Press releases

18 SEPTEMBER 2008: THE ROYAL YACHT DANNEBROG AS THE MOTIF ON THE COMMON COIN WITH SHIPS

On 22 September 2008 Danmarks Nationalbank issues a new 20-krone coin with the Royal Yacht Dannebrog as its motif. This is the fifth coin with a ship as motif.

The Royal Yacht Dannebrog was built in 1931-32 at the Naval Dock yard in Copenhagen and was launched in 1932. The yacht serves as the official and private residence of Her Majesty the Queen, His Royal High ness the Prince Consort and members of the Royal Family when they are on summer cruises in Danish waters and on official visits over-seas.

The motif of the new ship coin was designed by medallist Henrik Wiberg, The Royal Mint, who has created a very attractive relief of the beautiful yacht. The relief appears both vivid and deep, although the actual depth is only around 0.19 mm. Henrik Wiberg's statement on his work with the coin can be found at the website of The Royal Mint, www.royalmint.dk.

The ship coin with its royal motif will be issued in an edition of 1.2 mil lion coins in ordinary circulation. In addition, a very limited number of collector's coins, only 1,500 will be minted in the very fine proof quality. Furthermore, the ship coin will also be issued as a 500-krone coin in fine silver in a edition of maximum 60,000 coins. Besides the Royal Yacht, this edition includes the monogram of Her Majesty Queen Margrethe.

The coins can be purchased form banks, Danmarks Nationalbank and via the website of The Royal Mint, www.royalmint.dk

24 SEPTEMBER 2008: SWAP LINES WITH THE FEDERAL RESERVE

Today, the Federal Reserve, the Reserve Bank of Australia, Danmarks Nationalbank, Norges Bank and Sveriges Riksbank are announcing the establishment of temporary reciprocal currency arrangements (swap lines) to address elevated pressures in U.S. dollar short-term funding markets. These facilities, like those already in place with other central banks, are designed to improve liquidity conditions in global financial markets. Central banks continue to work together during this period of market stress and are prepared to take further steps as the need arises.

Danmarks Nationalbank action
The Federal Reserve and Danmarks Nationalbank have agreed on a swap facility amounting to 5 billion dollar which will expire on 30 January 2009.

On this basis Danmarks Nationalbank will auction US dollar liquidity on Friday 26 September 2008 with settlement on Tuesday 30 September 2008. The maturity of the loans is 28 days and the loans will be provided against Nationalbanken's eligible collateral. A maximum amount of 5 billion dollars will be offered at the auction. Danmarks Nationalbank will monitor the need for additional US dollar auctions.

Further information on the US dollar auction and the tender proce dure will be published later today on

www.nationalbanken.dk.

For further information please see:

www.federalreserve.gov
www.rba.gov.au
www.norges-bank.no
www.riksbank.se.

26 SEPTEMBER 2008: TEMPORARY EXTENSION OF LENDING FACILITIES AT DANMARKS NATIONALBANK

Owing to the tight liquidity situation at present, Danmarks National bank extends the banks and mortgage credit institutes lending facilities at Danmarks Nationalbank.

Firstly, a facility is introduced, offering banks and institutes credit on the basis of their excess capital adequacy.

Secondly, Danmarks Nationalbank increases the number of assets accepted as collateral.

The changes take effect as from 26 September 2008.

Danmarks Nationalbank will closely monitor developments with a view to introducing further measures.

The temporary extension of the collateral lending facilities is described in more detail under Rules – Pledging of collateral at www.nationalbanken.dk

29 SEPTEMBER 2008: EXTENSION OF SWAP FACILITY WITH THE FEDERAL RESERVE

In response to the continued strains in short-term funding markets, cen tral banks today are announcing further coordinated actions to expand significantly the capacity to provide US dollar liquidity. Central banks will continue to work together closely and are prepared to take appro priate steps as needed to address funding pressures.

Today the Federal Reserve has concluded agreements with a number of central banks, including Danmarks Nationalbank, to increase and extend existing temporary reciprocal currency agreements (swap lines). Danmarks Nationalbank's swap facility with the Federal Reserve has been increased from 5 billion dollars to a total of 15 billion dollars and the term has been extended from 30 January 2009 to 30 April 2009.

Governor Nils Bernstein, Danmarks Nationalbank, says, "The crisis in the USA has made it more difficult for banks outside the USA to obtain funding in dollars. By increasing the size of its swap facility with the Federal Reserve, Danmarks Nationalbank, like other central banks, is ex panding its capacity to provide credit in US dollars in order to facilitate the exchange of dollar funding. Danmarks Nationalbank appreciates this assistance from the Federal Reserve."

Danmarks Nationalbank provided 5 billion dollars in an auction held on 26 September 2008. Details of the next auction will be published at a later date.

Further information is available on the following websites:

Bank of Canada: www.bank-banque-canada.ca
Bank of England: www.bankofengland.co.uk
Bank of Japan: www.boj.or.jp/en
Norges Bank: www.norges-bank.no
European Central Bank: www.ecb.int
Reserve Bank of Australia: www.rba.gov.au
Sveriges Riksbank: www.riksbank.com
Swiss National Bank: www.snb.ch.

