Press Releases

INTEREST-RATE CHANGES

1 December 2005: Interest rate increase
The discount rate and the interest rate on the banks' current accounts with the Nationalbank are raised by 0.25 per cent to 2.25 per cent. The Nationalbank's lending rate and the rate of interest on certificates of deposit are raised by 0.25 per cent to 2.40 per cent. The increase will have effect as from 2 December 2005.

The interest rate increase is a consequence of the raising by the European Central Bank of the minimum bid rate on the main refinancing operations by 0.25 per cent to 2.25 per cent.

17 February 2006: Interest rate increase
With effect from 17 February 2006 the lending rate and the rate of interest for certificates of deposit are raised from 2.40 per cent to 2.50 per cent. The discount rate and the rate of interest on banks' current accounts with Danmarks Nationalbank are unchanged at 2.25 per cent.

The increase by 10 basis points is due to an outflow of foreign exchange in February, among other things as a result of Danish institutional investors' purchase of foreign shares and other securities. In accordance with the fixed-exchange-rate policy Danmarks Nationalbank has intervened to support the krone. The interest-rate increase is intended to make placements in kroner more advantageous. Danmarks Nationalbank emphasises that the outflow of capital does not reflect a weakening of the Danish economy.

2 March 2006: Interest rate increase
The discount rate and the interest rate on the banks' current accounts with the Nationalbank are raised by 0.25 per cent to 2.50 per cent. The Nationalbank's lending rate and the rate of interest on certificates of deposit are raised by 0.25 per cent to 2.75 per cent. The increase will have effect as from 3 March 2006.

The interest rate increase is a consequence of the raising by the European Central Bank of the minimum bid rate on the main refinancing operations by 0.25 per cent to 2.50 per cent.

THE BOARD OF DIRECTORS AND THE COMMITTEE OF DIRECTORS

11 March 2005: Election to Danmarks Nationalbank's Board of Directors
Folketinget (Parliament) has elected Mr Svend Erik Hovmand to the Board of Directors of Danmarks Nationalbank until 31 March 2006. He succeeds Ms Rikke Hvilshøj, Minister of Refugee, Immigration and Integration Affairs.

16 March 2005: Elections to the Committee of Directors and Board of Directors of Danmarks Nationalbank
Elections to the Board of Directors
The five-year terms of three of the 25 members of the Board of Directors expire on 31 March 2005. At the meeting on 15 March 2005 at 3 pm the Board of Directors re-elected Ms Helle Bechgaard, Director, Mr Niels Fog, Merchant, and Ms Kirsten Stallknecht, Former President of the ICN.

The Board of Directors re-elected Mr Hans E. Zeuthen, Professor, as Chairman and Ms Helle Bechgaard, Director, as Deputy Chairman for the coming year.

Elections to the Committee of Directors
The Committee of Directors has seven members, of whom five are elected by the Board of Directors. The Board of Directors re-elected Mr Søren Bjerre-Nielsen, Group President, Ms Pernille Blach Hansen, MP, Ms Kirsten Nissen, Trade Union President, Mr Jens Rohde, MP, and Mr Hans E. Zeuthen, Professor. All are elected for the coming year.

Two members of the Committee of Directors, Mr Michael Dithmer, Permanent Secretary, and Mr Michael Lunn, Permanent Secretary, are appointed by the Royal Bank Commissioner for the period ending in 2006.

At its first meeting the Committee of Directors re-elected Mr Hans E. Zeuthen, Professor, as Chairman and Mr Michael Dithmer, Permanent Secretary, as Deputy Chairman for the period from 1 April 2005 to 31 March 2006.

3 May 2005: Election to Danmarks Nationalbank's Board of Directors
Folketinget (Parliament) has elected Ms Helle Thorning-Schmidt and Mr Henrik Sass Larsen to the Board of Directors of Danmarks Nationalbank until 31 March 2006. They succeed Ms Pernille Blach Hansen and Ms Pia Gjellerup.

