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ein Ringen um den nachgezeichneten Alp
Y-Fuge
Feb 27 11:48
7 mos ago
39 viewers *
German term

freie EZB-fähige Wertpapiere

German to English Bus/Financial Finance (general)
I'm wondering if the correct translation for the term above is "ECB-eligible marketable assets". Does anyone know for sure if this is the same thing as freie EZB-fähige Wertpapiere?

The context is an annual report for a German bank and this is the wider sentence: This key figure supports securing the liquidity stock by defining a minimum level of ECB-eligible marketable assets.
Proposed translations (English)
4 unencumbered ECB-eligible securities / (ECB-) eligible marketable assets
4 ECB-eligible marketable assets (securities qualifying as trade investments)
3 -1 Notenbankfähige Sicherheiten, die marktfähig sind
3 -1 Notenbankfähige Sicherheiten, die marktfähig sind

Discussion

AllegroTrans Feb 28:
Susan You can post anonymised context, e.g. omit names, addresses etc. This would help.
Susan Ring (asker) Feb 28:
Term sent to client for clarification Hi All, Thanks for your feedback.

After looking at the responses here I sent my proposed translation to the client for verification. If they get back to me I will post it here fyi.

I wasn't able to provide more context due to confidentiality.
AllegroTrans Feb 27:
@ Susan Please provide at least one sentence of your original German text containing the term, so that we can see what is going on. Thank you.
Steffen Walter Feb 27:
Please provide ... ... the German sentence, rather than your translation attempt.
philgoddard Feb 27:
I'm also not sure about 'This key figure supports securing the liquidity stock'.
AllegroTrans Feb 27:
@ Bjoern That's all well and good but it would help for Susan to post at least one complete sentence or two from the actual text she is translating.
Björn Vrooman Feb 27:
@Phil "In line with its statute, the Eurosystem provides credit only against adequate collateral. Typically, collateral refers to marketable financial securities, such as bonds, or other types of assets, such as non-marketable assets or cash. The term 'eligible asset' is used for assets that are accepted as collateral by the Eurosystem."
https://www.ecb.europa.eu/paym/coll/html/index.de.html

"EUR-Benchmarks nicht grundsätzlich als Eligible Assets klassifizierbar.... Die EUR-Benchmark der koreanischen KHFC kann hingegen nicht als EZB-fähig klassifiziert werden. Gleiches gilt u.a. für Bonds aus..."
https://www.nordlb.de/meine-nordlb/download/research-dokumen...

"Die Notenbankfähigkeit von Covered Bonds ist beispielsweise unter gewissen Umständen bei der Bank of England (als Level B und Level C collateral...)..."
https://www.nordlb.de/meine-nordlb/download/research-dokumen...

Bank of England: https://www.bankofengland.co.uk/markets/eligible-collateral

Something along those lines.

Best
philgoddard Feb 27:
Hi Susan Please could we have several sentences of German context.
Wertpapiere is securities.

Proposed translations

8 hrs
Selected

unencumbered ECB-eligible securities / (ECB-) eligible marketable assets

Wow, it seems like some years ago the source term was used pretty frequently and would have been translated as unencumbered ECB-eligible securities.
Linguee still lists several interesting examples on reputable pages which are now discontinued.:
https://www.linguee.com/german-english/translation/ezb-fähig...

“Unencumbered” means free of legal, regulatory, contractual or other restrictions on the ability of the bank to liquidate, sell, transfer or assign the asset. ..."
https://www.bis.org/basel_framework/chapter/LCR/30.htm?tldat...

HOWEVER today everybody seems to be talking about "notenbankfähige Sicherheiten" instead.
e.g.https://www.spiegel.de/wirtschaft/unternehmen/wertpapiere-lu...
"Insgesamt 63 fragwürdige portugiesische Papiere im Nominalwert von zwei Milliarden Euro seien von den Luxemburgern als notenbankfähige Sicherheiten zugelassen worden, sie hätten bei der Europäischen Zentralbank (EZB) gegen frisches Geld eingetauscht werden können."
and "Die übrigen elf Papiere im Wert einer weiteren Milliarde Euro waren zu diesem Zeitpunkt von der Liste EZB-fähiger Sicherheiten gelöscht, eine weitere stillschweigend im Wert herabgestuft worden."

