Organisation and Tasks of Danmarks Nationalbank

At the end of 2006 Danmarks Nationalbank employed a staff of 552 in 15 different departments.

Danmarks Nationalbank has a number of objectives and values, which are the guidelines for its day-to-day activities.

Danmarks Nationalbank is represented on a number of committees and in a number of international organisations.

DANMARKS NATIONALBANK's OBJECTIVES AND VALUES

Danmarks Nationalbank has a number of objectives and values, which are the guidelines for its day-to-day activities. Both the objectives and the values have been drawn up in close cooperation between management and employees, and they form the basis for the individual departments' work on objectives and action plans. No changes were made to the objectives and values in 2006.

Objectives
The overall objectives of Danmarks Nationalbank as an independent and credible institution are:

• To ensure a stable krone.
• To ensure efficient and secure production and distribution of banknotes and coins of high quality.
• To contribute to efficiency and stability in the payment and clearing systems and in the financial markets.
• To act as banker to the central government.
• To prepare reliable and relevant financial statistics.
• To prepare and communicate credible standpoints on economic and financial issues with relation to Danmarks Nationalbank's objectives.
• To maintain its financial strength by means of consolidation and risk management.

Values

• While safeguarding its traditions, Danmarks Nationalbank shall actively renew itself and adapt to trends in society and to the requirements of the surrounding world. Danmarks Nationalbank shall protect its credibility by not only displaying professional competence, managerial skills and sound judgement, but also by maintaining an organisation which lives up to the principles Danmarks Nationalbank considers to be significant to society's development: efficiency, cost awareness and readiness for change. Focusing on its primary tasks, on an ongoing basis Danmarks Nationalbank shall set priorities for its work.
  In brief: We shall display professional competence and exert sound judgement, and ourselves live up to the principles we consider to be important to society.
• Danmarks Nationalbank shall be an attractive workplace capable of attracting, motivating and retaining well-qualified employees and offering them working conditions which ensure balance between work and leisure. Key qualifications are initiative, commitment, adaptability and a willingness and ability to cooperate across professional barriers, and with other areas of the organisation. All employees must have the necessary training and/or education to handle their tasks. It is a joint responsibility to ensure that everyone is trained and developed in preparation for new tasks.
  In brief: It is important to Danmarks Nationalbank that all employees display professional competence, show initiative and an ability to cooperate, and can adapt to change.
• Danmarks Nationalbank shall be service-oriented in terms of both the external relations of line functions, and the internal relations of staff functions with the rest of the bank. Teamwork and project work within each unit and between departments is encouraged. In cooperation with the employees, managers shall set priorities for tasks, define targets and ensure the necessary responsibility sharing and communication, thereby limiting the need for detailed supervision. This gives employees the widest possible scope to define their own working methods, solve tasks and take decisions themselves to the greatest extent possible.
  In brief: Managers shall motivate employees, set priorities, delegate responsibility and encourage teamwork.
• Danmarks Nationalbank's relations with the financial sector are based on market-oriented solutions, and the costs to the sector and to Danmarks Nationalbank must be weighed against the value to society of the system or requirement. The underlying principle for systems and requirements relating to the credit institutions shall be equal treatment irrespective of size, geographical location and national affiliation.
  In brief: Relations with the financial sector shall be based on market-oriented solutions and relevance to society.
• In relations with public authorities and players in the financial system, and in international cooperation, Danmarks Nationalbank shall seek influence and express attitudes which are in line with Danmarks Nationalbank's objectives. In relations with the public Danmarks Nationalbank shall, via the media and otherwise, ensure an understanding of the decisions relating to Danmarks Nationalbank's own tasks. With regard to financial conditions or economic policy in general, Danmarks Nationalbank shall comment on these issues if they are of material importance to its implementation of monetary and foreign-exchange policy, or to the efficiency and stability of the financial markets.
  In brief: Danmarks Nationalbank shall participate actively in national and international cooperation and shall communicate its policies in a clear and transparent way.

DANMARKS NATIONALBANK's MANAGEMENT AND ORGANISATION

Danmarks Nationalbank is a self-governing institution with a Board of Directors, a Committee of Directors and a Board of Governors. The Board of Directors elects the Committee of Directors. Professor Hans E. Zeuthen has been Chairman of the Committee of Directors since 1991. The Board of Governors is charged with the day-to-day management of Danmarks Nationalbank.

