natgillin/translations-raw huggingface dataset:
of any of the participating countries. The fourcurrencies in ERM II have traded continuouslyat or close to their central rates, while shortterm interest rate differentials vis-à-vis theeuro area have been small in most countries(see Table 10).
Sodelovanje v ERM II ni povezano z napetostmina deviznih trgih v kateri koli sodelujoči državi.S štirimi valutami v ERM II se trajno trguje ponjihovih osrednjih tečajih ali blizu njih,kratkoročne razlike v obrestnih merah v primerjavi z evro območjem pa so bile v večini držav majhne (glej tabelo 10).
In the context of ERM II entry,Banka Slovenije smoothly discontinued thegradual trend depreciation of the Sloveniantolar against the euro.
Vkontekstu vstopa v ERM II je Banka Slovenije nemoteno prekinila postopnodepreciacijo slovenskega tolarja proti evru.
Theweakening of the euro was particularlypronounced against the currencies of several ofthe larger new EU Member States, amid arelatively favourable growth outlook for thesecountries (see Chart 32).
sledijo pa mu češka krona, slovaška krona inmadžarski forint.
The Polish zloty experienced the largest appreciation against theeuro in 2004, followed by the Czech koruna, the Slovak koruna and the Hungarian forint.
Nasprotno pa je leta 2004latvijski lats, ki je bil prek svojega režimadeviznega tečaja delno vezan na ameriški dolar,depreciiral glede na evro.
Bycontrast, the Latvian lats, which in 2004 waspartially linked through its exchange rate regimeto the US dollar, depreciated against the euro.Since the beginning of 2005 Latvia has changedthe peg of the lats from the special drawingright (SDR) currency basket to the euro, at LVL 0.702804 per euro.
Od začetka leta 2005je Latvija spremenila vezavo latsa s košaricevalut posebnih pravic črpanja na evro po tečaju0,702804 latsa za evro.
Since the re-pegging,the lats has fluctuated within a narrow bandaround its peg rate.
Od te spremembevezave lats niha znotraj ozkega razpona okrogsvojega vezanega tečaja.
The Swedish krona, the Maltese lira and the Cyprus pound wererelatively stable against the euro.
Švedska krona,malteška lira in ciprski funt so bili dokaj stabilniglede na evro.
The poundsterling appreciated somewhat against the euroin early 2004 amid a favourable outlook for the UK economy and rising interest rates.
Večina valut v državah članicah EU zunaj evroobmočja je leta 2004 doživela apreciacijo gledena evro in tudi močno apreciacijo, merjeno s trgovinskimi ponderji.
In thesecond half of the year, however, it depreciatedvis-à-vis the euro.
Poljski zlot je leta2004 doživel največjo apreciacijo glede na evro,
Chart 32 Exchange rate changes of the euroagainst EU currencies outside ERM II
Graf 32 Spremembe deviznih tečajev evra nasproti valutam EU, ki niso del ERM II
Source: ECB.Note: A positive (negative) value represents an appreciation(depreciation) of the euro.
Vir: ECBOpomba: Pozitivna (negativna) vrednost predstavlja apreciacijo(depreciacijo) evra.
Changes refer to the period from2 January 2004 to 24 February 2005.
Spremembe se nanašajo na obdobje od 2. januarja 2004 do 24. februarja 2005.
MONETARY POLICYThe primary objective for monetary policy inall noneuro area EU Member States is pricestability.
DENARNA POLITIKAGlavni cilj denarne politike v vseh državahčlanicah EU zunaj evro območja je cenovnastabilnost.
Monetary policy strategies differ to agreat extent from country to country, reflectingthe heterogeneity among them in nominal, realand structural terms (see Table 11).
Strategije denarnih politik se oddržave do države precej razlikujejo, kar odražanjihove različnosti v nominalnem, realnem instrukturnem smislu (glej tabelo 11).
During2004 the monetary policy and exchange rateregimes in the noneuro area EU Member States remained largely unchanged, althoughsome refinements were made to the monetarypolicy frameworks of several countries with aview to gearing monetary policy more towardsfuture monetary integration.
Vletu 2004so denarna politika in režimi deviznih tečajev v državah članicah EU zunaj evro območjaostali v glavnem nespremenjeni, čeprav je bilonarejeno nekaj izboljšav v okvirjih denarnihpolitik v mnogih državah, da bi se denarnapolitika bolj usmerila v prihodnjo denarnointegracijo.
