natgillin/translations-raw huggingface dataset:
The settlement date refers to Eurosystem business days.2) If the normal settlement date for the main or the longerterm refinancing operations coincides with a bank holiday, the ECB may decide to apply a different settlement date, with the option of same-day settlement.
Datum poravnave je na delovni dan Eurosistema.2) Če običajni datum poravnave za operacije glavnega ali dolgoročnejšega refinanciranja sovpada z državnim praznikom, lahko ECB določi drug datum poravnave, z možnostjo poravnave istega dne (tj. na trgovalni dan).
The settlement dates for the main and the longerterm refinancing operations are specified in advance in the Eurosystem’s tender operations calendar (see Section 5.1.2).
Datumi poravnave za operacije glavnega ali dolgoročnejšega refinanciranja se določijo vnaprej v koledarju avkcij Eurosistema (glej poglavje 5.1.2).
The deadline for requesting access to the Eurosystem’s standing facilities is postponed by an additional 15 minutes on the last Eurosystem business day of a minimum reserve maintenance period.
do odprtih ponudb Eurosistema se na zadnji delovni dan v obdobju izpolnjevanja obveznih rezerv podaljša za dodatnih 15 minut.
Any negative balances on the settlement accounts in TARGET2 of eligible counterparties remaining after the finalisation of the end-of-day control procedures are automatically considered to be a request for recourse to the marginal lending facility (see Section 4.1).
Morebitna negativna stanja na poravnalnih računih primernih nasprotnih strank v sistemu TARGET2, ki ostanejo po zaključku kontrolnih postopkov ob koncu dneva, avtomatsko štejejo kot zahtevek za dostop do mejnega posojila (glej poglavje 4.1).
ELIGIBLE ASSETS
6.1 SPLOŠEN OPIS
6.1 GENERAL CONSIDERATIONS asset classes comply with the same credit standards, a Eurosystem credit assessment framework (ECAF) has been set up, which relies on different credit assessment sources.
Da bi zagotovili, da oba razreda finančnega premoženjaizpolnjujetaenakebonitetne standarde, je Eurosistem vzpostavil bonitetni okvir Eurosistema (ECAF), ki temelji na različnih bonitetnih virih.
The procedures and rules establishing and controlling the Eurosystem’s requirement of “high credit standards” for all eligible collateral are outlined in Section 6.3.
Postopki in pravila, s katerimi Eurosistem ugotavlja in nadzira zahtevane „visoke bonitetne standarde” za vse primerno finančno premoženje, so opisana v poglavju 6.3.
The risk control measures and valuation principles for underlying assets are set out in Sections 6.4 and 6.5.
Ukrepi za obvladovanje tveganj in načela vrednotenja, ki veljajo za finančno premoženjezazavarovanjeterjatev,so razložena v poglavjih 6.4 in 6.5.
Eurosystem counterparties may use eligible assets on a crossborder basis (see Section 6.6).
Nasprotne stranke Eurosistema lahko uporabijo primerno finančno premoženje za zavarovanje terjatev tudi preko meja (glej poglavje 6.6).
6.2 ELIGIBILITY SPECIFICATIONS FOR UNDERLYING ASSETS
6.2 OPREDELITEV PRIMERNOSTI FINANČNEGA PREMOŽENJE ZA ZAVAROVANJE TERJATEV
Article 18.1 of the Statute of the ESCB allows the ECB and the national central banks to transact in financial markets by buying and selling underlying assets outright or under repurchase agreements and requires all Eurosystem credit operations to be based on adequate collateral.
ECBoblikuje,vzdržujeinobjavljalisto primernega tržnega finančnega premoženja.
Consequently, all Eurosystem liquidity-providing operations are based on underlying assets provided by the counterparties either in the form of the transfer of ownership of assets (in the case of outright transactions or repurchase agreements) or in the form of a pledge, an assignment or a charge granted over relevant assets (in the case of collateralised loans).1
4 ECB za netržno finančno premoženje ne bo objavljala niti liste primernega finančnega premoženja niti liste primernih dolžnikov/garantov.
