Det kan foretage kapitalanbringelser på pengemarkederne;

IT MAY INVEST ON THE MONEY MARKETS;

3.2. Renteafkast af fondens kapitalanbringelser

3.2. Interest from financial investment of the Fund's liquid assets

a) Det kan foretage kapitalanbringelser paa pengemarkederne;

(A) IT MAY INVEST ON THE MONEY MARKETS;

Områder -Fastforrentede kapitalanbringelser -Variabelt forr. værdipapirer i EUR -I alt I EUR -

Segments -Fixed rate investments -Variable rate securities EUR -TOTAL EUR -

Med forbehold af bestemmelserne i stk. 1 maa Agenturet ved forvaltningen af sine kapitalanbringelser kun foretage saadanne valutaarbitrageforretninger, der direkte er noedvendiggjort af udfoerelsen af dets hverv.

WITHOUT PREJUDICE TO THE PROVISIONS OF THE FIRST SUBPARAGRAPH, THE AGENCY SHALL NOT, IN MANAGING ITS INVESTMENTS, ENGAGE IN ANY CURRENCY ARBITRAGE NOT DIRECTLY NECESSARY FOR CARRYING OUT ITS TASKS.

Banken kan anvende disponible midler, som den ikke umiddelbart har brug for til opfyldelse af sine forpligtelser, på følgende måder: a) b) Den kan foretage kapitalanbringelser på pengemarkederne;
http://www.ecb.int/

The Bank may employ any available funds which it does not immediately require to meet its obligations in the following ways:( a)( b) it may invest on the money markets;
http://www.ecb.int/

Med forbehold af bestemmelserne i stk. 1 må Agenturet ved forvaltningen af sine kapitalanbringelser kun foretage sådanne valutårbitrageforretninger , der direkte er nødvendiggjort af udførelsen af dets hverv.

WITHOUT PREJUDICE TO THE PROVISIONS OF THE FIRST SUBPARAGRAPH , THE AGENCY SHALL NOT , IN MANAGING ITS INVESTMENTS , ENGAGE IN ANY CURRENCY ARBITRAGE NOT DIRECTLY NECESSARY FOR CARRYING OUT ITS TASKS.

Artikel 294 Med forbehold af de øvrige bestemmelser i denne traktat indrømmer medlemsstaterne de øvrige medlemsstaters statsborgere national behandling for så vidt angår kapitalanbringelser i de i artikel 48 nævnte selskaber.
http://www.ecb.int/

Article 294 Member States shall accord nationals of the other Member States the same treatment as their own nationals as regards participation in the capital of companies or firms within the meaning of Article 48, without prejudice to the application of the other provisions of this Treaty.
http://www.ecb.int/

Artikel III-28 Med forbehold af de øvrige bestemmelser i forfatningen indrømmer medlemsstaterne de øvrige medlemsstaters statsborgere national behandling for så vidt angår kapitalanbringelser i de i artikel III-27 nævnte selskaber.
http://www.ecb.int/

Article III-28 Member States shall accord nationals of the other Member States the same treatment as their own nationals as regards participation in the capital of companies or firms within the meaning of Article III-27, without prejudice to the application of the other provisions of the Constitution.
http://www.ecb.int/

(1) Fonden etableres ved tilførsel af midler fra De Europæiske Fællesskabers almindelige budget, ved renteafkastet fra fondens kapitalanbringelser og ved inddrivelser hos debitorer af forfaldne fordringer, som fonden har indfriet;

(1) the Guarantee Fund is endowed by payments from the general budget of the European Communities, by the interest on its invested resources and by the amounts recovered from defaulting debtors where the Fund has already honoured the guarantee;

Rådet vil også nedfryse kapitalanbringelser i udlandet for de nævnte personer, der har forbindelse med undertrykkelsen, og sætte mere ind på at forklare og befordre de mål, som EU's politik har i forhold til Burma gennem en meningsfuld politisk dialog.
http://www.europarl.europa.eu/

Furthermore, the Council wishes, with the agreement of all Member States, to refuse to grant an entry visa for the Minister for Foreign Affairs, a decision which could be reversed if it is in the interest of the European Union, to freeze assets held abroad by the persons I have just mentioned, who are associated with these acts of repression, and to make greater efforts to explain and promote the objectives of European Union policy on Burma-Myanmar by establishing meaningful political dialogue.
http://www.europarl.europa.eu/

Med forbehold af bestemmelserne i artikel 25 må Banken ikke ved forvaltningen af sine kapitalanbringelser foretage valutaarbitrage, som ikke direkte er nødvendiggjort af hensyn til gennemførelsen af dens udlån eller opfyldelsen af de forpligtelser, den har indgået i forbindelse med de af den optagne lån eller stillede garantier.
http://www.ecb.int/

Without prejudice to the provisions of Article 25, the Bank shall not, in managing its investments, engage in any currency arbitrage not directly required to carry out its lending operations or fulfil commitments arising out of loans raised or guarantees granted by it.
http://www.ecb.int/

(140) Når omsætningsaktiver sættes i kortfristede kapitalanbringelser, er det en gængs aktivitet med direkte forbindelse til rederiets primæraktivitet. Det er nu Kommissionens vurdering, at et sådant afkast er berettiget, for så vidt det svarer til det finansielle produkt af rederiets normale omsætningsaktiver i forbindelse med udøvelsen af berettigede aktiviteter. Hvis det finansielle afkast stammer fra ekstraordinære likvide midler fra rederiet, eller hvis der er tale om langfristede anbringelser, eller hvis det svarer til aktiver, der har at gøre med uberettigede aktiviteter, mener Kommissionen ikke, at afkastet kan indgå i den faste beskatningsordning.