In particular,Estonia, Lithuania and Slovenia joined ERM IIon 28 June 2004. Moreover, in Latvia, Latvijas
Zlasti Estonija, Litva in Slovenijaso 28. junija 2004 vstopile v ERM II.
Table 11 Official monetary policy strategies of the noneuro area EU Member States
Tabela11 Uradne strategije denarne politike držav članic EU izven evroobmočja
Czech Republic
Valuta Češka krona
Inflation target: 24% by end-2005, thereafter3% ±1 percentage point (p.p).
Cilj: 2–4% do konca leta 2005, po tem 3% ±2 odstotnitočki (o.t.).
Exchange ratestrategy: (managed) float.
Strategija za devizni tečaj: (uravnavano)drsenje.
Participates in ERM II with a ±2.25% fluctuation bandaround central rate of DKK 7.46038 per euro.
Sodeluje v ERM II z ±2,25% razponom nihanja okolisrednjega tečaja DKK 7,46038 za 1 EUR.
Participates in ERM II with a ±15% fluctuation bandaround central rate of EEK 15.6466 per euro.
Sodeluje v ERM II z ±15% razponom nihanja okoli srednjega tečaja EEK 15,6466 za 1 EUR.
Estoniacontinues with its currency board arrangement as aunilateral commitment.
Estonija še naprej nadaljuje z valutnim odborom kot enostransko zavezanostjo.
Peg to the euro at CYP 0.5853 per euro, with ±15%fluctuation bands.
Ciprski funt Vezava na evro po tečaju 0,5853 CYPza 1 EUR z ±15% razponom nihanja.
The Cyprus pound has de factofluctuated within a narrow range.
Ciprski funt je dejansko nihal v zelo ozkem razponu.Ciljni devizni tečaj
From February 1994 peg to the SDR (euro weight36.4%) with a ±1% fluctuation band.
Od februarja 1994 vezava na posebne pravice črpanja (SDR) (evro utež 36,4%) z ±1% razponom nihanja.
Since 1 January2005 peg to the euro at LVL 0.702804 per euro with a±1% fluctuation band.
Od januarja 2005 vezava na evro po tečaju 0,702804 LVLza1 EUR z ±1% razponom nihanja.
Participates in ERM II with a ±15% fluctuation bandaround central rate of LTL 3.4528 per euro.
Sodeluje v ERM II z ±15 % razponom nihanja okoli srednjega tečaja LTL3,4528 za 1 EUR.
Lithuaniacontinues with its currency board arrangement as aunilateral commitment.
Litva še naprej nadaljuje z valutnim odborom kot enostransko zavezanostjo.
Inflation target with anexchange rate constraint
Ciljna inflacija z omejitvijo deviznega tečaja
Exchange rate target: peg to the euro at HUF 282.36 pereuro, with ±15% fluctuation band.
Ciljni devizni tečaj: vezava na evro po tečaju HUF 282,36 za 1 EUR z ±15% razponom nihanja.
Inflation target:3.5% (±1 p.p.) by end-2004, 4% (±1 p.p.) by end-2005and 3.5% (±1 p.p.) by end-2006.
Ciljna inflacija: 3,5% (±1 o.t.) do konca leta 2004, 4% (±1 o.t.) do konca leta 2005 in 3,5% (±1 o.t.) do konca leta 2006.
Peg to a currency basket comprising the euro (70%),pound sterling (20%) and US dollar (10%).
Vezava na košarico valut (evro (70%), britanski funt (20%) in ameriški dolar (10%)).
Nofluctuation margin but a trading margin of ±0.25% forforeign exchange market operations.
Brez razpona tečajnega nihanja, vendar s trgovsko maržo v višini ±0,25% za operacije deviznega trga.
Inflation target: 2.5% ±1 p.p. (year-on-year change in CPI) as from 2004.
Ciljna inflacija: 2,5% ±1 o.t. (medletna sprememba CPI) od leta 2004.
Free floating exchange rate.
Prosto drseči devizni tečaj.
Participates in ERM II with a ±15% fluctuation bandaround central rate of SIT 239.640 per euro.
Sodeluje v ERM II z ±15% razponom nihanjaokoli srednjega tečaja SIT239,640 za 1 EUR.
Two-pillar strategymonitoring monetary,real, external and financialindicators of macroeconomicconditions
Dvostebrna strategija za spremljanje denarnih, realnih, zunanjih in finančnih kazalcev makroekonomskih pogojev
Combined inflationtargeting and managed float 1)
Slovaška krona in uravnavanega drsenja1)
Inflation objective: shortterm inflation target set at3.5% (±0.5 p.p.) at end-2005.
