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Accounts
Accounts for the Year 2000
Profit and loss account for the year 2000
| Note |
2000
1,000 kr. |
1999
1,000 kr. |
| |
Income from interest, etc.: |
| |
Interest on foreign assets |
5,815,210 |
|
5,518,638 |
| 1 |
Interest on loans, etc. |
2,196,500 |
|
1,008,982 |
| |
Interest and dividend on bonds and shares, etc. |
2,563,058 |
|
2,543,921 |
| |
Commission and other income |
6,059
 |
|
15,624
|
| |
|
|
10,580,827 |
9,087,165 |
| |
Expenditure on interest, etc.: |
| |
Interest on foreign liabilities |
133,450 |
|
65,099 |
| 2 |
Interest on deposits, etc. and certificates of deposit |
5,491,211
|
|
4,007,796
|
| |
|
|
5,624,661
|
4,072,895
|
| |
Net income from interest |
|
4,956,166 |
5,014,270 |
| |
Value adjustments, etc.: |
| |
Value adjustment of gold |
115,818 |
|
635,925 |
| |
Value adjustment of foreign assets |
1,126,223 |
|
-2,683,684 |
| 3 |
alue adjustment of bonds and shares, etc. |
100,891
|
|
-1,033,727
|
| |
|
|
1,342,932
|
-3,081,486
|
| |
Profit from financial items |
|
6,299,098 |
1,932,784 |
| |
Profit from financial items |
|
6,299,098 |
1,932,784 |
| |
Other income from ordinary operations |
|
- |
84,284 |
| |
Expenses: |
| 4 |
Staff expenses |
292,818 |
|
297,999 |
| 5 |
Other expenses |
263,241
|
|
246,926
|
| |
|
|
556,059 |
544,925 |
| 6 |
Other expenditure on ordinary operations |
|
19,532
|
-
|
| |
Profit for the year |
|
5,723,507 |
1,472,143 |
| |
which is allocated as follows: |
| |
OTransfer to the Value Adjustment Reserve |
|
1,342,932 |
-3,081,486 |
| |
Allocation to General Reserves |
|
1,314,172
|
1,366,089
|
| |
Payable to the central government |
|
3,066,403
|
3,187,540
|
| |
Pursuant to the Danmarks Nationalbank Act the profit for the year after allocations is payable to the central government. |
|
|
|
Comments on the Profit and Loss Account will be found in the Previous chapter
Balance sheet at 31 december 2000
| Note |
2000
1,000 kr. |
1999
1,000 kr. |
| |
Assets |
|
|
| |
Stock of gold |
4,682,768 |
4,566,951 |
| |
Foreign assets |
110,851,284 |
154,715,301 |
| 7 |
Claims on the International Monetary Fund (IMF) |
5,126,649 |
8,441,266 |
| 8 |
Loans , etc. |
67,634,540 |
72,945,688 |
| 9 |
Bonds and shares, etc. |
39,847,026 |
37,696,381 |
| 10 |
Other assets |
8,843,737 |
3,417,368 |
| |
Accruals |
20,888
|
19,401
|
| |
Total assets |
237,006,892
|
281,802,356
|
| |
Liabilities |
|
|
| |
Banknotes |
40,649,923 |
42,429,943 |
| |
Coins |
4,148,455 |
3,951,719 |
| |
Foreign liabilities |
3,143,427 |
2,424,958 |
| |
Counterpart of Special Drawing Rights allocated by the International Monetary Fund (SDR) |
1,868,986 |
1,814,683 |
| 11 |
Deposits, etc. |
52,460,337 |
46,403,909 |
| |
Certificates of deposit |
51,874,000 |
99,896,000 |
| |
Central government |
37,717,606 |
39,677,540 |
| |
Other liabilities |
728,582
|
3,445,132
|
| |
Total creditors |
192,591,316 |
240,043,884 |
| |
General Capital Fund |
50,000 |
|
50,000 |
| |
Statutory Reserve |
250,000 |
|
250,000 |
| |
Value Adjustment Reserve |
1,362,896 |
|
19,964 |
| |
General Reserves |
42,752,680
|
|
41,438,508
|
| |
Total net capital |
44,415,576
|
41,758,472
|
| |
Total liabilities |
237,006,892
|
281,802,356
|
| 12 |
Off-balance-sheet items: |
| |
Guarantees |
197,793 |
475,172 |
| |
Other liabilities |
65,895,427
|
71,758,304
|
| |
|
66,093,220
|
72,233,476
|
Notes on the accounts for 2000
| |
|
2000
1,000 kr. |
1999
1,000 kr. |
Accounting policies
The accounts for 2000 have been prepared in accordance with the same accounting policies as for the previous year. |
|
|
| Gold is entered at market value at year-end. |
|
|
| Assets and liabilities in foreign exchange are entered at the official exchange rates and the market prices prevailing
