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in Pension genommene Wertpapiere

English translation: securities purchased under agreements to resell

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:in Pension genommene Wertpapiere
English translation:securities purchased under agreements to resell
Entered by: Ursula Peter-Czichi

19:59 Oct 2, 2007
German to English translations [PRO]
Bus/Financial - Investment / Securities / Pension Funds
German term or phrase: in Pension genommene Wertpapiere
I am proofreading the terms and conditions set up to regulate the relations between a German Investment Kapitalanlagegesellschaft and investors.

Knowing how financial instruments and funds are not organized the same way in different countries, I wonder how you would translate “in Pension genommene Wertpapiere” in the following sentence:

“Im Einzelfall dürfen Wertpapiere und Geldmarktinstrumente einschließlich der in Pension genommenen Wertpapiere und Geldmarktinstrumente desselben Ausstellers (Schuldners) über den Wertanteil von 5 Prozent hinaus bis zu 10 Prozent des Sonder¬vermögens erworben werden; dabei darf der Gesamtwert der Wertpapiere und Geldmarktinstrumente dieser Aussteller (Schuldner) 40 Prozent des Sonderver¬mögens nicht übersteigen.“

The existing translation:
“In individual cases, securities and money market instruments, including securities and money market instruments that are bought by way of repurchase transactions, of the same issuer (debtor) may be acquired for more than 5 per cent but no more than 10 per cent of the value of the investment fund. However, the total value of the securities and money market instruments of such issuers (debtors) must not exceed 40 per cent of the value of the investment fund.”

In another part of the original/translation:

"Das Sondervermögen kann vollständig in Wertpapieren angelegt werden. Die in Pension genommenen Wertpapiere sind auf die Anlagegrenzen des § 60 Abs. 1 und 2 InvG anzurechnen."

and the translation:
"The special assets fund may be invested entirely in securities. Securities taken as part of security pension transactions must be ascribed to the investment limits of § 60 paragraphs 1 and 2 InvG."

The descriptive term “securities taken as part of security pension transactions” for “in Pension genommene Wertpapiere” appears very often. I therefore like the opinions of you experts in investor terminology and financial instruments. If I had to translate that document I would start looking under segregated and pooled funds (funds equivalent but not identical to mutual funds).

How would you translate “in Pension genommene Wertpapiere”? Is the first descriptive terminology (first example above) correct?
Can anybody please help me out and explain what “securities taken as part of security pension transactions/in Pension genommene Wertpapiere” actually are?
(I already asked the client. He is mute but very nervous about the translation himself.)

You have no idea how grateful I would feel for any help in this matter. Thanks a lot, Ursula
Ursula Peter-Czichi
United States
Local time: 21:19
securities purchased under agreements to resell
Explanation:
The phrase "securities taken as part of security pension transactions" is meaningless if not plain misleading (as this has nothing to do with pension plans/schemes).

My answer is based on the following entries in the Zahn Dictionary of Banking and Stock Trading (German>English), which is well worth buying - see http://kater-verlag.de/Katalog/product_info.php?products_id=... and http://kater-verlag.de/Katalog/product_info.php?products_id=... -:

in Pension genommene Wertpapiere = securities purchased under agreements to resell
in Pension gegebene Wertpapiere = securities sold under agreements to repurchase
Pensionsgeschäft = repurchase agreement, repo arrangement (agreement)

"Repurchase [repo] agreements [transactions]" is generally the correct expression for "Pensionsgeschäfte".

See also
http://www.proz.com/?sp=gloss/term&id=2728265
http://www.proz.com/kudoz/50465
http://www.proz.com/kudoz/441313
Selected response from:

Steffen Walter
Germany
Local time: 03:19
Grading comment
Thank You! Your answer fits perfectly. Thanks also for the references. Ursula
4 KudoZ points were awarded for this answer



Summary of answers provided
4securities purchased under agreements to resell
Steffen Walter


  

Answers


1 day 13 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
securities purchased under agreements to resell


Explanation:
The phrase "securities taken as part of security pension transactions" is meaningless if not plain misleading (as this has nothing to do with pension plans/schemes).

My answer is based on the following entries in the Zahn Dictionary of Banking and Stock Trading (German>English), which is well worth buying - see http://kater-verlag.de/Katalog/product_info.php?products_id=... and http://kater-verlag.de/Katalog/product_info.php?products_id=... -:

in Pension genommene Wertpapiere = securities purchased under agreements to resell
in Pension gegebene Wertpapiere = securities sold under agreements to repurchase
Pensionsgeschäft = repurchase agreement, repo arrangement (agreement)

"Repurchase [repo] agreements [transactions]" is generally the correct expression for "Pensionsgeschäfte".

See also
http://www.proz.com/?sp=gloss/term&id=2728265
http://www.proz.com/kudoz/50465
http://www.proz.com/kudoz/441313

Steffen Walter
Germany
Local time: 03:19
Specializes in field
Native speaker of: Native in GermanGerman
PRO pts in category: 173
Grading comment
Thank You! Your answer fits perfectly. Thanks also for the references. Ursula
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