Foreword

Danmarks Nationalbank is the central bank of Denmark. It was established in 1818 and has been a self-governing institution since 1936. The legal basis for Danmarks Nationalbank's activities is the Danmarks Nationalbank Act of 1936, according to which Danmarks Nationalbank's objective is to maintain a safe and secure currency system in Denmark, and to facilitate and regulate the traffic in money and the extension of credit. In its formulation of monetary policy Danmarks Nationalbank is independent of the Folketing (Parliament) and the Government.

The Report and Accounts of Danmarks Nationalbank comprise a presentation and description of Danmarks Nationalbank's Accounts for the year 2009 and the Report of the Board of Governors. The Report describes general developments in the Danish and international economy, monetary and foreign-exchange policies, international cooper ation and major activities during the year within Danmarks Nationalbank's other areas of operation and its organisation.

In 2009, the financial sector and the real economy were severely affected by the financial crisis, as will be evident from the Report of the Board of Governors and the Accounts. For further elaboration on economic and financial developments, reference is made to Danmarks Nationalbank's Monetary Reviews.

Copenhagen 3 March 2010

Nils Bernstein     Torben Nielsen       Jens Thomsen
Chairman