Traduction de «Taux moyen mensuel du marché monétaire » (Français → Anglais) :

The Commission Communication on the revision of the method for setting the reference and discount rates (23) establishes a method for calculation of the reference rate, based on the one-year inter-bank offered rate (IBOR) increased by margins ranging from 60 to 1 000 base points, depending on the creditworthiness of the company and the level of collateral offered.

4. Calls on the Commission to extend the settlement period for money market instruments, which are normally traded on the money markets from one year to a maximum of precisely 397 days, which will mean that money market instruments either have a maturity at issue of up to 397 days or have a residual maturity of up to 397 days or undergo regular yield adjustments in line with money market conditions at least every 397 days; points out in this connection that this amendment both takes into account Directive 2004/39/EC and allows comparability with the rules of the US Financial Supervisory Authority (SEC);

4. Calls on the Commission to extend the settlement period for money market instruments, which are normally traded on the money markets, from one year to a maximum of precisely 397 days, which will mean that money market instruments either have a maturity at issue of up to 397 days or have a residual maturity of up to 397 days or undergo regular yield adjustments in line with money market conditions at least every 397 days; points out in this regard that this amendment both takes into account Directive 2004/39/EC and allows comparability with the rules of the US Financial Supervisory Authority;

4. Calls on the Commission to extend the settlement period for money market instruments, which are normally traded on the money markets, from one year to a maximum of precisely 397 days, which will mean that money market instruments either have a maturity at issue of up to 397 days or have a residual maturity of up to 397 days or undergo regular yield adjustments in line with money market conditions at least every 397 days; points out in this regard that this amendment both takes into account Directive 2004/39/EC and allows comparability with the rules of the US Financial Supervisory Authority;

- Stabilisation of money market interest rates

In response to further monetary tightening by the HNB, money market interest rates rose in the fourth quarter of 2003, which -if continued- might have implications for the public debt service.