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"Report and Accounts for the Year 1997"



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Table 6
Factors affecting the banks' net position with the Nationalbank

 

Central-government finance

Net
purchase of
foreign
exchange
by the
National-
bank4) 5)

The
National-
bank's net bond
purchases5)

Other
factors6)

The banks' net position
with the Nationalbank

Domestic
gross
financing
require-
ment1)

Sales of
central-
government
securities (-)2)

Liquidity
effect3)

Change

End of
period

Kr. billion

1988

95.1

- 94.7

0.4

18.8

- 0.1

3.1

22.2

4.6

1989

112.2

- 108.7

3.6

- 23.0

- 0.3

- 2.9

- 22.6

- 18.0

1990

105.0

- 101.8

3.2

16.0

2.0

- 4.4

16.7

- 1.3

1991

106.3

- 114.4

- 8.0

7.5

12.0

4.2

15.7

14.4

1992

126.3

- 124.8

1.5

- 20.7

- 11.8

2.0

- 29.1

- 14.7

1993

119.2

- 120.9

- 1.6

- 32.5

6.9

- 4.8

- 32.1

- 46.8

1994

119.8

- 119.6

0.2

19.5

1.6

- 1.9

19.4

- 27.4

1995

138.8

- 137.2

1.6

32.9

- 7.2

- 8.4

18.9

- 8.5

1996

94.7

- 96.0

- 1.2

25.9

- 0.1

- 3.9

20.6

12.1

1997

73.8

- 73.0

0.8

43.2

- 1.5

- 4.3

38.2

50.3

1996 Jan.

14.7

- 9.3

5.4

11.9

0.1

1.7

19.1

10.6

Feb.

1.1

- 11.6

- 10.5

1.7

- 0.3

- 0.3

- 9.4

1.2

March

5.3

- 20.7

- 15.5

12.8

0.8

2.8

0.9

2.1

April

21.4

- 3.5

18.0

11.0

- 0.3

- 2.1

26.6

28.7

May

- 17.0

- 4.9

- 21.9

- 5.0

- 0.1

- 0.5

- 27.5

1.2

June

14.9

- 14.3

0.6

- 4.1

- 0.1

- 0.8

- 4.5

- 3.3

July

14.2

7.0

21.2

- 3.9

- 0.6

0.4

17.2

13.9

Aug.

- 2.3

- 11.1

- 13.4

- 4.4

0.4

- 1.1

- 18.5

- 4.6

Sept.

11.0

- 15.0

- 4.0

5.7

0.2

0.6

2.5

- 2.1

Oct.

22.9

0.3

23.2

4.7

0.0

- 0.4

27.5

25.4

Nov.

- 1.2

- 11.0

- 12.2

- 3.7

0.6

- 2.3

- 17.5

7.9

Dec.

9.9

- 2.0

7.9

- 0.9

- 0.7

- 2.0

4.2

12.1

1997 Jan.

14.9

- 12.3

2.6

13.2

- 0.5

1.8

17.1

29.2

Feb.

- 5.2

- 14.1

- 19.3

- 0.6

0.5

1.8

- 17.6

11.6

March

5.3

- 6.4

- 1.1

- 3.6

0.1

1.0

- 3.7

8.0

April

24.6

1.6

26.2

7.3

- 0.3

- 0.4

32.8

40.8

May

- 15.8

- 13.0

- 28.8

7.2

0.4

- 0.4

- 21.5

19.3

June

16.2

- 11.1

5.1

0.8

- 0.4

- 0.7

4.9

24.1

July

15.2

5.8

21.0

2.8

- 1.0

- 1.5

21.3

45.5

Aug.

- 1.4

- 7.3

- 8.8

- 0.3

1.3

0.3

- 7.5

37.9

Sept.

13.4

- 14.8

- 1.4

6.3

- 0.3

- 0.7

3.8

41.8

Oct.

20.8

7.8

28.6

6.6

- 0.7

- 1.3

33.1

74.9

Nov.

- 27.6

- 7.1

- 34.7

3.6

0.4

- 1.9

- 32.7

42.2

Dec.

13.5

- 2.0

11.4

- 0.1

- 1.0

- 2.2

8.1

50.3

1) Excluding redemption of foreign government loans and purchase of ECU bonds. See also the note to Table 4.
2) Gross sales of central-government bonds and Treasury notes and net sales of Treasury bills.
3) Reduction of the central government's account with the Nationalbank increased by the central government's net borrowing abroad and the central government's net sales of ECU bonds.
4) Change in the foreign-exchange reserve excluding the central government's net borrowing abroad and the central government's net sales of ECU bonds.
5) Excluding the Nationalbank's trading in ECU bonds.
6) Including inter alia changes in note and coin circulation, changes in the Nationalbank's accounts with the Danish Export Finance Corporation and the Kingdom of Denmark Mortgage Bank and until end-1991 fluctuations in Post Giro funds.




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Version 1.0 May 1998 Nationalbanken.
Published by Danmarks Nationalbank May 1998, http://www.nationalbanken.dk