natgillin/translations-raw huggingface dataset:
Meetings of the ESCB Social Dialogue were held in July and December 2007.
Leta 2007 sta v okviru socialnega dialoga v ESCB potekala dva sestanka, in sicer julija in decembra.
In addition to issues relating to banknote production and circulation, payment systems (TARGET2, TARGET2-Securities and CCBM2) and financial supervision, discussions dealt with the implementation of the measures related to the Eurosystem mission statement, strategic intents and organisational principles and with their implications for the day-to-day work of Eurosystem staff.
Poleg vprašanj v zvezi s proizvodnjo in obtokom bankovcev, plačilnimi sistemi (TARGET2, TARGET2-Securities in CCBM2) in finančnim nadzorom je razprava potekala tudi o izvajanju ukrepov, povezanih z izjavo o poslanstvu Eurosistema, strateškimi namerami in organizacijskimi načeli ter njihovem vplivu na vsakodnevno delo zaposlenih v Eurosistemu.
The employee representatives were also informed of the work being carried out by the HRC.
Predstavniki zaposlenih so bili prav tako seznanjeni z delom Kadrovske konference.
The ECB continued to issue a biannual newsletter to keep employee representatives informed of the latest developments with regard to the above topics.
ECB je tudi leta 2007 dvakrat na leto izdala glasilo, s katerim je predstavnike zaposlenih seznanila z najnovejšim dogajanjem na zgoraj navedenih področjih.
The implementation of the measures agreed in 2006 between the ECB and the European trade union federations to enhance further the ESCB Social Dialogue was initiated in 2007 and will be pursued in 2008.
V letu 2007 se je začelo izvajanje ukrepov, o katerih so se leta 2006 dogovorili ECB in evropska sindikalna združenja z namenom nadaljnje krepitve socialnega dialoga v ESCB, v letu 2008 pa se bo to delo nadaljevalo.
14 The Standing Committee of European Central Bank Unions (SCECBU), Union Network International – Europa (UNI – Europa) Finance and the European Federation of Public Service Unions (EPSU).
Stalni odbor sindikatov evropskih centralnih bank (Standing Committee of European Central Bank Unions – SCECBU), mednarodno združenje sindikatov UNI-Europa (Union Network International – Europa) in Evropska federacija sindikatov javnih uslužbencev (European Federation of Public Service Unions – EPSU).
4ANNUAL ACCOUNTS OF THE ECB
4LETNI RAČUNOVODSKIIZKAZI ECB
MANAGEMENT REPORT FOR THE YEARENDING 31 DECEMBER 2007
POROČILO POSLOVODSTVA ZA LETO, KI SEJE KONČALO 31. DECEMBRA 2007
The ECB’s activities in 2007 are described in detail in the relevant chapters of the Annual Report.
Dejavnosti ECB v letu 2007 so podrobno opisane v ustreznih poglavjih Letnega poročila.
term contracts by the ECB rose from 1,337 in 2006 to 1,366 in 2007.
NALOŽBENE DEJAVNOSTI IN OBVLADOVANJE TVEGANJ
The ECB’s objectives and tasks are described in the Statute of the ESCB (Articles 2 and 3).
Cilji in naloge ECB so opisani v Statutu ESCB (člena 2 in 3).
An overview of these objectives is included in the President’s foreword to the Annual Report.
Na kratko so ti cilji predstavljeni tudi v predgovoru predsednika ECB k Letnemu poročilu.
KEY RESOURCES, RISKS AND PROCESSES
KLJUČNI VIRI, TVEGANJA IN POSTOPKI
Information relating to the governance of the ECB is given in Chapter 8.
Upravljanje ECB je obravnavano v osmempoglavju Letnega poročila.
The ECB’s own funds portfolio reflects the investment of its paid-up capital, the counterpart of the provision against foreign exchange, interest rate and gold price risks, the general reserve fund and income accumulated on the portfolio in the past.
Portfelj lastnih sredstev ECB odraža naložbe vplačanega kapitala, protipostavko rezervacij za tečajna tveganja, obrestna tveganja in cenovna tveganja pri zlatu, sklad splošnih rezerv ter prihodke od portfelja, nabrane v prejšnjih obdobjih.
Its purpose is to provide the ECB with income to contribute to the coverage of its operating expenses.