10 May 2005: Election to the Committee of Directors of Danmarks Nationalbank
The Board of Directors has elected Ms Helle Thorning-Schmidt, MP, as a new member of the Committee of Directors for the remainder of the term ending on 31 March 2006. Ms Helle Thorning-Schmidt succeeds Ms Pernille Blach Hansen.

28 October 2005: Election to Danmarks Nationalbank's Board of Directors
Folketinget (Parliament) has elected Mr Villy Søvndal to the Board of Directors of Danmarks Nationalbank until 31 March 2006. He succeeds Mr Holger K. Nielsen.

PUBLICATIONS

16 March 2005: Danmarks Nationalbank's Report and Accounts for 2004
At the meeting of the Board of Directors of Danmarks Nationalbank on 15 March 2005 the Board of Governors presented the Report and Accounts for 2004.

The Report, which presents recent trends in the Danish economy, the monetary and foreign-exchange policy, and the financial and foreign- exchange markets, as well as a review of international monetary cooperation, together with Danmarks Nationalbank's other areas of operation and its organisation, 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, Mr Bendt Bendtsen, Minister of Economic and Business Affairs, approved the Accounts.

Accounts
The net profit for the year was kr. 2,844 million, compared to kr. 3,609 million in 2003.

Net income from interest totalled kr. 3,954 million, which is kr. 500 million less than in 2003. Value adjustments are negative at kr. 662 million. In 2003 they were negative at kr. 267 million.

Total expenses decreased by kr. 29 million to kr. 550 million.

Allocation of profit:

• Transfer of kr. 662 million – equivalent to the value adjustments for the year – from the Value Adjustment Reserve.
• Allocation of kr. 701 million – equivalent to 20 per cent of the profit after allocation from the Value Adjustment Reserve – to the General Reserves for consolidation of Danmarks Nationalbank.
• The remaining amount of kr. 2,805 million is transferred to the central government. For 2003 the amount transferred was kr. 3,101 million.
• The Report and Accounts for 2004 are published today and can be viewed at www.nationalbanken.dk under Publications, or be obtained from Danmarks Nationalbank, Information Desk.

12 May 2005: Financial Stability 2005
Danmarks Nationalbank today publishes its annual report on financial stability in Denmark, "Finansiel stabilitet 2005". The English edition of this publication is expected to be available on Danmarks Nationalbank's website as from 31 May 2005. The printed English edition is expected to be released on 6 June 2005. The publication will be available at www.nationalbanken.dk under Publications.

The most significant risks to the financial system are identified in the report, including situations that are very unlikely to arise, but which might have major consequences for the economy. It is assessed whether the overall financial system is robust enough for any problems experienced within the sector not to spread and prevent the financial markets from functioning as providers of capital and financial services. It is the task of the Danish Financial Supervisory Authority to ensure that each financial institution is sufficiently robust.

In connection with the report's publication Governor Bodil Nyboe Andersen says: "In general, the financial institutions are doing well in these years where we see a slightly unusual combination of a favourable economic climate and low interest rates."

"The banking institutions are still robust, but for the small institutions in particular the exposure to rising losses has increased. This is attributable to such factors as the high growth in lending and reduced capital reserves," Bodil Nyboe Andersen adds. "Banking institutions with high lending growth also tend to have the greatest credit risk on their lending portfolios."

An analysis of the households' interest-rate exposure, based on data from a single mortgage-credit institute, shows that on average the inter-est expenses of Danish homeowners increase by 1 per cent of their in-come before tax if the short-term interest rate goes up by 1 percentage point. However, the figures are subject to considerable variation, and a substantial group of households is far more at risk since their interest-rate exposure is more than twice as high. The figures are not alarming in relation to financial stability. For the individual household, the exposure depends on whether it has other loans at adjustable interest rates, whether it has a buffer against a possible increase in interest expenses, and whether it can easily reduce its consumption if interest rates go up. These issues should be key elements of the advice provided before a loan is granted.