With the aims of protecting the Eurosystem from incurring losses in its monetary policy operations and of ensuring the equal treatment of counterparties, as well as of enhancing operational efficiency and transparency, underlying assets have to fulfil certain criteria in order to be eligible for Eurosystem monetary policy operations.
Za zaščito Eurosistema pred izgubami v operacijah denarne politike in za zagotovitev enake obravnave nasprotnih strank, kakor tudi za povečanje operativne učinkovitosti in preglednosti, mora finančno premoženje za zavarovanje terjatev izpolnjevati določena merila, da bi bilo primerno za operacije denarne politike Eurosistema.
This single framework, also referred to as the “Single List”, entered into effect on 1 January 2007 and replaced the two-tier system which had been in place from the start of Stage Three of Economic and Monetary Union.2
Enotni okvir (imenuje se tudi „enotna lista”) je začel veljati 1. januarja 2007 in je nadomestil sistem z dvema listama, ki je veljal od začetka tretje faze ekonomske in monetarne unije. 2
The single framework comprises two distinct asset classes – marketable assets andnon-marketable assets.
Enotni okvir obsega dva različna razreda finančnegapremoženja,insicertržno finančno premoženje in netržno finančno premoženje.
No distinction is made between the two asset classes with regard to the quality of the assets and their eligibility for the various types of Eurosystem monetary policy operations, except that nonmarketable assets are not used by the Eurosystem for outright transactions.
Med obema razredoma ni razlik glede kakovosti finančnega premoženja in njegove primernosti za različne vrste operacij denarne politike Eurosistema, razen dejstva, da netržnega finančnega premoženja Eurosistem ne uporablja za dokončne transakcije.
Liquidityabsorbing outright and reverse open market operations are also based on underlying assets.
Tudi dokončne in povratne transakcije odprtega trga za zmanjševanje likvidnosti temeljijo na finančnem premoženju za zavarovanje terjatev.
For underlying assets used in liquidityabsorbing reverse open market operations, the eligibility criteria are identical to those applied for underlying assets used in liquidity-providing reverse open market operations.
Za finančno premoženje za zavarovanje terjatev, uporabljeno v povratnih transakcijah odprtega trga za zmanjševanje likvidnosti, so merila primernosti enaka tistim, ki veljajo za finančno premoženje za zavarovanje terjatev, ki se uporablja v povratnih transakcijah odprtega trga za povečevanje likvidnosti.
However, no valuation haircuts are applied in liquidityabsorbing operations.French fonds communs de créances (FCCs) that were incorporated in the tier one list and issued prior to 1 May 2006 will remain eligible for a transitional period until 31 December 2008.
Pri operacijah za zmanjševanje likvidnosti pa se odbitki pri vrednotenju ne uporabljajo.Enote francoskih fonds communs de créances (FCC), vključene na listo 1 in izdane pred 1. majem 2006, ostanejo primerne v prehodnem obdobju do 31. decembra 2008.
FCCs issued from 1 May 2006 are not eligible.During the interim period until 31 December 2011 for a specific asset class of the nonmarketable assets, credit claims, a limited number of eligibility and operational criteria may diverge across the euro area (see Section 6.2.2).This list is published and updated daily on the ECB’s website (www.ecb.europa.eu).
FCC, izdane pred 1. majem 2006, niso primerne. Za določen razred netržnega finančnega premoženja (bančna posojila) se lahko v prehodnem obdobju do 31. decembra 2011 nekatera merila primernosti in operativna merila znotraj euroobmočja razlikujejo (glej poglavje 6.2.2).Lista je objavljena na spletni strani ECB (www.ecb.europa.eu) in se dnevno dopolnjuje.
Marketable assets issued by non-financial corporations without a rating from an external credit assessment institution (ECAI) for the issue, issuer or guarantor are not included in the public list of eligible marketable assets.
Tržno finančno premoženje, izdano s strani nefinančnih družb, za katerega zunanje bonitetne institucije (ECAI) niso podale bonitetne ocene glede izdaje, izdajatelja ali garanta, ni vključeno na javno listo primernega tržnega finančnega premoženja.