Board of Directors
The Board of Directors has 25 members, of whom eight are elected by the Folketing (Parliament) from among its members, and two are appointed by the Minister for Economic and Business Affairs, who is the Royal Bank Commissioner.

The other 15 members, who must have in-depth knowledge of business conditions, are elected by the Board of Directors and should represent different geographical areas and professions, including wage-earners. Meetings are normally held once in each quarter. The Board of Directors has organisational tasks and must approve the annual accounts. Box 10 presents the Board of Directors as of 1 March 2007.

The Committee of Directors
The Committee of Directors has seven members. The two members of the Board of Directors appointed by the Minister for Economic and Business Affairs are permanent members. On the election of the other five members of the Committee of Directors, it is customary for the Board of Directors to elect two MPs representing the government and the opposition parties, respectively. The Committee of Directors usually meets ten times a year. Box 11 presents the Committee of Directors as of 1 March 2007.

The Board of Governors
The Board of Governors has three members. The governors are charged with the day-to-day management of Danmarks Nationalbank and hold sole 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 two other 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.

Auditors
The Minister for Economic and Business Affairs appoints two state-authorised public accountants as the external auditors of Danmarks Nationalbank for one year at a time. State-Authorised Public Accountant Mr Svend Ørjan Jensen and State-Authorised Public Accountant Ms Mona Blønd have been reappointed until 31 March 2007.

DEPARTMENTS

Danmarks Nationalbank has 15 departments, cf. the organisation chart. The tasks of the individual departments are as follows:

• Accounting manages and monitors the accounts of customers (credit institutions, the central government, central banks, etc.) and the settlement of payments in the financial sector. It undertakes settlement and bookkeeping of transactions concerning Danmarks Nationalbank's foreign-exchange and bond portfolios, and the central-government debt. It also undertakes Danmarks Nationalbank's payroll administration and prepares its accounts, budgets and statistical reporting.
  Government Debt Accounting undertakes bookkeeping and control of domestic and foreign government debt, as well as the Social Pension Fund, on behalf of the Ministry of Finance. In addition, it prepares financial statements of the development in and distribution of central-government debt, as well as the size of current payments.
• Banking Services supplies banknotes to the banks in Denmark, in the Faroe Islands and in Greenland. This takes place via cash depots established by agreement with banks. Worn banknotes are returned to Banking Services for control of authenticity and destruction.
• The Banknote Printing Works manufactures Danish and Faroese banknotes, and is thus responsible for the design of the banknotes, the production of printing plates and ink, and the actual printing of the banknotes, as well as quality control, cutting out and packaging. The Banknote Printing Works also participates in international cooperation on improving the security of banknotes.
• Economics analyses monetary and foreign-exchange policy issues as well as macroeconomic development in Denmark, the EU and other industrialised countries. The department undertakes research in these areas. The economic model of the Danish economy, " Mona" , has been developed by the department for analysis of inter alia cyclical trends. Economics edits Danmarks Nationalbank's quarterly Monetary Review.
• Facility Services is responsible for the administration and maintenance of Danmarks Nationalbank's properties and for internal services.
• Financial Markets' responsibilities are managing, monitoring and analysing Danmarks Nationalbank's portfolios, assessing and analysing the development in the financial sector and in financial stability in Denmark, and preparing outline strategies and analyses of government debt policy. Financial Markets publishes Danish Government Borrowing and Debt and Financial Stability.
• Internal Audit undertakes the audit of Danmarks Nationalbank's procedures, internal control environment and control measures, IT use and risk-management procedures. In cooperation with the appointed external auditors, it audits Danmarks Nationalbank's annual accounts. In addition, it audits Danmarks Nationalbank's Pension Fund subject to winding up and various foundations. Finally, in cooperation with the National Audit Office of Denmark it also audits the Guarantee Fund for Depositors and Investors, the Social Pension Fund, the High-Technology Foundation, the Financing Fund and government debt management.
• International Relations is responsible for relations with international economic-policy organisations, including the European Central Bank, ECB, and the International Monetary Fund, IMF. It prepares analyses and positions, and prepares for/participates in international meetings. It also handles general EU legal issues, especially in relation to the ECB.
• IT is responsible for the use of IT at Danmarks Nationalbank, including its IT strategy. The tasks include operation and development of Danmarks Nationalbank's LAN, application development, and the purchasing and management of Danmarks Nationalbank's hardware and software. IT also handles Danmarks Nationalbank's relations with Bankernes EDB Central, BEC.
• Market Operations undertakes tasks relating to monitoring and analysis of market developments, e.g. the implementation of foreign-exchange, monetary and liquidity policy, including intervention in the foreign-exchange and money markets. It is responsible for the administration of Danmarks Nationalbank's portfolios, comprising the foreign-exchange reserve and the bond portfolio. In connection with the implementation of government debt policy, it undertakes domestic and foreign borrowing for the central government.
• Payment Systems handles policy issues relating to payment systems, including securities settlement. It cooperates with owners and operators of the Danish retail payment and settlement systems and monitors these systems. It also develops and maintains Danmarks Nationalbank's payment system for large krone- and euro-denominated payments.
• Personnel and Organisation is responsible for personnel policy and staff and organisational development, the planning of security measures, issues relating to operational risk, internal control procedures, supervision and contingency plans for business continuity, as well as coordination of the annual budget and planning process.
• The Royal Mint manufactures Danish coins and supplies banks in Denmark, the Faroe Islands and Greenland with coins. In addition to ordinary coins in circulation, commemorative coins, thematic coins, coin sets and medals are also manufactured.
• The Secretariat undertakes general secretariat functions for the Board of Governors, the Committee of Directors and the Board of Directors and is responsible for external and internal communication, including relations with the press, and Danmarks Nationalbank's website, intranet and lectures, as well as responses to general external enquiries. The Secretariat also comprises Danmarks Nationalbank's central archives and library. The Secretariat also handles general legal issues and edits Danmarks Nationalbank's Report and Accounts.
• Statistics compiles, prepares and distributes financial statistics, including statistics for the financial sector, financial sector accounts, compilation of the financial items of the balance of payments and Denmark's foreign debt and direct investments. Statistics are published electronically via the Internet.

