Organisation and Tasks of Danmarks Nationalbank
At the end of 2004 Danmarks Nationalbank had 569 employees, equivalent to 536 full-time positions.
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 2004.
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
The Royal Bank Commissioner
The Royal Bank Commissioner is the formal link between the Government and Danmarks Nationalbank. The Minister for Economic and Business Affairs Mr Bendt Bendtsen is the Royal Bank Commissioner.
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. The Board of Directors of Danmarks Nationalbank as of 1 March 2005 is shown in Box 12. Changes in the Board of Directors are stated in the press releases on p. 138-139.
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Box 12
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| 1 A new member is to be elected by the Folketing (Parliament) to replace Rikke Hvilshøj who withdrew on 18 February 2005 on her appointment as Minister. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. The Committee of Directors of Danmarks Nationalbank as of 1 March 2005 is shown in Box 13.
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Box 13
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Chairman: Hans E. Zeuthen, Professor Elected by the Board of Directors for the period ending 31 March 2005: Appointed by the Minister for Economic and Business Affairs |
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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 Ms Bodil Nyboe Andersen is Chairman of the Board of Governors.[1]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 accounts as the external auditors of Danmarks Nationalbank. State-Authorised Public Accountant Mr Svend Ørjan Jensen has been re-appointed and State-Authorised Public Accountant Ms Mona Blønd has been appointed for a year from 1 April 2005. State-Authorised Public Accountant Mr Bjarne Fabienke retires as an external auditor as of 31 March 2005.
Danmarks Nationalbank has 15 departments, cf. the organisation chart on p. 96. 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.
- 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 annual accounts, procedures, IT use and internal control, including Danmarks Nationalbank's Pension Fund subject to winding-up and various foundations, in cooperation with the appointed external auditors. It also audits the Guarantee Fund for Depositors and Investors, the Social Pension Fund and the government debt management in cooperation with the National Audit Office of Denmark.
- International Relations is responsible for relations with international economicpolicy organisations, including the European Central Bank, ECB, and the International Monetary Fund, IMF.
- IT isresponsibleforthe use of IT at Danmarks Nationalbank, including its IT strategy. The tasks include operation and development of Danmarks Nationalbank's LAN, application development, and 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 the daytoday administration of Danmarks Nationalbank's foreignexchange policy and monetary and liquidity policy, including intervention in the foreignexchange and money markets. It is responsible for the administration of Danmarks Nationalbank's bond portfolio and the foreign-exchange reserve. On behalf of the Ministry of Finance 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, collective agreements and personnel administration. In addition, it handles issues relating to operational risk assessments, internal control procedures, security and contingency plans for continuance of normal business, as well as Danmarks Nationalbank's budgeting and planning procedures.
- 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. The Information Desk responds to general external enquiries. The Secretariat also comprises Danmarks Nationalbank's central archives and library. Legal Affairs handles general legal issues, including EU law. The Secretariat edits Danmarks Nationalbank's Report and Accounts.
- Statistics compiles and prepares financial statistics, including statistics for the financial sector, financial sector accounts, information for use in the 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.
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STAFF
Staffing structure
At the close of 2004 Danmarks Nationalbank had 569 employees, equivalent to 536 full-time positions since 68 employees (12 per cent) are employed part-time. In 2004 the staff turnover rate was 10.4 per cent, compared to 6.7 per cent in 2003. A total of 44 new employees joined the bank, and 59 left, of whom 20 retired, while 2 employees died during the year.
At 31 per cent, the proportion of academic staff is still increasing, cf. Table 10. 43 per cent of the staff are women. The proportion of women in managerial positions[2] is 13 per cent. Among the academic staff, 33 per cent are women.
Employees with a Master's degree in economics (cand.polit. or cand.oecon.) constitute 67 per cent of employees with a Master's degree. Other economics graduates, and graduates in engineering and law, make up respectively 14, 7 and 6 per cent of employees with a Master's degree. Eight employees hold PhDs, and two are doing PhDs. Among bank staff, 29 per cent have graduate diplomas in business administration (HD).
The employees' average seniority was 13.4 years in 2004. The seniority of the individual staff groups is shown in Chart 28.
| NUMBER OF EMPLOYEES BY SENIORITY AND STAFF GROUPS |
Chart 28
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Staff development and education
Great importance is attached to the ongoing professional and personal development of the staff. This is the joint responsibility of the management and the employees, and is achieved via the day-to-day work, further and supplementary education and training, as well as via internal job rotation. A key element in staff development is the annual employee appraisal interviews. In 2004 the concept for the individual appraisal reviews was revised, and material for group appraisal interviews was developed.
Danmarks Nationalbank encourages its employees to work for international institutions or in other departments within the bank. At the close of the year, 9 employees had taken leave to work for international institutions, and 26 employees changed jobs in 2004 after applying for posts advertised internally.
The bank's expenditure on courses and supplementary training was kr. 8.9 million in 2004, which is kr. 0.9 million lower than in 2003. The expenditure is equivalent to 3.5 per cent of the payroll costs. Just over half the expenditure is devoted to the professional development of the staff related to their day-to-day work. The remainder is devoted to managerial courses and language courses, as well as personal development courses and education outside working hours, e.g. the graduate diploma in business administration.