6.2.1 ELIGIBILITY CRITERIA FOR MARKETABLE ASSETS
Finančno premoženje, ki ustvarja denarni tok in s katerim so zavarovani kolateralizirani vrednostni papirji, mora izpolnjevati naslednje zahteve: zavarovanje terjatev Eurosistema samo, če je bilo že izdano tržno finančno premoženje ali obstoječe netržno finančno premoženje predloženo Eurosistemu kot zavarovanje. Pojasnil pred izdajo tako ni mogoče dobiti.
(a) the acquisition of such assets must be governed by the law of an EU Member State;
(a) pridobitev takšnega premoženja mora urejati zakonodaja države članice EU;
(b) they must be acquired from the originator or an intermediary by the securitisation special-purpose vehicle in a manner which the Eurosystem considers to be a “true sale” that is enforceable against any third party, and be beyond the reach of the originator and its creditors, including in the event of the originator’s insolvency; and
(b) subjekt za posebne namene pri listinjenju ga mora pridobiti od originatorja ali posrednika na način, ki ga Eurosistem šteje za „pravo prodajo”, izvršljivo proti tretjim osebam, in mora biti zunaj dosega originatorja in njegovih upnikov, tudi v primeru originatorjeve insolventnosti;
To determine the eligibility of other marketable assets, the following eligibility criteria are applied (see also Table 4):
(c) ne sme vsebovati, v celoti ali delno, dejansko ali potencialno, kreditnih zapisov ali podobnih terjatev, ki bi izhajale iz prenosa kreditnega tveganja z izvedenimi kreditnimi
TYPE OF ASSETIt must be a debt instrument having:
VRSTA FINANČNEGA PREMOŽENJABiti mora dolžniški instrument, ki ima: f i finančnimi instrumenti.
(a) a fixed, unconditional principal amount; and
(a) fiksen, brezpogojen znesek glavnice
(b) a coupon that cannot result in a negative cash flow.
(b) kupon, ki ne more povzročiti negativnega denarnega toka.
In addition, the coupon should be one of the following: (i) a zero coupon; (ii) a fixed rate coupon; or (iii) a floating rate coupon linked to an interest rate reference.
Poleg tega mora biti kupon eden od naslednjih: (i) kot pri brezkuponskih instrumentih; (ii) kupon s fiksno obrestno mero; ali (iii) kupon z variabilno obrestno mero, vezano na referenčno obrestno mero.
Furthermore, inflation-indexed bonds are also eligible.
Poleg tega so primerne tudi obveznice, indeksirane na inflacijo. acijo.
A tranche (or sub-tranche) is considered to be non-subordinated vis-à-vis other tranches (or sub-tranches) of the same issue if, in accordance with the priority of payment applicable after the delivery of an enforcement notice, as set out in the offering circular, no other tranche (or sub-tranche) is given priority over that tranche or sub-tranche in respect of receiving payment (principal and interest), and thereby such tranche (or sub-tranche) is last in incurring losses among the different tranches or sub-tranches of a structured issue.
Tranša (ali podtranša) šteje kot nepodrejena drugim tranšam (ali podtranšam) iste izdaje, če – v skladu z vrstnim redom poplačila, ki se uporabi po dostavi obvestila o izvršbi, kot je določen v prospektu – nobena druga tranša (ali podtranša) nima prednosti pred to tranšo ali podtranšo glede prejema plačila (glavnice in obresti), s čimer takšna tranša (ali podtranša) zadnja utrpi škodo med različnimi tranšami ali podtranšami znotraj strukturirane izdaje.
These features must be maintained until the redemption of the obligation.
Teznačilnostimorajobitiohranjenedo dokončnega odplačila obveznosti.
Debt instruments may not afford rights to the principal and/or the interest that are subordinated to the rights of holders of other debt instruments of the same issuer.
Dolžniški instrumenti ne smejo dati pravice do glavnice in/aliobresti,kijepodrejenapravicam imetnikov drugih dolžniških instrumentov istega izdajatelja.
The Eurosystem reserves the right to request from any relevant third party (such as the issuer, the originator or the arranger) any clarification and/or legal confirmation that it considers necessary to assess the eligibility ofasset-backed securities.
