natgillin/translations-raw huggingface dataset:
Debt instruments other than covered bank bonds that are issued by credit institutions are only eligible if they are admitted to trading on a regulated market as defined above.
Dolžniški instrumenti, razen kritih bančnih obveznic, ki so
Eligible assets to be submitted before the assets can be considered eligible.
V ta namen je treba, preden se finančno premoženje obravnava kot primerno, priskrbeti pravno oceno, ki je po obliki in vsebini sprejemljiva za Eurosistem.
In the case of an assetbacked security, the issuer must be established in the EEA.
V primeru kolateraliziranega vrednostnega papirja mora biti izdajatelj ustanovljen v EGP.
The guarantor must be established in the EEA.
Garant mora biti ustanovljen v EGP.
The credit claim must have (a) a fixed, unconditional principal amount and (b) an interest rate that cannot result in a negative cash flow.
Mednarodne ali nadnacionalne institucije so primerni izdajatelji/garanti, ne glede na kraj njihove ustanovitve.
In addition, the interest rate should be one of the following: (i) zero coupon-style; (ii) fixed; or (iii) floating linked to another interest rate reference.
Če tržni dolžniški instrument izda nefinančna družba, katere bonitete ni ocenila zunanja bonitetna institucija (ECAI), mora biti izdajatelj/garant ustanovljen v euroobmočju.
These features must be maintained until the redemption of the obligation.
VALUTA DENOMINACIJEDolžniški instrument mora biti denominiran v
International or supranational institutions are eligible issuers/guarantors irrespective of their place of establishment.
Bančnoposojilomoraimeti(a)fiksen, brezpogojen znesek glavnice ter (b) obrestno mero, ki ne more povzročiti negativnega denarnegatoka.Polegtegamorabiti obrestna mera ena od naslednjih: (i) kot pri brezkuponskih instrumentih; (ii) fiksna ali (iii) spremenljiva obrestna mera, vezana na referenčno obrestno mero.
In case a marketable debt instrument is issued by a non-financial corporation that is not rated by an ECAI, the issuer/guarantor must be established in the euro area.
Poleg tega so primerna tudi bančna posojila z obrestno mero, vezano na stopnjo inflacije. Te značilnosti morajo biti ohranjene do dokončnega odplačila obveznosti.
Type of debtor/guarantor: Eligible debtors or
6.2.2 MERILA PRIMERNOSTI ZA NETRŽNO FINANČNO PREMOŽENJE
CURRENCY OF DENOMINATIONThe debt instrument must be denominated in euro.16
V enotnem okviru primernega finančnega premoženja za zavarovanje terjatev sta kot zavarovanjeprimernidvevrstinetržnega
6.2.2 ELIGIBILITY CRITERIA FOR NON-MARKETABLE ASSETS guarantors are non-financial corporations 19, public sector entities and international or supranational institutions.
Vrsta dolžnika/garanta. Primerni dolžniki ali garanti so nefinančne družbe 19, osebe javnega sektorja ter mednarodne in nadnacionalne institucije.
Each debtor is individually and severally liable for the full repayment of the credit claim in question (co-debtors jointly liable for individual credit claims are excluded).
Vsak dolžnik je individualno in ločeno odgovoren za celotno odplačilo zadevnega bančnega posojila (sodolžniki, ki so skupno odgovorni za posamezno bančno posojilo, so izključeni).
Two types of nonmarketable assets are eligible as collateral in the single framework for eligible assets: credit claims and nonmarketable retail mortgage-backed debt instruments (RMBDs).17
f i finančnega premoženja: bančna posojila in netržni hipotekarni dolžniški instrumenti (RMBD). 17
To be eligible, a credit claim has to fulfil the
BANČNA POSOJILADa bi bilo primerno, mora bančno posojilo
• following eligibility criteria (see also Table 4):
Dolžnik/garant mora biti ustanovljen v euroobmočju.
Credit claims must meet the high credit standards specified in the ECAF rules for nonmarketable assets, as set out in Section 6.3.3.
izpolnjevati naslednja merila primernosti (glej tudi tabelo 4).