Njegov namen je Evropski centralni banki zagotoviti prihodke, ki se lahko uporabijo za pokritje njenih stroškov poslovanja.
The ECB’s investment activities and its management of the associated risks are described in greater detail in Chapter 2.
Naložbene dejavnosti ECB in obvladovanje s tem povezanih tveganj so podrobneje opisani v drugem poglavju Letnega poročila.
THE BUDGET PROCESS
POSTOPEK PRIPRAVE PRORAČUNA
The members of the Executive Board are appointed from among persons of recognised standing and professional experience in monetary or banking matters by common accord of the governments of the Member States at the level of the Heads of State or Government, upon a recommendation from the EU Council after it has consulted the European Parliament and the Governing Council.
Za člane Izvršilnega odbora so imenovani ljudje z ugledom in poklicnimi izkušnjami na denarnem ali bančnem področju, in sicer na priporočilo Sveta EU, ki se o tem predhodno posvetuje z Evropskim parlamentom in Svetom ECB, ter s soglasjem držav euroobmočja na ravni predsednikov držav ali vlad.
The average number of staff (full-time equivalent) employed on permanent or fixed- fixed-
Denarna nadomestila članom Izvršilnega odbora so opisana v pojasnilu št. 29 „Stroški dela” v Letnih računovodskih izkazih.
The Budget Committee (BUCOM), composed of ECB and euro area NCB experts, is a key contributor to the ECB’s financial governance process.
strokovnjaki ECB in nacionalnih centralnih bank euroobmočja, ključno prispeva k finančnemu upravljanju ECB.
In accordance with Article 15 of the Rules of Procedure, BUCOM supports the Governing Council by providing a detailed evaluation of annual ECB budget proposals and requests for supplementary budget funding by the Executive Board, prior to their submission to the Governing Council for approval.
Odbor za proračun v skladu s členom 15 Poslovnika podpira delo Sveta ECB s tem, da pripravi natančno oceno predloga letnega proračuna ECB in zahtevkov Izvršilnega odbora po dodatnih proračunskih sredstvih, preden se ti pošljejo v sprejetje Svetu ECB.
Spending against agreed budgets is monitored regularly by the Executive Board, taking into account the advice of the ECB’s internal controlling function, and by the Governing Council with the assistance of BUCOM.
Porabo v skladu s sprejetim proračunom redno spremljata Izvršilni odbor, ki upošteva nasvete notranjega nadzora ECB, in Svet ECB ob pomoči odbora za proračun.
ECB Annual Report2007
ZAPOSLENI v ECB časa) po
FINANCIAL RESULT
6 v letu 2007. Ob
Under Article 26.2 of the Statute of the ESCB, the Annual Accounts of the ECB are drawn up by the Executive Board, in accordance with the principles established by the Governing Council.
Kot določa člen 26.2 Statuta ESCB, letne ranovodske izkaze ECB pripravi Izvršilni odbor v
FINANCIAL RESULT FOR 2007
POSLOVNI IZID ZA LETO 2007 skladu z načeli, ki jih je določil Svet ECB.
PROVISION FOR FOREIGN EXCHANGE RATE, INTEREST RATE AND GOLD PRICE RISKS
REZERVACIJE ZA TEČAJNA TVEGANJA, OBRESTNA TVEGANJA IN CENOVNA TVEGANJA PRI ZLATU
Had the provision against foreign exchange rate, interest rate and gold price risks not been increased in 2007, the ECB would have reported a net profit of €286 million.
Če se rezervacije za tečajna tveganja, obrestna tveganja in cenovna tveganja pri zlatu leta 2007 ne bi povečale, bi čisti dobiček ECB znašal 286 milijonov EUR.
Since most of the ECB’s assets and liabilities are periodically revalued at current market exchange rates and security prices, the ECB’s profitability is strongly affected by exchange rate exposures and, to a lesser extent, interest rate exposures.
Zaradi apreciacije eura do ameriškega dolarja in v manjši meri do japonskega jena se je v letu 2007 znižala eurska knjigovodska vrednost imetij ECB, izraženih v teh dveh valutah.
These exposures stem mainly from its holdings of foreign reserve assets held in US dollars, Japanese yen and gold, which are predominantly invested in interest-bearing instruments.
Znižanje knjigovodske vrednosti je znašalo 2,5 milijarde EUR in je bilo prikazano kot odhodek v izkazu poslovnega izida.