Eurosistem si pridržuje pravico, da od katerih koli tretjih oseb (kot so izdajatelj, originator ali organizator) zahteva kakršno koli pojasnilo in/ali pravno potrditev, za katero šteje, da je potrebna za oceno primernosti kolateraliziranih vrednostnih papirjev.
(referred to as “covered bank bonds”). The Eurosystem assesses the eligibility of assetbacked securities other than covered bank bonds against the following criteria.
Zahteva (a) ne velja za kolateralizirane vrednostne papirje, razen za obveznice, ki jih izdajo kreditne institucije v skladu z merili, določenimi v členu 22(4) Direktive UCITS 6
Bonds with warrants or other similar rights attached are not eligible.
Obveznice z nakupnim bonom ali z drugo podobno pravico niso primerne.
Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 375, 31.12.1985, p.
Direktiva Sveta 85/611/EGS z dne 20. decembra 1985 o usklajevanju zakonov in drugih predpisov o kolektivnih naložbenih podjemih za vlaganja v prenosljive vrednostne papirje (KNPVP) (UL L 375 z dne 31. decembra 1985, stran 3), kakor je bila nazadnje spremenjena z Direktivo 2005/1/ES (UL L 79 z dne 24. marca 2005, stran 9).
3), as last amended by Directive 2005/1/EC (OJ L 79, 24.3.2005, p. 9).
(„krite bančne obveznice”).
The cash flow-generating assets backing the assetbacked securities must fulfil the following requirements:
Eurosistem ocenjuje primernostkolateraliziranihvrednostnih papirjev, razen kritih bančnih obveznic, po naslednjih merilih.
CREDIT STANDARDSThe debt instrument must meet the high credit standards specified in the ECAF rules for marketable assets, as set out in Section 6.3.2.
jih izdale kreditne institucije, so primerni, samo če so sprejeti v trgovanje na organiziranem trgu, kot je opredeljeno zgoraj.
PLACE OF ESTABLISHMENT OF THE ISSUER/GUARANTOR The issuer must be established in the EEA or in one of the non-EEA G10 countries.14,15 In the latter case, the debt instruments can only be considered eligible if the Eurosystem ascertains that its rights would be protected in an appropriate manner, as determined by the Eurosystem, under the laws of the respective non-EEA G10 country.
BONITETNI STANDARDDolžniški instrument mora izpolnjevati visoke bonitetne standarde, ki so opredeljeni v pravilih ECAF za tržno finančno premoženje, kakor je opisano v poglavju 6.3.2.
For this purpose, a legal assessment in a form and with substance acceptable to the Eurosystem will have
KRAJ USTANOVITVE IZDAJATELJA/GARANTA Izdajatelj mora biti ustanovljen v EGP ali eni od držav skupine G-10 zunaj EGP.14, 15
PLACE OF ISSUEThe debt instrument must be deposited/registered (issued) in the EEA with a central bank or with a central securities depository (CSD) which fulfils the minimum standards established by the ECB.7In case a marketable debt instrument is issued by a non-financial corporation 8that is not rated by an accepted external credit assessment institution (ECAI), the place of issue must be the euro area.
KRAJ IZDAJEDolžniški instrument mora biti deponiran/registriran (izdan) v EGP pri centralni banki ali pri centralnem registru vrednostnih papirjev (CRVP), ki izpolnjuje minimalne standarde, določene s strani ECB. 7 Če tržni dolžniški instrument izda nefinančna družba 8, katere bonitete ni ocenila sprejeta zunanja bonitetna institucija (ECAI), mora biti kraj izdaje euroobmočje.
SETTLEMENT PROCEDURESThe debt instrument must be transferable in book-entry form.
POSTOPKI PORAVNAVEDolžniški instrument mora biti prenosljiv v nematerializirani obliki.
It must be held and settled in the euro area through an account with the Eurosystem or with an SSS that fulfils the standards established by the ECB, so that perfection and realisation are subject to the law of a euro area country.