16 Expressed as such or in the national denominations of the euro.17 Between 1 January 2007 and 31 December 2011, an intermediate regime will be in place for credit claims, allowing each national central bank to choose the minimum threshold for the size of credit claims eligible for collateral purposes (apart from crossborder use) and whether a handling fee should be applied.
16 Izraženo v eurih ali v nacionalnih denominacijah eura.17 Med 1. januarjem 2007 in 31. decembrom 2011 za bančna posojila velja prehodna ureditev, ki vsaki nacionalni centralni banki omogoča, da določi najmanjši znesek bančnega posojila, primernega za zavarovanje terjatev (razen čezmejne uporabe), in zaračunava provizije za opravljene posle.
As from 1 January 2012, a unified regime will be in place.18 Credit claims are also referred to as bank loans.
S 1. januarjem 2012 bo začela veljati enotna ureditev.
Schuldscheindarlehen and Dutch registered private claims on the government or other eligible debtors that are covered by a government guarantee (e.g. housing associations) are deemed to be equivalent to credit claims. 19 As defined in the ESA 95.
18 Schuldscheindarlehen in nizozemske vpisane zasebne terjatve do države ali drugih primernih dolžnikov, ki imajo državno jamstvo (npr. stanovanjske zadruge), štejejo za enakovredne bančnim posojilom.19 Kot je opredeljeno v ESR 95.
Type of asset:It must be a credit claim which is a debt obligation of a debtor vis-à-vis a Eurosystem counterparty.
Vrsta finančnega premoženja. Biti mora bančno posojilo, ki je dolžniška obveznost dolžnika do nasprotne stranke Eurosistema.
Credit claims that have a “reducing balance” (i.e. where the principal and interest are paid off according to a pre-agreed schedule) are also eligible.
Bančna posojila s postopnim odplačevanjem glavnice(kjerseglavnicainobresti odplačujejo po vnaprej določenem načrtu) so ravno tako primerna.
Undrawn credit lines (e.g. undrawn facilities of revolving credit claims), current account overdrafts and letters of credit (which authorise the use of credit but are not credit claims per se) are not eligible.
Neizkoriščene kreditne linije (npr. neizkoriščen del revolving posojil), prekoračitve stanja na tekočem računu in akreditivi (ki dovoljujejo uporabo
Type of issuer:Eligible issuers are credit institutions that are eligible counterparties.
Bančna posojila morajo zadovoljiti visoke bonitetne standarde, ki so opredeljeni v pravilih bonitetnega okvira Eurosistema (ECAF) za tržno finančno premoženje, kakor je opisano v poglavju 6.3.3.
For crossborder use, a common minimum threshold of €500,000 is applicable in the interim period.
Biti mora dolžniški instrument (zadolžnica ali menica), ki je zavarovan s skladom stanovanjskih hipotek in ni v celoti listinjen.
As from 1 January 2012 a common minimum threshold of €500,000 will be applicable to all credit claims throughout the euro area.
Zagotovljena mora biti možnost zamenjave finančnega premoženja v zavarovalnem skladu, hkrati pa mora biti vzpostavljen mehanizem, ki Eurosistemu omogoča, da ima prednost pred drugimi upniki, razen tistimi, ki so izvzeti zaradi javnega interesa.21 21
Place of establishment of the issuer: The issuer must be located in the euro area.
Netržni hipotekarni dolžniški instrumenti morajo imeti (a) fiksen, brezpogojen znesek glavnice ter (b) obrestno mero, ki ne more povzročiti negativnega denarnega toka.
Handling procedures: The credit claim must be handled according to the Eurosystem procedures as defined in the respective national documentation.
Netržni hipotekarni dolžniški instrumenti morajo zadovoljiti visoke bonitetne standarde, ki so ocenjeni s pomočjo tistega dela bonitetnega okvira Eurosistema (ECAF), ki velja za netržne hipotekarne dolžniške instrumente, kakor je opisano v poglavju 6.3.3.
Handling procedures: The RMBD must be handled according to the Eurosystem procedures as defined in the respective national documentation.
S 1. januarjem 2012 bo za vsa bančna posojila v celotnem euroobmočju veljal enotni najmanjši dovoljen znesek 500.000 EUR.
