Organisation and Tasks of Danmarks Nationalbank
At the end of 2003 Danmarks Nationalbank had 584 employees, equivalent to 544 full-time positions.
Danmarks Nationalbank's objectives and values
Danmarks Nationalbank has a number of objectives and values, which are the guidelines for its day‑to‑day activities. Both the objectives and the values have been drawn up in close cooperation between management and employees, and they form the basis for the individual departments' work on objectives and action plans. No changes were made to the objectives and values in 2003.
Objectives
The overall objectives of Danmarks Nationalbank as an independent and credible institution are:
- To ensure a stable krone.
- To ensure efficient and secure production and distribution of banknotes and coins of high quality.
- To contribute to efficiency and stability in the payment and clearing systems and in the financial markets.
- To act as banker to the central government.
- To prepare reliable and relevant financial statistics.
- To prepare and communicate credible standpoints on economic and financial issues with relation to Danmarks Nationalbank's objectives.
- To maintain its financial strength by means of consolidation and risk management.
Values
- While safeguarding its traditions, Danmarks Nationalbank shall actively renew itself and adapt to trends in society and to the requirements of the surrounding world. Danmarks Nationalbank shall protect its credibility by not only displaying professional competence, managerial skills and sound judgement, but also by maintaining an organisation which lives up to the principles Danmarks Nationalbank considers to be significant to society's development: efficiency, cost awareness and readiness for change. Focusing on its primary tasks, on an ongoing basis Danmarks Nationalbank shall set priorities for its work.
In brief: We shall display professional competence and exert sound judgement, and ourselves live up to the principles we consider to be important to society. - Danmarks Nationalbank shall be an attractive workplace capable of attracting, motivating and retaining well‑qualified employees and offering them working conditions which ensure balance between work and leisure. Key qualifications are initiative, commitment, adaptability and a willingness and ability to cooperate across professional barriers, and with other areas of the organisation. All employees must have the necessary training and/or education to handle their tasks. It is a joint responsibility to ensure that everyone is trained and developed in preparation for new tasks.
In brief: It is important to Danmarks Nationalbank that all employees display professional competence, show initiative and an ability to cooperate, and can adapt to change. - Danmarks Nationalbank shall be service‑oriented in terms of both the external relations of line functions, and the internal relations of staff functions with the rest of the bank. Teamwork and project work within each unit and between departments is encouraged. In cooperation with the employees, managers shall set priorities for tasks, define targets and ensure the necessary responsibility sharing and communication, thereby limiting the need for detailed supervision. This gives employees the widest possible scope to define their own working methods, solve tasks and take decisions themselves to the greatest extent possible.
In brief: Managers shall motivate employees, set priorities, delegate responsibility and encourage teamwork. - Danmarks Nationalbank's relations with the financial sector are based on market‑oriented solutions, and the costs to the sector and to Danmarks Nationalbank must be weighed against the value to society of the system or requirement. The underlying principle for systems and requirements relating to the credit institutions shall be equal treatment irrespective of size, geographical location and national affiliation.
In brief: Relations with the financial sector shall be based on market-oriented solutions and relevance to society. - In relations with public authorities and players in the financial system, and in international cooperation, Danmarks Nationalbank shall seek influence and express attitudes which are in line with Danmarks Nationalbank's objectives. In relations with the public Danmarks Nationalbank shall, via the media and otherwise, ensure an understanding of the decisions relating to Danmarks Nationalbank's own tasks. With regard to financial conditions or economic policy in general, Danmarks Nationalbank shall comment on these issues if they are of material importance to its implementation of monetary and foreign‑exchange policy, or to the efficiency and stability of the financial markets.
In brief: Danmarks Nationalbank shall participate actively in national and international cooperation and shall communicate its policies in a clear and transparent way.
Danmarks Nationalbank's management
The Royal Bank Commissioner
The Royal Bank Commissioner is the formal link between the Government and Danmarks Nationalbank. The Minister for Economic and Business Affairs Mr. Bendt Bendtsen is the Royal Bank Commissioner.