Hraniti in poravnavati se mora v euroobmočju prek računa, odprtega pri Eurosistemu ali pri sistemu poravnave vrednostnih papirjev (SPVP), ki izpolnjuje standarde, določene s strani ECB, tako da obliko in vsebino ter realizacijo ureja zakonodaja države članice euroobmočja.
If the CSD where the asset is issued and the SSS where it is held are not identical, then the two institutions have to be connected by a link approved by the ECB.9
Če CRVP, kjer se finančno premoženje izda, in SPVP, kjer se poravnava, nista ista ustanova, morata biti obe ustanovi med seboj povezani na način, ki ga odobri ECB. 9
ACCEPTABLE MARKETS The debt instrument must be admitted to trading on a regulated market as defined in the Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments,10or traded on certain non-regulated markets as specified by the ECB.11
SPREJEMLJIVI TRGI Dolžniški instrument mora biti sprejet v trgovanjenaorganiziranemtrgu,kotje določeno v Direktivi 2004/39/ES Evropskega parlamenta in Sveta z dne 21. aprila 2004 o trgih s finančnimi instrumenti 10, ali pa se mora z njim trgovati na nekaterih neorganiziranih trgih, katerih primernost določa ECB. 11
The assessment of non-regulated markets by the Eurosystem is based on three principles – safety, transparency and accessibility.12,13 13
Ocena neorganiziranih trgov, ki jo pripravlja Eurosistem, temelji na treh načelih – varnost, transparentnost in dostopnost.12, 13
7 Since 1 January 2007, international debt securities in global bearer form issued through the ICSDs Euroclear Bank (Belgium) and Clearstream Banking Luxembourg must, in order to be eligible, be issued in the form of New Global Notes (NGNs) and must be deposited with a Common Safekeeper (CSK) which is an ICSD or, if applicable, a CSD that fulfils the minimum standards established by the ECB.
7 Da bi bili primerni, morajo biti mednarodni dolžniški vrednostni papirji v globalni prinosniški obliki, izdani prek MRVP Euroclear Bank (Belgija) in Clearstream Banking Luxembourg, od 1. januarja 2007 dalje izdani v obliki novih svetovnih zadolžnic (New Global Notes, NGN) in morajo biti deponirani pri skupnem varuhu (Common Safekeeper, CSK), ki je MRVP ali, kjer je to primerno, CRVP, ki izpolnjuje minimalne standarde, določene s strani ECB.
International debt securities in global bearer form that were issued in the form of Classical Global Notes (CGNs) prior to 1 January 2007 and fungible securities issued under the same ISIN code on or after that date remain eligible until maturity.8 Non-financial corporations are defined as in the European System of Accounts 1995 (ESA 95).9 The description of the standards for the use of eligible SSSs in the euro area and an updated list of the eligible links between these systems can be found on the ECB’s website (www.ecb.europa.eu).10 OJ L 145, 30.4.2004, p.
Mednarodni dolžniški vrednostni papirji v globalni prinosniški obliki, ki so bili izdani v obliki klasičnih svetovnih zadolžnic (Classical Global Notes, CGN) pred 1. januarjem 2007, ter zamenljivi vrednostni papirji, ki so bili izdani pod isto ISIN kodo na ta datum ali po njem, ostanejo primerni do zapadlosti.
1.11 A list of acceptable non-regulated markets is published on the ECB’s website (www.ecb.europa.eu) and updated at least once a year.12 “Safety”, “transparency” and “accessibility” are defined by the Eurosystem exclusively in terms of the performance of the Eurosystem’s collateral management function.
8 Nefinančne družbe so opredeljene v Evropskem sistemu računov 1995 (ESR 95).9 Opis standardov za uporabo primernih SPVP v euroobmočju in ažuriran seznam primernih povezav med temi sistemi je objavljen na spletni strani ECB (www.ecb.europa.eu).10 UL L 145 z dne 30. aprila 2004, stran 1.11 Seznam sprejemljivih neorganiziranih trgov je objavljen na spletni strani ECB (www.ecb.europa.eu) in je dopolnjen vsaj enkrat na leto.12 Eurosistem opredeljuje „varnost”, „transparentnost” in „dostopnost” izključno z vidika upravljanja s finančnim zavarovanjem.