Currency of denomination: The RMBD must be denominated in euro.22
Primerni izdajatelji so kreditne institucije, ki so primerne nasprotne stranke.
Governing laws: The credit claim agreement and the agreement between the counterparty and the national central bank mobilising the credit claim as collateral (“mobilisation agreement”) must both be governed by the law of a Member State belonging to the euro area.
Bančna posojila je treba upravljati v skladu s postopki Eurosistema, kakor so določeni v ustrezni nacionalni dokumentaciji.
Currency of denomination: The credit claim
Kraj ustanovitve izdajatelja.
These legal requirements relate to: must be denominated in euro.20
Izdajatelj mora biti ustanovljen v euroobmočju.
• the notification of the debtor about the mobilisation of the credit claim or the registration of such mobilisation;
Postopki upravljanja. Netržne hipotekarne dolžniške instrumente je treba upravljati v skladu s postopki Eurosistema, kakor sodoločenivustrezninacionalni dokumentaciji.
• the absence of restrictions on the mobilisation of the credit claim;
Predpisi, ki urejajo to področje.
Type of asset:It must be a debt instrument (a promissory note or a bill of exchange) that is secured by a pool of residential mortgages and that falls short of full securitisation.
Posojilno pogodbo kakor tudi pogodbo med nasprotno stranko in nacionalno centralno banko omobilizacijibančnegaposojilakot zavarovanje („pogodba o mobilizaciji”), mora urejati zakonodaja države članice, ki je del euroobmočja.
Substitution of assets in the underlying pool must be possible and a mechanism needs to be in place to ensure that the Eurosystem enjoys priority over creditors other than those exempted for public policy reasons.21
Poleg tega skupno število različnih zakonodaj, ki se uporabljajo za (i) nasprotno stranko, (ii) upnika; (iii) dolžnika, (iv) garanta (če je predvideno), (v) posojilno pogodbo in (vi) pogodbo o mobilizaciji, ne sme biti večje od dveh.
20 See footnote 16 in this chapter.21 Irish mortgage-backed promissory notes are currently the only instruments in this asset class.22 See footnote 16 in this chapter.
20 Glej opombo 16 v tem poglavju.21 V tem razredu finančnega premoženja so trenutno le irske hipotekarne zadolžnice.22 Glej opombo 16 v tem poglavju.
The RMBD must have (a) a fixed, unconditional principal amount and (b) an interest rate that cannot result in a negative cash flow. flow.
NETRŽNI HIPOTEKARNI DOLŽNIŠKI INSTRUMENTI (RMBD)Za te instrumente veljajo naslednja merila primernosti (glej tudi tabelo 4).
CHAPTER 6
POGLAVJE 6 pravna oseba, s katero je nasprotna stranka v
The content of these legal requirements is set out in Appendix 7. Further details of the specific features of the national jurisdictions are provided in the respective national documentation.
„Tesne povezave” pomenijo stanje, ko je nasprotna stranka povezana z izdajateljem/dolžnikom/garantom primernega finančnega premoženja zaradi naslednjega dejstva:
bonds issued in accordance with the criteria set out in Article 22(4) of the UCITS Directive; or (c) cases in which debt instruments are protected by specific legal safeguards comparable to those instruments given under (b) such as in the case of nonmarketable RMBDs which are not securities.
DODATNE PRAVNE ZAHTEVE ZA BANČNA POSOJILADa bi zagotovili vzpostavitev veljavnega zavarovanja z bančnim posojilom ter hitro realizacijo bančnega posojila v primeru neplačila nasprotne stranke, je treba izpolniti dodatne pravne zahteve. Te zahteve se nanašajo na:
Nonmarketable assets can be used as underlying assets for reverse open market transactions and the marginal lending facility.
• preveritev obstoja bančnega posojila;
They are not used in Eurosystem outright transactions.
(i) nasprotna stranka ima neposredno ali posredno prek enega ali več drugih podjetij v lasti 20% ali več kapitala izdajatelja/dolžnika/garanta; ali
All marketable and nonmarketable assets can also be used as underlying assets for intraday credit.
