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 German clearing account
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During the German occupation of Denmark the country's monetary system was strongly affected by the enforcement of an obligation to finance the occupying power. This financing was via payments from Danmarks Nationalbank, which found it important that Danish means of payment be used. The result was an exceptionally large increase in the money supply. Danmarks Nationalbank's payments were made against the central government gurantee.
Danmarks Nationalbank's financing of payments to the German government during the occupation years of 1940-45 took place via two accounts. They were included in Danmarks Nationalbank's balance sheet under assets as "Clearing accounts with abroad" and "Sundry debtors". On capitulation the first-mentioned account amounted to approximately kr. 2,900 million. Most of Denmark's other payments for German account were, on the other hand, via the "occupation account", i.e. Danmarks Nationalbank's account for "Hauptverwaltung der Reichkreditkassen, Berlin". The occupation account increased even more strongly than the clearing account. On capitulation Danmarks Nationalbank's outstanding on this account was approximately kr. 5,000 billion.
After liberation the central-government guarantee meant that Germany's debt to Danmarks Nationalbank could be transferred in its entirety to the central government's adjustment account at an amount of kr. 7,611 million.
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