Board of Directors
The Board of Directors has 25 members, of whom eight are elected by the Folketing (Parliament) from among its members, and two are appointed by the Royal Bank Commissioner. The other 15 members, who must have in‑depth knowledge of business conditions, are elected by the Board of Directors and should represent different geographical areas and professions, including wage‑earners. Meetings are normally held once in each quarter. The Board of Directors has organisational tasks and must approve the annual accounts. The Board of Directors of Danmarks Nationalbank as of 1 March 2004 is shown in Box 15. Changes in the Board of Directors are stated in the press releases on p. 136ff.
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Box 15
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The Committee of Directors
The Committee of Directors has seven members. The two members of the Board of Directors appointed by the Royal Bank Commissioner are permanent members. On the election of the other five members of the Committee of Directors, it is customary for the Board of Directors to elect two MPs representing the government and the opposition parties, respectively. The Committee of Directors usually meets ten times a year. The Committee of Directors of Danmarks Nationalbank as of 1 March 2004 is shown in Box 16.
Board of Governors
The Board of Governors has three members. The governors are charged with the day‑to‑day management of Danmarks Nationalbank and are responsible for the formulation and ongoing adjustment of monetary policy. As Governor by Royal Appointment Ms. Bodil Nyboe Andersen is Chairman of the Board of Governors. The two other members, who are appointed by the Board of Directors on the recommendation of the Committee of Directors, are Mr. Torben Nielsen and Mr. Jens Thomsen.
Auditors
The appointed external auditors of Danmarks Nationalbank are State‑ Authorised Public Accountant Mr. Bjarne Fabienke and State‑Authorised Public Accountant Mr. Svend Ørjan Jensen.
Departments
Danmarks Nationalbank has 15 departments, cf. the organisation chart on p. 95. The tasks of the individual departments are as follows:
- Accounting manages and monitors the accounts of customers (credit institutions, the central government, central banks, etc.) and the settlement of payments in the financial sector. It undertakes settlement and bookkeeping of transactions concerning Danmarks Nationalbank's foreign‑exchange and bond portfolios, and the central‑government debt. It also undertakes Danmarks Nationalbank's payroll administration and prepares its accounts, budgets and statistical reporting.
- Internal Audit undertakes the audit of Danmarks Nationalbank's annual accounts, procedures, IT use and internal control, including Danmarks Nationalbank's Pension Fund and various foundations, in cooperation with the appointed external auditors. It also audits the Guarantee Fund for Depositors and Investors, the Social Pension Fund and the government debt management in cooperation with the National Audit Office of Denmark.
- Banking Services supplies banknotes to the banks in Denmark, in the Faroe Islands and on Greenland. This takes place via cash depots established by agreement with banks. Worn banknotes are returned to Banking Services for control of authenticity and destruction.
- The Banknote Printing Works manufactures Danish and Faroese banknotes, and is thus responsible for the design of the banknotes, the production of printing plates and ink, and the actual printing of the banknotes, as well as quality control, cutting out and packaging. The Banknote Printing Works also participates in international cooperation on improving the security of banknotes.
- Economics assesses macroeconomic development in Denmark, the EU and other industrialised countries. Economics is also responsible for analysing monetary and foreign‑exchange policy issues. The economic model of the Danish economy, "Mona", has been developed by the department for analysis of e.g. domestic cyclical trends. Economics edits Danmarks Nationalbank's quarterly Monetary Review.
- Facility Services is responsible for the administration and maintenance of Danmarks Nationalbank's properties and for internal services.
- Financial Markets' responsibilities are managing, monitoring and analysing Danmarks Nationalbank's portfolios, assessing and analysing the development in the financial sector and the financial stability in Denmark, and preparing outline strategies and analyses of government debt policy. Financial Markets publishes Danish Government Borrowing and Debt and Financial Stability.
- International Relations is responsible for relations with international economic‑policy organisations, including the European Central Bank, ECB, within the European System of Central Banks, ESCB, and with the International Monetary Fund, IMF.
