natgillin/translations-raw huggingface dataset:
THE INFORMATION CAMPAIGN ON THE INTRODUCTION OF THE EUROThe ECB, in cooperation with the Central Bank of Cyprus and the Central Bank of Malta, designed and implemented comprehensive information campaigns in preparation for the introduction of the euro in Cyprus and Malta on 1 January 2008.
V zadnjih letih je fiskalna politika na Cipru in Malti zagotavljala večjo podporo pri doseganju cenovne stabilnosti, saj se je v obeh državah fiskalni položaj občutno izboljšal. V obeh državah se je leta 2004 začel zniževati delež primanjkljaja širše opredeljene države v BDP, ki je bil prej na visoki ravni.
The objective of these joint euro information campaigns was to familiarise the public with the visual appearance and the security features of the euro banknotes and coins, as well as with the cash changeover modalities.
Na Cipru se je primanjkljaj, ki je leta 2003 znašal 6,5% GDP, leta 2007 spremenil v presežek v višini 1,5%, na Malti pa je delež primanjkljaja z 9,8% BDP leta 2003 padel na 1,6% leta 2007.
Particular attention was paid to professional cash handlers and the visually impaired, for whom special training sessions and materials were developed.
V obeh državah je bilo izboljšanje proračunskega stanja predvsem posledica necikličnih dejavnikov, čeprav so v zadnjih letih pomembno vlogo odigrali tudi začasni ukrepi.
Special attention was paid to visually impaired citizens.
Razmerje med dolgom širše opredeljene države in BDP je v obeh državah visoko, vendar se v zadnjih letih znižuje.
The “€ talking card”, an innovative product based on the principle of birthday cards which play a tune, contained an electronic chip with a pre-recorded three-minute message describing the main features of the euro and the local changeover modalities.
Na Cipru se je delež javnega dolga z visokih 70,2% BDP leta 2004 znižal na 60% leta 2007, na Malti pa je z 72,7% BDP v enakem obdobju padel na 62,9%. Na Malti je potrebna dodatna fiskalna konsolidacija, preden bo država izpolnila svoje srednjeročne cilje, določene v Paktu za stabilnost in rast.
The logo “€ Our money”, which is based on the logo used for the information campaign for the introduction of the euro banknotes and coins in 2002, featured in all the joint communication activities related to the changeover in Cyprus and Malta.
Poleg tega bi bilo v obeh državah treba ustvariti zadosten manevrski prostor v javnih financah, ki bi omogočil obvladovanje pričakovanega poslabšanja demografskega položaja, zaradi katerega se bodo verjetno povečali javni izdatki, povezani s staranjem prebivalstva.
Several public relations and press events triggered extensive press coverage: euro banners on the buildings of the Central Bank of Cyprus and the Central Bank of Malta, a euro conference in Malta to foster dialogue on the economic and practical aspects of the euro, a lecture for the academic world in Cyprus, and euro celebrations on 12 and 18 January 2008 in Malta and Cyprus respectively.
Leta 2007 je bila denarna politika centralnih bank Central Bank of Cyprus in Bank Ċentrali ta’ Malta/Central Bank of Malta še naprej usmerjena v doseganje cenovne stabilnosti.
In order to provide authoritative information about the organisation, responsibilities and activities of the ECB/Eurosystem, a two-day seminar for Cypriot and Maltese journalists was organised at the ECB in Frankfurt in September 2007.
Obe centralni banki sta podpirali vezan tečaj, tako da sta ključne uradne obrestne mere ohranjali nad obrestnimi merami ECB.
18 Article 52 of the Statute of the ESCB requires that the Governing Council of the ECB take the necessary measures to ensure that banknotes denominated in currencies with irrevocably fixed exchange rates to the euro are exchanged by the euro area NCBs at par value.
Central Bank of Cyprus je svojo izklicno obrestno mero večino leta ohranila na ravni 4,5%, Bank Ċentrali ta’ Malta/Central Bank of Malta pa je svojo centralno intervencijsko obrestno mero zvišala dvakrat, in sicer januarja in maja za skupaj 50 bazičnih točk na 4,25%.
Against this background, the Governing Council adopted a guideline on the exchange of such banknotes on 24 July 2006.