In 2007, the appreciation of the euro vis-à-vis the US dollar and, to a lesser extent, the Japanese yen resulted in writedowns in the euro value of the ECB’s holdings of assets denominated in these currencies.
Ker se večina sredstev in obveznosti ECB redno prevrednoti po tekočih tržnih deviznih tečajih in cenah vrednostnih papirjev, je dobičkonosnost ECB močno izpostavljena tečajnemu in v manjši meri obrestnemu tveganju.
These writedowns amounted to some €2.5 billion and were expensed in the Profit and Loss Account.
Ta izpostavljenost izhaja predvsem iz njenih imetij deviznih rezerv v ameriških dolarjih, japonskih jenih in zlatu, ki se večinoma nalagajo v obrestonosne instrumente.
In 2007 net interest income increased to €2,421 million from €1,972 million in 2006, owing mainly to an increase in euro banknotes in circulation and in the marginal rate for the Eurosystem’s main refinancing operations, which determines the remuneration that the ECB receives on its share of euro banknotes in the Eurosystem.
V letu 2007 so se neto obrestni prihodki v primerjavi z letom 2006 povečali s 1.972 milijonov EUR na 2.421 milijonov EUR, predvsem zaradi povečanja obsega eurobankovcev v obtoku in dviga mejne obrestne mere za operacije glavnega refinanciranja Eurosistema, ki določa prihodek ECB iz naslova obrestovanja njenega deleža eurobankovcev v Eurosistemu.
In 2005, taking into account the ECB’s large exposure to these risks and the size of its revaluation accounts, the Governing Council decided to establish a provision against foreign exchange rate, interest rate and gold price risks.
Zaradi velike izpostavljenosti ECB tem tveganjem in velikosti računov prevrednotenja je Svet ECB leta 2005 sklenil, da oblikuje rezervacije za tečajna tveganja, obrestna tveganja in cenovna tveganja pri zlatu.
As at 31 December 2006, this provision amounted to €2,371,395,162.
Na dan 31. decembra 2006 so te rezervacije znašale 2.371.395.162 EUR.
In accordance with Article 49.2 of the Statute of the ESCB, Banka Slovenije also contributed an amount of €10,947,042 to the provision with effect from 1 January 2007.
V skladu s členom 49.2 Statuta ESCB je svoj prispevek k rezervacijam v višini 10.947.042 EUR vplačala tudi Banka Slovenije, z začetkom veljavnosti 1. januarja 2007.
Taking the results of its assessment into account, the Governing Council decided to transfer as at 31 December 2007 an additional amount of €286,416,109 to the provision, which increased its size to €2,668,758,313 and, as in 2006, reduced net profit to exactly zero.
Na osnovi rezultatov svoje ocene je Svet ECB sklenil, da 31. decembra 2007 v rezervacije prenese dodatnih 286.416.109 EUR. Tako so se rezervacije povečale na 2.668.758.313 EUR, čisti dobiček za leto 2006 pa zmanjšal na natanko nič.
Net realised gains arising from financial operations rose from €475 million in 2006 to €779 million in 2007, mainly due to (a) the drop in US interest rates in 2007 which resulted in higher net realised gains from security sales during the year and (b) the rise in the price of gold, which led to greater realised gains from gold sales in 2007.
Neto realizirani prihodki iz naslova fi nančnih operacij so se povečali s 475 milijonov EUR v letu 2006 na 779 milijonov EUR v letu 2007, predvsem zaradi (a) znižanja obrestnih mer v ZDA v letu 2007, zaradi česar so se povečali neto realizirani prihodki od prodaje vrednostnih papirjev tekom leta, in (b) zaradi višje cene zlata, zaradi česar so se povečali realizirani prihodki od prodaje zlata v letu 2007.
These sales were conducted in accordance with the Central Bank Gold Agreement, which came into effect on 27 September 2004 and of which the ECB is a signatory.
Prodaja zlata je potekala v skladu s Sporazumom centralnih bank o zlatu z dne 27. septembra 2004, ki ga je podpisala tudi ECB.
This provision will be used to cover realised and unrealised losses, in particular valuation losses not covered by the revaluation accounts.
Skupni upravni stroški ECB, vključno z amortizacijo, so se povečali s 361 milijonov EUR v letu 2006 na 385 milijonov EUR v letu 2007.