(140) The short-term investment of ordinary cash resources is a normal activity directly linked with the shipping company’s principal activity. Accordingly, the Commission is of the opinion that such revenue is eligible to the extent that it corresponds to the financial products of the shipping company’s normal working capital in connection with the pursuit of eligible activities. If the financial products hail from exceptional assets of the shipping company or if they relate to long-term investment or originate from resources generated by ineligible activities, the Commission is of the opinion that the latter cannot be eligible under the flat-rate taxation scheme.

(68) Dertil kommer, at delstaten stiller sit indskud til rådighed for Helaba uden selv at have mulighed for at opsige det, altså uden tidsbegrænsning. En aktionær kan ganske vist heller ikke "opsige" sin aktiekapital, men kan dog frit bestemme at sælge sine aktier og investere pengene andetsteds. Uafhængigt af den nærmere retlige udformning mangler der i dette tilfælde allerede af den grund en sådan omsættelighed, da der under alle omstændigheder praktisk talt ikke eksisterer et marked for en kapitalanbringelse af et sådant omfang og med ubegrænset løbetid. Private investorer ville derimod i reglen sikre sig mulighed for at trække deres kapital ud i tilfælde af vedvarende dårlige resultater, for at de kunne investere den mere rentabelt. En permanent binding af risikokapital ville en privat investor — om overhovedet — kun acceptere mod en tilsvarende høj forrentning.

(68) Another factor was that the Land made its contribution available to Helaba without any possibility of withdrawal on its part, i.e. for unlimited duration. Although a shareholder could not "withdraw" his share capital, he was nevertheless free to decide to sell his shares and invest elsewhere. Regardless of the details of the legal form, there was no such transferability in this instance if only because at all events there was virtually no market for a capital investment of this size and of unlimited duration. Private investors, by contrast, usually kept open the possibility of withdrawing their capital again in the event of persistently bad results and of investing again more profitability. A private investor would — if at all — accept the permanent tying of risk capital only in return for a correspondingly high yield.

Kommissionen og EIB har sammen opstillet en liste over banker, der kan modtage indskud fra fonden. Den oprindelige liste er blevet revideret flere gange for at tage hensyn til de seneste ændringer i kreditvurderingen af bankerne. De fleste af bankerne er tilsluttet euroclearingsystemet. De har alle opnået en kreditvurdering på mindst A1 (langfristet) og P1 (kortfristet) hos Moody's eller en tilsvarende kreditvurdering hos Standard%amp% Poor's eller hos Fitch. Kapitalanbringelserne i disse banker er omfattet af bestemmelser, der skal sikre et godt spread og forhindre en koncentration af risiciene.

The list of banks authorised to receive deposits is agreed by the Commission and the EIB. The original list has been regularly revised in the light of the latest changes in bank ratings. Most of the banks are members of the euro clearing system. They all have a Moody's rating of at least A1 for long-term and P1 for short-term investments, or an equivalent Standard%amp% Poor’s or Fitch rating. The investments made with them are governed by rules to ensure a good spread and to avoid the concentration of risk.

Fondens midler investeres i overensstemmelse med principperne for forvaltning af fondens midler, der er fastlagt i bilaget til aftalen af 23./25. november 1994 mellem Fællesskabet og EIB, som ændret ved tillægsoverenskomst nr. 1 af 17./23. september 1996 og tillægsoverenskomst nr. 2 af 26. april/8. maj 2002. Ved tillægsoverenskomst nr. 2 blev investeringsprincipperne ændret i 2002 for at korrigere overskudslikviditeten, der var vokset til over 50% af fondens aktiver, og som begrænsede fondens afkast. Samtidig med at reglen om, at mindst en tredjedel af fondens midler skal placeres i kortfristede investeringer (højst et år), blev fastholdt, blev listen over instrumenter, hvori der kan foretages kortfristede kapitalanbringelser, udvidet. De omfatter nu værdipapirer med variabel rente uanset deres løbetid og fastforrentede værdipapirer med en restløbetid på højst et år uanset deres oprindelige løbetid. Ved udløb indløses de fastforrentede papirer nemlig til 100% af deres nominelle værdi, mens de variabelt forrentede papirer uanset deres restløbetid til enhver tid kan sælges til en pris i nærheden af 100%. Af hensyn til ligevægten mellem de forskellige instrumenter, for hvilke likviditeten overvåges, placeres mindst 18% (svarende til det dobbelte af indbetalingssatsen) på pengemarkedet, især som bankindskud. Denne nye struktur bidrog til at forøge fondens afkast og sikrede samtidig et forsigtigt likviditetsniveau.

The Fund's liquid assets are invested in accordance with the management principles laid down in the Annex to the Community/EIB Agreement of 23/25 November 1994, amended by Supplementary Agreement No 1 of 17/23 September 1996 and Supplementary Agreement No 2 of 26 April/8 May 2002. By Supplementary Agreement No 2, the investment principles were changed in 2002 in order to correct the excess liquidity which had risen to over 50% of the Fund's assets and was restricting the yield of the Fund. While retaining the limit whereby at least one third of the Fund must be invested in short-term investments (up to one year), the instruments eligible for short-term liquidity were extended. They now include variable-rate securities, irrespective of their maturity dates, and fixed-rate securities with a maximum of one year remaining to maturity, irrespective of their initial maturity period. This is because fixed-rate securities are reimbursable at 100% of their nominal value at the end of their life, while variable-rate securities can be sold at any time at a price approaching 100%, whatever their remaining period to maturity. To maintain a balance between the various instruments for which liquidity is monitored, a minimum of 18% (corresponding to double the provisioning rate of the Fund) is kept in monetary investments, particularly bank deposits. This new structure helped to improve the Fund's yield while maintaining a prudent liquidity level.