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"continued from the previous page"
Notes on the accounts for 1998
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1998
kr. '000 |
1997
kr. '000 |
Accounting policies
The accounts for 1998 have been prepared in accordance with the same accounting policies as in the previous year, with the exception of the reclassification of individual items of the profit and loss account and the balance sheet, and the inclusion of value adjustments in the profit from financial items. The comparative figures have been adjusted. The reclassification does not affect the profit for the year or the value of assets and liabilities. |
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| Gold is entered at the price quoted at the year's last gold fixing in London. |
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| Assets and liabilities in foreign exchange are entered at the official exchange rates and the market prices prevailing at year-end. |
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| Bonds and shares. The bond portfolio is entered at the official market prices quoted at year-end. Shares are entered at kr. 1 per shareholding. The estimated value at year-end of the share portfolio is kr. 0.9 billion. |
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| Properties, machinery and equipment are entered as expenditure in the year of acquisition. At the most recent official public assessment the banks' properties were valued at kr. 652 million. |
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| Note |
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| 1 |
Interest on loans etc. |
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Interest on loans to domestic banks |
1,454,884 |
1,051,484 |
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Interest on loans to other borrowers |
223,503 |
300,103 |
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1,678,387 |
1,351,587 |
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| 2 |
Interest on deposits, etc. and certificates of deposit |
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Interest on deposits from domestic banks |
211,511 |
137,034 |
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Interest on the central government's deposits |
2,045,415 |
1,270,655 |
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Interest to other depositors, etc. |
137,609 |
64,217 |
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Interest on certificates of deposit |
1,964,671 |
2,108,994 |
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4,359,206 |
3,580,900 |
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| 3 |
Value adjustment of bonds and shares, etc.
This includes sales proceeds of kr. 251.6 million on the sale of one half of the bank's shareholding in Finance for Danish Industry. |
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| 4 |
Other income from ordinary operations
The amount concerns kr. 55.3 million received on the dissolution of the War Risk Cargo Insurance for Danish Ships and reimbursement of VAT for previous years of kr. 12.4 million. |
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| 5 |
Administrative expenses |
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Fees and salaries |
170,930 |
166,724 |
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Indirect staff expenses, including contributions to staff pension schemes |
43,894 |
37,659 |
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Purchases of machinery and equipment |
28,298 |
14,998 |
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Real property, current expenses |
31,194 |
30,630 |
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Data processing and expenses incidental to the Securities Centre |
59,341 |
31,022 |
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Other expenses |
42,587 |
46,788 |
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376,244 |
327,821 |
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| 6 |
Expenses incidental to the note production |
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Fees and salaries |
36,206 |
37,982 |
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Indirect staff expenses, including contributions to staff pension schemes |
8,331 |
7,524 |
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Purchases of paper and materials |
17,338 |
7,529 |
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Purchases of machinery and equipment |
3,346 |
7,975 |
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Real property, current expenses |
9,330 |
9,105 |
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Other expenses |
7,252 |
8,007 |
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81,803 |
78,122 |
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| 7 |
Expenses incidental to The Royal Mint |
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Expenses |
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Fees and salaries |
5,907 |
7,874 |
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Indirect staff expenses |
1,312 |
1,771 |
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Purchases of metal, blanks and materials |
17,053 |
10,269 |
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Purchases of machinery and equipment |
1,188 |
319 |
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Real property, current expenses |
1,463 |
2,892 |
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Other expenses |