Its size and continuing requirement is reviewed annually, taking a range of factors into account, including in particular the level of holdings of riskbearing assets, the extent of materialised
V skladu s členom 49.3 Statuta ESCB, ki je bil Statutu dodan s Pristopno pogodbo, se vpisani kapital ECB samodejno poveča vsakič, ko v EU vstopi nova država članica, njena nacionalna centralna banka pa se pridruži ESCB.
Total administrative expenses of the ECB, including depreciation, increased from €361 million in 2006 to €385 million in 2007.
Iz teh rezervacij se bodo financirali prihodnji realizirani in nerealizirani odhodki, predvsem odhodki vrednotenja, ki jih ne pokrijejo računi prevrednotenja.
In accordance with Article 49.3 of the Statute of the ESCB, which was added to the Statute by the Treaty of Accession, the ECB’s subscribed capital is automatically increased when a new Member State joins the EU and its NCB joins the ESCB.
talskem ključu za vsako nacionalno centralno banko, ki je del ESCB, po analogiji s členom 29.1 in ob upoštevanju člena 29.2 Statuta ESCB.
Consequently, upon the accession of Bulgaria and Romania as new Member States as at 1 January 2007 (a) the NCBs’ capital key shares were adjusted in accordance with Council Decision 2003/517/EC of 15 July 2003 on the statistical data to be used for the adjustment of the key for subscription to the capital of the European Central Bank and (b) the subscribed capital of the ECB was increased to €5,761 million.
Tako so bili ob vstopu Bolgarije in Romunije kot novih držav članic 1. januarja 2007 (a) prilagojeni deleži ključa za vpis kapitala v skladu s Sklepom Sveta 2003/517/ES z dne 15. julija 2003 o statističnih podatkih, ki bodo uporabljeni za prilagoditev ključa za vpis kapitala Evropske centralne banke, in (b) vpisani kapital ECB se je povečal na 5.761 milijonov EUR.
In addition, in accordance with Article 49.1 of the Statute of the ESCB, Banka Slovenije paid up the remainder of its capital subscription to the ECB upon Slovenia’s adoption of the single currency as at 1 January 2007, while the Bulgarian National Bank and Banca Naţională a României, similarly to the other noneuro area NCBs, paid up 7% of their subscribed capital as a contribution to the operational costs of the ECB.
Poleg tega je v skladu s členom 49.1 Statuta ESCB Banka Slovenije vplačala preostanek svojega vpisanega kapitala ECB ob slovenskem sprejemu enotne evropske valute 1. januarja 2007, centralni banki Bolgarije in Romunije pa sta tako kot ostale nacionalne centralne banke držav nečlanic euroobmočja vplačali 7% vpisanega kapitala kot svoj prispevek k stroškom poslovanja ECB.
The combined effect of the developments described was that the ECB’s paid-up capital increased from €4,089 million on 31 December 2006 to €4,127 million on 1 January 2007.
Skupni učinek teh dogodkov je bil, da se je vpisani kapital ECB povečal s 4.089 milijonov EUR na dan 31. decembra 2006 na 4.127 milijonov EUR na dan 1. januarja 2007.
Details of these changes are contained in note 15 “Capital and reserves” of the Annual Accounts.
Podrobnosti o teh spremembah so opisane v opombi k letnim računovodskim izkazom št. 15 „Kapital in rezerve”.
