Press releases

27 JUNE 2008: JOINT STATEMENT BY DANMARKS NATIONALBANK AND THE DANISH FINANCIAL SUPERVISORY AUTHORITY

Joint Statement: How can regulations help to restore the confidence in the soundness of financial markets and institutions?

The statement is available on www.nationalbanken.dk

3 JULY 2008: INTEREST RATE INCREASE

Danmarks Nationalbank's lending rate and the rate of interest on certi ficates of deposit are raised by 0.25 per cent to 4.60 per cent. The discount rate and the interest rate on the banks' current accounts with Danmarks Nationalbank are raised by 0.25 per cent to 4.25 per cent. The increase will have effect as from 4 July 2008.

The interest rate increase is a consequence of the European Central Bank increasing the minimum bid rate on the main refinancing opera tions by 0.25 per cent to 4.25 per cent.

10 JULY 2008: DANMARKS NATIONALBANK THE DANISH FINANCIAL SUPERVISORY AUTHORITY

Roskilde Bank A/S has announced to the OMX Nordic Exchange that in connection with the regular review of loans and guarantees in preparation of the semi annual report, the management of the bank has found that write-downs have to be made on a significantly larger scale than what has previously been assumed. The amount and scope of the write-downs are not known at this point but will be made public once the full amount is known.

As a result of discussions between the Ministry of Economic and Business Affairs, the Danish Financial Supervisory Authority, the Danish Ban kers Association and Danmarks Nationalbank, Danmarks Nationalbank has decided to provide the necessary liquidity to Roskilde Bank A/S. The Government and the financial sector have assured Danmarks National bank of their support to the arrangement with a guarantee towards Danmarks Nationalbank.

7 AUGUST 2008: NEW SHIP COIN WITH THE SEA STALLION AS ITS MOTIF

On 8 August 2008 Danmarks Nationalbank issues a new 20-krone coin with the Sea Stallion from Glendalough as its motif. This is the fourth coin with a ship as motif. The coin was presented today at the Viking Ship Museum in Roskilde.

The Sea Stallion from Glendalough is a reconstruction of the ocean going ship Skuldelev 2. The ship is expected to return from Dublin on Saturday 9 August after a long trial voyage since the summer of 2007. The original ship was built in Dublin in 1042 and ended her days on the bottom of Roskilde Fjord at the end of the 11th century. The excavation of the ship and four other viking ships laying side-by-side began in 1962.

The motif for the coin has been made by the sculptor Erik Varming. It shows the Sea Stallion on the ocean with the famous Roskilde Cathedral in the background.

The Sea Stallion coin will enter into ordinary circulation in an edition of 1.2 million.

The coin can be bought in packets of twenty in the banks, in Danmarks Nationalbank (Banking Services) or via the website of The Royal Mint, www.royalmint.dk

The next ship coin is expected to be issued in September 2008.

24 AUGUST 2008: ROSKILDE BANK

Danmarks Nationalbank and the financial sector in Denmark have en tered agreement with the board of directors of Roskilde Bank A/S, via a new bank, on buying all assets and take over all debt and other liabilities, except from hybrid core capital and subordinated loan capital in Roskilde Bank A/S, cf. company announcement of 24 August 2008 from Roskilde Bank A/S. The takeover includes all employees of Roskilde Bank, all depositors and other unsecured creditors.

The financial sector is represented by a private association set up by the Danish Bankers' Association ("Det Private Beredskab til Afvikling af Nødlidende Banker, Sparekasser og Andelskasser") who has received funds from its members and from Nykredit.

The takeover of Roskilde Bank follows the fact that no offers – domestic or foreign – were received after a thorough sales process on either all or parts of Roskilde Bank.

Furthermore, the auditing of Roskilde Bank's interim report has revealed additional losses in the bank to the extent that Roskilde Bank does not meet solvency requirements.

Danmarks Nationalbank sees the Roskilde Bank situation as very serious. It is expected that the takeover of Roskilde Bank will contribute to limiting the negative effect on the Danish financial system.

The operations of Roskilde Bank will continue in a new bank under the same name. Danmarks Nationalbank and "Det Private Beredskab" will contribute approximately kr. 4.5 billion in capital base. The purpose of the new bank is to continue banking business in order to ensure the best possible proceeds from the discontinuation of the company that is being taken over from Roskilde Bank.

Any loss in this relation will firstly be covered by the kr. 750 million in capital contributed by "Det Private Beredskab".

The government has confirmed that it supports the arrangement and that it will submit a new document to the Finance Committee of the Folketing concerning a government guarantee to cover any losses Danmarks Nationalbank may suffer in connection with the takeover and the discontinuation of Roskilde Bank.

It has been agreed that any surplus capital after payment of return on the invested capital base after the termination of Roskilde Bank will be allotted to owners of subordinated loan capital, hybrid core capital and shareholders of the original Roskilde Bank.

29 AUGUST 2008: NEW BOARD OF DIRECTORS IN ROSKILDE BANK

The following persons have agreed to enter the board of directors in Roskilde Bank:

Henning Kruse Petersen, former group managing director in Nykredit A/S, appointed by Danmarks Nationalbank (chairman).

Jakob Brogaard, former vice managing director in Danske Bank, ap pointed by "Det Private Beredskab".

Niels Heering, attorney-at-law at Gorrissen Federspiel Kierkegaard, ap pointed by Danmarks Nationalbank.

Jørn Kristian Jensen, former managing director in Nordea Bank, ap pointed by "Det Private Beredskab".

Visti Nielsen, former managing director in Jyske Bank, appointed by Danmarks Nationalbank.

After the extraordinary general meeting in Roskilde Bank to be held Monday 1 September 2008, The Danish Financial Supervisory Authority will consider the acceptance of Danmarks Nationalbank's and "Det Private Beredskab's" takeover. The process is expected to run for approxi mately two weeks, during which the issue will be notified to the European Commission.

Meanwhile the existing liquidity facility will apply.

10 SEPTEMBER 2008 FOLLOW UP ON THE RECOMMENDATIONS FROM THE FINANCIAL STABILITY FORUM

Yesterday Danmarks Nationalbank and the Danish Financial Supervisory Authority held a seminar on the recommendations of 11 April 2008 on the international financial crisis from the Financial Stability Forum. The participants were representatives from the financial sector, the Danish Financial Supervisory Authority, Danmarks Nationalbank and the universities.

During the seminar it was decided to appoint a committee of repre sentatives from The Association of Danish Mortgage Banks, Realkredit foreningen, the Danish Bankers Association, the Danish Financial Super visory Authority and Danmarks Nationalbank. The committee shall dis cuss and follow up on the recommendations presented by FSF and the process of implementing specific recommendations in Denmark. This task is expected to be finalised before summer 2009.

The report can be found on FSF's homepage www.fsforum.org