英语翻译Banks,some other Authorised Deposit-taking Institutions

英语翻译
Banks,some other Authorised Deposit-taking Institutions (ADIs) and
representatives of ADIs have accounts at the Reserve Bank called Exchange Settlement(ES) Accounts which are used for the settlement of transactions between themselvesand with the Reserve Bank.ES balances are risk free,are highly liquid and pay interest
at only 25 basis points below the target cash rate.Because of the increase in risk aversion,and the desire to hold more liquid assets,the onset of the credit crisis increased the demand for ES balances.This was especially so in Australia because,for the first 18 months of the crisis,there were no Treasury bills on issue and the stock of Treasury bonds was being maintained at a minimum level,so there was a very limited supply of other risk-free assets.The Reserve Bank increased ES balances when bank bill
spreads increased (Graph 4).6 The cyclical increases in the level of ES balances have satisfied this higher demand with the cash rate only trading away from the Reserve Bank’s target on less than a dozen days – slightly more frequently than in recent years –
and by no more than 2 basis points.
The increase in the Bank’s holdings of private securities held under repo increased the total demand for these securities with the aim of moderating the increase in their yield.The Bank quickly moved from conducting around 20 per cent of its open market
operations with private securities to roughly two-thirds,with an offsetting decline in the share of repos done with ‘General Collateral’ (government and government sponsored securities) (Graph 4).The increase in repos of private securities was also
facilitated by reducing its holdings of foreign exchange swaps.In just six weeks,the Bank’s holdings of private securities increased by $26 billion,from $20 billion,with almost $17 billion of this coming in the first two weeks.
The third major change in the Reserve Bank’s dealing was that repos were conducted for longer terms in an effort to address the greater pressures in the money market at longer horizons (bottom panel of Graph 4).Counterparties have to present collateral to the Bank that has a term at least as great as that of the repo.Longer repos therefore require counterparties to purchase longer-dated securities.The greater pressures were evident in participants in market operations bidding higher rates at longer terms than shorter terms (Graph 5).The top panel shows the Reserve Bank
repos in the year prior to the onset of the turmoil,when the spread on repos was invariant to the term of the repo.At this time the Bank predominantly used relatively short terms repos in order to manage aggregate ES balances.Repos rarely had a maturity of more than three months,and the average term was just 45 days.In the first year of the turmoil bids were clearly more aggressive – that is higher – at longer terms,as seen in the middle panel.
翻译的好,

银行,一些其他被授权的接受存款机构(ADIs)
代表有账户ADIs称为外汇储备银行结算账户(ES)用于结算的交易themselvesand保留银行之间.ES制衡的自由,是高度危险液体和支付利息
只有25个基点,低于目标现金利率.因为增加的风险规避程度,并渴望容纳更多的流动性的资产,发作的信贷危机的需求增加,ES平衡.这是特别的,因为在澳大利亚第18个月的危机,那里没有国库券在问题与国债被保持在最低水平,有一个非常有限的供应其他无风险资产.中央银行的银行帐单时增加胚胎平衡
(图4)传播.6增加的周期性增长水平的胚胎平衡就能使他心满意足了更高的要求和现金利率只有贸易远离澳大利亚储备银行的目标在不到十几天——略比近几年-
和由不超过2点.
增加银行持有的私人证券的总需求量增加在该为这些证券的宗旨,以增加其产量的情境.快速移动的银行进行约20%的开放市场
与私人证券业务中,约有三分之二,以抵消中所占的比例下降和一般的抵押品存放做的(政府和政府资助的证券)(图4).增加的私人证券也是存放
得益于减少其持有的外汇交换.在短短六个星期,银行持有的私人证券的260亿美元增长,从20亿美元,几乎有170亿美元,这在前两周.
第三个重大变化,储备银行的交易条款及进行长在努力解决了更大的压力,在货币市场更长的视野的底部板图四).请到对方的银行担保,至少有一个学期大的回购.因此要求对方长及购买债券的证券.更大的压力,很明显的参与者在市场运作高利率在更长些的竞价比身材娇小的条款(图5).前面板显示了联储银行
在一年之前,存放的混乱,当铺上存放期限是不变的回购.在这个时间相对较短的使用条款主要银行为了管理及总ES平衡.很少有成熟的存放超过3个月,平均任期只有45天.在第一年的动乱出价更积极地——那就是更高的——在更长些,在中间的面板.