Uradne obrestne mere so bile usklajene z uradnimi obrestnimi merami ECB 21. decembra 2007 na Cipru in 28. decembra 2007 na Malti, s čimer se je končal proces konvergence uradnih obrestnih mer.
The joint euro information campaigns adopted a communication mix involving research activities, publications, a press and public relations programme and a partnership programme, as well as dedicated web pages.
Obrestne mere na denarnem trgu so se na Cipru in Malti gibale bolj ali manj skladno z uradnimi obrestnimi merami, kar je decembra 2007 pripeljalo do dokončne konvergence tržnih obrestnih mer.
Following pan-European qualitative research which was conducted in 2006, a strong human element was used when communicating about euro cash.
Dolgoročne obrestne mere so bile blizu tistim v euroobmočju že od začetka leta 2006 dalje.
Pictures of Cypriot and Maltese citizens in cashhandling situations were used in the information materials in order to bring the euro closer to the people.
To je v obeh državah odražalo zaupanje trga v splošna gospodarska gibanja in verodostojnost denarne in tečajne politike.
The campaigns also took into account the lessons learnt in the context of the euro information campaign in Slovenia, where the communication mix used was validated by a survey conducted in February 2007.
V konvergenčnem procesu na Cipru in Malti je pomembno vlogo odigrala tudi denarna politika. Obe državi imata dolgo tradicijo vezanega tečaja, ki traja že od šestdesetih let naprej.
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CHAPTER 4
Okvir 10
FINANCIAL STABILITY ANDINTEGRATION
ŠIRITVE EUROOBMOČJA NA CIPER IN MALTO TER POSLEDICE ZA STATISTIKO
1FINANCIAL STABILITY prime mortgages, involved a repricing of credit risk across several markets and ultimately led to a disruption in the functioning of core funding markets.
Širitev euroobmočja na Ciper in Malto 1. januarja 2008 je tretji dogodek, zaradi katerega je treba serije statističnih podatkov za euroobmočje spremeniti, da bi vključevale nove države članice.
Before the market turmoil began, the euro area fi financial system was in a robust financial position,
Vstop Cipra in Malte v euroobmočje pomeni, da so rezidenti obeh držav postali rezidenti euroobmočja.
The Eurosystem contributes to the smooth conduct of policies by the competent national authorities relating to the prudential supervision of credit institutions and the stability of the financial system.
Potem ko sta postali članici ESCB, sta Central Bank of Cyprus in Bank Ċentrali ta’ Malta/Central Bank of Malta pospešili svoje priprave, da bi izpolnili zahteve ECB na področju denarne in bančne statistike ter statistike plačilne bilance, javnih financ, fi nančnih računov in druge finančne statistike.
It also offers advice to these authorities and the European Commission on the scope and implementation of Community legislation in these fields. fields.
Poleg tega sta Central Bank of Cyprus in Bank Ċentrali ta’ Malta/Central Bank of Malta morali izvesti ustrezne priprave za integracijo ciprskih in malteških kreditnih institucij v sistem obveznih rezerv ECB ter za izpolnitev ustreznih statističnih zahtev.
as a result of several years of strong profitability in the banking sector which continued into the fi first half of 2007.
1 Povzetek statističnih zahtev ECB je predstavljen v dokumentu „Statistika ECB: pregled”, april 2006.
This left the banking system
ECBLetno poročilo2007
The ECB, in collaboration with the ESCB’s Banking Supervision Committee (BSC), aims to safeguard the stability of the financial system.
Poleg tega so morali Ciper, Malta in druge države euroobmočja pripraviti podatke za nazaj z zadostnimi podrobnimi geografskimi in sektorskimi informacijami, ki segajo najmanj v leto 2004, ko sta Ciper in Malta vstopila v EU.
1 Key activities are monitoring risks to financial stability and assessing the financial system’s shock-absorbing capacity. The main focus is on banks as they are still the primary intermediaries of funds and also the main potential channel for the propagation of risk in the financial system.
