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French to English: Framework agreement governing debt trading General field: Bus/Financial Detailed field: Finance (general)
Source text - French Taux d'Intérêt Négatifs
Dans l’hypothèse où, au titre de toute Période de Calcul ou d’Application relative à une Transaction, une Partie ("X") serait tenue de payer un Montant Variable négatif (en raison d’un Taux Variable négatif ou de la soustraction d’une marge à ce Taux Variable), le Montant Variable applicable à X au titre de cette Période de Calcul sera réputé égal à zéro, et l’autre Partie ("Y") sera tenue de payer à X la valeur absolue du Montant Variable négatif, en complément de tout autre montant que Y est tenu de payer à X, à la Date de Paiement à laquelle ce Montant Variable aurait été exigible s’il avait été positif. Tout montant dû par Y à X en vertu de la présente stipulation sera payé sur le compte que X pourra désigner (à moins que Y ne fasse valoir dans les meilleurs délais une objection raisonnable) dans la monnaie dans laquelle ce Montant Variable aurait été exigible s’il avait été positif (et sans tenir compte de la monnaie dans laquelle Y est tenue d’effectuer par ailleurs ses paiements).
Translation - English Negative Interest Rates
In the event that a Party ("X") has to pay a negative Variable Amount (either caused by a negative Floating Rate or by deducting a margin from the Floating Rate) for any Calculation Period or for any Transaction, the Variable Amount applicable to X for that Calculation Period shall be deemed to be equal to zero and the other Party ("Y") will be obliged to pay X the absolute value of the negative Variable Amount. This payment will be in addition to any other payment which Y owes X as at the Payment Date when the Variable Amount would have become due had it been positive. Any amount thus owing to X from Y as a result of this clause will be payable to an account specified by X (unless Y presents reasonable objections to this at the earliest possible occasion). It shall be payable in the currency in which the Variable Amount would have been payable had it been positive (without taking into account the currency in which Y usually has to make its payments).
Italian to English: Wine Guide General field: Other Detailed field: Wine / Oenology / Viticulture
Source text - Italian Laura Aschero, persona schietta e risoluta, continuando l’opera del nonno, che già nel secolo scorso vinificava le proprie uve nella cantina della casa di famiglia, aveva fondato, negli anni Ottanta, l’omonima azienda agricola, impiantando cloni selezionati di vermentino, pigato e rossese in vocate posizioni collinari in regione Monti e Posai di Pontedassio. Inoltre, precorrendo i tempi, aveva completamente ristrutturato la cantina, dotandola di moderne e funzionali attrezzature. Questa donna indimenticabile, una delle poche figure femminili nel mondo vitivinicolo ligure, è mancata nella primavera del 2006. Raccoglie il testimone il figlio Marco, già impegnato in azienda da oltre vent’anni, che con la madre ha condiviso progetti e filosofia produttiva. Una filosofia che ci regala un Vermentino 2005 coinvolgente, molto gradevole e ben registrato: bello il colore paglierino brillante e affascinante il naso, con ampi profumi d’impronta floreale in cui si colgono i fiori d’acacia, assieme a note di miele e frutta matura. In bocca è caldo ed elegante, mentre le stesse sensazioni percepite olfattivamente si evidenziano in un percorso gustativo dinamico e persistente siglato da un finale piacevolmente amarognolo. Leggermente inferiore alle attese il Pigato 2005, che tuttavia non compromette un risultato complessivo di tutto rispetto. Fragrante al naso, propone profumi fruttati di pesca e ananas insieme a sottili note muschiate; al palato si rivela caldo, morbido e sapido, mostrando nitida aromaticità ed equilibrio.
Translation - English During the last century, Laura Aschero’s grandfather used to vinify his grapes in the cellar belonging to the family home. In the eighties, Laura took this work one step further by founding a company in her own name and planting selected vermentino, pigato and rossese clones in the right hillside sites in Monti and Posai, near Pontedassio. In addition she was ahead of her time in completely restructuring the cellar and installing modern functional equipment. This unforgettable, straightforward and single-minded lady was one of the few female figures in the Ligurian wine world, and passed away in spring 2006. Her son Marco has taken up the baton having been involved with the company for over 20 years, sharing his mother’s plans and philosophy. This is the philosophy which has given us a thought-provoking, highly enjoyable and well-gauged 2005 Vermentino: the brilliant straw colour is pleasing, and the nose is fascinating, showing intense floral notes including acacia blossom, honey and ripe fruits. On the palate it is warming and elegant, repeating the aromas perceived on the nose with a kaleidoscope of flavours ending on a nicely bitter, long finish. The Pigato 2005 fell slightly short of our expectations but the overall result was nevertheless respectable. The nose is fragrant, shows aromatic peach and pineapple fruit together with subtle musky notes; on the palate it is warming, smooth and balanced with well-defined, full flavours.
German to English: Risk-weighting rules General field: Bus/Financial Detailed field: Finance (general)
Source text - German Für Wertpapiere, die ein emissionsspezifisches Rating einer anerkannten Ratingagentur besitzen, ist das jeweilige Emissionsrating massgeblich. Sofern die Forderung einer Bank nicht einer bestimmten extern gerateten Emission entspricht, gilt Folgendes:
• Wenn eine bestimmte Emission des Schuldners geratet wurde, aber die Forderung der Bank nicht genau dieser Emission entspricht, so kann ein gutes Rating, das zu einem niedrigeren Risikogewicht als eine Forderung ohne Rating führt, für diese bestimmte Emission nur dann für die nicht geratete Forderung der Bank herangezogen werden, wenn diese Forderung der gerateten Emission nicht nachrangig ist. Andernfalls kann das Rating nicht verwendet werden, und die nicht beurteilte Forderung erhält das Risikogewicht für Forderungen ohne Rating.