- IT isresponsibleforthe use of IT at Danmarks Nationalbank, including its IT strategy. The tasks include operation and development of Danmarks Nationalbank's LAN, application development, and purchasing and management of Danmarks Nationalbank's hardware and software. IT also handles Danmarks Nationalbank's relations with Bankernes EDB Central, BEC.
- Market Operations undertakes the day‑to‑day administration of Danmarks Nationalbank's foreign‑exchange policy and monetary and liquidity policy, including intervention in the foreign‑exchange and money markets. It is responsible for the administration of Danmarks Nationalbank's bond portfolio and the foreign‑exchange reserve. On behalf of the Ministry of Finance it undertakes domestic and foreign borrowing for the central government.
- Payment Systems handles policy issues relating to payment systems, including securities settlement. It cooperates with owners and operators of the Danish retail payment and settlement systems and monitors these systems. It also develops and maintains Danmarks Nationalbank's payment system for large krone‑ and euro‑denominated payments.
- Personnel and Organisation is responsible for personnel policy and staff development, collective agreements and personnel administration as well as organisation development, budgeting and planning procedures, routines, operational risk management and security contracts, as well as personnel administration, organisational duties and administration of internal training. The department is also responsible for security at Danmarks Nationalbank, including IT security.
- The Royal Mint manufactures Danish coins and supplies banks in Denmark, the Faroe Islands and Greenland with coins. In addition to ordinary coins in circulation, commemorative coins, thematic coins, coin sets and medals are also manufactured.
- Statistics prepares statistics for the financial sector, registers and analyses payments to and from abroad for use in the compilation of the balance of payments, and compiles Denmark's foreign debt and direct investments. Statistics edits and publishes the Nyt (News) series with Appendices and makes further statistics available on the website.
- The Secretariat undertakes general secretariat functions for the Board of Governors, the Committee of Directors and the Board of Directors and is responsible for external and internal communication, including relations with the press, and Danmarks Nationalbank's website, intranet and lectures. The Information Desk responds to general external enquiries. The Secretariat also comprises Danmarks Nationalbank's central archives and library. Legal Affairs handles general legal issues, including EU law. The Secretariat edits Danmarks Nationalbank's Report and Accounts.
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Staff
Number, staff groups, seniority, age, etc.
At the close of 2003 Danmarks Nationalbank had 584 employees, equivalent to 544 full‑time positions. In 2003, 23 new employees joined the bank, and 40 left, 16 of whom retired. This is equivalent to a staff turnover rate of 6.7 per cent.
Academic staff make up the largest staff group at Danmarks Nationalbank, cf. Table 8, followed by bank staff and IT/clerical staff. The craftsmen/technicians and service staff groups are each a little smaller.
44 per cent of the staff are women and 56 per cent are men. The proportion of women in managerial positions[1] is 15 per cent. Age and gender distributions are shown in Chart 29.
| Distribution by age and gender |
Chart 29
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Staff development
Great importance is attached to the ongoing professional and personal development of the staff. This is the joint responsibility of the management and the employees and is achieved via ongoing assessments of day-to-day work, further and supplementary education and training, as well as via internal job rotation. A key element in the professional and personal development is the annual employee appraisal interviews. Furthermore, it is possible for employees to take leave to work for international institutions and at the close of 2003, 13 employees had taken leave of this type.
The bank's expenditure on courses and supplementary training was kr. 9.8 million in 2003, which is an increase of kr. 0.6 million from 2002. The expenditure is equivalent to 4 per cent of the payroll costs. More than ever, the expenditure is devoted to the professional development of the staff related to their day-to-day work. Three quarters of the amount is used for this purpose. The remainder is primarily devoted to personal development courses and managerial courses.
In 2003 professional courses held by internal instructors were further developed so that the specialist skills of in-house staff in a number of areas are applied to further training.
The bank offers financial support of the employees' broader-based training and education outside working hours related to the daily work, e.g. graduate diplomas in economics and business as well as language and IT courses.