7 OCTOBER 2008 ADJUSTMENT OF THE LENDING FACILITIES IN DANMARKS NATIONALBANK

Danmarks Nationalbank adjusts the existing temporary lending facility based on the excess capital adequacy. The adjustment takes effect as from 7 October 2008. This will ease the procedure for the banks' and mortgage-credit institutes' request for lending and fasten the possibili ties for a borrowing engagement.

The interest rate on the temporary lending facility will be Danmarks Nationalbank's usual lending rate plus 2 percentage point. Each institute can as a rule borrow a maximum of 800 million DKK. The facility is pro longed and will expire on 30 September 2010.

At the same time the interest rate for loan bills is changed to Danmarks Nationalbank's usual lending rate plus 2 percentage points.

A more detailed description of the facility is available under Rules - Pledging of collateral at www.nationalbanken.dk

7 OCTOBER 2008 INTEREST RATE INCREASE

Danmarks Nationalbank's lending rate and the rate of interest for cer tificates of deposits are raised from 4.60 per cent to 5.0 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 4.50 per cent. The increase will have effect as from 8 October 2008.

Since mid-September there has been an increase in ECB's marginal rate. This has reduced the spread between Danmarks Nationalbank's lending rate and ECB's marginal rate. Recently the interest-rate spread has been negative, which has led to an outflow of foreign-exchange.

Danmarks Nationalbank has intervened in the foreign-exchange market to support the krone. The intervention has now reached a point which leads to Danmarks Nationalbank's increase of the lending rate. The size of the change in the interest rate reflects the need to re-establish a positive interest-rate spread.

8 OCTOBER 2008: THE AGREEMENT ON THE NATIONAL GUARANTEE

Danmarks Nationalbank welcomes the agreement on the national guar antee to the depositors and senior debt (unsecured unsubordinated debts) in banks in Denmark and requests Folketinget – the Danish Parliament – to pass the bill soon.

Until the bill has been passed Danmarks Nationalbank will take care of any eventual problem banks as has been the case with Roskilde Bank and others.

8 OCTOBER 2008: THE AGREEMENT ON THE NATIONAL GUARANTEE

Danmarks Nationalbank announces that the lending rate, the rate of interest for certificates of deposits and the discount rate are maintained for the time being.

24 OCTOBER 2008: INTEREST RATE INCREASE

As a result of continued intervention to support the Danish krone, Danmarks Nationalbank increases the lending rate and the rate of interest for certificates and deposits from 5 per cent to 5.5 per cent with effect as from 24 October 2008.

The discount rate and the current account rate remain unchanged at 4.5 per cent.

27 OCTOBER 2008: DANMARKS NATIONALBANK AND EUROPEAN CENTRAL BANK COOPERATION TO PROVIDE EURO LIQUIDITY

Danmarks Nationalbank is today announcing measures to improve li quidity in euro short-term markets. In support of these measures the European Central Bank (ECB) and Danmarks Nationalbank have today established a reciprocal currency arrangement (swap line) amounting to EUR 12 billion, which will remain in place as long as needed.

Danmarks Nationalbank has a similar agreement with the Federal Reserve.

Further information regarding a EUR auction will be published later on Market Info on www.nationalbanken.dk.

6 NOVEMBER 2008: INTEREST RATE REDUCTION

Danmarks Nationalbank's lending rate and the rate of interest on cer tificates are lowered by 0.50 per cent to 5.00 per cent. The discount rate and the interest rate on the banks' current accounts with Danmarks Nationalbank are lowered by 0.50 per cent to 4.00 per cent. The reduction will have effect as from 7 November 2008.

The interest rate reduction is a consequence of the lowering by 0.50 per cent to 3.25 per cent in the European Central Bank's minimum bid rate on the main refinancing operations.

20 NOVEMBER 2008: DANMARKS NATIONALBANK PROLONGS SWAP FACILITY WITH SEÐLABANKI ÍSLANDS

Seðlabanki Íslands and Danmarks Nationalbank entered on 16 May 2008 into a bilateral swap facility agreement for up to an aggregated amount of EUR 500 million. This agreement has now been prolonged.

The reason for the prolongation of the swap facility is that The Inter national Monetary Fund (IMF) based on a request hereon from Island on 19 November 2008 has approved a Stand-By Arrangement for Iceland.

Seðlabanki Íslands has made similar agreements with Sveriges Riks bank and Norges Bank.

See also:

The International Monetary Fund, IMF (www.imf.org)
Seðlabanki Íslands (www.sedlabanki.is)
Sveriges Riksbank (www.riksbank.se)
Norges Bank (www.norges-bank.no).

4 DECEMBER 2008: INTEREST RATE REDUCTION

Danmarks Nationalbank's lending rate and the rate of interest on cer tificates are lowered by 0.75 per cent to 4.25 per cent. The discount rate and the interest rate on the banks' current accounts with Danmarks Nationalbank are lowered by 0.50 per cent to 3.50 per cent. The reduction will have effect as from 5 December 2008.

The interest rate reduction is a consequence of the lowering by 0.75 per cent to 2.50 per cent in the European Central Bank's rate on the main refinancing operations.