STAFF

Staffing structure
At the close of 2006, Danmarks Nationalbank had 550 employees, equivalent to 515 full-time positions. Employees in part-time positions constituted 14 per cent of the staff.

The staffing structure reflects that Danmarks Nationalbank is both a knowledge organisation and a production enterprise, and the staff's educational backgrounds range from economics, law, banking, IT and engineering to clerical and manual crafts and trades.

The staffing structure has changed in recent years, and staff with an academic background now account for a significantly higher proportion than before, cf. Table 9. This is because the work tasks have become increasingly complex, as seen in other business enterprises.

Macroeconomists account for the largest share of the group of academic staff.

Danmarks Nationalbank contributes to establishing student positions in areas where this is possible, and the number of clerical and craft apprenticeships increased in 2006. A number of PhD scholarships are also offered, and they likewise increased in number in 2006.

The number of female and male staff is by and large the same. The average age is 42, and the average seniority is 13 years, which is unchanged from 2005. The proportion of women in senior managerial positions^[1] is 16 per cent, while women account for 6 per cent of the senior manager group^[2], cf. Chart 29.

Staff development and education
Danmarks Nationalbank attaches importance to the staff's professional and personal development. All staff, whatever their educational background, must be well-prepared for new challenges and tasks both now and in the future.

Professional and personal development are mainly achieved via the day-to-day work, further and supplementary education, and via the internal job rotation scheme, which is particularly relevant for the departments with economists on their staff. 24 employees changed jobs in 2006 after applying for posts advertised internally.

Further and supplementary education comprises both external and internal courses and longer courses of education such as the graduate diploma in business administration. In addition to professional courses, personal development courses are also offered.

Danmarks Nationalbank's expenditure on education was kr. 10.2 million in 2006, which is unchanged from the level in 2005 and equivalent to just over 4 per cent of payroll costs in 2006.

Other opportunities for professional and personal development are presented by working for international institutions for shorter or longer periods of time. At end-2006, 13 employees had taken leave of absence for this purpose.

In 2006 a new management assessment system and an updated concept for staff development interviews were developed. The new systems will be implemented in 2007.

Recruitment
The staff turnover rate was 13 per cent in 2006, which is the same relatively high level as in 2005. This tendency is expected to continue, so that the challenge for Danmarks Nationalbank in the coming years is to attract and retain the right employees in an increasingly more competitive labour market.

In general, there were fewer applications for vacancies in 2006, and it has taken longer to fill the vacancies. On the other hand, the newly-appointed employees have experienced the overall recruitment process, which also includes profile tests, as rapid and effective. Most of the positions advertised have been for academic staff, and even though fewer applications for vacant positions have been received than previously, it has still been possible to appoint well-qualified candidates.

