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Monthly distribution of government payments
Danmarks Nationalbank prepares and publishes forecasts of government payments distributed on a monthly basis. Four forecasts are published regarding the fiscal year. The monthly breakdowns are based on the Ministry of Finance's estimate of government finances, published in
The Budget Proposal (August)
The Budget (December)
Budget Outlook 1 (May)
Budget Outlook 2 (August)
Moreover, the Ministry of Finance publishes Budget Outlook 3 (December), but Danmarks Nationalbank publishes no monthly breakdown based on Budget Outlook 3, as there is less than one month left of the current fiscal year at the time of publication. Based on the Ministry of Finance's estimate of government finances, the major items are allocated to different months according to payment patterns in previous years as well as details of changes in due dates for payments, e.g. as a consequence of new legislation.
The monthly distribution for 2010 is based on The Budget for 2010 including the postponement of payment periods of A-tax and Labour market contribution.
Day-to-day distribution of government payments
On the basis of Danmarks Nationalbank's monthly distribution of government payments a forecast of the daily distribution of government payments is prepared. The purpose is to estimate the liquidity requirements of monetary-policy counterparties. The daily distribution is issued on the penultimate banking day of each month and contains a prognosis of the daily distribution of government payments, as well as Danmarks Nationalbank's planned purchase and sale of certificates of deposit for the following two months.
The day-to-day distribution includes the postponement of payment periods of A-tax and Labour market contribution.
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