Balances with banks and security investments, external loans and other external assets
Računi pri bankah in naložbe v vrednostne papirje, tuja posojila in druge terjatve do tujine
Claims on euro area residentsdenominated in foreign currency
Terjatve do rezidentov euroobmočja v tuji valuti
Other claims on euro area creditinstitutions denominated in euro
Druge terjatve do kreditnih institucij euroobmočja v eurih
Other claims within the Eurosystem (net)
Terjatve znotraj Eurosistema Terjatve v zvezi z razdelitvijo eurobankovcev znotraj Eurosistema Druge terjatve znotraj Eurosistema (neto)
Other assets Tangible fixed assets Other financial assets Off-balance-sheet instruments revaluation differences Accruals and prepaid expenses Sundry
Druga sredstva Opredmetena osnovna sredstva Druga finančna sredstva Razlike zaradi prevrednotenja zabilan č nih
Liabilities to other euro area residents denominated in euro
Obveznosti do drugih rezidentov euroobmočja v eurih
Liabilities to noneuro area residentsdenominated in euro
Obveznosti do nerezidentov euroobmočja v eurih
Intra-Eurosystem liabilities Liabilities equivalent to the transfer of foreign reserves
Obveznosti znotraj Eurosistema Obveznosti, ustrezne prenosu deviznih rezerv
Other liabilities Off-balance-sheet instruments revaluation differences Accruals and income collected in advance Sundry
Druge obveznosti Razlike zaradi prevrednotenja zabilan čnih instrumentov Pasivne časovne razmejitve Razno
0 0 Total liabilities
0 0 Skupaj pasiva
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDING 31 DECEMBER 2007
IZKAZ POSLOVNEGAIZIDA ZA LETO, KI SEJE KONČALO 31. DECEMBRA 2007
Interest income on foreign reserve assets Interest income arising from the allocation
Obrestni prihodki od deviznih rezerv Obrestni prihodki iz razdelitve eurobankovcev znotraj Eurosistema
Remuneration of NCBs’ claims in respectof foreign reserves transferred
Obrestovanje terjatev NCB v zvezi s prenesenimi deviznimi rezervami
Other interest expense Interest expense
Drugi obrestni odhodki Obrestni odhodki
Realised gains/losses arising fromfi financial operations
Realizirani prihodki/odhodki iz fi nančnih sredstev
Writedowns on financial assets and positions
Zmanjšanje knjigovodske vrednosti fi nančnih sredstev in pozicij
Transfer to/from provisions for foreign exchange rate and price risks
Prenos v/črpanje rezervacij za tečajna in cenovna tveganja
Net result of financial operations,write-downs and risk provisions
Neto rezultat fi nančnih sredstev, zmanjšanja knjigovodske vrednosti in rezervacij za tveganja
Net expense from fees and commissions
Neto odhodki iz provizij
Income from equity shares andparticipating interests
Prihodek iz lastniških vrednostnih papirjev in udeležb v drugih družbah
ACCOUNTING POLICIES1
RAČUNOVODSKE USMERITVE 1
FORM AND PRESENTATION OF THE FINANCIAL STATEMENTS
OBLIKA IN PREDSTAVITEV RAČUNOVODSKIH IZKAZOV
The financial statements of the European Central Bank (ECB) have been designed to present fairly the financial position of the ECB and the results of its operations.
Namen računovodskih izkazov Evropske centralne banke (ECB) je, da pošteno prikažejo finančno stanje ECB in rezultate njenega poslovanja.
They have been drawn up in accordance with the following accounting policies 2, which the Governing Council considers to be appropriate to the nature of central bank activity.
Pripravljeni so bili v skladu s spodnjimi računovodskimi usmeritvami 2, za katere Svet ECB meni, da so primerne za naravo dejavnosti centralne banke.
ACCOUNTING PRINCIPLES of securities, transactions are now recorded in off-balance-sheet accounts on the trade date.
Z izjemo vrednostnih papirjev se transakcije sedaj evidentirajo na zabilančnih računih na datum sklenitve posla.
At settlement date the off-balance-sheet entries are reversed and transactions are booked on-balance-sheet.
Na datum poravnave se zabilančne knjižbe stornirajo, transakcije pa se knjižijo v bilanco stanja.
Purchases and sales of foreign currency affect the net foreign currency position on the trade date, rather than on the spot settlement date as was the case hitherto, and realised results arising from sales are also calculated on the trade date.
Nakupi in prodaje tujih valut tako spremenijo neto valutno pozicijo na datum sklenitve posla in ne na datum promptne poravnave kot doslej, realizirani rezultati, ki izhajajo iz prodaj, pa se ravno tako izračunajo na datum sklenitve posla.
Accrued interest, premiums and discounts related to financial instruments denominated in foreign currency are calculated and recorded daily, and the foreign currency position is also affected daily by these accruals instead of changing only when interest cash flows actually occur, as was the case previously.
Natečene obresti, premije in diskonti v zvezi s finančnimi instrumenti v tuji valuti se izračunajo in evidentirajo dnevno, tako da pride do spremembe valutne pozicije zaradi teh časovnih razmejitev dnevno in ne šele ob dejanskem nastanku denarnih tokov v zvezi z obrestmi kot prej.