• obvestilo dolžniku o mobilizaciji posojila oziroma o registraciji takšne mobilizacije;
Irrespective of the fact that a marketable or nonmarketable asset fulfils all eligibility criteria, a counterparty may not submit as collateral any asset issued or guaranteed by itself or by any other entity with which it has close links.23
(ii) izdajatelj/dolžnik/garant ima neposredno ali posredno prek enega ali več drugih podjetij v lasti 20% ali več kapitala nasprotne stranke; ali
“Close links” means a situation in which the counterparty is linked to an issuer/debtor/guarantor of eligible assets by reason of the fact that: debt instruments falling due before the maturity date of the monetary policy operation for which they are being used as underlying assets;24 and
(iii) tretja oseba ima v lasti več kot 20% kapitala nasprotne stranke in več kot 20% kapitala izdajatelja/dolžnika/garanta, in sicer bodisi neposredno ali posredno prek enega ali več podjetij.
(i) the counterparty owns directly, or indirectly through one or more other undertakings, 20% or more of the capital of the issuer/debtor/guarantor; or debt instruments with an income flow (e.g. a coupon payment) occurring in the period up to the maturity date of the monetary policy operation for which they are being used as underlying assets.
Zgornja določba o tesnih povezavah ne velja za: (a) tesne povezave med nasprotno stranko in državnimi institucijami držav EGP ali v primeru, kjer jamstvo za dolžniški instrument zagotavlja oseba javnega prava, upravičena do odmerjanja davkov; (b) krite bančne obveznice, ki so izdane v skladu z merili, določenimi v členu 22(4) Direktive UCITS; ali (c) primere, kjer dolžniške instrumente ščitijo posebna pravna varovala, primerljiva s tistimi pod točko (b), kot je to v primeru netržnih hipotekarnih dolžniških instrumentih (RMBD), ki niso vrednostni papirji.
(ii) the issuer/debtor/guarantor owns directly, or indirectly through one or more other undertakings, 20% or more of the capital of the counterparty; or
Poleg tega nasprotna stranka kot zavarovanje ne sme predložiti nobenega kolateraliziranega vrednostnega papirja, pri katerem nasprotna stranka (ali katera koli tretja oseba, s katero ima
All eligible marketable and nonmarketable assets must be usable in a crossborder context throughout the euro area.
PRAVILA GLEDE UPORABE PRIMERNEGA FINANČNEGA PREMOŽENJA Tržno finančno premoženje se lahko uporabi za vse operacije denarne politike, ki temeljijo na finančnem premoženju za zavarovanje terjatev, tj. povratne in dokončne transakcije odprtega trga in odprto ponudbo mejnega posojila.
This implies that all Eurosystem counterparties must be able to
Ne uporablja se pri dokončnih transakcijah Eurosistema.
(iii) a third party owns more than 20% of the capital of the counterparty and more than 20% of the capital of the issuer/debtor/guarantor, either directly or indirectly, through one or more undertakings.
Vse tržno in netržno finančno premoženje se lahko uporabi tudi kot zavarovanje pri posojilu čez dan.
23 In the event of a counterparty using assets that, owing to an identity with the issuer/debtor/guarantor or the existence of close links, it may not or no longer use to secure an outstanding credit, it is obliged to immediately notify the relevant national central bank thereof.
23 Če nasprotna stranka uporablja finančno premoženje, ki ga zaradi tesne povezave z izdajateljem/dolžnikom/garantom ali zato, ker je to ista oseba, ne sme ali ne sme več uporabljati za zavarovanje neodplačanega posojila, je dolžna o tem nemudoma obvestiti ustrezno nacionalno centralno banko.
The assets are valued at zero on the next valuation date and a margin call may be triggered (see also Appendix 6).
Finančno premoženje se na naslednji datum vrednotenja vrednoti po vrednosti nič in lahko se sproži poziv h kritju (glej tudi Prilogo 6).