Kar zadeva objavljanje statističnih podatkov euroobmočja, je ECB uporabnikom omogočila neposreden dostop do dveh sklopov časovnih vrst, od katerih eden vsebuje podatke za zdajšnje euroobmočje (tj. vključno s Ciprom in Malto), ki zajemajo čim daljše obdobje za nazaj, drugi pa povezuje različne sestave euroobmočja vse od leta 1999, ko ga je sestavljalo enajst držav.
At the same time, the increasing importance of financial markets and other financial institutions and their linkages with banks implies that vulnerabilities in these components of the financial system need to be monitored by the ESCB.
2PRAVNI VIDIKIINTEGRACIJE CENTRALNE BANKE CIPRAIN CENTRALNE BANKE MALTE V EUROSISTEM je bila 28. maja 2007 zaprošena tudi za mnenje o spremembah direktive št. 1 Bank Ċentrali ta’ Malta/Central Bank of Malta o obveznih rezer-
with an ample buffer with which to absorb disturbances.
6 vah in je sprejela mnenje o spremembah.
The improvement in the profitability of large euro area banks in the first half of 2007 was mostly driven by strong growth in noninterest income, whereas net interest income continued to come under pressure against the background of a flat yield curve despite robust, albeit slowing, growth in loans to the private sector.
Odločba Ekonomsko-finančnega sveta z dne 10. julija 2007 je sprožila spremembe Uredbe Sveta (ES) št. 974/98, s katerimi bi bila omo-
The profitability of large euro area banks was also supported by a continuation of low loan impairment charges.
V skladu s členom 122(2) Pogodbe ES je ECB preverila skladnost statuta centralne banke Central Banke of Cyprus in Bank Ċentrali ta’ Malta/Central Bank of Malta ter druge relevantne ciprske in malteške zakonodaje s členom 109 Pogodbe.
However, profitability levels were adversely affected in the second half of the year by the repricing of credit risk and by more difficult market conditions for funding liquidity.
ECB je pozitivno ocenila skladnost ciprske in malteške zakonodaje s Pogodbo in Statutom ESCB, kar je navedla v svojem konvergenčnem poročilu za Ciper in Malto, objavljenem maja 2007.
This negative impact was partly due to valuation changes in subprime and structured credit securities as well as leveraged loan commitments.
in Malti,8ter 9in 10 o spremembi gočena uvedba eura na Cipru sprejetje Uredbe Sveta (ES) št. 1135/2007 Uredbe Sveta (ES) št. 1134/2007 Uredbe (ES) št. 2866/98, ki je dolo čila nepre- klicno menjalno razmerje med eurom in ciprskim funtom oziroma malteško liro.
The credit market turmoil had implications in particular for banks’ noninterest income sources, while banks reliant on wholesale funding sources also faced challenges in increasing their sources of net interest income.
Svet se je posvetoval z ECB o predlogih obeh navedenih uredb in o tem je ECB sprejela mnenje.11 ECB je bila prav tako zaprošena za mnenje o nacionalni zakonodaji, ki ureja zamenjavo gotovine v euro na Cipru in Malti.12
This notwithstanding, solvency levels remained comfortably above minimum regulatory requirements in the first half of 2007.
Pravni okvir Eurosistema je bil sprejet na podlagi odločbe Ekonomsko-finančnega sveta z dne 10. julija 2007 o odpravi odstopanja za Ciper in Malto.1Zaradi uvedbe eura na Cipru in Malti ter integracije njunih centralnih bank v Eurosistem je bilo treba prav tako spremeniti nekatere ciprske in malteške pravne instrumente.
In spite of the adverse developments in profitability in the second half of the year, the direct implications of the financial market
Kar zadeva pravne priprave na integracijo centralne banke Central Bank of Cyprus in Bank Ċentrali ta’ Malta/Central Bank of Malta v Eurosistem, je ECB sprejela potrebne pravne instrumente, s katerimi je zagotovila, da obe centralni banki vplačata preostali delež kapitala
CYCLICAL DEVELOPMENTSIn 2007 the turmoil in international financial markets in the second half of the year raised a number of issues pertaining to financial stability in the euro area.
Marca 2007 je bil statut centralne banke Central Bank of Cyprus usklajen s priporočili v konvergenčnih poročilih ECB iz leta 2004 in 2006.
However, its shock-absorbing capacity was severely tested over a prolonged period during the second half of the year.