The publication is in two parts. The first part starts with an analysis of the development in the financial sector, with emphasis on the banking institutions. This is followed by chapters on the development in the corporate sector and the households and in the financial markets, and a chapter on framework conditions for the financial system.

The second part of the report includes various current topics in relation to financial stability. These are the interest-rate exposure of Danish households, an analysis of bank equity prices, and an assessment of settlement risks in VP Securities Services.

5 July 2005: Payment Systems in Denmark
Today Danmarks Nationalbank announces the Danish edition of the publication Payment Systems in Denmark. The English edition is expected to be published in September 2005.

The publication provides a description of payment and securities settlement systems and describes central banks' role regarding these systems. The Danish payment and securities settlement systems and Danmarks Nationalbank's responsibilities herein are thoroughly explained, while selected international payment and settlement systems are described in more general terms. Retail payments are discussed in a Danish and European perspective. Finally, Danmarks Nationalbank's role as overseer of important payment and settlement systems is explained.

One of the objectives of Danmarks Nationalbank is to contribute to the efficiency and stability of payment and settlement systems. These systems are a necessity for the efficiency of the Danish financial sector. Danmarks Nationalbank considers it important that the Danish payment infrastructure is described in full detail and that this description is available to the general public. The publication is available on www.nationalbanken.dk. Printed versions of the publication can be obtained by contacting:

Danmarks Nationalbank, Information Desk, Tel.: (+45) 33 63 70 00 (direct), E-mail: info@nationalbanken.dk.

APPOINTMENTS

15 March 2005: New Head of Statistics as from 1 August 2005
As of 1 August 2005, Jens Dalsgaard, Deputy Head of Statistics, will take over the position as Head of Statistics. Jens Dalsgaard replaces Assistant Governor Jørgen Ovi, who is to retire.

Jens Dalsgaard, Msc (Econ) is aged 40. He has held positions with Danmarks Nationalbank since 1989 and has been Deputy Head of Statistics since 2002.

Jørgen Ovi has held a number of managerial positions with Danmarks Nationalbank, where he has been employed since 1967.

15 April 2005: Appointment
Danmarks Nationalbank's Committee of Directors has appointed Anne-Mette Thorsen Reimann, Assistant Head of Division, to Head of Division. Anne-Mette Thorsen Reimann, MSc (chemical engineering), aged 41, has held positions at Danmarks Nationalbank since November 2000.

16 August 2005: Appointment
Danmarks Nationalbank's Committee of Directors has appointed Bent Christiansen, Assistant Head of Division, to Head of Division.

Bent Christiansen, aged 48, holds an MSc (econ.) and has held positions at Danmarks Nationalbank since 1987.

25 August 2005: New Head of Banking Services as from 1 October 2005
As from 1 October 2005, Lars Gerrild Sørensen, Head of Division, is to head Banking Services. Lars Gerrild Sørensen succeeds Tage Heering, Chief Cashier, who will undertake international assignments related to cash services until his retirement in autumn 2006.

Lars Gerrild Sørensen, aged 47, trained in the banking sector and holds a Dip.Econ. (HD) in Finance. Lars Gerrild Sørensen joined Danmarks Nationalbank in 1982 and has been assistant head of Banking Services since 2002.

BANKNOTES AND COINS

27 January 2005: Landet Church adorns new thematic coin
On 28 January 2005, Danmarks Nationalbank issues the sixth in its series of thematic 20-krone coins with specially chosen Danish towers as the motif on the reverse.

Seen through chestnut leaves from the grave of Elvira Madigan and Sixten Sparre, the tower of Landet Church on the island of Tåsinge reaches towards the sky on the reverse of the new thematic coin. Landet Church is a traditional Danish village church, built around 1150- 1200 in the Age of the Valdemars, with the tower and porch added later. The church tower was built in 1634.

The sculptor Øivind Nygaard is the artist behind the tower motif from Landet Church. The hearts and pistol that Øivind Nygaard has woven into the chestnut leaves around the tower symbolise the tragic love story of Elvira Madigan and Sixten Sparre. "In addition to showing a Danish church tower, the pictorial metaphors seen on the coin, combined with the view of the tower of Landet Church, are intended to tell a story and interpret the history and mythology of the church," Øivind Nygaard explains.