Danmarks Nationalbank initiated a more active recruitment drive in 2006 as part of a stronger, targeted effort to recruit new staff from relevant fields of further and higher education and from relevant educational institutions. In 2006 Danmarks Nationalbank thus participated in several careers fairs.

Absence due to illness
In 2006 absence due to illness was an average of 7.0 days per staff member, which is a decrease by 0.7 day compared to 2005. Absence due to illness excluding long-term illness^[3] was 5.7 days per staff member in 2006, compared to 5.9 days in 2005.

Salary and employment conditions
All staff – apart from the staff of the Banknote Printing Works – and heads of department of Danmarks Nationalbank are subject to collective agreements with Danmarks Nationalbank, the Staff Association of Danmarks Nationalbank and the senior manager group. The collective agreements run for three years, currently the period 2005-08, and are based on the terms and conditions in the financial sector.

The staff of the Banknote Printing Works are subject to a collective agreement between Danmarks Nationalbank and HK/Medie og Kommunikation (the union of commercial and clerical employees). The collective agreement runs for three years, currently the period 2004-07.

OPERATION AND MANAGEMENT

More stringent control of expenditure
One of Danmarks Nationalbank's fundamental aims is to undertake its tasks as efficiently and economically as possible.

Like most other business enterprises, Danmarks Nationalbank conducts an annual budget and planning process. During this process the Board of Governors approves the individual departments' budgets and action plans for the coming year. At the same time a number of ongoing managerial issues and decisions are reviewed.  

The purpose of the planning round is managerial consideration of new development areas, and the best possible coordination of development initiatives on the basis of the available financial and other resources.

As from the budget for 2007 Danmarks Nationalbank switched from a budget determined on the basis of approved action plans to a pre-determined budget framework. For 2007 a real zero-growth budget has been determined.

Use of IT
Danmarks Nationalbank has decided to transfer the IT operational and development tasks that are today undertaken by the internal IT department to an external provider. The background is that in the longer term Danmarks Nationalbank will find it difficult to cover the competence areas that are necessary to ensure stable and reliable operation of Danmarks Nationalbank's IT systems without the continued addition of staff to the IT area.

In view of its unchanged tasks and responsibilities, Danmarks Nationalbank's objective is not to increase its total number of staff. On this basis, it is assessed that in the long term it is in the best interests of Danmarks Nationalbank to purchase the services today provided by the IT department from external providers.

The transfer of the operational and development tasks will take place under a restructed EU invitation to tender. The invitation to tender is expected to be completed at the beginning of 2008 and the final transfer of operations is expected to take place in mid-2008.

DANMARKS NATIONALBANK's BUILDINGS

Danmarks Nationalbank is domiciled in a unique building at Havnegade 5 in Copenhagen designed by the architect Arne Jacobsen and built in 1965-78. Danmarks Nationalbank also has a building with offices in Niels Juels Gade and reception rooms and guest apartments at Nyhavn 18. Furthermore, Danmarks Nationalbank owns The Royal Mint in Brøndby, south of Copenhagen.

Building projects
Again in 2006, several renovation and maintenance projects were undertaken. Renovation of part of the roof of the Danmarks Nationalbank building was completed and the roof covering replaced. At the same time, some technical rooms and offices were renovated and the air extraction system replaced. Up to 2012 the ventilation plant will be renovated in order to modernise the climate control system.

All functions at Havnegade
During 2007/08 Danmarks Nationalbank will gather all employees in the Havnegade building. This entails relocation of the staff of IT, Accounting, Internal Audit, and Government Debt Bookkeeping that today have offices in Danmarks Nationalbank's building in Niels Juels Gade. The reorganisation of procedures and recent years' reduction of staff numbers mean that there are vacant premises in the Havnegade building and these premises will now be refurbished to provide new offices.

After the relocation the building in Niels Juels Gade will be leased out.

Relocation of museum
In 2006 Danmarks Nationalbank was contacted by the Industrial Museum in Horsens, which intended to establish a Danish money museum with, among other things, a large collection of objects from the former Savings Bank Museum. It was decided that the Danmarks Nationalbank Museum would be a good supplement to this collection and Danmarks Nationalbank therefore accepted the offer to move its museum to Horsens. The relocation date has not yet been determined.

Danmarks Nationalbank's museum houses objects from the old Nationalbank building. Since 2002 the museum has been open for groups of visitors. The old Nationalbank building was demolished in 1976 to make room for the present larger Danmarks Nationalbank building.