Inflacijski cilj: kratkoročni inflacijski cilj jepostavljen na 3,5% (±0,5 o.t.)
The inflation target forthe period 2006-2008 is set below 2.5% for end-2006and below 2% at end-2007 and thereafter.
[SK] do konca leta 2005.Ciljna inflacija za obdobje 2006–2008 je predstavljena spodaj. 2,5% do konca leta 2006 in pod 2% do konca leta 2007 in po tem.
Exchangerate strategy: managed float.
Strategija deviznega tečaja: uravnavano drsenje.
Inflation target: 2% increase in the CPI with a tolerancemargin of ±1 p.p.
Ciljna inflacija: 2% povečanje CPI s tolerančnim razponom ±1 o.t.
Source: ESCB.1) Národná banka Slovenska’s official wording is “inflation targeting in the conditions of ERM II”.2) The CPI is identical to the HICP.
Viri: ESCB.1)Uradna formulacija Slovaške centralne banke se glasi „ciljne inflacije pod pogoji ERM II“.2) CPI je identičen HICP.
requirement of 2% for deposits in foreigncurrency was introduced.
Poleg tegaje bila uvedena zahteva po obvezni rezervi 2%vlog v tuji valuti.
In Latvia the centralbank increased its key policy rate by 100 basispoints to 4%.
VLatviji je centralna bankapovečala svojo obrestno mero za 100 baznihtočk na 4%.
To contain risks stemming fromhigh economic growth, strong credit growthand a widening current account deficit, italso decided to increase minimum reserverequirements from 3% to 4% and to expand thebase for minimum reserves by including bankliabilities to foreign banks and foreign centralbanks with an agreed maturity or redeemable ata period of notice of up to two years.
Za omejevanje tveganj, ki izvirajoiz hitre gospodarske rasti, močne rasti kreditovin večanja tekočega računa, se je Latvijaodločila povečati tudi zahtevo po obveznihrezervah s 3% na 4% in razširiti osnovo zaobvezne rezerve, tako da je vanje vključilaobveznosti bank do tujih bank in tujih centralnihbank z dogovorjeno dospelostjo ali na odpoklicz odpovednim rokom do 2 let.
In Maltathe official interest rate remained unchanged at3% throughout 2004.
Na Malti jeuradna obrestna mera ostala nespremenjena, insicer 3% skozi vse leto 2004.
FINANCIAL DEVELOPMENTSIn 2004 longterm bond yield developmentswere mixed in noneuro area EU Member States.
FINANČNA GIBANJALeta 2004 so bila gibanja donosov dolgoročnihobveznic v državah članicah EU zunaj evroobmočja različna.
Longterm interest rates, as measuredby the ten-year benchmark government bondyield, increased in Cyprus, the Czech Republicand Poland, but towards the end of 2004 startedto decline again.
Dolgoročne obrestne mere,merjene z 10 letnim donosom državnih obveznic,so se povečale na Cipru, v Češki republiki in na Poljskem, toda proti koncu leta 2004 so začeleponovno upadati.
As a result, bond yield spreadsvis-à-vis the euro area increased in thesecountries.
Zaradi tega so se razlike vdonosih obveznic v primerjavi z evro območjemv teh državah povečale.
In Hungary longterm bond yieldswere relatively volatile, with a downward trendin the second half of 2004, while in Latvia,Lithuania, Slovenia and Slovakia, long-terminterest rates continued to decline in the courseof 2004, narrowing the spread vis-à-vis theeuro area, in particular in the countriesparticipating in ERM II.
Na Madžarskem so bilidonosi dolgoročnih obveznic dokaj nestanovitni,s trendom upadanja v drugi polovici leta 2004, v Latviji, Litvi, Sloveniji in na Slovaškem pa sodolgoročne obrestne mere upadale skozi vse leto2004, zaradi česar se je zmanjšala razlika v primerjavi z evro območjem zlasti v državah,ki sodelujejo v ERM II.
In Malta long-terminterest rates were stable, while in Denmark,Sweden and the United Kingdom they moved inparallel with the rates in the euro area asindicated by stable bond yield spreads.5
Na Malti so biledolgoročne obrestne mere stabilne, na Danskem,Švedskem in v Združenem kraljestvu pa so segibale vzporedno z merami v evro območju, karje razvidno iz stabilnih razponov donosovobveznic.5
Stock markets in the noneuro area EU Member States continued to perform favourably in2004, with some of the stock market indices,especially those of most of the new Member States, reaching all-time highs and recordingannual increases in a range between 20% and80%.
