetary policy and the functioning of the euro money market.
pred 9. avgustom je bilo izvedenih za ponovno vzpostavitev uravnoteženih likvidnostnih razmer na zadnji dan obdobja izpolnjevanja obveznih rezerv, kar je ustaljena praksa že od novembra 2004.
Since TARGET offers a real-time settlement service in central bank money and broad market coverage, it has also attracted a variety of other payments.
Štiri so bile izvedene za umikanje likvidnosti in dve za povečevanje likvidnosti, kar kaže nekoliko večjo verjetnost presežne likvidnosti po dodelitvi nad referenčnim zneskom v zadnji operaciji glavnega refinanciranja v obdobju izpolnjevanja obveznih rezerv.
TARGET is available for all credit transfers in euro between participating banks, without any upper or lower value limit.
V dveh primerih predvidenega zneska v operaciji za umikanje likvidnosti ni bilo mogoče doseči zaradi nezadostnega obsega ponudb.
Such transfers may be made both between banks in the same Member State (intra-Member State traffic) and between those in different Member States (interMember State traffic). c).
Toda ve čina operacij fi nega uravnavanja po tem datumu (skupno 14) je bila izvedena za preprečitev nihanj v likvidnostnih razmerah in v obrestni meri čez noč, kar je bilo povezano s pretresi na finančnem trgu v obdobju izpolnjevanja obveznih rezerv (glej okvir 9).
in January 2007, Banka Slovenije decided, for efficiency reasons, not to develop its own RTGS system, but to use the RTGS system of the Deutsche Bundesbank to connect to TARGET. When TARGET2 went live in November 2007, Cyprus, Latvia, Lithuania and Malta began operations on TARGET2’s single shared platform (SSP).
Referenčni znesek dodelitve nasprotnim strankam, gledano v celoti, omogoča ohranjati imetja na tekočih računih blizu obveznih rezerv, pri čemer se upoštevajo predvidene likvidnostne potrebe in likvidnostna neravnovesja, ki so se že akumulirala v istem obdobju izpolnjevanja obveznih rezerv. Za natančnejšo opredelitev referenčnega zneska dodelitve glej okvir z naslovom „Publication of the benchmark allotment in the main refinancing operations”, Monthly Bulletin ECB, april 2004.
In 2007, as in previous years, regular meetings were held between the NCBs linked to TARGET and the national TARGET user groups.
Operacije dolgoročnejšega refinanciranja so mesečne operacije za zagotavljanje likvidnosti z zapadlostjo treh mesecev.
The Eurosystem, as operator of the largest RTGS system in the world in terms of the value of transactions processed, maintained close contacts with the RTGS system operators of other key currency areas in 2007.
Izvajajo se kot klasične avkcije z variabilno obrestno mero (brez omejitve glede licitiranih obrestnih mer) z vnaprej objavljenim obsegom dodelitve, ki je bil na začetku leta 2007 določen v znesku 50 milijard EUR.