LECTURES

Lectures are an important part of Danmarks Nationalbank's targeted and proactive strategy to communicate its policies and tasks. The governors and senior managers give lectures at different venues in Denmark and in connection with events at Danmarks Nationalbank.

In addition, many lectures are given at Danmarks Nationalbank by a lecture team of younger employees. The main target group is students in upper secondary school and at commercial colleges with some knowledge of economics, since Danmarks Nationalbank wishes to stimulate their interest in economics and increase familiarity with the tasks of Danmarks Nationalbank. The number of these lectures has increased steadily in recent years. In 2006, lectures at Danmarks Nationalbank were attended by approximately 4,000 people at 112 different events.

REPRESENTATION ON COMMITTEES, ETC.

As of 1 March 2007 Danmarks Nationalbank is represented on the following committees, etc.:

• Bankernes EDB Central (BEC)
  Governor Torben Nielsen is an observer on the Board of Directors.
• Danish Ship Finance A/S
  Governor Jens Thomsen is a member of the Board of Directors.
• The Financial Business Council
  Governor Jens Thomsen is a member, and Jens Lundager, Head of Division, is an alternate member.
• The Economic Council
  Governor Jens Thomsen is a member.
• The Danish Securities Council
  Hugo Frey Jensen, Director, is a member, and Birgitte Bundgaard Mad-sen, Adviser, is an alternate member.
• Industriens Realkreditfond
  Danmarks Nationalbank has appointed Professor Michael Møller to the Board of Directors.
• PBS Holding A/S and PBS A/S
  Governor Torben Nielsen is a member of the Board of Directors. Karsten Biltoft, Head of Division, is an alternate member.
• Managing Committee for the Social Pension Fund
  Ove Sten Jensen, Head of Division, is a member.
• VP Securities Services
  Governor Torben Nielsen is the Vice Chairman of the Board of Directors.

REPRESENTATION IN INTERNATIONAL ORGANISATIONS

As part of the international foreign-exchange and monetary-policy cooperation Danmarks Nationalbank participates in a number of committees, sub-committees and working groups, of which the most significant are:

The European Union, EU

• The Committee of European Banking Supervisors
  Jens Lundager, Head of Division (with Flemming Nytoft Rasmussen, Deputy Director, Financial Supervisory Authority).
• The Economic and Financial Committee
  Governor Jens Thomsen (with Per Callesen, Deputy Secretary, Ministry of Finance).
  Gitte Wallin Pedersen, Adviser, is an alternate member (with Steen Lohmann Poulsen, Head of Division, Ministry of Finance).
• The Economic Policy Committee
  Niels Bartholdy, Head of Division, is an alternate member of the Committee (with Martin Jørgensen, Chief Adviser, Ministry of Finance. Niels Kleis Frederiksen, Head of Division, Ministry of Finance and Birgitte Anker, Head of Division, Ministry of Economic and Business Affairs, are members).
• Economic and Financial Committee Group on EU Government Bills and Bonds
  Governor Jens Thomsen is Chairman, and Ove Sten Jensen, Head of Division, is a member (with Michael Wiemann, Head of Section, Ministry of Finance).
• EFC Sub-Committee on IMF and related issues (SCIMF)
  Kai Aaen Hansen, Director, (with Nathalie Tuxen, Adviser, Ministry of Finance).
• The Working Group of Mint Directors
  Hans Denkov, Head of the Royal Mint.

The European Central Bank, ECB

• The General Council
  Governor Nils Bernstein.

Danmarks Nationalbank participates in the following ECB committees to the extent that EU central banks outside the euro area have access:

• Banking Supervision Committee
  Hugo Frey Jensen, Director, (with Flemming Nytoft Rasmussen, Deputy Director, Financial Supervisory Authority).
• Payments Systems Committee
  Kristian Kjeldsen, Head of Division, and Allan Damm, Assistant Head of Division.
• Legal Committee
  Kirsten Rohde Jensen, Adviser.
• Monetary Policy Committee
  Anders Møller Christensen, Assistant Governor.
• Information Technology Committee
  Tom Wagener, Head of Division and Johan Sebastian Gabel, Adviser.
• External Communications Committee
  Karsten Biltoft, Head of Division, and Winnie Jakobsen, Head of Division.
• International Relations Committee
  Governor Jens Thomsen and Kai Aaen Hansen, Director.
• Market Operations Committee
  Frank Nielsen, Head of Division.
• Accounting Committee
  Henrik Larsen, Director, and Lisbeth Sundin, Assistant Head of Division.
• Internal Auditors Committee
  Jan Birkedal, Chief Audit Executive, and Brian Skovbo Hansen, Adviser.
• Banknote Committee
  Lars Gerrild Sørensen, Head of Division.
• Statistics Committee
  Bent Christiansen, Head of Division and Steen Ejerskov, Adviser.