at year-end. |
|
|
| Bonds and shares. The bond portfolio is entered at the official market prices at year-end. Shares are entered at kr. 1 per shareholding. |
|
|
| Properties, machinery and equipment are entered as expenditure in the year of acquisition. At the most recent official assessment the bank's properties were valued at kr. 738.2 million. |
|
|
| Note |
|
|
| 1 |
Interest on loans, etc. |
|
|
| |
Interest on to domestic banks and mortgage-credit institutes |
2,021,971 |
821,504 |
| |
Interest on loans to other borrowers |
174,529
|
187,478
|
| |
|
2,196,500
|
1,008,982
|
| 2 |
Interest on deposits, etc. and certificates of deposit |
|
|
| |
Interest on deposits from domestic banks and mortgage-credit institutes |
271,340 |
192,391 |
| |
Interest on the central government's deposits |
2,192,201 |
1,828,169 |
| |
Interest to other depositors, etc. |
294,327 |
209,620 |
| |
Interest on certificates of deposit |
2,733,343
|
1,777,616
|
| |
|
5,491,211
|
4,007,796
|
| 3 |
Value adjustment of bonds and shares, etc. |
|
|
| |
This includes sales proceeds of kr. 39.1 million on the sale of the bank's shareholding in Finance for Danish Industry. |
|
|
| 4 |
Staff expenses |
|
|
| |
Salaries and remuneration |
221,983 |
215,966 |
| |
Other staff expenses |
59,835 |
57,033 |
| |
Allocations to support and severance schemes |
11,000
|
25,000
|
| |
|
292,818
|
297,999
|
| 5 |
Other expenses |
|
|
| |
Purchases of materials, note production |
17,223 |
21,591 |
| |
Purchases of materials, coin production |
14,235 |
14,201 |
| |
Purchases of machinery and equipment |
35,801 |
47,004 |
| |
Real property, current expenses |
85,667 |
57,280 |
| |
Data processing and expenses incidental to VP A/S – The Danish Securities Centre |
57,728 |
46,529 |
| |
Other expenses |
56,347 |
63,553 |
| |
Income from sale of coin sets and medals, etc. |
-3,760
|
-3,232
|
| |
|
263,241
|
246,926
|
| 6 |
Other expenditure on ordinary operations
The amount primarily comprises a disbursement of kr. 19 million in connection with the issue of a commemorative coin. Since claims for encashment of the commemorative coin are considered unlikely the profit is distributed at half to the Crown and half to the Ministry of Economic Affairs for charitable purposes. |
|
|
| 7 |
Claims on the International Monetary Fund (IMF) |
|
|
| |
Denmark's IMF quota |
17,165,946 |
16,667,192 |
| |
The IMF's holdings of Danish kroner |
12,567,132
|
10,761,718
|
| |
Reserve position with the IMF |
4,598,814 |
5,905,474 |
| |
Holdings of Special Drawing Rights |
527,835
|
2,535,792
|
| |
|
5,126,649
|
8,441,266
|
| |
Banks and mortgage-credit institutes |
65,053,125 |
70,290,159 |
| |
Other borrowers |
2,581,415
|
2,655,529
|
| |
|
67,634,540
|
72,945,688
|
| 9 |
Bonds and shares, etc.
As of 31 December 2000 the estimated market value of the bank's holdings of shares and similar investments, including
in the accounts at kr. 1 per shareholding, was kr. 908 million. The portfolio comprises shares, etc. in Bank for
International Settlements (BIS), SAS Danmark, The Bank of Greenland, Bella Center, The Danish Steel Works, VP
A/S – The Danish Securities Centre, Herning-Hallen, ECB-capital contribution and SWIFT. |
|
|
| 10 |
Other assets
This amount includes outstanding interest of kr. 2,488 million. (1999: kr. 2,590 million) |
|
|
| 11 |
Deposits, etc. |
|
|
| |
Banks and mortgage-credit institutes |
45,137,725 |
38,712,350 |
| |
Other depositors |
7,322,612
|
7,691,559
|
| |
|
52,460,337
|
46,403,909
|
| 12 |
Off-balance-sheet items
Guarantees of kr. 198 million mainly comprise guarantees concerning VP A/S - The Danish Securities Centre of kr.
