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Spanish to English: Translation of a quarterly report General field: Bus/Financial Detailed field: Finance (general)
Source text - Spanish Información del Grupo
XXX consigue, durante el primer trimestre de 2011, despejar las principales incógnitas sobre la evolución prevista para todo el ejercicio:
En una coyuntura de preocupación sobre la solvencia de las entidades financieras, el Grupo cierra a 31-3-2011 con un ratio core del 8,9%, una vez descontado el desembolso de la compra del 24,9% de Garanti. A ello contribuye tanto la generación de beneficios como la implementación del “dividendo opción”.
En cuanto a la capacidad de captación de funding mayorista, cabe destacar que XXX ha sido la primera entidad bancaria en abrir las puertas del mercado de liquidez en enero de 2011, realizando una nueva emisión de cédulas hipotecarias y un volumen de financiación a largo plazo que permite cubrir gran parte de los vencimientos previstos para este año.
Positivas noticias también en relación con la calidad crediticia del Banco, ya que se mantiene la estabilidad en la tasa de mora, que cierra a 31-3-2011 en el 4,1%, y la prima de riesgo mejora 13 puntos básicos en el trimestre.
Elevada capacidad de generación de resultados, por encima de los niveles de los dos trimestres precedentes. Y todo ello a pesar de que los tipos de cambio no han evolucionado de manera favorable durante los tres primeros meses de 2011.
Una vez más, hay que señalar que todas las áreas de negocio contribuyen positivamente a la generación del beneficio atribuido del Grupo.
Se comentan a continuación otros aspectos relevantes de la trayectoria de la Entidad y de sus principales áreas entre enero y marzo del año en curso:
El margen bruto conseguido durante el período de referencia, 5.263 millones de euros, supera al de los dos trimestres precedentes. Dos factores explican este positivo desempeño. Por una parte, una cartera de negocio equilibrada y con potencial de crecimiento, con un 51,5% de los ingresos procedentes de países emergentes (porcentaje sobre el margen bruto generado por las cinco áreas de negocio). Por otra, la elevada aportación de los resultados de operaciones financieras (ROF), destacando la significativa contribución de las unidades de Mercados.
Translation - English Group Information
In the first quarter of 2011 XXX resolved the main doubts regarding growth for the entire fiscal year:
During a time of concern regarding the solvency of financial institutions, the Group finished on 31 March 2011 with a core capital ratio of 8.9%, having absorbed the amount paid for the purchase of 24.9% of Garanti. This was attained by the generation of profits and the implementation of the “dividend option”.
In terms of attracting wholesale funding, it is important to note that XXX was the first bank to break into the liquidity market in January 2011, with a new issue of mortgage-covered bonds, and a volume of long-term finance that covers a large part of the expected maturities for 2011.
There was also positive news in relation to the Bank's asset quality, the Non-Performing Loan (NPL) ratio remained stable at 4.1% at the close of 31 March 2011, and the risk premium increased by 13 basis points during the quarter.
The ability to generate earnings has remained substantial and is in excess of the two previous quarters despite less favourable exchange rates in the first three months of 2011.
Once again, it should be noted that all business areas have contributed positively to generating net attributable profit.
Other relevant aspects in regards to the Bank’s performance and of its main areas between January and March this year are mentioned below:
The gross margin of €5,263m for the period surpassed that of the two previous quarters. Two factors explain this positive performance: Firstly, a well-balanced business portfolio with growth potential, and 51.5% of revenues deriving from emerging countries (as a percentage of the gross margin generated by the five business areas); secondly, the considerable amount from net profit on financial operations highlighting the significant contribution of the Markets unit.
Spanish to English: Translation of a financial text General field: Bus/Financial Detailed field: Finance (general)
Source text - Spanish Es evidente hoy que el camino que los europeos hemos de recorrer para dotar al euro de la estabilidad y la irreversibilidad necesarias no puede pasar por construir las instituciones de una federación política de la noche a la mañana. Por consiguiente, la zona del euro necesita seguir un camino diferente para asegurar un funcionamiento estable de la unión monetaria que compense la ausencia de estas instituciones, sin excluir que a medio y largo plazo el proceso de integración europea conduzca a su emergencia. Este enfoque debe tener cuatro pilares: gobernanza económica, gestión de crisis, regulación y supervisión financieras, y política monetaria.