The Landet Church tower coin is issued as a 20-krone coin in an edition of 1.2 million. It is of the same size and alloy as the ordinary 20-krone coin in circulation. The face of the coin shows a profile of the Queen by the sculptor, Professor Mogens Møller.

The new thematic coin can be purchased from banks and Danmarks Nationalbank from 28 January 2005. The next tower coin is expected to be issued in the autumn of 2005.

Pictures can be downloaded from www.nationalbanken.dk – Press room, Photogallery.

3 February 2005: Thematic coins with Hans Christian Andersen's fairy tales
To mark the bicentenary of Hans Christian Andersen, Danmarks Nationalbank is issuing a new series of thematic coins. The first in the series is issued on 31 March 2005 and is a 10-krone coin in three different editions – a gold coin, a fine silver coin and an ordinary 10-krone coin. The gold and silver coins are issued to meet a demand in the collector market. These coins will be sold at a price exceeding the face value, a practice that was customary in Denmark until 1986 and is now standard international practice.

On the reverse of the first Hans Christian Andersen coin, an adult swan is studying its reflection in the lake at Bregentved Manor, where Hans Christian Andersen was inspired to write his famous fairy tale "The Ugly Duckling". The artist is the sculptor Hans Pauli Olsen.

The face of the Hans Christian Andersen coins shows a profile of the Queen by the sculptor, Professor Mogens Møller.

The gold coin will be issued in an edition not exceeding 7,000, while the silver coin will be issued in an edition of up to 75,000. The ordinary 10-krone coin will be issued in an edition of 1.2 million. All Hans Christian Andersen coins are legal tender and can be exchanged at Danmarks Nationalbank at face value.

The Hans Christian Andersen thematic coins can be purchased from banks and coin dealers as from 31 March 2005. Some banks and coin dealers already take orders. The recommended retail prices including Danish VAT are kr. 2,000 for the gold coin and kr. 200 for the silver coin. The coins will also be sold from 31 March 2005 from Danmarks Nationalbank, Banking Services, between 10 am and 1 pm on week-days.

24 August 2005: New 50-krone banknote completes the upgrading of the banknote series
Tomorrow, Danmarks Nationalbank introduces a new, more secure 50-krone banknote with a hologram and fluorescent colours. The motifs remain unchanged. The new 50-krone banknote completes the upgrading of the Danish banknote series commenced by Danmarks Nationalbank in November 2002.

Governor Torben Nielsen says: "With the new security features the Danish banknotes are even better protected against counterfeiting. The general public's awareness of the security features is directly related to the volume of counterfeiting. The more people that know how to distinguish a genuine banknote from a counterfeit, the more difficult it becomes for counterfeiters to use their counterfeits."

Hologram and fluorescent colours
The metallic hologram on the face of the banknote alternately shows a flower, the Roman numeral L and the figure 50. Fluorescent colours, which are visible under ultraviolet light, are used on both sides of the banknote. On the face, a centaur becomes visible under ultraviolet light, and on the reverse the green colour shines, particularly in the ring on the right-hand side of the banknote.

Old 50-krone banknotes remain legal tender
The old 50-krone banknotes remain legal tender, but will be gradually withdrawn from circulation. The two versions of the 50-krone banknote will be in parallel circulation for a period of time.

Photo gallery
Pictures of the new security features on the 50-krone banknote can be downloaded from www.nationalbanken.dk – Press room/Photogallery/ Danish banknotes.

Further information
At www.nationalbanken.dk under Notes and coins a video presentation of the key security features is available. The information campaign also comprises a GO-CARD, i.e. a free postcard available at cafés in Denmark, as well as advertising in "Med Rundt", which is distributed to all households.

