New Terms and Conditions for Accounts

On 4 April 2003 Danmarks Nationalbank made a number of changes to its terms and conditions for accounts. These terms and conditions constitute the formal basis for access to and use of accounts, credit facilities and pledging of collateral at Danmarks Nationalbank.

The changes mainly relate to the introduction of terms and conditions for accounts in connection with the Scandinavian Cash Pool (SCP). SCP is a user-financed scheme whereby account holders with Danmarks Nationalbank, Sveriges Riksbank and Norges Bank can obtain intra-day loans by pledging deposits with another Scandinavian central bank as collateral. SCP loan accounts can be used by current-account holders wishing to gain access to intra-day loans in Danish kroner from Danmarks Nationalbank against collateral in the form of currency deposits with Sveriges Riksbank or Norges Bank. SCP Pledged Collateral Accounts can be used by current-account holders who require access to loans from Sveriges Riksbank or Norges Bank against collateral in deposits in Danish kroner with Danmarks Nationalbank.

In addition, the changes concern the specification of current-account holders' obligation to empty pledged Yield Accounts, and of Danmarks Nationalbank's access to immediate realisation of current-account holders' collateral in connection with non-coverage of intra-day loans on current accounts.

The terms and conditions for accounts can be viewed at Danmarks Nationalbank's website www.nationalbanken.dk under "Rules".