Decentralised promotion system
With effect from 1 January 2004 a new decentralised promotion system is implemented, whereby decisions on appointments and promotions up to and including the first salary bracket for advisers are taken solely by the management of the individual departments. In the previous system all recommendations were to be approved by the Board of Governors.
The appropriations for decentralised promotions in the departments are set for a period of three years.
Job rotation scheme
In 2003 the previous rule-governed rotation scheme according to which academic and bank staff changed work areas 1-2 times within the first five years of employment was replaced by an internal job rotation scheme.
Vacancies at the bank are now advertised internally, and employees with relevant qualifications may apply. The objective of the new scheme is to increase transparency regarding job changes at the bank and to create opportunities for changing work areas after a number of years at the bank. Moreover, to an increasing extent the scheme allows specialists and employees who do not wish to rotate to stay within their chosen work area. However, importance is attached to the employees gaining broad-based experience.
Absence due to illness
In 2003 absence due to illness, including long-term absence, was an average of 6.0 days per employee compared to 7.5 days in 2002. An ongoing effort is made to focus on absence due to illness, e.g. via follow-up and interviews with employees affected by long-term or recurring absence due to illness.
Salary and employment conditions
All employees of Danmarks Nationalbank – except those employed by the Banknote Printing Works and senior managers – are subject to a collective agreement between Danmarks Nationalbank and the Staff Association of Danmarks Nationalbank. The collective agreement based on the terms and conditions prevailing in the financial sector was renegotiated in 2003 for a period of two years. As part of the agreement a small proportion of the payroll funds is allocated to decentralised pools for appreciation of employees' special efforts in the individual departments.
The managers' agreement was also renegotiated in 2003.
Employees of the Banknote Printing Works are subject to a collective agreement between Danmarks Nationalbank and the Industry Sector of the Union of Commercial and Clerical Employees in Denmark (HK). This agreement is to be renegotiated in 2004.
Other initiatives in 2003
New edition of Danmarks Nationalbank's website with new statistics database
In February 2003 Danmarks Nationalbank implemented a new and more user-friendly edition of the website. The previous edition was from 1998.
In October the website was supplemented with a new financial statistics database with time series. The database content will be expanded on an ongoing basis to include all financial statistics published by Danmarks Nationalbank.
Monetary Policy in Denmark, 2nd edition
In June 2003 Danmarks Nationalbank published a new edition of the book "Monetary Policy in Denmark". The book offers a comprehensive presentation of the Danish approach to monetary policy and of the relation between monetary policy in theory and practice. The first edition was published in 1999.
Danmarks Nationalbank
In July 2003 Danmarks Nationalbank published "Danmarks Nationalbank" that shows the Danmarks Nationalbank building inside and out. The history of the building and of its architect, Arne Jacobsen, is told in pictures with explanatory captions.
Mona – a quarterly model of the Danish economy
In November 2003 Danmarks Nationalbank published the book "Mona – a quarterly model of the Danish economy". The quarterly economic model, Mona, developed by Danmarks Nationalbank, is used for forecasts of the Danish economy and other economic calculations. The book describes and assesses the Mona model.
Financial Management at Danmarks Nationalbank
The book "Financial Management at Danmarks Nationalbank" was published in January 2004. The book describes Danmarks Nationalbank's portfolio management, including management of financial risks. In recent years the principles of financial management have changed significantly, and the development process is ongoing.
Use of banknotes as illustrations
Danmarks Nationalbank has published the booklet "Use of Banknotes as Illustrations" which provides guidelines for the use of banknote design and for printed and electronic reproduction in advertisements, etc. This is a revised edition of a similar booklet published in 1997. The booklet is distributed to professionals within the graphic industry and other interested parties and is available on Danmarks Nationalbank's website under Notes and coins.
New data collection method for compilation of the balance of payments
In cooperation with Statistics Denmark Danmarks Nationalbank is in the process of amending the method of collecting data for the compilation of Denmark's balance of payments and capital balance.