Ciper se je z ECB trikrat posvetoval o predlogu sprememb statuta Central Bank of Cyprus.
Since the end of 2004 the ECB has published a semi-annual report on the stability of the euro area financial system entitled “Financial Stability Review”.
ECB je sprejela tri mnenja s predlogi sprememb,2 ki so bile nato upoštevane v končni različici statuta.
In 2007 it also published the sixth editions of the reports on “EU banking sector stability” and “EU banking structures”.
Leta 2007 je bila ECB zaprošena tudi za mnenje o spremembah druge ciprske zakonodaje, ki ureja valutna vprašanja.3
In addition, the possibility of a disorderly unwinding of global imbalances remains a source of mediumterm risk to global financial stability.
29 in Odločba Sveta 2007/504/ES z dne 10. julija 2007 v skladu s členom 122(2) Pogodbe o uvedbi enotne valute na Malti 1. januarja 2008, UL L 186, 18. 7. 2007, str.
STRUCTURAL DEVELOPMENTS Structural developments in the banking industry, which typically occur over long periods of time, can have important consequences for the stability of the financial system.
32.CON/2006/4, CON/2006/33 in CON/2006/50.CON/2007/39 in CON/2008/1.CON/2006/23.CON/2007/58.CON/2007/16.Uredba Sveta (ES) št. 835/2007 z dne 10. julija 2007 o spremembi Uredbe (ES) št. 974/98 glede uvedbe eura na Cipru, UL L 186, 18. 7. 2007, str.
Financial conditions in the euro area insurance sector continued to improve in the first half of 2007, consolidating the improvements observed since 2004.
1.Uredba Sveta (ES) št. 836/2007 z dne 10. julija 2007 o spremembi Uredbe (ES) št. 974/98 glede uvedbe eura na Malti, UL L 186, 18. 7. 2007, str. 3.
At the end of 2006 the number of credit institutions in the EU25 was 2% lower than in 2005. At the same time, banking intermediation, measured by total banking assets, continued to outpace nominal GDP growth.
9 Uredba Sveta (ES) št. 1135/2007 z dne 10. julija 2007 o spremembi Uredbe (ES) št. 2866/98 glede menjalnega razmerja eura za Ciper, UL L 256, 2. 10. 2007, str.
Net inflows were very strong in the first half of the year, notwithstanding a shortlived episode of financial market turbulence in late February and early March.
2.10 Uredba Sveta (ES) št. 1134/2007 z dne 10. julija 2007 o spremembi Uredbe (ES) št. 2866/98 glede menjalnega razmerja eura za Malto, UL L 256, 2. 10. 2007, str. 1.11 CON/2007/19, UL C 160, 13. 7. 2007, str.
As a first step, the Council adopted a set of common principles for crossborder financial crisis management which will be included in a Memorandum of Understanding (MoU) between the central banks, supervisors and finance ministries of the EU Member States to be signed in spring 2008 as an extension of the EU MoU signed in 2005.
1.12 CON/2006/10 in CON/2007/1.13 Sklep ECB/2007/22 z dne 31. decembra 2007 o vplačilu kapitala, prenosu deviznih rezerv in prispevku v rezerve in rezervacije ECB s strani centralnih bank Central Bank of Cyprus in Bank Ċentrali ta’ Malta/Central Bank of Malta, UL L 28, 1. 2. 2008, str. 36.
The main developments in the area of financial stability arrangements in 2007 concerned the follow-up to the findings of the EU-wide financial crisis simulation exercise carried out in
Poleg tega se je Bank Ċentrali ta’ Malta/Central Bank of Malta dne 21. novembra 2006 z ECB posvetovala o nadaljnjih spremembah statuta Bank Ċentrali ta’ Malta/Central Bank of Malta, v katerih bi bila upoštevana priporočila iz konvergenčnega poročila ECB iz leta 2006.
understanding of the measures that need to be taken in the event of a crossborder crisis.
in preneseta devizne rezerve v ECB.13 V skladu s členom 27.1 Statuta ESCB je Svet ECB sprejel priporočila o zunanjem revizorju Central Bank of Cyprus 14in Bank Ċentrali ta’ Malta/Central Bank of Malta 15za revidiranje letnih računo- vodskih izkazov od finančnega leta 2008 naprej. ECB je prav tako pregledala svoj pravni okvir in uvedla potrebne spremembe, ki izhajajo iz članstva centralne banke Central Bank of Cyprus in Bank Ċentrali ta’ Malta/Central Bank of Malta v Eurosistemu.