Trgi vrednostnih papirjev v državah članicah EU zunaj evro območja so v letu 2004 še naprejugodno poslovali in nekateri indeksi, predvsemv večini novih držav članic, so dosegli najvišjevrednosti doslej in beležili letne donose med20% in 80%.
Stock markets in all the new Member States, with the exception of Cyprus,significantly outperformed euro area stockprices, as measured by the Dow Jones EUROSTOXX index.
Trgi vrednostnih papirjev v vsehnovih državah članicah razen na Cipru soizrazito prekašali gibanja tečajev na trgihvrednostnih papirjev v evro območju, merjenaz indeksom Dow Jones Euro Stoxx.
Stock markets in Denmark,Sweden and the United Kingdom continued tofollow broadly the development of the Dow Jones EURO STOXX index, with the first twocountries slightly outperforming and the lastone slightly underperforming the euro areabenchmark.
Trgivrednostnih papirjev na Danskem, Švedskem inv Združenem kraljestvu so še naprej v glavnemsledili gibanju indeksa Dow Jones Euro Stoxx,pri čemer sta prvi dve državi nekoliko prekašali,tretja pa je zaostajala za indikatorji v evroobmočju.
5Estonia does not have a developed market for longterm bondsdenominated in domestic currency.
Estonija nima razvitega trga za dolgoročne obveznice,denominirane v domači valuti.
A proxy indicator for longterm interest rates in Estonia, developed jointly by the European Commission, the ECB and Eesti Pank and based on a weightedaverage of interest rates for new business loans denominated indomestic currency with maturities of over five years, shows adownward trend during 2004.
Nadomestni kazalec dolgoročnihobrestnih mer v Estoniji, ki so ga skupaj razvili Evropskakomisija, ECB in Eesti Pank in ki temelji na tehtanem povprečjuobrestnih mer za nova poslovna posojila, denominirana v domačivaluti z dospelostjo več kot 5 let, v letu 2004 kaže trendupadanja.
Turning to the noneuro area EU Member States with an inflation targeting framework inplace, the Czech Republic and Polandincreased interest rates in 2004 with a view tocontaining inflationary pressures and limitingpossible secondround effects of higherinflation rates.
Če pogledamo države članice EU zunaj evroobmočja z vzpostavljenim okvirom ciljneinflacije, vidimo, da sta Češka republika in Poljska leta 2004 zvišali obrestne mere, da biomejili inflacijske pritiske in morebitnesekundarne učinke višjih stopenj inflacije.
In the Czech Republic the keypolicy rate was increased by 50 basis points to2.5% – although it was lowered to 2.25% in January 2005 – and in Poland the key rate wasraised by 125 basis points to 6.5%.
VČeški republiki se je ključna obrestna merapovečala za 50 baznih točk na 2,5% – čeprav seje januarja 2005 znižala na 2,25% – na Poljskempa je ključna obrestna mera zrasla za 125 baznihtočk na 6,5%.
In the United Kingdom, the repo rate was raised by100 basis points to 4.75%, mainly due to aworsened outlook for CPI inflation.
VZdruženem kraljestvu se je repoobrestna mera dvignila za 100 baznih točk na4,75%, v glavnem zaradi skromne stopnjerezervnih zmogljivosti.
In contrast,Hungary, which follows an inflation targetcombined with an exchange rate constraint,reduced interest rates by a total of 300 basispoints to 9.5% in 2004, and further to 8.25% in February 2005. The gradual interest rate cutsthroughout 2004 reversed the one-off 300 basispoint increase that had taken place in November 2003 after a sudden deterioration ofinvestor confidence.
Nasprotno pa je Madžarska, ki ciljno inflacijo kombinira z omejevanjem deviznega tečaja, obrestne mereleta 2004 znižala za skupaj 300 baznih točk na9,5% in februarja 2005 še nadalje na 8,25%.Postopno zniževanje obrestnih mer skozi vseleto 2004 je izravnalo enkratni dvig za 300baznih točk, ki se je zgodil novembra 2003 ponenadnem upadu zaupanja vlagateljev.
The reversal was madepossible by the easing of shortterm riskperceptions, an improvement in the inflationoutlook and relatively subdued developmentsin private sector wage growth.
