Report and Accounts
2004
CONTENTS
REPORT OF THE BOARD OF GOVERNORS
THE DANISH ECONOMY
International background
The Danish economy
Wage and price trends
Credit expansion
Economic prospects
MONETARY AND EXCHANGE-RATE POLICY
The fixed-exchange-rate policy
The ECB's monetary policy
The monetary policy of Danmarks Nationalbank
The money market and the short-term interest rates
Capital flows and the foreign-exchange reserve
FINANCIAL MARKETS
Foreign-exchange markets
Interest rates
Stock markets
THE DOMESTIC FINANCIAL SYSTEM
Banks and mortgage-credit institutes
Home financing
Pension companies
Investment associations
The bond market
Acquisition of the Copenhagen Stock Exchange by OMX
Framework for the financial sector
VB Finans and Himmerlandsbanken
BANKNOTES AND COINS
Banknotes and coins in circulation
A new, more secure 1,000-krone banknote
Faroese banknote series
Counterfeit banknotes
Use of banknotes as illustrations
Commemorative coin to mark the royal wedding
Thematic coins
The 2004 coin set
PAYMENT SYSTEMS
Development in payment and settlement systems
Oversight
Development of the payments infrastructure
INTERNATIONAL MONETARY COOPERATION
Enlargement of the EU
The EU Constitutional Treaty and EMU
The stability and growth pact
The International Monetary Fund, IMF
STATISTICS
New, improved compilation method for the balance of payments and external debt
Quarterly financial accounts
ORGANISATION AND TASKS OF DANMARKS NATIONALBANK
Danmarks Nationalbank's objectives and values
Danmarks Nationalbank's management
Departments
Organisation chart 1 March 2005
Staff
Other initiatives in 2004
Representation on committees, etc.
Representation in international organisations
Danmarks Nationalbank's Anniversary Foundation of 1968
Danmarks Nationalbank's guest apartments at Nyhavn 18
The Erik Hoffmeyer Travel Grant Foundation
RISK MANAGEMENT
Operational risk
Danmarks Nationalbank's management of financial risks
DANMARKS NATIONALBANK'S ACCOUNTS FOR THE YEAR 2004
REPORT ON DANMARKS NATIONALBANK'S ACCOUNTS
CHARTS
Chart
- Contributions to growth
- The balance of payments
- Wage increases in Denmark and abroad
- Nominal and real effective krone rates
- Increase in consumer prices in Denmark and the euro area
- Growth in lending by banks and mortgage-credit institutes
- Krone via-à-vis euro
- The ECBs interest rates and the overnight interest rate in the euro area
- Lending rates of the ECB and Danmarks Nationalbank
- Money-market interest rates in Denmark
- Interest-rate spread to the euro area in the money market
- Danish money-market interest rates with different maturities
- Dollar vis-à-vis euro, yen and pound sterling
- Pound sterling, Norwegian krone and Swedish krona vis-à-vis euro
- 10-year yields in the USA, the euro area, the UK and Japan
- 10-year yield spreads to the euro area
- 10-year yields in Poland, the Czech Republic and Hungary
- Stock indices for the USA, Europe and Japan
- Scandinavian stock indices
- Stock indices for the energy sector in the USA and Europe
- Annual growth in deposits and lending
- Assets of investment associations by fund type, year-end
- Premature redemptions of mortgage-credit bonds and bond yields
- Banknotes and coins in circulation, private consumption and GDP
- Counterfeit banknotes found in circulation
- Estimated budget balance and debt in EU member states in 2004
- Number of employees by seniority and staff groups
- Gold price
TABLES IN THE TEXT
Table
- Key figures for the Danish economy
- The Danish labour market
- Annual intervention
- Capital flows
- Lending to residents by mortgage-credit institutes by loan type
- Outstanding volume of listed domestic krone-denominated bonds, nominal value
- Payments in kroner
- Payments in euro
- The capital subscriptions of the national central banks to the ECB as of 1 May 2004
- Staff groups
- Interest-rate exposure of Danmarks Nationalbank
- Foreign-exchange exposure of Danmarks Nationalbank
- Danmarks Nationalbank's value-at-risk
- Danmarks Nationalbank's loss in stress scenarios, end-2004
- Total credit exposure on the foreign-exchange reserve and the domestic securities portfolio, etc., end-2004
BOXES
Box
- Danmarks Nationalbank's monetary-policy instruments
- The BIS foreign-exchange market survey
- Change in US 10-year yields in periods when the fed funds target rate is raised
- Upgraded 1,000-krone banknote
- New Faroese banknote series
- Wedding coin
- Thematic coins
- 2004 coin set
- The new EU member states' targets for ERM II and euro membership
- The IEO – the IMF's independent evaluation office
- The Board of Directors of Danmarks Nationalbank, March 2005
- The Committee of Directors of Danmarks Nationalbank 1 March 2005
Tabeltillæg
Tabel
1 Annual accounts and monthly balance sheets of Danmarks Nationalbank
2 Specification of banknotes in circulation
3 Specification of coins in circulation
4 Loans financing decentralised banknote holdings
5 The banks' and the mortgage-credit institutes' net position with
Danmarks Nationalbank
6 Money stock
7 The official interest rates of Danmarks Nationalbank
8a The official interest rates of the European Central Bank
8b Eurosystem monetary-policy operations allotted through tenders
9 The foreign-exchange reserve
10 Denmark's account with the International Monetary Fund
11 Central rate and fluctuation band vis-à-vis euro in ERM II
12 Exchange rates
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REPORT AND ACCOUNTS 2004
At the meeting of the Board of Directors held on 15 March 2005 the Board of Governors reported on the activities of Danmarks Nationalbank. The report was noted. Danmarks Nationalbank's accounts for 2004 were submitted by the Board of Governors for adoption on the recommendation of the Committee of Directors. The Board of Directors and the Royal Bank Commissioner accepted the recommendation. The small picture on the front cover is a section of the commemorative coin to mark the wedding of HRH Crown Prince Frederik and Miss Mary Donaldson on 14 May 2004. The wedding portrait was designed by the sculptor Karin Lorentzen.  Text may be copied from this publication provided that Danmarks Nationalbank is specifically stated as the source. Changes to or misrepresentation of the content are not permitted. This Report is based on information available up to end-February 2005. The Report and Accounts is available on Danmarks Nationalbank's website: www.nationalbanken.dk under Publications and can be ordered by filling in the form on Danmarks Nationalbank's website. The Report and Accounts are also available on request from: Danmarks Nationalbank, Information Desk, Havnegade 5, DK-1093 Copenhagen K Telephone: (+45) 33 63 70 00 (direct) or (+45) 33 63 63 63 Office hours: Monday-Friday 9.00 am-4.00 pm. E-mail: Info@nationalbanken.dk Explanation of symbols: - Magnitude nil 0 Less than one half of unit employed · Category not applicable … Data not available Details may not add because of rounding. SCHULTZ GRAFISK A/S ISSN 1397-520x ISSN (Online) 1398-3849 |
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