Translation of "fluctuation margin " (English → French) :

The Hungarian forint, which is unilaterally pegged to the euro with a ( 15 percent fluctuation margin since 2001, is not participating in ERM II. For most of the period since the introduction of the unilateral peg to the euro, the forint has fluctuated within the upper part of the band. However, from August 2005 onwards, the forint depreciated substantially vis-à-vis the euro, to a low point in June 2006, after which it gradually started to strengthen again. During the two years before this assessment, i.e. between November 2004 and October 2006, the forint depreciated against the euro by about 9 percent. Hungary does not fulfil the exch ...[+++]ange rate criterion.

A wider ± 15 percent official fluctuation band had been effective since 2001, but the wider fluctuation margins were not used in practice.

It is necessary that, over and above technical provisions, reinsurance undertakings should possess a supplementary reserve, known as the solvency margin, represented by free assets and, with the agreement of the competent authority, by other implicit assets, which is to act as a buffer against adverse business fluctuations.

A "standard" fluctuation band of ±15% has been established and this, in principle, corresponds to the "normal fluctuation margins" referred to in the Treaty.

It is necessary that, over and above technical provisions, including mathematical provisions, of sufficient amount to meet their underwriting liabilities, assurance undertakings should possess a supplementary reserve, known as the solvency margin, represented by free assets and, with the agreement of the competent authority, by other implicit assets, which shall act as a buffer against adverse business fluctuations.

The managed exchange-rate approach allows rates to fluctuate to some extent against the euro, without any precise targets being set for rates or formal fluctuation margins.