The European Commission was invited, in close cooperation with the Member States, to consider possible enhancements and, where necessary, to propose regulatory changes with particular regard to information exchange, the crossborder transfer of assets, the windingup of banking groups, and deposit guarantee scheme arrangements.
To je vključevalo pregled ciprske in malteške zakonodaje o izvajanju pravnega okvira Eurosistema, ki ureja denarno politiko in TARGET2.
The European Commission is already reviewing Directive 2001/24/EC on the reorganisation and windingup of credit institutions, taking into account the ECB’s technical input, with the aim of presenting proposals in 2008 to further improve EU banking groups’ crisis resolution and management arrangements.
Posledično so ciprske in malteške nasprotne stranke od 2. januarja 2008 naprej lahko sodelovale v operacijah odprtega trga Eurosistema. ECB je sprejela tudi uredbo o prehodnih določbah za uporabo obveznih rezerv ECB po uvedbi eura na Cipru in Malti.16Naza-
Ensuring the efficiency and effectiveness of the EU regulatory and supervisory framework for financial services has been a key priority in recent years.
Priporočilo ECB/2007/12 z dne 15. novembra 2007 Svetu Evropske unije o zunanjem revizorju centralne banke Central Bank of Cyprus, UL C 277, 20. 11. 2007, str.
With respect to the regulatory framework, the Eurosystem sees a need to further enhance convergence in EU banking legislation.
3OPERATIVNI VIDIKIINTEGRACIJE CENTRALNE BANKE CIPRAIN CENTRALNE BANKE MALTE V EUROSISTEM območja povečale za manj kot 1% (za 1,1 mili- jarde EU
The homehost cooperation arrangements for foreign branches deserve particular attention in this context, notably with a view to ensuring adequate host country involvement with regard to large foreign branches.
Po odločbi Ekonomsko-finančnega sveta z dne 10. julija 2007 o uvedbi eura na Cipru in Malti dne 1. januarja 2008 je ECB izvedla tehnične priprave, da bi se lahko Central Bank of Cyprus in Bank Ċentrali ta’ Malta/Central Bank of Malta v celoti vključili v Eurosistem.
In order to spur convergence of supervisory requirements, the Eurosystem highlights the importance of enhanced decisionmaking processes for CEBS, coupled with implementation on a “comply-or-explain” basis, and of effective supervisory disclosure and peer review.
Skladno z določbami Pogodbe ES sta obe centralni banki vstopili v Eurosistem z natanko enakimi pravicami in obveznostmi, kakor jih imajo nacionalne centralne banke držav članic EU, ki so že prej uvedle euro.
Finally, several measures to foster the convergence of supervisory processes have recently been introduced.
Pri izračunu te številke so bili kot autonomni dejavniki upoštevane tudi operacije denarne politike za umikanje likvidnosti, ki sta jih Central Bank of Cyprus in Bank Ċentrali ta’ Malta/Central Bank of Malta izvedli pred vstopom v euroobmočje in ki so zapadle do 4. januarja.
These relate especially to the consistent implementation of CEBS standards and guidelines at the day-to-day level, “operational networking” within the supervisory colleges responsible for EU banking groups,
Tako je ob upoštevanju obveznih rezerv in avtonomnih dejavnikov vstop Cipra in Malte v euroobmočje zmanjšal skupne likvidnostne potrebe bančnega sektorja euroobmočja za 1,2 milijarde EU
The Lamfalussy approach is composed of four levels.
Poleg tega so ciprske nasprotne stranke do 15. januarja prek odprte ponudbe mejnega depozita v povprečju dnevno deponirale približno 0,3 milijarde EUR.
At Level 1, the basic principles of the legislation are laid down via the normal legislative process: a co-decision procedure involving the European Parliament and the EU Council, acting on a proposal of the European Commission.