More and more courses are professional courses held by internal instructors. During the year additional internal instructors were trained.
Management development
As part of Danmarks Nationalbank's manager assessment system, a programme involving the manager and an external coach has been introduced.
Recruitment
In 2004 profile testing of candidates was introduced as part of the recruitment process, and a course in interview techniques was introduced for staff that recruit new employees. 25 external job advertisements were posted in 2004[3], resulting in 804 applications, 84 interviews with candidates and 45 tests for 31 positions. Tests are not used for filling temporary positions, including jobs as student assistants.
Absence due to illness
In 2004 absence due to illness was an average of 7.1 days per employee compared to 6.0 days in 2003. Absence due to illness is still a focus area.
Restructuring of the Banknote Printing Works
Due to the restructuring of work processes at the Banknote Printing works, the number of employees has been reduced by 22, equivalent to 1/3. In this connection Danmarks Nationalbank concluded severance agreements with a large number of these employees.
Salary and employment conditions
In the spring of 2004, Danmarks Nationalbank renegotiated the collective agreement for employees of the Banknote Printing Works. The agreement, concluded between Danmarks Nationalbank and the private employment section of the Union of Commercial and Clerical Employees in Denmark (HK/Privat), applies for a period of three years.
With a view to renegotiation of the collective agreement for other staff, except senior managers, Danmarks Nationalbank and the Staff Association of Danmarks Nationalbank have started negotiations relating to the collective agreement, which expires in 2005. The managers' agreement will also be subject to renegotiation in 2005.
OTHER INITIATIVES IN 2004
ERM II seminar for the central banks of the new EU member states
In January 2004, Danmarks Nationalbank held a seminar for the central banks of the new EU member states on ERM II, which these countries must join before they can adopt the euro. Denmark has long-standing experience of conducting economic policy under a fixed-exchange-rate regime. The purpose of the seminar was to share this experience with the central banks of the new EU member states. The seminar addressed, inter alia, the framework for the fixed-exchange-rate policy and the practical day-to-day implementation of monetary and foreign-exchange policy. Danmarks Nationalbank also exchanges ERM II experience with the new EU member states on an ongoing basis.
New rules for control of employees of Danmarks Nationalbank
As from 1 July 2004, Danmarks Nationalbank's senior managers and governors are subject to new guidelines for control in relation to compliance with the anti-speculation rules.
Purchase and sale of financial shares by employees of Danmarks Nationalbank
As from 1 April 2005, the governors and senior managers of Danmarks Nationalbank, as well as employees in departments with access to market-sensitive information, may not on their own account trade in shares issued by institutions subject to the supervision of the Danish Financial Supervisory Authority.
Renovation of the lobby
The reception and information desk area in the lobby of the Danmarks Nationalbank building is being renovated. The project started in October 2004 and is expected to be completed in the spring of 2005. After the renovations, visitors to Danmarks Nationalbank will be received in the reception area immediately after they enter the lobby. The lobby is also used for exhibitions, e.g. the Anniversary Foundation's exhibitions of works by artists who have received grants.
Financial Management at Danmarks Nationalbank
In January 2004, Danmarks Nationalbank published Financial Management at Danmarks Nationalbank. The book describes the principles and methods applied by Danmarks Nationalbank in connection with the management of the foreign-exchange reserve and Danmarks Nationalbank's other portfolios.
Restructuring of Danish Ship Finance as a limited liability company
On 17 January 2005, Danish Ship Finance, the Danish Ministry of Economic and Business Affairs and Danmarks Nationalbank concluded an agreement on the restructuring of Danish Ship Finance as a limited liability company, cf. the press releases on page 152-153.
Since the establishment of Danish Ship Finance in 1961, Danmarks Nationalbank has been one of its guarantors. Until 1984, Danish Ship Finance made a profit in connection with borrowers' prepayments of interest-subsidised loans. This profit would have accrued to the government if the latter itself had handled these lending activities. Consequently, the parties have agreed that Danmarks Nationalbank and the Danish government will receive a total of kr. 1,610 million in connection with the restructuring of Danish Ship Finance as a limited liability company.
Like the other guarantors, Danmarks Nationalbank will acquire shares in the limited liability company. Danmarks Nationalbank purchases shares for nominal kr. 63 million at a market value of kr. 231 million. These shares cannot be sold for at least five years. The agreement is subject to the Folketing (Parliament) adopting the necessary legislation. The Board of Representatives of Danish Ship Finance and the Committee of Directors of Danmarks Nationalbank have approved the agreement.
Sale of shares in Grønlandsbanken to the Greenland Home Rule
On 20 January 2005, Danmarks Nationalbank concluded an agreement with the Greenland Home Rule on the sale of Danmarks Nationalbank's entire shareholding in Grønlandsbanken. The shareholding transferred constitutes 13.7 per cent of the share capital of Grønlandsbanken, and the agreed purchase sum is kr. 89 million. The Danish Financial Supervisory Authority has approved the Home Rule's acquisition of the shares. See the press releases on page 153-154.
