Press releases

28 NOVEMBER 2005: SLOVAKIA JOINS ERM II

With effect from 28 November 2005, Slovakia joined the EU's exchange rate mechanism, ERM II.

Danmarks Nationalbank welcomes the new participant in ERM II.

The central rate and fluctuation bands of the new currency has been fixed vis-à-vis the euro and are stated in press releases from the EU and the ECB. The press releases from the ECB are available a t www.Nationalbanken.dk under Monetary Policy/Exchange Rate Mechanism/ERM II. The entry of the new member state will not entail any changes in the central rate, fluctuation band and other terms and conditions for the Danish krone in ERM II.

1 DECEMBER 2005: INTEREST-RATE INCREASE

The discount rate and the interest-rate on the banks' current accounts with the Nationalbank are raised by 0.25 per cent to 2.25 per cent. The Nationalbank's lending rate and the rate of interest on certificates of deposit are raised by 0.25 per cent to 2.40 per cent. The increase will have effect as from 2 December 2005.

The interest-rate increase is a consequence of the raising by the European Central Bank of the minimum bid rate on the main refinancing operations by 0.25 per cent to 2.25 per cent.

1 FEBRUARY 2006: NEW TOWER COIN WITH GRÅSTEN PALACE

On 15 February 2006, Danmarks Nationalbank issues a new tower coin with the Bell Tower of Gråsten Palace as its motif. This is the eighth in the series of tower coins, of which the first was issued in 2002.

The motif for the new tower coin is designed by the sculptor and graphic artist Sys Hindsbo.

Can be used as an ordinary 20-krone coin
The Gråsten Palace coin is issued in an edition of 1.2 million. The tower coin, which bears a portrait of the Queen on the obverse, can be used as an ordinary 20-krone coin.

Different parts of Denmark
On selecting the towers for the coin series, importance has been attached to choosing towers with different functions from different regions of Denmark. This is evident from the list of towers, which – besides the Bell Tower of Gråsten Palace – includes Nólsoy Lighthouse in the Faroe Islands, Landet Church on the island of Tåsinge, Svaneke Water Tower on Bornholm, the Goose Tower in Vordingborg, Christiansborg Palace Tower, the Old Copenhagen Stock Exchange (Børsen) and Aarhus City Hall Tower.

Series to be completed in 2007
The next tower coin is expected to be issued in the autumn of 2006, and the last of the 10 coins in 2007.

Photo gallery
Pictures of this and earlier tower coins can be downloaded from www.nationalbanken.dk – Press room, Photogallery.

16 FEBRUARY 2006: COIN SET FOR CHILDREN

On 28 February 2006, Danmarks Nationalbank for the first time issues a coin set especially for children.

The coin set unfolds like a picture book, from the stag on the front cover to the medal's happy little beetle with antlers and a crown. The motifs are inspired by animals of the forest and drawn in an imaginative style by the illustrator Cato Thau-Jensen.

Silver medal with space for a child's name
On the inside of the coin set, there is space for such information as a child's name, date of birth and christening date. A child's name can be engraved on the silver medal. It is up to the buyer of the coin set to arrange this, as Danmarks Nationalbank does not provide this service.

Besides the medal, the coin set comprises Denmark's coin series, i.e. 25- and 50-øre coins and 1-, 2-, 5-, 10- and 20-krone coins minted in 2006. This year's coin set for children is issued in a maximum edition of 10,000.

The coin set is on sale from 28 February 2006
The recommended retail price is kr. 250.00. The coin set can be purchased from banks, coin dealers, gold and silver smiths, and from Danmarks Nationalbank, Banking Services, Havnegade 5, DK-1093 Copenhagen K. The opening hours are Monday-Friday from 10.00 a.m. to 1.00 p.m.

Information and pictures, etc.
Pictures of the coin set can be downloaded from www.nationalbanken.dk under Press room, Photogallery, and details are available under Notes and coins, Coin set.

17 FEBRUARY 2006: INTEREST-RATE INCREASE

With effect from 17 February 2006 the lending rate and the rate of interest for certificates of deposit are raised from 2.40 per cent to 2.50 per cent. The discount rate and the rate of interest on banks' current accounts with Danmarks Nationalbank are unchanged at 2.25 per cent.

The increase by 10 basis points is due to an outflow of foreign exchange in February, among other things as a result of Danish institutional investors' purchase of foreign shares and other securities. In accordance with the fixed-exchange-rate policy Danmarks Nationalbank has intervened to support the krone. The interest-rate increase is intended to make placements in kroner more advantageous. Danmarks Nationalbank emphasises that the outflow of capital does not reflect a weakening of the Danish economy.