natgillin/translations-raw huggingface dataset:
In view of the implementation of TARGET2 in November 2007, changes in TARGET were of a very limited nature, and the oversight of TARGET thus focused on regular activities, such as incident reporting andfollow-up.
Ob tem pomembnem mejniku so ECB, Evropska komisija in Evropski svet za plačila 28. januarja organizirali prireditev na visoki ravni za deležnike sistema SEPA in medije.
CLS is regulated by the Federal Reserve System, which is also its lead overseer since CLS Bank is located in the United States.
ECB nadaljnjo integracijo in razvoj hipotekarnih trgov pozorno spremlja iz več razlogov.
The Federal Reserve System cooperates with the central banks of all currencies which are eligible for CLS settlement, including the ECB.
Hipotekarni trgi so pomembni za transmisijo denarne politike v euroobmočju in imajo lahko pomembne posledice za finančno stabilnost.
Within this cooperative oversight arrangement, the ECB (in close cooperation with the euro area NCBs) is the lead overseer for the settlement of euro transactions.
Direktiva 2007/64/ES Evropskega parlamenta in Sveta z dne 13. novembra 2007 o plačilnih storitvah na notranjem trgu, ki spreminja direktive 97/7/ES, 2002/65/ES, 2005/60/ES in 2006/48/ES in razveljavlja Direktivo 97/5/ES (UL L 319, 5. 12. 2007, str. 1).
Before going live on 19 November 2007, TARGET2 was subject to a comprehensive oversight assessment which concluded in the third quarter of 2007.
Po uspešni uvedbi trga STEP v juliju 2006 je Eurosistem k pobudi še naprej prispeval na dveh glavnim področjih. Prvič, ECB in
There were a number of oversight findings with regard to individual Core Principles.
Po javni razpravi o Zeleni knjigi je Evropska komisija 18. decembra 2007 objavila Belo knjigo.
These findings will be addressed on the basis of an action plan established by the TARGET2 operators and agreed with the overseers.
Odprava prve skupine ovir poteka v okviru strokovne skupine za svetovanje in spremljanje na področju kliringa in poravnave (CESAME).
However, it will only be possible to further explore certain aspects when initial experience has been gained with TARGET2 in operation.
Fiskalne ovire obravnava strokovna skupina za fiskalno skladnost na področju kliringa in poravnave (FISCO), medtem ko se skupina za pravno varnost ukvarja s pravnimi ovirami.
In line with existing Eurosystem
ECB je še naprej sodelovala v strokovni skupini CESAME in v skupini za pravno varnost.
(non-PvP) payment instructions associated with non-deliverable forwards (NDFs) and to act as the central settlement provider for all payment instructions associated with over-the-counter (OTC) credit derivatives calculated or matched by the DTCC Deriv/SERV Trade Information Warehouse.
Na področju upravljanja finančnega premoženja za zavarovanje terjatev pa se bo vzporedno in v tesnem sodelovanju s tržnimi udeleženi oblikovala tudi enotna skupna platforma CCBM2 (glej razdelek 2.4 v poglavju 2).
BUSINESS CONTINUITY At the ECB conference on business continuity for market infrastructures, held in September 2006, market participants requested that the Eurosystem/ESCB organise business continuity exercises at the crossborder and cross-system level.
Hkrati pa tudi ni dokazov, da bi taka omejena preglednost pomenila učinkovito delovanje trga. ECB je na javni obravnavi Komisije dne 11. septembra 2007 in na zasedanjih strokovne skupine za evropske trge vrednostnih papirjev (ESME) v letu 2007 predlagala, da se to pomanjkanje izkušenj v Evropi obravnava s kontroliranim tržnim eksperimentom na drobnem in grosističnem trgu, s čimer bi ocenili učinek postopnega uvajanja preglednosti po trgovanju na trgih za nekatere obveznice.
As a follow-up, the Eurosystem/ESCB developed a framework and methodology for the organisation of business continuity exercises and conducted first internal crisis communication tests in 2007.