The International Monetary Fund, IMF

• Board of Governors
  Governor Nils Bernstein is the Danish member. (Christian Kettel Thomsen, Permanent Secretary, Ministry of Finance, is an alternate member).
• The Nordic/Baltic Monetary and Financial Committee
  Governor Jens Thomsen (with Per Callesen, Deputy Secretary, Ministry of Finance).
  Gitte Wallin Pedersen, Adviser, is a member of the Group of Alternate Members (with Nathalie Tuxen, Adviser, Ministry of Finance).

Organisation for Economic Cooperation and Development, OECD

• The Economic Policy Committee
  Governor Jens Thomsen (with Per Callesen, Deputy Secretary, Ministry of Finance and Ulrik Nødgaard, Deputy Permanent Secretary, Ministry of Economic and Business Affairs).
• Working Party on Government Debt Management
  Ove Sten Jensen, Head of Division, is Chairman.

FOUNDATIONS AND GUEST APARTMENTS

Danmarks Nationalbank supports Danish culture, development and research via the Danmarks Nationalbank Anniversary Foundation, the Erik Hoffmeyer Travel Grant Foundation and the guest apartments at Nyhavn 18.

The Danmarks Nationalbank Anniversary Foundation
Danmarks Nationalbank's Anniversary Foundation was established in connection with the bank's 150th anniversary in 1968, when kr. 15 million was given to the Foundation. This sum has been supplemented several times, and the accumulated capital, which is placed in bonds, amounted to kr. 85 million at the end of 2006.

The Foundation primarily supports decorative art, architecture and design, but also music, dance and theatre. When considering applications, the Board of the Foundation attaches importance to quality as well as support for new and future-oriented artistic projects.

In 2006, the Board of the Foundation comprised Governor Nils Bernstein (Chairman), Professor Hans E. Zeuthen (Deputy Chairman), the architect Merete Ahnfeldt-Mollerup, the ceramic artist Karen Bennicke, director Lars Eskesen, and Karoline Prien Kjeldsen, Permanent Secretary, the Danish Ministry of Culture.

The Board meets four times a year to award grants. In 2006, 1,075 applications were considered and 171 grants totalling kr. 5.2 million were awarded.

In October 2006 the Anniversary Foundation awarded honorary grants of kr. 100,000 kr. to the designer Jens H. Quistgaard and the silversmith Claus Bjerring for their significant contributions to design and decorative art both in Denmark and abroad. In connection with the awards there was an exhibition of the works of the recipients of the grants in the lobby of the Danmarks Nationalbank building. 

The Erik Hoffmeyer Travel Grant Foundation
In 2006 the Board of the Erik Hoffmeyer Travel Grant Foundation awarded two travel grants of kr. 25,000 each to Thomas Busch, PhD student, MSc (Econ) and the actor Zdravko Milanovic.

The Erik Hoffmeyer Travel Grant Foundation was established by the Board of Directors of Danmarks Nationalbank in 1995 as a tribute to Mr Erik Hoffmeyer for 30 years' outstanding service as Chairman of Danmarks Nationalbank's Board of Governors. The objective of the Foundation is to support the further development of individuals that have made a special contribution to social studies or music. One portion of the grant is predominantly given to someone that has come to Denmark as a refugee or is descended from refugees.

The Board of the Travel Grant Foundation comprises Professor Hans E. Zeuthen (Chairman), former Governor Erik Hoffmeyer and former Chief Rabbi Bent Melchior.

Guest apartments at Nyhavn 18
Danmarks Nationalbank has seven guest apartments at Nyhavn 18 which are made available to foreign scientists and artists. Residence in the guest apartments is free and granted for periods of three to twelve months. The purpose is for the visitors to contribute inspiration to Danish research and artist environments through lectures, research or by other means. In 2006 the guest apartments were allocated to nine visitors.

The guest apartments are allocated on the advice of a committee. In 2006 Professor Ole Feldbæk, Chairman of the committee since 1994, resigned and was succeeded as a member of the committee by Professor Frans Gregersen. The new chairman is Professor Søren-Peter Fuchs Olesen. Dr Else Marie Bukdahl is also a member of the committee.