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Danish Government Borrowing and Debt

REPORT SECTION

2.     STRATEGY AND BORROWING
2.1    Summary
2.2    Development in Interest Rates
2.3    Strategy and Borrowing Requirement in 2004
2.4    Borrowing in 2004
2.5    The Central Government's Account
2.6    Strategy and Borrowing Requirement in 2005

3.      MARKET STRUCTURE FOR TRADING IN DANISH GOVERNMENT SECURITIES
3.1    Summary
3.2    The Primary Dealer System for Danish Government Bonds
3.3    The Copenhagen Stock Exchange's Price-Quoting Scheme
3.4    Trading in Danish Government Bonds

4.     THE SOCIAL PENSION FUND, THE HIGH-TECHNOLOGY FOUNDATION AND THE FINANCING FUND
4.1    Summary
4.2    SPF
4.3    SPF's Securities Lending Facility
4.4    The High-Technology Foundation
4.5    The Financing Fund

5. GOVERNMENT LOAN GUARANTEES AND RE-LENDING
5.1    Summary
5.2    Framework for Government Loan Guarantees and Re-Lending
5.3    Government Loan Guarantees
5.4    Re-Lending

6.      RISK MANAGEMENT OF CENTRAL-GOVERNMENT DEBT
6.1    Summary
6.2    Risk Management
6.3    Interest-Rate Risk
6.4    Exchange-Rate Risk
6.5    Credit Risk
6.6    Operational Risk

7.      GOVERNMENT DEBT AND INTEREST COSTS
7.1    Summary
7.2    Government Debt and Interest Costs
7.3    The Gross General-Government Debt (EMU Debt)
7.4    Ownership of Domestic Government Securities

SPECIAL-TOPIC SECTION

8.      ISSUANCE OF GOVERNMENT BONDS
8.1    Summary
8.2    Issuance Methods
8.3    Issuance and Buy-Back of Government Securities in Denmark
8.4    Implications of Tap Sale

9.      LOAN GUARANTEES AND RE-LENDING
9.1    Summary
9.2    Loan Guarantees and Re-Lending in Brief
9.3    International Focus on Guarantees – Best Practice
9.4    Review of the Danish Loan Guarantee and Re-Lending Model

APPENDICES

INFORMATION ON GOVERNMENT BORROWING AND DEBT

PRINCIPLES FOR MANAGEMENT OF CREDIT RISK ON GOVERNMENT SWAPS

TERMS FOR THE CENTRAL GOVERNMENT'S AND THE SOCIAL PENSIONS FUND'S SECURITIES LENDING FACILITIES

ANNOUNCEMENTS ON THE CENTRAL GOVERNMENT'S BORROWING AND DEBT (TRANSLATIONS)

Danish Government Debt Management Strategy 2005, 20 December 2004
The Central Government's Borrowing Requirement 2005, 27 January 2005

APPENDIX OG TABLES

  1. Central-Government Debt, Year-End 1994-2004
  2. The Central Government's Current, Investment and Lending Balance, Net Cash Balance and Gross Deficit, 1994-2003
  3. Domestic Government Securities Issued in 2004
  4. Central-Government Foreign Borrowing Transactions in 2004
  5. Swaps
  6. Central-Government Domestic Debt as of 31 December 2004
  7. Central-Government Foreign Debt as of 31 December 2004
  8. Service on Central-Government Domestic Debt, End-2004
  9. Service on Central-Government Foreign Debt, End-2004
  10. Kingdom of Denmark's Rating in Domestic and
    Foreign Currency
  11. Rating of Selected Countries' Central-Government Debt

GLOSSARY

DANISH GOVERNMENT BORROWING AND DEBT 2004

Print:       Schultz Grafisk A/S
ISSN:       1399-2023
                1398-3881 (online)

Danmarks Nationalbank
Havnegade 5
DK-1093  Copenhagen K
Telephone:+45 33 63 63 63
Telefax:    +45 33 63 71 15
www.nationalbanken.dk

Text may be copied from this publication provided that Danmarks Nationalbank is specifically stated as the source. Changes to or misrepresentation of the content are not permitted.

Please direct any enquiries concerning Danish government borrowing and debt to Danmarks Nationalbank, Fin­ancial Markets, Government Debt Management Office, by e-mail: governmentdebt@nationalbanken.dk

Explanation of Symbols
-   Magnitude nil
0  Less than one half of unit employed
·   Category not applicable
In tables figures may not add because of rounding.

 This publication is based on information available up to 4 February 2005.

This publication is a translation of "Statens låntagning og gæld 2004".

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