IZVAJANJE STORITEV CENTRALNEGA BANČNIŠTVA, KI PRISPEVAJO K FINANČNI INTEGRACIJIUspešna uvedba sistema TARGET2 dne 19. novembra 2007 je dodatno spodbudila proces finančne integracije v Evropi.
More complex business continuity exercises are foreseen for 2008.
Enotna struktura cen velja za domače in čezmejne transakcije.
In addition, the ESCB has worked on developing a proposal on how EU central banks can share public information concerning business continuity with market participants, and how central banks can exchange confidential information with one another.
TARGET2 vsem podsistemom zagotavlja tudi usklajen sklop storitev gotovinske poravnave v centralnobančnem denarju.
In this context, the ESCB conducted a number of fact-finding exercises to collect information on a variety of issues, such as international and national standards and initiatives, and national business continuity exercises.
Nove funkcije sistema TARGET2 bankam omogočajo večnacionalne operacije za konsolidacijo internih procesov, kot so zakladniške funkcije in funkcije zalednih služb, ter nadaljnjo integracijo upravljanja likvidnosti v eurih.
Non-confidential information will be made available to the public on a dedicated business continuity area of the website of each central bank.
Poleg tega imajo uporabniki sistema TARGET2 enoten dostop do celovitih spletnih podatkov in do ukrepov za kontrolo likvidnosti. (glej razdelek 2.2 v poglavju 2).
The ECB is expected to make this dedicated area available on its website in 2008.
4PREGLED NAD DELOVANJEM TRŽNIHINFRASTRUKTUR
The continuous safety and efficiency of CLS and its compliance with the Eurosystem policy principles are of prime importance to the Eurosystem, because the CLS system is, in terms of value, the largest payment system settling euro transactions outside the euro area.
Ena glavnih nalog Eurosistema je pregled nad delovanjem plačilnih sistemov. Eurosistem z izvajanjem pregleda nad delovanjem plačilnih sistemov, zlasti sistemsko pomembnih 7, prispeva k varnosti in učinkovitosti fi nančnih infra- sisteme in za sisteme, ki jih upravlja zasebni sektor. Ti standardi so Temeljna načela za sistemsko pomembne plačilne sisteme (Core Principles for Systemically Important Payment Systems), ki jih je določil Odbor za plačilne in poravnalne sisteme (CPSS) skupine G10 in sprejel Svet ECB leta 2001.
SWIFT The oversight of SWIFT focuses on the objectives of security, operational reliability, business continuity and resilience of the SWIFT infrastructure.
struktur in posledično k učinkovitosti plačilnih tokov na področju blaga, storitev in fi nančnih sredstev v gospodarstvu.
To ascertain whether SWIFT is pursuing these objectives, overseers regularly assess whether it has put in place appropriate governance arrangements, structures, processes, risk management procedures and controls to enable it to effectively manage the potential risks it may pose to financial stability and to the soundness of financial infrastructures.
Tesna povezanost med plačilnimi sistemi ter sistemi kliringa in poravnave vrednostnih papirjev pomeni, da so centralne banke na splošno in Eurosistem še posebej zelo zainteresirani tudi za kliring in poravnavo vrednostnih papirjev.
In the context of its participation in the cooperative oversight of SWIFT, the ECB started working
Splošni cilj, ki si ga je postavil Eurosistem, je čim bolj zmanjšati sistemsko tveganje.
The cash settlement of each foreign exchange trade consists of two payment transactions, one in each currency involved.
Zato ECB vsakih nekaj let objavi celovit opis glavnih plačilnih sistemov ter sistemov kliringa in poravnave vrednostnih papirjev v državah članicah EU.
Thus, in December 2007 CLS settled 190,718 trades with an average daily value equivalent to around €1.5 trillion.
Četrta izdaja tega poročila, ki se imenuje „Blue Book”, je bila objavljena 14. avgusta 2007.
In 2007 the BIS published a consultative report entitled “Progress in reducing foreign exchange settlement risk” to which the Eurosystem contributed.
Na podlagi temeljnih načel in pričakovanj preglednikov glede neprekinjenega poslovanja je Eurosistem v letu 2007 oblikoval enotno metodologijo za ocenjevanje pregleda nad delovanjem sistemsko in vidno pomembnih plačilnih sistemov v eurih.
