Organisation and Tasks of Danmarks Nationalbank

Staff

At the close of 2008, Danmarks Nationalbank had 543 employees, equivalent to 505 full-time positions. Employees in part-time positions constituted 14 per cent of the staff.

The proportion of staff with an academic background has been rising in recent years, cf. Table 3, mainly because bank staff has been replaced by academic staff and because production has been streamlined.

In 2008, Danmarks Nationalbank increased the number of appren ticeships to eight positions within five different areas. It also offered five PhD scholarships and four traineeships. At year-end, 11 employees were on leave to work for international institutions. Five employees were on short-term leave to work at the ECB during the year. Furthermore, a position as financial attaché in Beijing was established in 2008.

Absence due to illness averaged 7.2 days per staff member, which is the same as in 2007.

Recruitment and staff turnover
Staff turnover in 2008 was 16 per cent, which is in line with the level in the previous year. This figure masks heavy staff turnover, 21 per cent, in the 1st half of the year, while in the 2nd half the turnover rate halved.

There has been a special need to recruit staff for the IT department as Danmarks Nationalbank had to abandon its plans to outsource IT tasks in 2007.

Security clearance of employees
On account of the threat scenario in 2008, Danmarks Nationalbank found it necessary to tighten and update security clearance procedures for a large group of existing employees.

Collective bargaining
In 2008, Danmarks Nationalbank negotiated and signed 3-year collective agreements with the Staff Association of Danmarks Nationalbank, which comprises most of the bank's employees, and with senior managers. These agreements reflect the results of the bargaining in the financial sector.

Reduced budget framework for fees and salaries
In the period 2008-12, Danmarks Nationalbank's total remuneration pool will be reduced by an average of 2 per cent p.a. compared with what it would otherwise have been.

Danmarks Nationalbank's buildings

In 2008, Danmarks Nationalbank began to go through its building with a view to identifying energy savings opportunities. This process is expected to be completed during 2009.

Management and organisation
Danmarks Nationalbank is a self-governing institution managed by a Board of Directors, a Committee of Directors and a Board of Governors. Mr Søren Bjerre-Nielsen, Group President, is Chairman of the Committee of Directors and the Board of Directors.

The Board of Governors has three members. The three governors are charged with the day-to-day management of Danmarks Nationalbank and hold full responsibility for the formulation and ongoing adjustment of monetary policy. As Governor by Royal Appointment Mr Nils Bernstein is Chairman of the Board of Governors. The other two members, who are appointed by the Board of Directors on the recommendation of the Committee of Directors, are Mr Torben Nielsen and Mr Jens Thomsen.

The Royal Bank Commissioner is the formal link between the Government and Danmarks Nationalbank. The Minister for Economic and Business Affairs, Ms Lene Espersen, is the Royal Bank Commissioner.

Representation of the Board of Governors on committees, in international organisations, etc.

As of 1 March 2009, the Board of Governors is represented on the following committees:

• Bankernes EDB Central
  Governor Torben Nielsen is an observer on the Board of Directors.

• Danish Ship Finance
  Governor Jens Thomsen is the Vice Chairman of the Board of Directors.

• The Financial Business Council
  Governor Jens Thomsen is a member.

• The Economic Council
  Governor Jens Thomsen is a member.

• PBS Holding A/S and PBS A/S
  Governor Torben Nielsen is a member of the Board of Directors.

• VP Lux S.à r.l.
  Governor Torben Nielsen is the Chairman of the Board of Directors.

• VP Securities A/S
  Governor Torben Nielsen is the Vice Chairman of the Board of Directors.

The European Union, EU

• The Economic and Financial Committee
  Governor Jens Thomsen is a member.

• Economic and Financial Committee Group on EU Government Bonds and Bills markets
  Governor Jens Thomsen is the Chairman.

The European Central Bank, ECB

• The General Council
  Governor Nils Bernstein is a member.

• International Relations Committee
  Governor Jens Thomsen is a member.

The International Monetary Fund, IMF

• Board of Governors
  Governor Nils Bernstein is the Danish member.

• The Nordic/Baltic Monetary and Financial Committee
  Governor Jens Thomsen is a member.

Organisation for Economic Cooperation and Development, OECD

• The Economic Policy Committee
  Governor Jens Thomsen is a member.

Organisation chart 1 March 2009