If you check "Liste EZB-fähiger Sicherheiten", you will undoubtably encounter this:
https://www.bundesbank.de/de/aufgaben/geldpolitik/notenbankf... "Die von den na­tio­na­len Zen­tral­ban­ken als no­ten­bank­fä­hig klas­si­fi­zier­ten Wert­pa­pie­re wer­den in das Ver­zeich­nis markt­fä­hi­ger Si­cher­hei­ten (sog. „List of eligible marketable assets“) auf­ge­nom­men."

When searching for the list of eligible marketable assets on the ECB site you will eventually find "Verzeichnis notenbankfähiger marktfähiger Sicherheiten" equals "List of eligible marketable assets".
https://www.ecb.europa.eu/mopo/assets/assets/html/index.de.h...

Regarding the potentially misleading translation "asset" instead of "securities" for Wertpapiere this here may come to the rescue:
"In der Finanzbranche bezeichnet der Begriff Asset Wertpapiere, wie beispielsweise Aktien, Anteile von Investmentfonds, Anleihen, oder Finanzderivate."
https://www.fondsclever.de/ratgeber/lexikon-investmentfonds/...
Something went wrong...
4 KudoZ points awarded for this answer. Comment: "Hi! Just wanted to say thanks for your very detailed and helpful response to my question! Have a great day! "
-1
18 mins

Notenbankfähige Sicherheiten, die marktfähig sind

Zum Beispiel Wertpapiere, die von der Notenbank (EZB) akzeptiert werden und am Markt verkauft werden können
Example sentence:

Es sind notenbankfähige Sicherheiten notwendig, die am Markt veräußert werden können.

Reference:

http://https://www.bundesbank.de/de/aufgaben/geldpolitik/notenbankfaehige-sicherheiten/notenbankfaehige-sicherheiten-602254

Peer comment(s):
disagree AllegroTrans : Asker wants English translation
1 hr
Something went wrong...
-1
18 mins

Notenbankfähige Sicherheiten, die marktfähig sind

Zum Beispiel Wertpapiere, die von der Notenbank (EZB) akzeptiert werden und am Markt verkauft werden können
Example sentence:

Es sind notenbankfähige Sicherheiten notwendig, die am Markt veräußert werden können.

Reference:

http://https://www.bundesbank.de/de/aufgaben/geldpolitik/notenbankfaehige-sicherheiten/notenbankfaehige-sicherheiten-602254

Peer comment(s):
disagree AllegroTrans : Duplicate answer, please squash
1 hr
Something went wrong...
7 hrs

ECB-eligible marketable assets (securities qualifying as trade investments)

I agree with the asker's idea, except 1. Wertpapiere don't always square - are not always on 'all fourrs' with Wertschriften as 'securities' 2. namely or the point being that stocks and shares held by one company in another are called - on a balance sheet - *trade investments* > a message I have been trying for years to get across on ProZ in various lingo permutations and combinations, but without much success.

Obiter, there's not much point asking for more context when the concept of 'trade investement' is not properly understood.
Example sentence:

Trading investments are *current assets* because it is expected to be converted to cash within one year or less. Trading investments is where a company purchases the *stock* of another company that is frequently traded on the stock market.

Business Accounting Balance sheets Why is a trading investment always a current asset?

Reference:

http://www.ecb.europa.eu/paym/coll/assets/html/index.de.html

docs.londonstockexchange.com/sites/default/files/documents/ECB collateral eligibility factsheet.pdf

Peer comment(s):
neutral thefastshow : Sorry, you must have posted this while I was still composing my entry.
37 mins
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