7 September 2005: The fairy tale continues – a new coin with "The Little Mermaid"
A new thematic coin inspired by Hans Christian Andersen's fairy tale "The Little Mermaid" is issued on 20 October 2005.

This is the second in a series of five coins with fairy tales as their common theme. Earlier this year, the first fairy tale coin, inspired by Hans Christian Andersen's fairy tale "The Ugly Duckling", was issued.

The motif on the new coin is designed by the sculptor Tina Maria Nielsen, who also designed the motif for the Goose Tower coin.

The obverse of the coin is the same as on the ordinary 10-krone coins, i.e. a profile of the Queen.

Gold and silver coins and an ordinary 10-krone coin
The fairy tale coin is a 10-krone coin issued in three versions – a gold coin, a silver coin and an ordinary 10-krone coin. The gold coin is minted in an edition not exceeding 6,000, while the silver coin is minted in an edition of up to 60,000.

All fairy tale coins are legal tender and can be exchanged at Danmarks Nationalbank at face value.

On sale from 20 October 2005
The Little Mermaid coins can be purchased from banks as from 20 October 2005. Some banks and coin dealers already take orders.

The recommended retail prices including Danish VAT are kr. 2,000 for the gold coin and kr. 200 for the silver coin.

The coins can also be purchased from 20 October 2005 from Danmarks Nationalbank, Banking Services, during the daily opening hours from 10 am to 1 pm.

The fairy tale continues
The next fairy tale coin will be issued in the spring of 2006.

Pictures of the coin can be downloaded from www.nationalbanken.dk – Press room, Photogallery.

15 September 2005: Faroese lighthouse on new tower coin
Today Danmarks Nationalbank issues the seventh in its series of thematic coins with towers as the common theme. The motif of Nólsoy Lighthouse in the Faroe Islands was designed by the Faroese sculptor Hans Pauli Olsen, who also designed the motifs for the Christiansborg Palace Tower coin in 2003 and The Ugly Duckling coin in 2005.

The Nólsoy Lighthouse coin is issued as a 20-krone coin in an edition of 1.2 million. It is of the same size and alloy as the ordinary 20-krone coin in circulation. The obverse of the coin shows a profile of the Queen by the sculptor, Professor Mogens Møller. The new tower coin can be purchased from banks and Danmarks Nationalbank as from today.

The seventh tower coin in a series of ten
Since 2002, seven tower coins have been issued. Besides Nólsoy Lighthouse, the motifs are: Landet Church, Svaneke Water Tower, the Goose Tower, Christiansborg Palace Tower, the Old Copenhagen Stock Exchange (Børsen) and Aarhus City Hall tower.

On selecting the individual towers, importance has been attached not only to displaying beautiful towers, but also towers with different functions and from different regions of Denmark.

The next tower coin is expected to be issued at the beginning of 2006. The last of the 10 tower coins is expected to be issued in 2007.

Pictures of this and earlier tower coins can be downloaded from www.nationalbanken.dk – Press room, Photogallery.

15 September 2005: The new Faroese banknote series is complete
Today a new Faroese 1,000-krone banknote is issued. This completes the banknote series. The series was introduced in 2001 with the issue of a 50-krone banknote. The five banknotes in the series depict motifs from the Faroese landscape and fauna.

The primary motif of the new 1,000-krone banknote is a fragment of a purple sandpiper, a bird which is common to the Faroe Island s . Be-hind the purple sandpiper, a watercolour of a flock of birds is reproduced. The motif on the reverse is a watercolour of a view from the island of Sandoy. The watercolours are both by the Faroese artist Zacharias Heinesen.

The new 1,000-krone banknote measures 165 x 72 mm and its main colour is dusty red.

Security features
The 1,000-krone banknote, like the 100-, 200- and 500-krone banknotes, has a hologram. With the other security features – e.g. the watermark and security thread with colour change – this helps protect the banknotes from counterfeiting.

Old banknotes are still legal tender
The old 1,000-krone banknotes remain legal tender, but will be gradually withdrawn from circulation.