El primer pilar debe consistir en reforzar de manera fundamental los procedimientos de gobernanza que permitan prevenir y evitar la aparición de desequilibrios. Con menos instituciones capaces de proporcionar estabilidad y mitigar crisis cuando surgen, debemos ser más efectivos en evitar la emergencia de desequilibrios graves. Este proceso nos ha llevado a reforzar las reglas de política fiscal, así como a crear mecanismos para el seguimiento y la corrección de los desequilibrios macroeconómicos y la competitividad (legislación “six pack”, Tratado sobre Estabilidad, Coordinación y Gobernanza y “compacto fiscal”).
En la vertiente fiscal, la reforma del Pacto de Estabilidad y Crecimiento y el nuevo “compacto fiscal” están específicamente diseñados para detectar y corregir los desequilibrios fiscales mucho antes. Un aspecto central de la reforma del Pacto ha sido reforzar su “brazo preventivo”. Así, por ejemplo, las sanciones serán ahora posibles cuanto se trate de incumplimientos no ya del límite del 3%, sino también los relativos a los objetivos presupuestarios a medio plazo, los procedimientos sancionadores están sometidos a una regla de mayoría cualificada inversa, y el criterio de deuda pasa a jugar un papel más activo. El “compacto fiscal” refuerza este énfasis en la prevención mediante la creación de una nueva “primera línea de defensa”: las reglas de equilibrio presupuestario con rango constitucional. Estas reglas tienen la virtualidad de trasladar al ámbito nacional y propio de cada país la responsabilidad central en el cumplimiento, en lugar de residenciarla en Bruselas. De hecho, si la regla se aplica de manera apropiada y estricta, el “compacto fiscal” corregirá los desequilibrios antes de que los procedimientos de la Unión Europea hayan tenido siquiera la necesidad de ser activados.
Bajo una nueva gobernanza que aspire a dotar al euro de una mayor estabilidad a largo plazo, otra lección de la experiencia de la pasada década es que la solidez de las finanzas públicas no es el único factor relevante que debe vigilarse. Los desequilibrios macroeconómicos no fiscales y las pérdidas acumuladas de competitividad pueden también dar origen a perturbaciones con consecuencias sistémicas. En el frente macroeconómico, el nuevo “procedimiento de desequilibrios excesivos” permite un seguimiento temprano de variables como las tendencias de la competitividad, los flujos de crédito privado, los precios de la vivienda, los tipos de cambio reales efectivos o los costes laborales unitarios. Si el procedimiento identifica la existencia de desequilibrios, puede ponerse en marcha un sistema de alertas, recomendaciones y, eventualmente, sanciones. Bajo este “pacto de competitividad y equilibrio macroeconómico”, que está diseñado en paralelo y complementa al Pacto de Estabilidad y Crecimiento, la exuberancia del crédito y las pérdidas sistemáticas de competitividad que pudimos observar durante la primera década del euro hubieran encendido las “luces rojas” mucho antes.
Translation - English It is clear today that the road we must go down to support the stability and to reaffirm the irreversibility of the euro cannot ignore building the institutions of a political federation overnight. The euro area needs to follow a different path to ensure a stable functioning of monetary union to compensate for the absence of these institutions. Not excluding the fact that the process of European integration may also lead to federalisation in the medium and long term. This approach must focus on four key pillars: economic governance, crisis management, financial regulation and supervision, and monetary policy.
The first pillar must fundamentally strengthen governance procedures to prevent and avoid the emergence of imbalances. With fewer institutions capable of providing stability and mitigating crisis when they arise, we must be more effective in preventing the emergence of serious imbalances. This process has led us to strengthen fiscal policy rules, as well as to create mechanisms for monitoring and correcting macroeconomic imbalances and competitiveness ("six pack" legislation, the Treaty on Stability, Coordination and Governance and "fiscal compact").