Tehnične priprave na integracijo centralne banke Central Bank of Cyprus in Bank Ċentrali ta’ Malta/Central Bank of Malta v Eurosistem so potekale v tesnem sodelovanju med ECB in obema centralnima bankama ob večstranskem sodelovanju s trinajstimi nacionalnimi centralnimi bankami euroobmočja, kjer je bilo to ustrezno.
At Level 2, measures for the implementation of Level 1 legislation are adopted and amended via fast-track procedures.
Priprave so zajemale širok sklop področij, zlasti finančno poročanje in računovodstvo, operacije denarne politike, upravljanje deviznih rezerv in devizne operacije, plačilne sisteme, statistiko in proizvodnjo bankovcev.
Level 3 relates to the work of the Level 3 Committees to strengthen supervisory convergence and cooperation.
Na področju operacij so priprave vključevale obsežno preizkušanje instrumentov in postopkov za izvajanje operacij denarne politike in deviznih operacij.
Level 4 relates to Commission measures to strengthen the enforcement of EU law.
ECB je upoštevala vpliv na likvidnostne razmere euroobmočja in prilagodila zneske dodelitve v
For more details, see the “Final report of the Committee of Wise Men on the regulation of European securities markets”, 15 February 2001, which is available on the European Commission’s website.
3.1 OPERACIJE DENARNE POLITIKE operacijah glavnega rest fi nanciranja, in sicer že za operacijo, ki je bila poravnana 28. decembra in je zapadla 4. januarja.
111.The CRD comprises two recast Directives of 14 June 2006: Directive 2006/48/EC relating to the taking up and pursuit of the business of credit institutions and Directive 2006/49/EC on the capital adequacy of investment firms and credit institutions.
Kljub temu pa so sodelovale v dveh operacijah fi nega uravnavanja za umikanje likvidnosti, ki sta bili izvedeni 2. in 3. januarja, ter so pri Eurosistemu deponirale 0,3 oziroma 0,5 milijarde EUR.
In this contribution, the Eurosystem noted that market developments – notably progress in banking integration, the increasing importance of EU banking groups with significant crossborder activities and the growing centralisation of business functions – underscored the urgency of enhancing crossborder convergence and cooperation in the supervision of EU banks.
Potem ko sta 1. januarja 2008 Ciper in Malta uvedla euro, so od tega datuma naprej za kreditne institucije v obeh državah začele veljati obvezne rezerve Eurosistema. Ker pa je 1. januar 2008 padel skoraj v sredino rednega obdobja izpolnjevanja obveznih rezerv Eurosistema, ki je trajalo od 12. decembra 2007 do 15. januarja 2008, je bilo treba poskrbeti za prehodne določbe o uporabi obveznih rezerv na Cipru in Malti v navedenem obdobju.
This would ensure the effective monitoring of and response to crossborder financial risks, while at the same time providing a streamlined supervisory interface and a level playing-field for market participants.
Prehodne odločbe so bile potrebne tudi za izračun osnove za obvezne rezerve njunih nasprotnih strank. Seznam 215 ciprskih in 22 malteških kreditnih institucij, ki so obveznice za obvezne rezerve Eurosistema, je bil prvič objavljen na spletnem mestu ECB 31. decembra 2007.
If these aims are to be achieved, improvements are required at each step of the regulatory and supervisory process.
Ob vstopu v euroobmočje sta centralni banki Cipra in Malte sprejeli tudi sistem zavarovanj Eurosistema.
the delegation of tasks and mediation among supervisors, and efforts to foster a common supervisory culture.
3.2 PRISPEVKI V KAPITAL, REZERVE IN DEVIZNE REZERVE ECB
2.2 BANKING and the decentralisation of day-to-day liquidity management, was confirmed.
Central Bank of Cyprus in Bank Ċentrali ta’ Malta/Central Bank of Malta sta ob vstopu v ESCB 1. maja 2004 vplačali 7% svojega deleža vpisanega kapitala ECB kot prispevek k operativnim stroškom ECB. V skladu s členom 49 Statuta ESCB sta Central Bank of Cyprus in Bank Ċentrali ta’ Malta/Central Bank of Malta 1. januarja 2008 vplačali preostali del vpisanega kapitala.