Further information
A folder on the new 1,000-krone banknote will be distributed to every household in the Faroe Islands from 15 September 2005. For further information, see www.nationalbanken.dk – Notes and coins.

12 October 2005: Coin Set 2005 from The Royal Mint
Naval battles and fairy tales are the themes of the 2005 Coin Set. In addition to the seven ordinary coins in circulation, the coin set includes a copy of the medal from the Battle of Copenhagen. The medal was awarded to Captain (later Vice Admiral) Olfert Fischer and his men after the Battle of Copenhagen in 1801, in which they defended Copenhagen against the British navy. The expression "to turn a blind eye" relates to this battle.

The fairy tale coin in the Coin Set 2005 has a motif from Hans Christian Andersen's "The Ugly Duckling".

The coin set is minted in two versions
The ordinary version of the coin set includes the seven ordinary coins in circulation, a medal of Nordic gold and the fairy tale coin "The Ugly Duckling". The coins are mined with two strokes. This is one stroke more than the coins in circulation. The more strokes, the more distinct the embossment. This version of the set is minted in an edition of maximum 31,000.

The proof version includes the medal in silver and the coins in circulation in an especially fine quality minted with three strokes. The proof version is minted in an edition of maximum 3,500.

The tower and fairy tale coins will be issued as full sets once the respective series are complete.

The coin sets are on sale from 14 November 2005
Some banks and coin dealers already take orders. The recommended retail price is DKK 200 for the ordinary version and DKK 875 for the proof version.

The coin sets can also be purchased from Danmarks Nationalbank, Banking Services, Havnegade 5, DK-1093 Copenhagen K. The opening hours are Monday-Friday from 10.00 am to 1.00 pm.

Information and pictures
See www.nationalbanken.dk, Notes and coins/Coin set for further information, and Press room/Photogallery/Coins for pictures.

1 February 2006: New tower coin with Gråsten Palace
On 15 February 2006, Danmarks Nationalbank issues a new tower coin with the Bell Tower of Gråsten Palace as its motif. This is the eighth in the series of tower coins, of which the first was issued in 2002.

The motif for the new tower coin is designed by the sculptor and graphic artist Sys Hindsbo.

Can be used as an ordinary 20-krone coin
The Gråsten Palace coin is issued in an edition of 1.2 million. The tower coin, which bears a portrait of the Queen on the obverse, can be used as an ordinary 20-krone coin.

Different parts of Denmark
On selecting the towers for the coin series, importance has been attached to choosing towers with different functions from different regions of Denmark. This is evident from the list of towers, which – besides the Bell Tower of Gråsten Palace – includes Nólsoy Lighthouse in the Faroe Islands, Landet Church on the island of Tåsinge, Svaneke Water Tower on Bornholm, the Goose Tower in Vordingborg, Christiansborg Palace Tower, the Old Copenhagen Stock Exchange (Børsen) and Aarhus City Hall Tower.

Series to be completed in 2007
The next tower coin is expected to be issued in the autumn of 2006, and the last of the 10 coins in 2007.

Photo gallery
Pictures of this and earlier tower coins can be downloaded from www.nationalbanken.dk – Press room, Photogallery.

16 February 2006: Coin Set for Children
On 28 February 2006, Danmarks Nationalbank for the first time issues a coin set especially for children.

The coin set unfolds like a picture book, from the stag on the front cover to the medal's happy little beetle with antlers and a crown. The motifs are inspired by animals of the forest and drawn in an imaginative style by the illustrator Cato Thau-Jensen.

Silver medal with space for a child's name
On the inside of the coin set, there is space for such information as a child's name, date of birth and christening date. A child's name can be engraved on the silver medal. It is up to the buyer of the coin set to arrange this, as Danmarks Nationalbank does not provide this service.

Besides the medal, the coin set comprises Denmark's coin series, i.e. 25- and 50-øre coins and 1-, 2-, 5-, 10- and 20-krone coins minted in 2006. This year's coin set for children is issued in a maximum edition of 10,000.