• Wenn für ungeratete Forderungen gemäss Rz 10 vergleichbar geratete Verbindlichkeiten des Schuldners für die Risikogewichtung herangezogen werden, gilt grundsätzlich, dass auf ausländische Währungen bezogene Ratings auf Forderungen in derselben Währung anzuwenden sind. Auf die Heimatwährung bezogene Ratings falls gesondert vorhanden können allein zur Risikogewichtung von Aktiva herangezogen werden, die ebenfalls auf die Heimatwährung lauten.
• Wenn der Schuldner über ein Emittentenrating verfügt, so gilt dieses typischerweise für die vorrangigen Forderungen ohne Verwendung von Sicherheiten gegenüber diesem Emittenten. Folglich können nur vorrangige Forderungen an diesen Schuldner von einem guten Emittentenrating profitieren. Andere nicht beurteilte Forderungen eines gut beurteilten Emittenten werden behandelt, als hätten sie kein Rating. Wenn entweder der Emittent oder eine seiner Emissionen ein schlechtes Rating (dem mindestens ein Risikogewicht einer ungerateten Forderung zugeordnet wird) aufweist, so wird einer nicht gerateten Forderung gegenüber demselben Kreditnehmer das Risikogewicht zugeordnet, das für dieses schlechte Rating gilt.
Translation - English Securities with issue-specific ratings by a recognised rating agency must be risk-weighted using that rating. If the bank’s claim does not have an issue-specific rating, the following shall apply:
• In circumstances where the borrower has an issue-specific, high-quality rating (one which maps into a risk weight lower than that which applies to an unrated claim), but the bank’s claim is not an investment in that issue, the high-quality rating may only be applied to the bank’s unrated claim if the claim is not subordinate to the rated claim. If the bank’s claim is subordinate to the rated claim, the rating cannot be used and the unassessed claim will be risk-weighted as an unrated claim.
• Where unrated exposures are risk-weighted based on the rating of an equivalent exposure to that borrower in accordance with para. 10, the fundamental rule is that foreign currency ratings should be used for exposures in the same foreign currency. Domestic currency ratings, if separate, should only be used to risk weight claims denominated in the domestic currency.
• In circumstances where the borrower has an issuer rating, it typically applies to senior unsecured claims on that issuer. Consequently, only senior claims on that issuer will benefit from a high-quality issuer rating. Other unassessed claims of a highly-rated issuer will be treated as unrated. If either the issuer or the issue has a low-quality rating (mapping into a risk weight equal to or higher than that which applies to unrated claims), an unassessed claim on the same counterparty will be assigned the same risk weight as is applicable to the low-quality rating.
Language professional with hands-on experience working as a FIG (Financial Institutions Group) banker and as a wholesale wine buyer. Practical business experience in source languages, backed up by extended periods living in France, Germany and Italy. English mother tongue with education at Eton and Oxford.
Selected translations: Liguria and Marche sections of the Gambero Rosso Italian wine guide; regulatory rules on bank capital requirements for a German-speaking regulator; internal audit of settlement procedures for large German commercial bank in response to BaFin investigation; framework agreement governing debt trading, (FR>EN); T&C for contents policy for major Swiss insurer; Italian annual report for fixed-income brokerage; articles of association of Swiss subsidiary of large UK hedge fund; tax opinion on restructuring of German subsidiaries of multinational group; promotional material for large Swiss insurer; promotional material for prestigious Swiss-owned Duero wine estate; vision statement for philanthropic foundation based in Switzerland; strategy presentation for large Swiss insurance company; merger announcement for Swiss blue-chip group; internal document on Basel capital adequacy rules for major Swiss bank; consolidation reporting and planning manual for large Swiss industrial group; monthly investment report for Swiss investment company; article on mortgages for Swiss private bank's retail magazine; Italian thesis from Bocconi, on trading; internal memos for large Swiss investment company; customer survey presentation for large Swiss investment company; proof reading of Swiss compliance job description; German e-banking contracts; budget report for a German publishing house; internal memo on customer data for major Swiss insurer; CEO message for Serbian bank (DE>EN); HR slides for large Italian engineering company; customer presentation by Swiss private bank; guidelines for reporting of bank data to a German-speaking central bank; press release inviting bids for a German property portfolio; framework agreement governing investments into a Swiss bond fund; graduate training program presentation for large Swiss bank; year-end review for Swiss risk control department; report on Swiss bank's art collection; reputation analysis for a large Swiss bank (Work for Swiss customers DE>EN).
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Keywords: Wine, oenology, viticulture, MW programme, capital adequacy, contract law, finance, insurance, reinsurance, Basel. See more.Wine, oenology, viticulture, MW programme, capital adequacy, contract law, finance, insurance, reinsurance, Basel, securities, equities, mergers and acquisitions, analysis, regulation, regulator, audit, annual report, HR, tax, hedge fund, valuation, risk control, investment, compliance, broker, German, French, Italian, English native speaker. See less.
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