Danmarks Nationalbank has been a shareholder of Grønlandsbanken since its foundation in 1967, when Danmarks Nationalbank subscribed to 1/3 of the share capital. At that time the establishment of a bank in Greenland was considered an important task for society.
Since its foundation, the intention has been for Grønlandsbanken gradually to pass over to Greenlandic ownership. It is not normally the role of Danmarks Nationalbank to be a co-owner of private banks. Therefore, Danmarks Nationalbank has gradually reduced its ownership interest over the years.
REPRESENTATION ON COMMITTEES, ETC.
As of 1 March 2005 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
Governor Jens Thomsen is a member of the Board of Directors and the Board of Representatives. Danmarks Nationalbank has appointed Trade Union President Thorkild E. Jensen and Professor Michael Møller to the Board of Representatives - 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, Head of Financial Markets, is a member, and Birgitte Bundgaard Madsen, Adviser, is an alternate member - Industriens Realkreditfond
Danmarks Nationalbank has appointed Professor Michael Møller to the Board of Directors - PBS Holding A/S
Governor Torben Nielsen is a member of the Board of Directors. - 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
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)
Niels Bartholdy, Head of Division, is an alternate member of the Committee (with Steen Lohmann Poulsen, Head of Division, Ministry of Finance). - The Economic Policy Committee
Christian Ølgaard, Head of Division, is an alternate member of the Committee (with Niels Kleis Frederiksen, Head of Division, Ministry of Finance). Helge Sigurd Næss‑Schmidt, Head of Division, Ministry of Finance, and Ulrik Nødgaard, Deputy Permanent Secretary, 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 Sean Hove, Head of Section, Ministry of Finance) - The Working Group of Mint Directors
Laust Grove, General Manager, the Royal Mint, and Johanne Dinesen Riishøj, Head of Section
The European Central Bank, ECB
- The General Council
Governor Bodil Nyboe Andersen.
Danmarks Nationalbank participates partly in the following ECB committees where EU central banks outside the euro area have access:
- Banking Supervision Committee
Hugo Frey Jensen, Head of Financial Markets (with Flemming Nytoft Rasmussen, Deputy Director, Financial Supervisory Authority) - Payments Systems Committee
Kristian Kjeldsen, Head of Division, and Allan Damm Christensen, Adviser - Legal Committee
Kirsten Rohde Jensen, Head of Division - Monetary Policy Committee
Anders Møller Christensen, Assistant Governor - Information Technology Committee
Søren Lundsby Hansen, Head of Information Technology, and Tom Wagener, Assistant Head of Division - External Communications Committee
Karsten Biltoft, Head of Secretariat, and Winnie Jakobsen, Head of Division - International Relations Committee
Governor Jens Thomsen and Kai Aaen Hansen, Director, Head of International Relations - 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 Auditor, and Brian Skovbo Hansen, Head of Section - Banknote Committee
Ejner Petersen, Director, General Manager, and Tage Heering, Head of Division - Statistics Committee
Jørgen Ovi, Assistant Governor, Head of Statistics
The International Monetary Fund, IMF
- Board of Governors
Governor Bodil Nyboe Andersen is a member. (Karsten Dybvad, 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 Steen Lohmann Poulsen, Head of Division, 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)
The primary purpose of Danmarks Nationalbank's Anniversary Foundation is to extend financial support to decorative art, architecture and design, although applications relating to music, dance and theatre are also taken into account. When considering applications, the Board of the Foundation attaches great importance to quality as well as support to new and future-oriented artistic projects.
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 paid-up capital, which is placed in bonds, amounted to kr. 85 million at the end of 2004.
On 1 March 2005 the Board of the Foundation comprised Governor Bodil Nyboe Andersen (Chairman), Professor Hans E. Zeuthen (Deputy Chairman), the architect Merete Ahnfeldt-Mollerup, the ceramist Karen Bennicke, the museum director Bodil Busk Laursen and the attorney-at-law Per Magid.
The Board meets four times a year to award grants. In 2004, 1,255 applications were considered and 192 grants totalling kr. 5.6 million were awarded.
In October 2004 the Foundation awarded two honorary grants of kr. 100,000 each to the goldsmith Torben Hardenberg and the designer Jan Machenhauer. In the summer of 2005 an exhibition of selected works by these two artists will be shown in the lobby of Danmarks Nationalbank.
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. In 2004 the guest apartments were allocated to 13 visitors.
The committee formed to advise on the allocation of the apartments consists of Professor Ole Feldbæk (Chairman), Dr. Else Marie Bukdahl and Professor Søren-Peter Fuchs Olesen.
THE ERIK HOFFMEYER TRAVEL GRANT FOUNDATION
In 2004 the Board of the Erik Hoffmeyer Travel Grant Foundation awarded two travel grants of kr. 35,000 each to Heino Bohn Nielsen, Assistant Professor, Department of Economics, University of Copenhagen, and Mahi Rahgozar, film cutter and director.
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 Board of the Travel Grant Foundation comprises Professor Hans E. Zeuthen (Chairman), former Governor Erik Hoffmeyer and former Chief Rabbi Bent Melchior.