The coin set is on sale from 28 February 2006
The recommended retail price is kr. 250.00. The coin set can be purchased from banks, coin dealers, gold and silver smiths, and from Danmarks Nationalbank, Banking Services, Havnegade 5, DK-1093 Copenhagen K. The opening hours are Monday-Friday from 10.00 am to 1.00 pm.

Information and pictures, etc.
Pictures of the coin set can be downloaded from www.nationalbanken.dk under Press room, Photogallery, and details are available under Notes and coins, Coin set.

EXCHANGE RATES

29 March 2005: Seven new currencies added to the list of exchange rates published by Danmarks Nationalbank on a daily basis
As from 1 April 2005, seven new currencies are added to the list of exchange rates published by Danmarks Nationalbank, and the number of significant figures for Icelandic kronur (ISK), Hungarian forints (HUF) and Slovenian tolar (SIT) is increased from three to four.

The seven new currencies on the list are:

• Croatian kuna (HRK)
• Russian roubles (RUB)
• Thai baht (THB)
• Malaysian ringgit (MYR)
• Philippine pesos (PHP)
• Indonesian rupiah (IDR)
• Chinese yuan renminbi (CNY)

This brings the number of currencies on the list published by Danmarks Nationalbank to 36.

Danmarks Nationalbank's exchange rates are normally listed daily at 2.15 pm on the basis of information from a number of central banks. The exchange rates are published for information only. Currency cannot be bought from or sold to Danmarks Nationalbank at the published exchange rates.

8 June 2005: Danmarks Nationalbank's publication of exchange rates
As of 1 July 2005 Romania introduces New Romanian lei (RON) as its official currency, replacing old Romanian lei (ROL). The conversion rate between the two currencies is 1 RON = 10,000 ROL. As from 1 July 2005 Danmarks Nationalbank's list of exchange rates will reflect this change: Romanian lei will be removed from the list and replaced by New Romanian lei.

Danmarks Nationalbank's exchange rates are normally listed daily at 2.15 pm on the basis of information from a number of central banks. The exchange rates are published for information only.

Currency cannot be bought from or sold to Danmarks Nationalbank at the published exchange rates.

OTHER PRESS RELEASES

17 January 2005: Restructuring of Danish Ship Finance as a limited liability company
In 1960-61 Danmarks Nationalbank participated in the establishment of Danish Ship Finance, and since then has been one of its guarantors. Danish Ship Finance, the Danish Ministry of Economic and Business Affairs and Danmarks Nationalbank have now concluded an agreement to restructure Danish Ship Finance as a limited liability company.

Danmarks Nationalbank's participation in Danish Ship Finance should be seen against the background of its involvement during the 1950s and 1960s in the establishment of a number of specialist institutions for financing industry, agriculture, housing and shipbuilding. This was done in response to a requirement at that time to strengthen the capital markets, and because there was a need for specialised institutions.

These institutions were set up as foundations, which make it difficult for them to adapt to market conditions. Consequently, they have, one by one, been restructured as limited liability companies.

Danish Ship Finance has been an important instrument in relation to financing and subsidising shipbuilding in Denmark, e.g. via interest-subsidy schemes for ship finance, which were discontinued in 1993. Since then it has granted loans on market terms.

Until 1984, Danish Ship Finance made a profit in connection to borrowers prepayments of interest-subsidised loans. Recognising that the profit from such prepayments would have accrued to the government if the latter itself had handled these lending activities, the parties have agreed to compensate for this profit in connection with the modernisation of Danish Ship Finance. Consequently, Danmarks Nationalbank and the Danish government will receive a total of DKK 1,610 million.

Like the other guarantors, Danmarks Nationalbank will acquire shares in the limited liability company. These shares cannot be sold for at least five years.

The agreement is subject to the Danish Parliament (Folketing) passing the necessary legislation, and to approval of the agreement by the Board of Representatives of Danish Ship Finance and the Committee of Directors of Danmarks Nationalbank.