The selection process is not aimed at assessing the intrinsic quality of the various markets.
Cilj ni ocenjevati temeljne kakovosti različnih trgov.
The principles are to be understood as follows.
Omenjena načela se interpretirajo na naslednji način.
Safety is taken to mean certainty with regard to transactions, in particular certainty on the validity and enforceability of transactions.
Varnost pomeni gotovost v zvezi s transakcijami, predvsem gotovostgledeveljavnostiinizvršljivostitransakcij.
Transparency is taken to mean unimpeded access to information on the market’s rules of procedure and operation, the financial features of the assets, the price formation mechanism, and the relevant prices and quantities (quotes, interest rates, trading volumes, outstanding amounts, etc.).
Transparentnost pomeni nemoten dostop do podatkov o pravilih poslovanja in delovanja trga, finančnih značilnostih premoženja, mehanizmu oblikovanja cen ter o ustreznih cenah in količinah (kotacije, obrestne mere, obseg trgovanja, obseg izdaje vrednostnih papirjev itd.).
Accessibility refers to the Eurosystem’s ability to take part in and have access to the market; a market is accessible for collateral management purposes if its rules of procedure and operation allow the Eurosystem to obtain information and conduct transactions when needed for these purposes.
Dostopnost se nanaša na možnost Eurosistema, da sodeluje na trgu in da ima dostop do njega; trg je dostopen za namene upravljanja s finančnim zavarovanjem, če njegova pravila poslovanja in delovanja omogočajo Eurosistemu, da pride do informacij in da v primeru potrebe opravlja transakcije upravljanja s finančnim zavarovanjem.13 Tržno finančno premoženje, ki je bilo sprejeto kot finančno premoženje z liste 2, izdano pred 31. majem 2007 in s katerim se trguje na neorganiziranih trgih, ki trenutno izpolnjujejo zahteve Eurosistema glede varnosti in dostopnosti, ne pa tudi transparentnosti, ostane primerno do 31. decembra 2009 pod pogojem, da izpolnjuje druga merila primernosti, po tem datumu pa postane neprimerno.
13 Marketable assets, which were accepted as tier two assets, and which have been issued prior to 31 May 2007 and are traded on non-regulated markets that currently fulfil the Eurosystem’s requirements for safety and accessibility, but not for transparency, remain eligible until 31 December 2009, provided they fulfil the other eligibility criteria, and become ineligible after that date.
To ne velja za nekrito tržno finančno premoženje izdano s strani kreditne institucije, ki je bilo sprejeto kot finančno premoženje z liste 2 in je 31. maja 2007 postalo neprimerno.
This does not apply to uncovered marketable assets issued by credit institutions that were accepted as tier two assets and became ineligible on 31 May 2007.14 Non-EEA G10 countries currently include the United States, Canada, Japan and Switzerland.15 Marketable assets issued before 1 January 2007 by an entity not established in the EEA or in one of the non-EEA G10 countries, but guaranteed by an entity established in the EEA, remain eligible until 31 December 2011, provided they fulfil the other eligibility criteria and the requirements applicable to guarantees as set out in Section 6.3.2, and become ineligible after that date.
14 Države skupine G-10 zunaj EGP so trenutno ZDA, Kanada, Japonska in Švica.15 Tržno finančno premoženje, ki so ga pred 1. januarjem 2007 izdali subjekti, ki niso ustanovljeni v EGP ali v eni od držav G-10 zunaj EGP, vendar zanj jamči subjekt, ustanovljen v EGP, ostane primerno do 31. decembra 2011 pod pogojem, da izpolnjuje druga merila primernosti in zahteve glede garancij, kot so opisane v poglavju 6.3.2, po tem datumu pa postane neprimerno.
TYPE OF ISSUER/GUARANTORThe debt instrument may be issued or guaranteed by central banks, public sector entities, private sector entities, or international or supranational institutions.
VRSTA IZDAJATELJA/GARANTADolžniški instrument lahko izdajo ali zanj jamčijo centralne banke, osebe javnega sektorja, osebe zasebnega sektorja ali mednarodne oziroma nadnacionalne institucije.