The above provision on close links does not apply to: (a) close links between the counterparty and the public authorities of EEA countries or in the case where a debt instrument is guaranteed by a public sector entity which has the right to levy taxes; (b) covered bank
Ne glede na to, da tržno in netržno finančno premoženje izpolnjuje vsa merila primernosti, nasprotna stranka ne sme kot zavarovanje predložiti finančnega premoženja, ki ga je izdala in zanj jamči sama oziroma katera koli druga
Table 4 Eligible assets for Eurosystem monetary policy operations
Tabela 4 Primerno finančno premoženje za operacije denarne politike Eurosistema
Marketable assets 1)
Tržno finančno premoženje1)
Nonmarketable assets 2)
Netržno finančno premoženje2)
Credit claims.
Bančna posojila.
ECB debt certificates.
Vrsta finančnega premoženja
The high credit standards are assessed using ECAF rules for marketable assets.3)
Visoki bonitetni standardi so ocenjeni s pomočjo pravil bonitetnega okvira Eurosistema za tržno finančno premoženje.3)
EEA. 3)
EGP.3)
Not applicable.Eurosystem procedures.
Se ne uporablja.Postopki Eurosistema.
Place of settlement: euro area. Instruments must be centrally deposited in book-entry form with central banks or an SSS fulfilling the ECB’s minimum standards.
Kraj poravnave: euroobmočje.Instrumenti morajo biti centralno registrirani v nematerializirani obliki pri nacionalni centralni banki ali SPVP, ki izpolnjuje minimalne standarde ECB.
International and supranational institutions.
Javni sektor.Nefi finančne družbe.Mednarodne in nadnacionalne institucije.
Private sector.
Euroobmočje.
Euro area.
Euroobmočje.
Euro area.
zunaj EGP.
Not applicable.
Sprejemljivi trgi
Acceptable markets
Se ne uporablja.
Regulated markets. Non-regulated markets accepted by the ECB.
Organizirani trgi.Neorganizirani trgi, ki jih sprejema ECB.
Euro.Not applicable.
Euro.Se ne uporablja.
Minimum size threshold at the time of submission of the credit claim. Between 1 January 2007 and31 December 2011: – for domestic use: choice of the NCB; – for crossborder use: common threshold of €500,000.As from 1 January 2012: common minimum threshold of €500,000 throughout the euro area.
Najmanjši dovoljeni znesek v času predložitve posojila.Med 1. januarjem 2007 in 31. decembrom 2011:– domača uporaba: izbira NCB;– čezmejna uporaba: enotni najmanjši dovoljeni znesek 500.000 EUR.Od 1. januarja 2012:enotni najmanjši dovoljeni znesek 500.000 EUR v celotnem euroobmočju.
Not applicable.
Veljavna zakonodaja
For assetbacked securities the acquisition of the underlying assets must be governed by the law of an EU Member State.
Pri kolateraliziranih vrednostnih papirjih mora pridobitev osnovnega finančnega premoženja urejati zakonodaja države članice EU.
The total number of different laws applicable to(i) the counterparty,(ii) the creditor,(iii) the debtor,(iv) the guarantor (if relevant),(v) the credit claim agreement and(vi) the mobilisation agreement shall not exceed two.
Skupno število različnih zakonodaj, ki se uporabljajo za (i) nasprotno stranko, (ii) upnika, (iii) dolžnika, (iv) garanta (če je predvideno), (v) posojilno pogodbo,(vi) pogodbo o mobilizaciji, ne sme biti večje od dveh.
Crossborder use
Čezmejna uporaba
1) Further details are set out in Section 6.2.1.2) Further details are set out in Section 6.2.2.3) The credit standard of non-rated marketable debt instruments issued or guaranteed by non-financial corporations is determined on the basis of the credit assessment source chosen by the respective counterparty in accordance with the ECAF rules applicable to credit claims, as set out in Section 6.3.3.
1) Podrobnosti so opisane v poglavju 6.2.1.2) Podrobnosti so opisane v poglavju 6.2.2.3) Bonitetni standard tržnih dolžniških instrumentov brez bonitetne ocene, ki jih izdajo ali zanj jamčijo nefinančne družbe, je določen na podlagi bonitetnega vira, ki ga izbere posamezna nasprotna stranka v skladu s pravili bonitetnega okvira Eurosistema (ECAF), ki velja za bančna posojila, kot je opisano v poglavju 6.3.3.
Eligible assets collateral pool, transaction participants, capital structure), as well as performance data.