On the fiscal side, the reform of the Stability and Growth Pact (SGP) and the new "fiscal compact" are specifically designed to detect and correct fiscal imbalances early on. A central aspect of the reform of the Pact has been to strengthen its "preventive provisions”. For example, sanctions will now be possible, not only in terms of non-compliance regarding the 3% limit, but also deviations relating to the medium-term budgetary objectives. Additionally, the disciplinary procedures will follow the reverse qualified majority rule, and the debt criterion will play a more active role. The "fiscal compact" reinforces the focus on prevention through the creation of a new "first line of defence": the introduction of balanced budget rules in the constitutions of member states. These rules transfer the main responsibility for compliance to the national level instead of holding it to account in Brussels. In fact, if the rule is applied properly and strictly, the "fiscal compact" will correct the imbalances before the European Union procedures even need to be activated.
Another lesson learnt from the past decade is that the soundness of public finances is not the only factor that needs to be monitored. Non-fiscal macroeconomic imbalances and cumulative competitiveness losses may also lead to severe disturbances with systemic consequences. The new "macroeconomic imbalance procedure" (MIP) allows early monitoring of variables such as competitiveness trends, private credit flows, house prices, real effective exchange rates or unit labour costs. If the procedure identifies imbalances, a system of warnings, recommendations and eventually sanctions can be put in place. Under the MIP, which is designed in parallel with and complements the Stability and Growth Pact, the exuberance of credit and the systematic losses of competitiveness that we observed during the first decade of the euro and would have “raised a red flag” much earlier.
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Bachelor's degree - London Metropolitan University
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Years of experience: 8. Registered at ProZ.com: Jan 2018.
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Bio
Background:
Hello, I am an English native speaker and a qualified
Spanish to English translator with a first class degree in Translation. I
have three years demonstrated experience working in the translation industry as
a freelancer and in an in-house position in Spain. I additionally spent one
year working as a translation project manager. I learnt Spanish whilst living
in Barcelona for over five years where I fully immersed myself in the Spanish
culture and way of life.
I am an Associate Member of the Institute of Translation and Interpreting (AITI), the ITI Spanish Network Group, ITI Law, Insurance and Finance Network and the ITI London Regional Regional group where I sit on the Committee.
I am currently based in London and mainly specialise in
legal translation but also have experience working in the travel and tourism,
medical and financial translation fields. I work with SDL Trados Studio 2019
but additionally have knowledge of Wordfast and MemoQ.
I would be delighted to discuss any translation needs or
projects you may have so please do not hesitate to get in touch. I look forward
to hearing from you.
Recent Translation Projects:
Finance:
1,500
word financial document
10,00
word quarterly report
2,500 word
multi-asset strategies
3,000
word balance sheet
Legal:
2,500
word divorce decree
1,200
word marriage certificate
3,000
word indemnity agreement
500
word directorial resolution
2,800 word articles of association
2,400 word administrative Council
meeting minutes
3,000
word improper partial scission project
500 words specifications on the prevention of occupational risks
35,000
word annual corporate governance report
Travel and Tourism:
8,000
word travel brochure
5,000 word
travel and tourism text for a website
10,000 word travel text
Medical:
800
word medical report
2,000
word medical report
1,500
word dentistry academic certificate
Other:
2,000
word Academic certificate
8,500
words Corporate documents for ANECA and the Institute of Spanish Engineering,
8,700
words Aneca International Audit Programme
12,000construction project documentation
2,000
word meeting minutes
700
word letter of recommendation
Feedback
received from clients:
- Very good and accurate translator. I
strongly recommend her.
- Una traducción excelente y super
rápida!. 100% recommendable.
- Muy buen trabajo, muy rápido y
eficiente
- Professional work and a good
communicator. I would definitely work with Natalie again.
- Natalie
demonstrates excellent translation and management skills, and her knowledge of
the English and Spanish language is beyond all doubt. She also benefits from excellent
interpersonal skills.
Qualifications:
BA in
Translation (London Metropolitan University, 2016)
Keywords: Spanish, English, Translation, Social Science, Transcreation, Voice-over, proofreader
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