The report indicates that further action is needed by individual institutions, industry groups and central banks to address the systemwide risks to financial stability posed by foreign exchange settlement exposures.
ECB vsako leto objavlja tudi statistične podatke o plačilih ter o trgovanju, kliringu in poravnavi vrednostnih papirjev. Ti statistični podatki so bili v preteklosti objavljeni v dodatku k poročilu „Blue Book”.
The final version of the report will be published in 2008.
Eurosistem mora ohraniti končni nadzor nad eurom.
to meet the overseers’ expectations.
EURO1 deluje na multilateralni neto osnovi.
The five expectations provide a framework within which the overseers organise their activities and on the basis of which risk-based oversight planning is prepared.
Stanje ob koncu dneva udeležencev sistema EURO1 se na koncu poravna v centralnobančnem denarju prek sistema TAR-GET.
The highlevel expectations and the rationale for the framework were presented in detail in the “Financial stability review” of the Nationale Bank van België/Banque Nationale de Belgique, published in June 2007.
Ker v sistemu EURO1 v letu 2007 ni bilo večjih sprememb, je bil pregled ECB osredotočen na spremljanje rednega delovanja sistema. ECB je ugotovila, da v letu 2007 ni bilo nobenih zadev, ki bi neugodno vplivale na nadaljnjo skladnost sistema EURO1 s temeljnimi načeli.
with the G10 central banks in 2006 to establish a set of highlevel oversight expectations that would be suitable for the assessment of SWIFT, taking into consideration SWIFT’s existing structure, processes, controls and procedures.
ture za transakcije v eurih zunaj euroobmočja razvile v pomembnejše infrastrukture za plačila v eurih, še posebno če bi to ogrozilo nadzor Eurosistema nad eurom. ECB je 19. julija 2007 objavila dokument „Eurosystem policy principles on the location and operation of infrastructures settling euro-denominated payment transactions”.
1 Risk identification and management: SWIFT is expected to identify and manage operational and financial risks to its critical services and ensure that its risk management processes are effective.
Zaradi uvedbe sistema TARGET2 novembra 2007 so bile spremembe sistema TARGET zelo omejene, pregled nad delovanjem sistema TARGET pa je bil osredotočen na redne dejavnosti, kot sta poročanje o incidentih in nadaljnje ukrepanje.
The Eurosystem’s oversight also covers retail payment systems and instruments.
FED sodeluje s centralnimi bankami vseh valut, ki so primerne za poravnavo v sistemu CLS, med drugim tudi z ECB.
In 2007 the ECB continued to monitor the smooth functioning of the first pan-European automated clearing house for bulk payments in euro, STEP2, which is managed and operated by EBA CLEARING.
V okviru sodelovanja pri pregledu delovanja je ECB (v tesnem sodelovanju z nacionalnimi centralnimi bankami euroobmočja) glavni preglednik za poravnavo transakcij v eurih. V letu 2007 je sistem CLS pripravil samooceno na podlagi temeljnih načel za sistemsko pomembne plačilne sisteme.
2 Information security: SWIFT is expected to implement appropriate policies and procedures, and to devote sufficient resources, to ensure the confidentiality and integrity of information and the availability of its critical services.
V letu 2007 je FED odobrila razširitev storitev CLS Bank, tako da poravnava tudi plačilne naloge v eni valuti (ne po načelu plačilo proti plačilu), povezane z neizročljivimi terminskimi
In the context of monitoring developments in the retail payments industry, the ECB carried out a comparative study together with the Federal Reserve Bank of Kansas City on the role of nonbanks in retail payments in the United States and in some European countries.
Te ugotovitve bodo obravnavane na podlagi akcijskega načrta, ki so ga vzpostavili upravljavci sistema TARGET2 v dogovoru s pregledniki. Nekatere vidike pa bo mogoče proučiti šele, ko bodo pridobljene začetne izkušnje z delovanjem sistema TARGET2.
