Contents

FOREWORD

REPORT OF THE BOARD OF GOVERNORS

REPORT OF THE BOARD OF GOVERNORS 2007
International background to the Danish economy
The Danish economy
Monetary and foreign-exchange policy
The domestic financial system
International monetary cooperation
Banknotes and coins
Statistics

ORGANISATION AND TASKS OF DANMARKS NATIONALBANK
Staff
Management and organisation
Representation of the Board of Governors on committees, in international organisations, etc.
Organisation chart 1 March 2008

RISK MANAGEMENT
Operational risik
Financial risk

ACCOUNTS FOR THE YEAR 2007

Accounts

The Appendix of Tables is published separately on Danmarks Nationalbank's website, www.nationalbanken.dk.

REPORT AND ACCOUNTS 2007 At the meeting of the Board of Directors held on 12 March 2008 the Board of Governors will submit Danmarks Nationalbank's Report and Accounts 2007 for adoption on the recommen­dation of the Committee of Directors. This Report is based on information available up to 29 February 2008. The small picture on the front cover shows a detail from the fairy tale coin "the Nightingale", the fifth and final coin in that series. The motif was designed by the sculptor Professor Torben Ebbesen. 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. 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 2007 is also available on request from:       Danmarks Nationalbank       Communications       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: kommunikation@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