The adjustment means that from 2005 companies must report data directly to Danmarks Nationalbank and Statistics Denmark instead of via a bank under the current system. The number of reporting companies will be reduced from 25,000 to approximately 2,500.
Danmarks Nationalbank will collect data on financial transactions and accounts as well as investment income vis-à-vis abroad, whereas Statistics Denmark will collect data on external trade of goods and services as well as transfers.
Renovation of Danmarks Nationalbank's roof
In 2003 Danmarks Nationalbank initiated extensive renovation of the roof of the building. The building was constructed in the period 1965-1978, and the roof is a multi-level flat roof, which has given leakage problems from time to time. After renovation the roof will have as few different levels as possible. Concurrently with the roof renovation ventilation systems, soil pipes and water pipes are replaced.
Inspection by the Danish Data Protection Agency
In the spring of 2003 the Danish Data Protection Agency inspected Danmarks Nationalbank. The purpose of the inspection was to examine the bank's handling of sensitive and confidential personal information. The Danish Act on Processing Data affects a number of Danmarks Nationalbank's functions. Danmarks Nationalbank thus seeks to ensure that the Danish Act on Processing Data and the provisions of the Executive Order on security are complied with in all departments of the bank. The inspection by the Danish Data Protection Agency did not result in any material observations.
New accounting and financial control system
As an element of the modernisation and standardisation of Danmarks Nationalbank's administration systems two new IT systems were implemented in 2003. Both are offered as standard solutions by Bankernes EDB Central (BEC). Axapta is the bank's new accounting and financial control system used for financial reporting, credit management with electronic invoice processing as well as for the bank's internal cost and budget control. BEC's Fondssystem (securities system) is the bank's new settlement and bookkeeping system for the bank's portfolio of foreign securities.
Danmarks Nationalbank's system for management and compilation of financial risks
In 2003 Danmarks Nationalbank implemented a new system to manage and compile financial risks. The system daily compiles risk and market value of Danmarks Nationalbank's portfolios, i.e. the foreign exchange reserve and the portfolio of domestic securities. In addition, the system calculates key indicators for the central government's assets and liabilities administered by Danmarks Nationalbank.
Security and IT security
The overall planning of the bank's general and IT security has been restructured in the last few years. For example, new policies and guidelines have been introduced based on international standards. Furthermore, reviews, revision and risk assessment of existing procedures at Danmarks Nationalbank have been initiated.
Operational risk
Operational risk is the risk of financial loss and loss of reputation resulting from inadequate or failed internal processes, people and systems, or from external events. Managing operational risks has long been an element of Danmarks Nationalbank's business. However, as more and more work processes are supported by IT, with the potential for disruptive system failures, and as financial instruments have become increasingly more sophisticated, with the risk of mismanagement and fraud, the focus on operational risk has increased.
In 2003 Danmarks Nationalbank implemented and further developed a framework for operational risk management in all of Danmarks Nationalbank's business areas. The framework comprises overall requirements and in-depth guidelines regarding use of risk assessment model, preparation of procedures, plans for business continuity, physical security and IT security. IT systems have been introduced to support the implementation. Routines for closer monitoring of operational risks, including centralised compilation and reporting of residual risks and their potential significance to Danmarks Nationalbank remain to be developed.
Danmarks Nationalbank's purchase of shares in PBS
In connection with the merger in 2001 between Danske Bank and RealDanmark, Danske Bank made a commitment to the Danish Competition Authority to reduce its total interest in the PBS Group to 25.9 per cent. For Danmarks Nationalbank it is important to preserve the shared, open infrastructure in the area of payment systems. Thus, in December 2002 Danmarks Nationalbank agreed to purchase 17.7 per cent of the shares in PBS Holding A/S from Danske Bank. The purchase was subject to a number of conditions, including the approval by the competition authorities. These conditions have been met, and the purchase was completed as of 30 June 2003.