4.3 CARD PAYMENT SCHEMES
ECBLetno poročilo2007
3 Reliability and resilience: Commensurate with its role in the global financial system, SWIFT is expected to implement appropriate policies and procedures, and devote sufficient resources, to ensure that its critical services are available, reliable and resilient and that business continuity management and disaster recovery plans support the timely resumption of its critical services in the event of an outage.
, ki jih obračuna ali uskladi DTCC Deriv/SERV Trade Information Warehouse. Eurosistem se je strinjal, da lahko CLS Bank kot del teh storitev poravnava tudi neizročljive terminske posle in kreditne izvedene finančne instrumente na prostem trgu v eurih, ker je sistem CLS še naprej skladen s temeljnimi načeli in načeli Eurosistema o lokaciji in delovanju infrastruktur za poravnavo plačilnih transakcij v eurih.
4 Technology planning: SWIFT is expected to have in place robust methods to plan for the entire life cycle of the use of technologies and the selection of technological standards.
tembra 2006, so tržni udeleženci zahtevali, da Eurosistem/ESCB organizira vaje s področja neprekinjenega poslovanja na čezmejni ravni in v celotnem sistemu.
In line with its statutory responsibility to promote the smooth functioning of payment systems in the euro area, the Eurosystem has developed an oversight framework for card payment schemes which process euro payments.
Stalna varnost in učinkovitost sistema CLS in njegova skladnost z načeli Eurosistema sta za Eurosistem bistvenega pomena, saj je ta sistem po vrednosti največji plačilni sistem, ki poravnava transakcije v eurih zunaj euroobmočja.
Its aim is to contribute to the maintenance of public confidence in card payments and to promote a level playing-field for all card schemes operating across the euro area.
Povprečna dnevna vrednost transakcij, poravnanih prek sistema CLS v eurih, je znašala 564 milijard EUR.
5 Communication with users: SWIFT is expected to be transparent to its users and to provide them information that is sufficient to enable users to understand well their roles and responsibilities in managing risks related to their use of SWIFT.
Poročilo kaže, da morajo posamezne institucije, skupine in centralne banke sprejeti nadaljnje ukrepe za obvladovanje tveganj v celotnem sistemu, ki jih za finančno stabilnost predstavlja izpostavljenost pri valutnih poravnavah. Končna različica poročila bo objavljena v letu 2008.
SWIFT is finalising a selfassessment on the basis of these highlevel expectations and will report to the central banks on its ability
SWIFT Pregled nad delovanjem sistema SWIFT je osredotočen na varnost, zanesljivost obratovanja, neprekinjenost poslovanja in odpornost infrastrukture.
A revised version of that report was then produced, taking into account the comments received during the public consultation.
Denarno poravnavo vsakega deviznega posla sestavljata dve plačilni transakciji, po ena v vsaki zadevni valuti.
The report defines the intended scope of oversight activities to be performed
Tako je bilo decembra 2007 prek sistema CLS poravnanih 190.718 poslov s povprečno dnevno vrednostjo okrog 1,5 bilijona EUR.
by the Eurosystem vis-à-vis card payment schemes and proposes standards which, if observed, would contribute to the soundness of such schemes.
vključenih v metodologijo pregleda nad delovanjem, ki temelji na tveganjih in jo uporablja tudi skupina za pregled. Ta pričakovanja so:
Those standards are based on a risk analysis conducted by the Eurosystem.
4.2 STORITVE ZA PLAČILA MALIH VREDNOSTI
In preparation for the entry of Cyprus and Malta into the euro area on 1 January 2008, the Governing Council assessed the SSSs of the two countries.
Pregled nad delovanjem sistemov, ki ga izvaja Eurosistem, zajema tudi sisteme in instrumente za plačila malih vrednosti.
The detailed analysis revealed that both systems were broadly compliant with the user standards and thus eligible for use in Eurosystem monetary policy and intraday credit operations.
ECB je tudi v letu 2007 spremljala nemoteno delovanje prve vseevropske avtomatizirane klirinške hiše za zbirna plačila v eurih (STEP2), ki ga vodi in upravlja družba EBA CLEARING.