Preobratje bil možen zaradi zmanjšanega kratkoročnegatveganja, boljših inflacijskih obetov insorazmerno umirjenih gibanj rasti plač v zasebnem sektorju.
In Slovakiaappreciation pressures on the koruna were themain motivation for a reduction in the keyinterest rate by a total of 200 basis points to4%.
Na Slovaškem je pritiskepo apreciaciji krone v glavnem povzročiloznižanje ključne obrestne mere za skupaj 200
Artist Is a Dahl Title “eben still”, 2004 Material Oil on canvas Format ø 190 cm© VGBild-Kunst, Bonn 2005
Avtorica Isa Dahl Naslov „eben still“, 2004Material Olje na platno Format ø190 cm© VGBild-Kunst, Bonn 2005
1MONETARYPOLICYOPERATIONS, FOREIGNEXCHANGEOPERATIONSANDINVESTMENTACTIVITIES
1OPERACIJE DENARNE POLITIKE, OPERACIJE NADEVIZNIH TRGIHININVESTICIJSKE AKTIVNOSTI
1.1MONETARY POLICY OPERATIONS maintenance period no longer extend intothe subsequent reserve maintenance period.
OPERACIJE DENARNE POLITIKE
The key operational task of the Eurosystem isthe implementation of monetary policy.
Ključna operativna naloga Evrosistema jeizvajanje denarne politike.
Theoperational framework which the Eurosystemhas set up for this purpose consists of threecategories of instruments: open marketoperations, standing facilities and theminimum reserve system.
Operativni okvir, kiga je v ta namen oblikoval Evrosistem,sestavljajo tri kategorije instrumentov:operacije odprtega trga, odprte ponudbe insistem minimalnih rezerv.
All credit operationscarried out by the Eurosystem have to becovered by adequate collateral provided by counterparties.1
Vse kreditneoperacije, ki jih izvaja Evrosistem, morajo bitipokrite z ustreznimi zavarovanji nasprotnestrani.1Evrosistem je v letu 2004 naredilpomembne korake v smeri enotnega seznamazavarovanj.
The Eurosystem took major steps in 2004 towards the establishment of asingle list of collateral.
Te spremembe so bile načrtovane za uskladitevobdobij za izpolnjevanje rezerv s ciklom zaodločanje o obrestni meri, z zagotovilom, daspremembe ključnih obrestnih mer ECBpraviloma začnejo veljati šele ob začetkunaslednjega obdobja izpolnjevanja rezerv.
These changes were designed to align thereserve maintenance period with the cyclefor interest rate decision-making, ensuringthat, as a rule, changes in key ECB interestrates only take effect at the beginning of thesubsequent reserve maintenance period.
ECBnamerava s tem preprečiti pričakovanjasprememb ključnih obrestnih mer v obdobjuizpolnjevanja rezerv ter s tem stabiliziratiravnanje udeležencev na trgu glede ponudb v operacijah glavnega refinanciranja.
The ECB thereby aims to eliminate expectationsof changes in the key ECB interest rateswithin a maintenance period and thus stabilisemarket participants’ bidding behaviour inthe MRO.
Pred temso tovrstna pričakovanja občasno destabiliziralaponudbe nasprotnih strani v operacijahglavnega refinanciranja.
Previously, such expectationshave occasionally destabilised counterparties’bidding in the MROs.
Zlasti kadar so bilaprisotna pričakovanja o skorajšnjem znižanjuobrestnih mer, so se nasprotne strani potegovaleza manj likvidnosti, kakor jo je ECB nameravaladodeliti.
In particular, whenthere were expectations of imminent interestrate reductions, counterparties bid for lessliquidity than the ECB intended to allot.This phenomenon, known as underbidding,reflected counterparties’ attempts to fulfiltheir reserve requirements at the lowestpossible cost, i.e. after a potential interest ratereduction.
Ta pojav, znan kot prenizkaprotiponudba, je bil posledica poskusovnasprotnih strani, da izpolnijo svoje zahtevanerezerve po najnižji možni ceni, t.j. pomorebitnem znižanju obrestnih mer.
INITIAL EXPERIENCE WITH THE NEWFRAMEWORK FOR MONETARY POLICYIMPLEMENTATIONThe operational framework continued to workwell in 2004, delivering stable short-termmoney market rates and clearly signalling themonetary policy stance.