Termination of shareholders' agreement concerning Grønlandsbanken
As from 1 January 2004 the three major shareholders in Grønlandsbanken, Danske Bank, the Nuna Foundation and Danmarks Nationalbank, decided to terminate the shareholders' agreement concluded in 1998. The shareholders' agreement contained a provision regarding pre-emptive rights for the other shareholders, if shareholders wished to sell their shares, and sale to a third party depended on this party's acceptance of the shareholders' agreement. After the termination of the shareholders' agreement there are no restrictions on the negotiability of the shares.
Representation on committees, etc.
As of 1 March 2004 Danmarks Nationalbank is represented on the following committees, etc.:
- The Financial Business Council
Governor Jens Thomsen is a member, and Jens Lundager, Head of Division, is an alternate member. - The Economic Council
Governor Jens Thomsen is a member. - VP A/S – VP Securities Services
Governor Torben Nielsen is Vice Chairman of the Board of Directors. - Bankernes EDB Central (BEC)
Governor Torben Nielsen is an observer on the Board of Directors. - PBS Holding A/S
Governor Torben Nielsen is a member of the Board of Directors. - The Danish Securities Council
Hugo Frey Jensen, Head of Financial Markets, is a member, and Suzanne Hyldahl, Assistant Head of Division, is an alternate member. - The Nordic Investment Bank
Hans Denkov, Head of Market Operations, is an alternate member of the Board of Directors. - Grønlandsbanken A/S
Former Governor Ole Thomasen is a member of the Board of Directors. - Danish Ship Finance
Governor Jens Thomsen is a member of the Board of Directors and the Board of Representatives. Mr. Thorkild E. Jensen and Professor Michael Møller are members of the Board of Representatives. - Managing Committee for the Social Pension Fund
Ove Sten Jensen, Head of Division, is a member.
Representation in international organisations
As part of the international foreign‑exchange and monetary‑policy cooperation Danmarks Nationalbank participates in a number of committees, sub‑committees and working groups, of which the most significant are:
The European Union, EU
- The Economic and Financial Committee
Governor Jens Thomsen (with Per Callesen, Deputy Secretary, Ministry of Finance).
Niels Bartholdy, Head of Division, is an alternate member of the Committee (with Steen Lohmann Poulsen, Head of Division, Ministry of Finance). - The Economic Policy Committee
Christian Ølgaard, Head of Division, is an alternate member of the Committee (with Niels Kleis Frederiksen, Head of Division, Ministry of Finance. Helge Sigurd Næss‑Schmidt, Head of Division, Ministry of Finance, and Ulrik Nødgaard, Head of Division, Ministry of Economic and Business Affairs are members). - The Working Group of Mint Directors
Laust Grove, General Manager, the Royal Mint, and Johanne Dinesen Riishøj, Head of Section.
The European Central Bank, ECB
- The General Council
Governor Bodil Nyboe Andersen.
Danmarks Nationalbank participates partly in the following ECB committees where EU central banks outside the euro area have access:
- Accounting Committee
Henrik Larsen, Director, and Lisbeth Sundin, Assistant Head of Division. - Banking Supervision Committee
Hugo Frey Jensen, Assistant Director, (with Flemming Nytoft Rasmussen, Deputy Director, Financial Supervisory Authority). - Banknote Committee
Ejner Petersen, Director, General Manager, and Tage Heering, Head of Division. - External Communications Committee
Bjarne Skafte, Head of Secretariat, and Winnie Jakobsen, Head of Division. - Information Technology Committee
Søren Lundsby Hansen, Head of Information Technology, and Tom Wagener, Assistant Head of Division - Internal Auditors Committee
Jan Birkedal, Chief Auditor, and Brian Skovbo Hansen, Internal Auditor. - International Relations Committee
Governor Jens Thomsen and Kai Aaen Hansen, Director, Head of International Relations. - Legal Committee
Kirsten Rohde Jensen, Head of Division. - Market Operations Committee
Frank Nielsen, Head of Division. - Monetary Policy Committee
Anders Møller Christensen, Director. - Payments Systems Committee
Karsten Biltoft, Head of Payment Systems, and Allan Damm Christensen, Adviser. - Statistics Committee
Jørgen Ovi, Assistant Governor, Head of Statistics.