The report, for which a series of interviews was conducted with banks, analysed the following six issues: the risks created by backlogs in documenting and confirming trades, the implications of the use of collateral to mitigate credit risk, the use of central counterparties to reduce counterparty risk, the risks involved in prime brokerage, the risks stemming from invalid novations of contracts and the potential for market disruption from closeout following the default of one or more large counterparties.
3 Zanesljivost in odpornost: skladno s svojo vlogo v globalnem finančnem sistemu naj bi SWIFT uvedel ustrezne politike in postopke ter namenil zadostne vire za zagotavljanje, da so njegove ključne storitve dostopne, zanesljive in odporne ter da ob izpadu upravljanje neprekinjenega poslovanja in načrti za obnovitev delovanja po katastrofi omogočajo pravočasno vnovično vzpostavitev njegovih ključnih storitev.
The Eurosystem has a strong interest in the smooth functioning of securities clearing and settlement systems because failures in the clearing, settlement and custody of collateral could jeopardise the implementation of monetary policy, the smooth functioning of payment systems and the maintenance of financial stability.
4 Tehnološko načrtovanje: SWIFT naj bi imel pripravljene zanesljive metode za načrtovanje celotnega življenjskega cikla uporabe tehnologij in izbire tehnoloških standardov.
In its capacity as a user of securities settlement systems (SSSs), the Eurosystem assesses the compliance of SSSs in the euro area, as well as links between those SSSs, with the “Standards for the use of EU securities settlement systems in ESCB credit operations” (known as the “Eurosystem user standards”).10 10
Eurosistem je v skladu s svojo zakonsko odgovornostjo, da podpira nemoteno delovanje plačilnih sistemov v euroobmočju, oblikoval pregledniški okvir za sheme kartičnih plačil, ki obdelujejo plačila v eurih. Njegov namen je prispevati k ohranjanju zaupanja javnosti v kartična plačila in spodbuditi enake konkurenčne pogoje za vse kartične sheme, ki poslujejo v euroobmočju.
DEVELOPMENT OF THE STANDARDS FOR SECURITIES CLEARING AND SETTLEMENT IN THE EUROPEAN UNIONThe Governing Council approved a framework for cooperation on securities clearing and settlement systems between the ESCB and CESR in 2001.
5 Obveščanje uporabnikov: SWIFT naj bi bil uporabnikom pregleden in jim zagotavljal zadostne informacije, ki omogočajo ustrezno razumevanje vlog in odgovornosti uporabnikov pri obvladovanju tveganj, povezanih z uporabo sistema SWIFT.
In the following year the working group continued to work in this field in order to develop an “assessment methodology” which would provide guidance on the effective implementation of the standards.
Nato je bila pripravljena revidirana različica poročila, pri čemer so bile upoštevane pripombe med javno razpravo.
During this period the group worked in parallel on the adaptation of the CPSS-IOSCO recommendations for central counterparties.
Poročilo opredeljuje področje pregleda nad delovanjem, ki naj bi ga izvajal Eurosistem v zvezi s shemami kartičnih plačil, in predlaga standarde, ki bi prispevali k zanesljivosti takšnih shem.
A number of open issues have stalled progress since late 2005. However, the European
Ti standardi temeljijo na analizi tveganj, ki jo je izvedel Eurosistem.
10 “Standards for the use of EU securities settlement systems in ESCB credit operations”, January 1998.
Okvir bo veljal za vse sheme kartičnih plačil, ki zagotavljajo storitve z debetnimi ali kreditnimi karticami.
Links become eligible for Eurosystem credit operations if they fulfil the Eurosystem’s nine user standards.
SWIFT končuje samooceno na podlagi visokih pričakovanj in bo poročal centralnim bankam o svoji sposobnosti, da izpolni pričakovanja preglednikov.
The Eurosystem assesses any new links or updates of eligible links against these standards.
Teh pet pričakovanj predstavlja okvir, znotraj katerega pregledniki organizirajo svoje dejavnosti in na podlagi katerega se načrtuje pregled nad delovanjem, ki temelji na tveganjih.