Primerno finančno premoženje za zavarovanje tesne povezave) kolateraliziranemu vrednostnemu papirju zagotavlja valutno zaščito, s tem da je sklenila transakcijo valutne zaščite z izdajateljem, ali zagotavlja likvidnostno podporo za 20% ali več zneska kolateraliziranega vrednostnega papirja.
EUROSYSTEM CREDIT ASSESSMENT FRAMEWORK
Poleg tega se lahko nacionalne centralne banke odločijo, da ne bodo sprejele naslednjih tržnih ali netržnih instrumentov kot finančno premoženje za zavarovanje terjatev, kljub temu da so primerni:
The Eurosystem credit assessment framework (ECAF) defines the procedures, rules and techniques which ensure that the Eurosystem requirement of high credit standards for all eligible assets is met.
Pri ocenjevanju bonitetnega standarda primernega finančnega premoženja Eurosistem upošteva bonitetne ocene, prejete od bonitetnih sistemov enega od štirih bonitetnih virov.
The Eurosystem’s benchmark for establishing its minimum requirement for high credit standards (its “credit quality threshold”) is defined in terms of a “single A” credit assessment.26 The Eurosystem considers a probability of default (PD) over a one-year horizon of 0.10% as equivalent to a “single A” credit assessment, subject to a regular review.
To so zunanje bonitetne institucije (ECAI), interni bonitetni sistemi nacionalnih centralnih bank (ICAS), interni bonitetni sistemi nasprotnih strank (IRB) ter bonitetna orodja zunanjih ponudnikov (RT).
The ECAF follows the definition of a default event given in the EU Capital Requirements Directive (CRD).27The Eurosystem publishes the lowest rating grade meeting the required credit quality threshold for each accepted ECAI, without assuming any responsibility of its assessment of the ECAI, again subject to regular review.
Poleg tega Eurosistem pri ocenjevanju bonitetnega standarda upošteva tudi institucionalna merila in posebnosti, ki imetniku instrumenta zagotavljajo podobno zaščito, kot so npr. jamstva.
Within the general framework, in the establishment of high credit standards, the Eurosystem differentiates between marketable and nonmarketable assets (see Sections 6.3.2 and 6.3.3) in order to take account of the different legal nature of these assets and for operational efficiency reasons.
dolžniških instrumentov, ki zapadejo pred datumom zapadlosti operacije denarne politike, za katero se uporabljajo kot finančno premoženje za zavarovanje terjatev;24 24
In the assessment of the credit standard of eligible assets, the Eurosystem takes into account credit assessment information from credit assessment systems belonging to one of four sources, namely external credit assessment institutions (ECAIs), national central banks’ in-house credit assessment systems (ICASs), counterparties’ internal ratingsbased (IRB) systems or third-party providers’ rating tools (RTs).
• dolžniških instrumentov, katerih donosi (npr. plačilo kupona) zapadejo v obdobju do datuma zapadlosti operacije denarne politike, za katero se uporabljajo kot finančno premoženje za zavarovanje terjatev.
Additionally, in the assessment of the credit standard, the Eurosystem takes into account institutional criteria and features guaranteeing similar protection for the instrument holder such as guarantees.
Zato morajo imeti vse nasprotne stranke Eurosistema možnost uporabiti primerno finančno premoženje prek povezav s svojimi domačimi sistemi poravnave vrednostnih papirjev, ko gre za tržno finančno premoženje, ali prek drugih primernih ureditev za prejemanje posojil od nacionalne centralne banke države članice, v kateri je nasprotna stranka ustanovljena (glej poglavje 6.6).
The Eurosystem reserves the right to determine whether an issue, issuer, debtor or guarantor fulfils its requirements for high credit standards on the basis of any information it may consider relevant and may reject, limit the use of assets or apply supplementary haircuts on such grounds if required to ensure adequate risk protection of the Eurosystem in line with Article 18.1 of the Statute of the ESCB.
Ko gre za zunanje bonitetne institucije, mora ocenatemeljitinajavnibonitetnioceni. Eurosistem si pridržuje pravico, da lahko zahteva kakršna koli pojasnila, ki se mu zdijo potrebna.