The International Monetary Fund, IMF
- Board of Governors
Governor Bodil Nyboe Andersen is a member. (Karsten Dybvad, Permanent Secretary, Ministry of Finance, is an alternate member). - The Nordic/Baltic Monetary and Financial Committee
Governor Jens Thomsen (with Per Callesen, Deputy Secretary, Ministry of Finance).
Ole Hollensen, Senior Adviser, is a member of the Group of Alternate Members (with Steen Lohmann Poulsen, Head of Division, and Kaare Barslev, Senior Adviser, Ministry of Finance).
Organisation for Economic Cooperation and Development, OECD
- The Economic Policy Committee
Governor Jens Thomsen (with Per Bremer Rasmussen, Finance Director, Ministry of Economic and Business Affairs, and Per Callesen, Deputy Secretary, Ministry of Finance).
Danmarks Nationalbank's anniversary foundation of 1968
The primary purpose of Danmarks Nationalbank's Anniversary Foundation is to extend financial support to decorative art, architecture and design, although applications relating to music and dance are also taken into account. When considering applications, the Board of the Foundation attaches great importance to quality as well as support to new and future-oriented artistic projects.
Danmarks Nationalbank's Anniversary Foundation was established in connection with the bank's 150th anniversary in 1968, when kr. 15 million was given to the Foundation. This sum has been supplemented several times, and the paid-up capital, which is placed in bonds, amounted to kr. 85 million at the end of 2003.
On 1 March 2004 the Board of the Foundation comprised Governor Bodil Nyboe Andersen (Chairman), Professor Hans E. Zeuthen (Deputy Chairman), the architect Merete Ahnfeldt-Mollerup, the ceramist Karen Bennicke, the museum director Bodil Busk Laursen and the attorney-at-law Per Magid.
The Board meets four times a year to award grants. In 2003, 1,237 applications were considered and 197 grants totalling kr. 5.8 million were awarded.
In September 2003 the Foundation awarded an honorary grant of kr. 100,000 to the glass artist Finn Lynggaard. In that connection an exhibition of selected works by Finn Lynggaard opened in the lobby of the bank.
Danmarks Nationalbank's guest apartments at Nyhavn 18
Danmarks Nationalbank has seven guest apartments at Nyhavn 18 which are made available to foreign scientists and artists. Residence in the guest apartments is free and granted for periods of three to twelve months. In 2003 the guest apartments were allocated to 10 visitors.
The committee formed to advise on the allocation of the apartments consists of Professor Ole Feldbæk (Chairman), Dr. Else Marie Bukdahl and Professor Søren-Peter Fuchs Olesen.
The Erik Hoffmeyer travel grant foundation
In 2003 the Board of the Erik Hoffmeyer Travel Grant Foundation awarded two travel grants of kr. 35,000 each to the author Ida Jessen and the artist Mahmoud Alibadi. Ida Jessen is Master of Arts in literary history and media sciences and has written short stories, novels and children's books. Mahmoud Alibadi was educated at the academy of fine arts in Baghdad and has received further training in graphics and digital media in Denmark. Mahmoud Alabadi works with visual art, installation art and multimedia art and has held several exhibitions.
The Erik Hoffmeyer Travel Grant Foundation was established by the Board of Directors of Danmarks Nationalbank in 1995 as a tribute to Mr. Erik Hoffmeyer for 30 years' outstanding service as Chairman of Danmarks Nationalbank's Board of Governors. The establishment and objective of the Foundation are described in the 1995 Annual Report.
The Board of the Travel Grant Foundation comprises Professor Hans E. Zeuthen (Chairman), former Governor Erik Hoffmeyer and former Chief Rabbi Bent Melchior.
[1] Defined as at least Assistant Head of Division.