The following accounting principles have been applied: economic reality and transparency, prudence, recognition of post-balance-sheet events, materiality, the accruals principle, going concern, consistency and comparability.
Uporabljena so bila naslednja računovodska načela: realnost in preglednost, previdnost, priznavanje dogodkov po datumu bilance stanja, pomembnost, načelo upoštevanja nastanka poslovnega dogodka, načelo časovne neomejenosti delovanja, skladnost in primerljivost.
GOLD AND FOREIGN CURRENCY ASSETS AND LIABILITIES
ZLATO TER SREDSTVA IN OBVEZNOSTI V TUJI VALUTI
RECOGNITION OF ASSETS AND LIABILITIES
PRIZNAVANJE SREDSTEV IN OBVEZNOSTI
Assets and liabilities denominated in foreign currency are converted into euro at the exchange rate prevailing on the Balance Sheet date.
Sredstva in obveznosti v tuji valuti se preračunajo v eure po deviznem tečaju, ki je veljal na datum bilance stanja.
Income and expenses are converted at the exchange rate prevailing on the recording date.
Prihodki in odhodki se preračunajo v eure po deviznem tečaju, ki je veljal na datum evidentiranja.
The revaluation of foreign exchange assets and liabilities, including on-balance-sheet and off-balance-sheet instruments, is performed on a currency-by-currency basis.
Prevrednotenje sredstev in obveznosti v tuji valuti, vključno z bilančnimi in zabilančnimi instrumenti, se izvaja po posameznih valutah.
Transactions in financial assets and liabilities are reflected in the accounts on the basis of the date on which they are settled.
Pri sredstvih in obveznostih v tuji valuti se prevrednotenje zaradi spremembe tržne cene izvaja ločeno od prevrednotenja zaradi spremembe deviznega tečaja.
Gold is valued at the market price prevailing at the year-end.
Zlato se vrednoti po tržni ceni ob koncu leta.
No distinction is made between the price and currency revaluation differences for gold.
Pri zlatu se razlike zaradi spremembe cene in razlike zaradi spremembe tečaja ne obravnavajo ločeno, temveč se upošteva eno samo vrednotenje zlata, ki temelji na ceni za unčo zlata v eurih.
Instead, a single gold valuation is accounted for on the basis of the price in euro per fine ounce of gold, which, for the year ending 31 December 2007, was derived from
Za leto, ki se je končalo 31. decembra 2007, je bila ta cena dolo-
With effect from 1 January 2007, the basis for recording foreign exchange transactions,
Transakcije s finančnimi sredstvi in obveznostmi se v računovodskih izkazih evidentirajo glede na datum poravnave.
With effect from 1 January 2007, this Decision was repealed and replaced by Decision ECB/2006/17, OJ L 348, 11.12.2006,p.
Z začetkom veljavnosti od 1. januarja 2007 se ta sklep razveljavi in nadomesti s Sklepom ECB/2006/17, UL L 348, 11. 12. 2006, str.
currency and related accruals in the accounts of Eurosystem central banks has changed.
Z začetkom veljavnosti od 1. januarja 2007 se je podlaga za evidentiranje deviznih transakcij, fi nančnih instrumentov v tuji valuti in pripadajočih časovnih razmejitev v knjigah centralnih bank Eurosistema spremenila.
Early application was permitted, and the ECB introduced the change as at 1 October 2006, with the following effects. With the exception
Ker je bila dovoljena predčasna uporaba, je ECB spremembo uvedla na dan 1. oktobra 2006 z naslednjimi
SECURITIES
VREDNOSTNI PAPIRJI
Under a repurchase agreement, securities are sold for cash with a simultaneous agreement to repurchase them from the counterparty at an agreed price on a set future date.
Povratne transakcije so operacije, s katerimi ECB kupi ali proda sredstva v skladu s pogodbo o povratnem nakupu ali izvede kreditne posle z zavarovanjem.
Repurchase agreements are recorded as collateralised inward deposits on the liability side of the Balance Sheet and also lead to an interest expense in the Profit and Loss Account.
Vsi tržni vrednostni papirji in podobna sredstva se vrednotijo bodisi po srednjih tržnih cenah bodisi na podlagi ustrezne krivulje donosnosti na datum bilance stanja, in sicer vsak vrednostni papir posebej.