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"Report and Accounts for the Year 1997"



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Report and Accounts for the Year 1997


Explanations
Explanation of Symbols
Tables
Charts
Appendix of Tables


Report of the Board of Governors

Summary

The Danish Economy
Development in 1997
Economic activity
Savings and Credit Expansion
Wage and Price Trends
Denmark's Foreign Debt
Economic Prospects

Monetary and Exchange-Rate Policy
The Objective of the Monetary and Exchange-Rate Policy
The European Monetary System
The Development in Interest Rates in Denmark
Capital Flows and the Foreign-Exchange Reserve

International Capital Markets
Exchange-Rate Conditions
Development in Interest Rates
The Share Markets
The Crisis in Southeast Asia

The Domestic Financial System
The Bond Market
Nordic Stock-Exchange Cooperation
The Banks
The Mortgage-Credit Institutes
Investment Associations
VB Finans and Himmerlandsbanken

Banknotes and Coins
The New Banknote Series
Counterfeiting of Banknotes and Coins
Use of Banknotes for Illustration Purposes
Banknotes and Coins in Circulation
Note circulation
Coin circulation
The Cash Supply

Payment Systems
The Development in the Danish Payment Systems
International Work on Payment Systems
Settlement of Euro-Denominated Payments in Denmark after the Commencement of EMU

International Monetary Cooperation
The European Union
The transition to the single currency
Important EMU-related decisions in 1997
Euro banknotes and coins
Preparation of the European Central Bank
The International Monetary Fund
The Nationalbank's Participation in Technical Assistance Pro- grammes

Organization and Presentation of Accounts
Tasks
Staff
New salary system
Home computers
The Nationalbank's Management
Board of Governors
Board of Directors
Committee of Directors
Auditors
Danmarks Nationalbank's Anniversary Foundation of 1968
The Nationalbank's Guest Apartments at Nyhavn 18
The Erik Hoffmeyer Travel Grant Foundation
Presentation of the Nationalbank's Accounts

Management and Administration of Danmarks Nationalbank as at March 1, 1998
Management
Royal Bank Commissioner:
Board of Governors:
Committee of Directors:
Board of Directors:
Administration
The European Union, EU
The European Monetary Institute, EMI:
The Monetary Committee:
The Economic Policy Committee:
The Banking Advisory Committee:
The Working Group of Mint Directors:
The International Monetary Fund, IMF
Organization for Economic Co-operation and Development, OECD
The Economic Policy Committee:
Nordic Council of Ministers
Nordic Financial Committee:

Annex 1
The Nationalbank's Press Releases
Interest-rate changes
New 500-krone note
200-krone silver commemorative coin to mark Queen Margrethe's silver jubilee
Abolition of limits on current-account deposits
Publication of a money-market interest rate on very short-term uncollateralized inter-bank loans

Annex 2
The Statutory Basis for the Financial Sector
New Management Regulations and Regulations on Speculation
Investment Associations and Special Purpose Associations Act
Amendment of the EC Directives on Solvency Ratios and the Capital Adequacy of Investment Companies and Credit Institutions
Proposal for an EC Directive on Settlement Finality and Collateral Security in Payment Systems and Securities Settlement Systems


Accounts

Accounts for the Year 1997
Profit and Loss Account for the Year 1997
Balance Sheet of Danmarke Nationalbank at December 31, 1997
Notes on the accounts for 1997

Appendix of Tables



Colophon

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Version 1.0 May 1998 Nationalbanken.
Published by Danmarks Nationalbank May 1998, http://www.nationalbanken.dk