ZAČETNE IZKUŠNJE Z OKVIROM ZA IZVAJANJE DENARNEPOLITIKEOperativni okvir je v letu 2004 še naprej delovaldobro, omogočal stabilne kratkoročne obrestnemere denarnega trga in jasno oznanjal usmeritevdenarne politike.
In order to furtherimprove the implementation of monetarypolicy, two important changes to theframework were introduced on 9 March 2004.
Za dodatno izboljšanjeizvajanja denarne politike sta bili 9. marca 2004uvedeni dve pomembni spremembi okvira.
Moreover, communication to counterpartieswas enhanced.
Poleg tega se je okrepilo obveščanje nasprotnihstrani.
On MRO announcement days,the ECB continues to publish the forecast of theautonomous liquidity factors which are notunder the direct control of the ECB’s liquiditymanagement, such as banknotes in circulation,government deposits and net foreign assets.
ECB na dan objave operacij glavnegarefinanciranja še naprej objavlja napovedsamostojnih dejavnikov likvidnosti, ki niso podneposrednim nadzorom upravljanja z likvidnostjo ECB, kot so bankovci v obtoku,državni depoziti in neto sredstva iz tujine.
Inaddition, the ECB has started to publish anupdated forecast on the allotment day.
Polegtega je ECB začela objavljati z zadnjimi podatkidopolnjeno napoved na dan dodelitve.
The ECB now also communicates the benchmarkamount on both the announcement and theallotment day.
ECBsedaj tudi sporoča referenčni znesek tako na danrazglasitve kot na dan dodelitve.
The benchmark amount is theallotment amount that allows the euro areabanking system as a whole to smoothly fulfil itsreserve requirements, given the Eurosystem’scomplete liquidity forecast, i.e. includingautonomous factors and excess reserves.
Referenčniznesek je znesek dodelitve, ki omogočacelotnemu bančnemu sistemu evro območjanemoteno izpolnjevati zahteve glede rezerv, obdani popolni likvidnostni napovedi Evrosistema, tj. skupaj s samostojnimi dejavnikiin presežnimi rezervami.
–The timing of the reserve maintenanceperiods was adjusted so that these periodsalways start on the settlement day ofthe main refinancing operation (MRO)following the Governing Council meeting atwhich the monthly decision on the monetarypolicy stance is scheduled.
Čas dospelosti operacij glavnega refinanciranja je bil iz dveh tednov skrajšan na en teden.
Previously,reserve maintenance periods started onthe 24th calendar day of one month andended on the 23rd calendar day of thesubsequent month, irrespective of the Governing Council’s meeting schedule.
Skupno s prej omenjenimispremembami to pomeni, da se operacijeglavnega refinanciranja, poravnane v enemobdobju izpolnjevanja rezerv, ne raztegne v naslednje obdobje izpolnjevanja rezerv.
1A detailed description of the operational framework can befound in the ECB publication entitled “The implementation ofmonetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures”,February 2005.
Podroben opis operativnega okvira je na voljo v publikaciji ECB z naslovom „Izvajanje denarne politike v evro območju:Splošna dokumentacija o instrumentih in postopkih denarnepolitike“, februar 2004.
Chart33Bidandallotmentamountsinweekly MROsin2004 allotment decisions in MROs aim to balanceliquidity conditions or not.
Graf33 Protiponudbe in dodeljeni zneski pri tedenskih operacijah glavnega refinanciranja v letu 2004
(EUR billions) allotment bid
(milijarde EUR) protiponudbedodeljeni zneski
The implementation of the changes to theframework was smooth.
Izvajanje sprememb okvira je potekalonemoteno.
The shortening of the MRO maturity from two weeks to one week andthe elimination of the overlap betweenoperations led to an immediate doubling in sizeof each MRO.
Skrajšanje dospelosti operacijglavnega refinanciranja z dveh na en teden terodprava prekrivanja operacij sta privedla dotakojšnje podvojitve obsega vsake operacijeglavnega refinanciranja.
Counterparties’ biddingbehaviour adapted quickly to the strongincrease in the average allotment amount,although in the third MRO with a maturity ofone week, the total amount of bids fell short ofthe benchmark amount by 5 billion.
Ravnanje nasprotnihstrani glede ponudb se je hitro prilagodilopovečanju povprečnega zneska dodelitve,čeprav je bil v tretjih operacijah glavnegarefinanciranja z dospelostjo enega tedna skupniznesek ponudb za 5 milijard EUR nižji odreferenčne vrednosti.