For further details about the agreement, reference is made to Danish Ship Finance and the Danish Ministry of Economic and Business Affairs.

21 January 2005: Danmarks Nationalbank sells its shares in Grønlandsbanken A/S to the Greenland Home Rule
Danmarks Nationalbank has been a shareholder of Grønlandsbanken A/S since its foundation in 1967. At that time the establishment of a bank in Greenland was considered an important task for society.

It is not normally the role of Danmarks Nationalbank to be a co-owner of a private bank, and Danmarks Nationalbank has gradually reduced its ownership interest over the years.

Today Danmarks Nationalbank has concluded an agreement with the Greenland Home Rule to transfer Danmarks Nationalbank's total shareholding in Grønlandsbanken A/S, nominally DKK 24,666,000. This shareholding constitutes 13.7 per cent of the share capital of Grønlandsbanken A/S and is denominated as 246,660 shares of DKK 100 each.

The agreement is subject to the approval of the Home Rule's acquisition of the shares by the Danish Financial Supervisory Authority.

The agreed purchase sum is DKK 89,044,260, equivalent to DKK 361 per share.

9 February 2005: Danmarks Nationalbank has sold its shares in Grønlandsbanken A/S
In a stock-exchange announcement dated 20 January 2005 Danmarks Nationalbank stated that it had sold its total shareholding of nominally kr. 24,666,000 shares in Grønlandsbanken A/S to the Greenland Home Rule.

The shareholding amounted to 13.7 per cent of the total share capital of Grønlandsbanken A/S and was denominated as 246,660 shares of kr. 100 each. The agreement was subject to the approval of the Home Rule's acquisition of the shares by the Danish Financial Supervisory Authority.

The Financial Supervisory Authority has approved the Greenland Home Rule as the purchaser of the shares. The property and voting rights relating to the shares are therefore transferred to the Greenland Home Rule as of 15 February 2005.

4 April 2005: Ruling in the Himmerlandsbanken case
The Himmerlandsbanken winding-up estate today lost the "bond case" at the Danish Supreme Court. The ruling means that subscribers to subordinate capital are ranked alongside with other creditors.

After the Supreme Court's ruling, Danmarks Nationalbank will take the necessary steps to ensure that legitimate claims under the guarantee provided by the Guarantee Consortium are met as soon as possible.

18 April 2005: Exhibition in Danmarks Nationalbank's lobby
In the period from 19 April to 13 May 2005, Danmarks Nationalbank exhibits the three prize-winning designs from the international urban planning and architectural design competition for the new premises of the European Central Bank, ECB, in Frankfurt am Main, Germany.

The exhibition will be open to the public in the lobby of Danmarks Nationalbank, Havnegade 5, Copenhagen, from Monday to Friday between 9 am and 4 pm.

Pictures and further information about the competition can be found at the ECB's website, www.ecb.int/ecb/premises, and at the competition website, www.new-ecb-premises.com.

2 May 2005: Cyprus, Latvia and Malta join ERM II
With effect from Monday, 2 May 2005, Cyprus, Latvia and Malta have joined the EU's exchange rate mechanism, ERM II.

Danmarks Nationalbank welcomes the new participants in ERM II.

The central rates and fluctuation bands of the three currencies have been fixed vis-à-vis the euro and are stated in press releases from the EU and the ECB.

The entry of the new member states will not entail any changes in the central rate, fluctuation band and other terms and conditions for the Danish krone in ERM II.

28 November 2005: Slovakia joins ERM II
With effect from 28 November 2005, Slovakia joined the EU's exchange rate mechanism, ERM II.

Danmarks Nationalbank welcomes the new participant in ERM II.

The central rate and fluctuation bands of the new currency has been fixed vis-à-vis the euro and are stated in press releases from the EU and the ECB. The press releases from the ECB are available at www.Nationalbanken.dk under Monetary Policy/Exchange Rate Mechanism/ERM II.

The entry of the new member state will not entail any changes in the central rate, fluctuation band and other terms and conditions for the Danish krone in ERM II.