134 million and Danish Ship Finance of kr. 63 million.
The bank is liable for obligations in the Danmarks Nationalbanks Pension Fund.
The bank provides a price guarantee to the central banks of other EU member states in the event of the realisation of
Danish securities pledged as collateral in connection with intra-day credit in the TARGET payment system.
Other liabilities comprise unsettled forward purchases, the market value of unsettled currency swaps and the
non-utilised portion of credit facilities made available to the IMF and the Poverty Reduction and Growth Facility Trust
(PRGF). The Kingdom of Denmark has provided a guarantee concerning the PRGF credit facility.
In addition, the bank has entered into intervention agreements with the ECB and with Nordic central banks. |
|
|
Signatures and audit reports
Danmarks Nationalbank
Copenhagen, 12 February 2001
Bodil Nyboe Andersen Torben Nielsen Jens Thomsen /Henrik Larsen, Chief Accountant
Report of the internal audit
We have audited the annual accounts of Danmarks Nationalbank for the year 1999 presented by the Management.
Basis of opinion
We have conducted the audit on the basis of the Danmarks Nationalbank Act and Danmarks Nationalbank's by-laws
and in accordance with the auditing standards generally accepted in Denmark.
Based on an evaluation of materiality and risk we have assessed whether the Bank's procedures and internal control
systems provide adequate security, just as we have tested the basis and documentation for the amounts and other
information presented in the annual accounts. This included an assessment of the applied accounting policies and the
accounting estimates made, as well as an assessment of the adequacy of the information presented in the annual
accounts.
The audit has not resulted in any qualifications.
Opinion
In our opinion the annual accounts have been prepared in accordance with the Danmarks Nationalbank Act and
Danmarks Nationalbank's by-laws and reflect the income and expenses for the year and the assets and liabilities of
Danmarks Nationalbank as at 31 December 1999.
Copenhagen, 12 February 2001
Peter Jochimsen, Chief Auditor
Report of the external auditors
As auditors appointed by the Royal Bank Commissioner we have audited the annual accounts for the year ended 31
December 1999 of Danmarks Nationalbank.
Basis of opinion
We planned and conducted our audit in continuation of the audit performed by the Bank's internal audit and in
accordance with the auditing standards generally accepted in Denmark to obtain reasonable assurance that the annual
accounts are free of material misstatements. Based on an evaluation of materiality and risk, we have tested the basis and
documentation for the amounts and disclosures in the annual accounts. Our audit included an assessment of the
accounting policies applied and estimates made. In addition we have evaluated the overall adequacy of the presentation
of information in the annual accounts.
Our audit has not resulted in any qualifications.
Opinion
In our opinion the annual accounts have been prepared in accordance with the Danmarks Nationalbank Act and
Danmarks Nationalbank's by-laws and reflect the income and expenses for the year and the assets and liabilities as at
31 December 1999.
Copenhagen, 12 February 2001
Svend Ørjan Jensen, State-Authorised Public Accountant Bjarne Fabienke, State-Authorised Public Accountant
These accounts, audited in the manner prescribed by the by-laws of Danmarks Nationalbank, are hereby adopted by
the Board of Directors.
Copenhagen, 20 March 2001
Hans E. Zeuthen Helle Bechgaard Michael Dithmer
Elisabeth Arnold Søren Bjerre-Nielsen Pia Christmas-Møller Bent le Fèvre Pernille Blach Hansen
J. Fløystrup Jensen Knud Koch Jensen Jette W. Knudsen Kjeld Larsen Jes Lunde Christian Mejdahl
B. Frank Nielsen Kirsten Nielsen Karsten Olsen Jan Petersen Anders Fogh Rasmussen
Jens Rostrup-Nielsen Gitte Seeberg Kirsten Stallknecht Helge Sørensen Finn Thorgrimson Margit Vognsen
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