860 |
1,537 |
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27,783 |
24,662 |
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Receipts |
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Sales of metal |
917 |
2,310 |
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Sales of coin sets and medals |
2,166 |
1,474 |
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Other receipts |
553 |
159 |
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3,636 |
3,943 |
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Net expenses |
24,147 |
20,719 |
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| 8 |
Claims on the IMF including SDR holdings |
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Denmark's IMF quota |
9,605,348 |
9,856,347 |
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The IMF's holdings of Danish kroner |
2,483,765 |
5,545,608 |
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Reserve position with the IMF |
7,121,583 |
4,310,739 |
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Holdings of previous SDR allocations in the IMF |
2,208,221 |
2,291,311 |
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9,329,804 |
6,602,050 |
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| 9 |
Loans, etc. |
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Banks |
37,151,167 |
31,650,599 |
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Other borrowers |
3,074,147 |
5,465,000 |
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40,225,314 |
37,115,599 |
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| 10 |
Other assets
This amount includes outstanding interest of kr. 2,372 million (1997: kr. 2,491 million). |
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| 11 |
Deposits, etc. |
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Banks |
17,076,412 |
28,551,107 |
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Other depositors |
4,154,204 |
5,311,671 |
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21,230,616 |
33,862,778 |
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| 12 |
Off-balance-sheet items
Other liabilities include unsettled purchases on forward terms of kr. 74,534 million (1997: kr. 57,537
million). |
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Audit reports and adoption by the board of directors
Danmarks Nationalbank
Copenhagen, February 15, 1999
Bodil Nyboe Andersen Torben Nielsen Jens Thomsen /Henrik Larsen, Chief Accountant
Report of the internal audit
We have audited the annual accounts of Danmarks Nationalbank for the year 1998 presented by the Management.
Basis of opinion
We have conducted the audit on the basis of the Danmarks Nationalbank Act and Danmarks Nationalbank's By-Laws and in accordance with the auditing standards generally accepted in Denmark.
Based on an evaluation of materiality and risk we have assessed whether the Bank's procedures and internal control systems provide adequate security, just as we have tested the basis and documentation for the amounts and other information presented in the annual accounts. This included an assessment of the applied accounting policies and the accounting estimates made, as well as an assessment of the adequacy of the information presented in the annual accounts.
The audit has not resulted in any qualifications.
Opinion
In our opinion the annual accounts have been prepared in accordance with the Danmarks Nationalbank Act and Danmarks Nationalbank's By-Laws and reflect the income and expenses for the year and the assets and liabilities as at December 31, 1998.
Copenhagen, February 15, 1999
Geert E. Petersen, Acting Chief Auditor
Report of the external auditors
As auditors appointed by the Royal Bank Commissioner we have audited the annual accounts for the year ended December 31, 1998 of Danmarks Nationalbank.
Basis of opinion
We planned and conducted our audit in continuation of the audit performed by the Bank's internal audit and in accordance with the auditing standards generally accepted in Denmark to obtain reasonable assurance that the annual accounts are free of material misstatements. Based on an evaluation of materiality and risk, we have tested the basis and documentation for the amounts and disclosures in the annual accounts. Our audit included an assessment of the accounting policies applied and estimates made. In addition we have evaluated the overall adequacy of the presentation of information in the annual accounts.
Our audit has not resulted in any qualifications.
Opinion
In our opinion the annual accounts have been prepared in accordance with the Danmarks Nationalbank Act and Danmarks Nationalbank's By-Laws and reflect the income and expenses for the year and the assets and liabilities as at December 31, 1998.
Copenhagen, February 15, 1999
Sv. Ørjan Jensen, State-Authorized Public Accountant John Gath, State-Autorized Public Accountant
These accounts, audited in the manner prescribed by the By-Laws of Danmarks Nationalbank, are hereby adopted by the Board of Directors.
Copenhagen, March 18, 1999
Hans E. Zeuthen Helle Bechgaard Michael Dithmer
Jacob Buksti Pia Christmas-Møller Uffe Ellemann-Jensen Jørgen Estrup Bent le Fèvre
Knud Koch Jensen Jette W. Knudsen Kjeld Larsen Jes Lunde Harry Nicolaisen B. Frank Nielsen
Kirsten Nielsen Karsten Olsen Jan Petersen Anders Fogh Rasmussen Erik B. Rasmussen
Jens Rostrup-Nielsen Gitte Seeberg Kirsten Stallknecht Helge Sørensen Finn Thorgrimson Margit Vognsen
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