In 2007 three existing eligible links were updated and positively assessed. In addition, the use of five relayed links,i.e. where more than two SSSs are involved, was assessed.
Visoka pričakovanja in razlogi za okvir so bili podrobno predstavljeni v pregledu finančne stabilnosti, ki ga je junija 2007 objavila
Commission provided new impetus in 2007 in discussions at meetings of the ECOFIN Council, the EFC and the FSC.
Leta 2007 so bile posodobljene in pozitivno ocenjene tri obstoječe primerne povezave.
Furthermore, the ECOFIN Council requested that the FSC “deepen its work on the scope, legal basis and contents of the standards giving due consideration to the importance of ensuring a level playing-field; and together with the Commission propose ways forward on this subject to be submitted to the Council in early spring 2008”.11 The ECB has been contributing to this work.
Skupna delovna skupina ESCB-CESR je leta 2004 pripravila osnutek poročila o standardih za kliring in poravnavo vrednostnih papirjev v Evropski uniji („Standards for securities clearing and settlement in the European Union”), katerega cilj je prilagoditi priporočila CPSS-IOSCO v zvezi s sistemi poravnave vrednostnih papirjev, tako da bodo skladna z okoljem EU.
POLICY ISSUES the European Commission, that the actions taken by the Czech Republic were proving inadequate to bring its deficit below the 3% threshold by 2008.
Predsednik Euroskupine in evropski komisar za gospodarske in monetarne zadeve sta se udeleževala sestankov Sveta ECB, kadar je bilo to primerno.
In particular, the updated convergence programme of the Czech Republic of March indicated that the 3% of GDP deficit threshold would be exceeded not only in 2008, but also in 2009.
da so ukrepi Češke, s katerimi naj bi svoj primanjkljaj do leta 2008 znižala pod mejno vrednost 3%, neustrezni.
In October 2007 the Council again recommended under Article 104(7) of the Treaty that the Czech Republic bring the deficit below 3% of GDP by 2008 at the latest, with a 0.75% structural improvement in the budget balance between 2007 and 2008.
Zlasti dopolnjen konvergenčni program, ki ga je Češka sprejela marca, je kazal, da bo mejna vrednost 3% BDP presežena ne le v letu 2008, temveč tudi v letu 2009. Oktobra 2007 je Svet na podlagi člena 104(7) Pogodbe vnovič priporočil, da Češka zniža svoj primanjkljaj pod 3% BDP najpozneje do leta 2008, z 0,75% strukturnim izboljšanjem proračunskega salda med letoma 2007 in 2008.
According to the European Commission’s autumn 2007 forecast, the deficit will indeed decline to below 3% of GDP in 2008.
Po napovedih Komisije iz jeseni leta 2007 naj bi se primanjkljaj v letu 2008 dejansko znižal pod 3% BDP.
THE STABILITY AND GROWTH PACTIn 2007 the favourable macroeconomic environment supported the improvement of budget balances in most countries and hence the abrogation of excessive deficit procedures in a number of cases. The number of Member States in excessive deficit decreased from eleven at the end of 2006 to six by the end of 2007.
Nobeni nadaljnji ukrepi glede postopka v zvezi s čezmernim primanjkljajem niso bili sprejeti proti Italiji (ki bi morala svoj čezmerni primanjkljaj v skladu s priporočilom Ekonomsko-finančnega sveta popraviti do leta 2007), Madžarski (2009), Poljski (2007), Portugalski (2008) in Slovaški (2007), saj so novi podatki in projekcije kazali napredek pri odpravljanju čezmernega primanjkljaja v skladu z zadnjimi priporočili Sveta.
In January 2007 the ECOFIN Council brought the excessive deficit procedure against France to an end.
PAKT ZA STABILNOST IN RASTLeta 2007 se je zaradi ugodnih makroekonomskih razmer proračunski saldo v večini držav izboljšal in temu je v številnih primerih sledila odprava postopkov v zvezi s čezmernim primanjkljajem.
It took the same step for Germany, Greece and Malta in June 2007.
Januarja 2007 je Ekonomsko-finančni svet ustavil postopek zaradi čezmernega primanjkljaja proti Franciji.