Organisation and Tasks of Danmarks Nationalbank

At the end of 2005 Danmarks Nationalbank had 552 employees, equivalent to 516 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 2005.

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 2006 is shown in Box 15. Changes in the Board of Directors are stated in the press releases on p. 137-138.

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 2006 is shown in Box 16.

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. Mr Nils Bernstein succeeded Ms Bodil Nyboe Andersen, who retired at the end of October 2005.^[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 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 on p. 94. 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 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. 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, 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 2005, Danmarks Nationalbank had 552 employees, equivalent to 516 full-time positions. Employees in part-time positions constituted 13 per cent of the staff.

Danmarks Nationalbank employed 24 student assistants at the close of 2005, most of whom were pursuing studies in economics. In addition, 3 employees are preparing PhDs. The bank also employs 4 apprentices within the areas of clerical work, media graphics and structural carpentry.

The proportion of employees who are immigrants or descendents thereof from non-western countries^[2] is 2.2 per cent. The highest percentages are seen in the staff groups academic staff (0.9 per cent) and IT/clerical staff (0.9 per cent).

In 2005, the staff turnover rate was 13 per cent^[3], cf. Table 8 . A total of 55 new employees joined the bank, while 72 left in 2005. One third of the latter group left as a result of restructuring of work processes and staff reduction at the Banknote Printing Works in 2004. By far the majority of those who left did so voluntarily or under a severance scheme.

The staffing structure of Danmarks Nationalbank has changed in recent years, and the proportion of academic staff has risen substantially, cf. Table 9. The changed staffing structure reflects ongoing rationalisation among non-academic staff groups, as well as the fact, as seen in other business enterprises, that work tasks have become increasingly complex and thus require a higher level of education. The group of female academics with more than five years' seniority is growing. Among the academic staff, 32 per cent are women.

Overall, women accounted for 43 per cent of the staff in 2005. The proportion of women has been declining slightly in recent years, which may be attributable to ongoing rationalisation of clerical staff and bank staff, which are the areas where most women have traditionally been employed. The proportion of women in managerial positions^[4] is 12 per cent, while 8 per cent of senior managers^[5] are women.

Seniority and the average age of employees fell by 0.5 years in 2005. The average seniority is 12.9 years, and the average age is 42.2 years. At approximately 20 per cent, the proportion of employees with at least 25 years' seniority remains high. For employees in senior managerial positions, the average age is 50.5 years, and their average seniority at the bank is 21.4 years.

Staff development and education
Great importance is attached to the ongoing professional and personal development of the staff. This is achieved via the day-to-day work, internal and external courses, further and supplementary education (e.g. the graduate diploma in business administration), internal job rotation and various leave-of-absence schemes, including leave to work for international financial organisations.

The bank's expenditure on education was kr. 10.6 million in 2005, which is an increase by kr. 1.7 million compared with the preceding year. Overall, it is equivalent to 4.3 per cent of the payroll costs in 2005. Educational spending was distributed on approximately 75 per cent of the staff^[6].

For courses held during working hours, the average employee participated in 2.2 courses with a total duration of approximately five course days.

25 employees changed jobs in 2005 after applying for posts advertised internally. At the close of the year, 12 employees had taken leave to work for international financial organisations.

In 2005, Danmarks Nationalbank began to apply Assessment Center as an employee development tool with a view to assessing the managerial potential of certain employees. External consultants undertake the assessments, which conclude with a personal report for the employee, and possibly subsequent coaching sessions with an HR consultant.

Recruitment
In 2005, 26 external job advertisements^[7] were posted, resulting in 750 applications, 99 interviews with candidates and 40 profile tests for 37 positions filled. Candidates for temporary positions, including jobs as student assistants, are not required to take tests. Compared to 2004, there were fewer applicants for by and large the same number of vacancies. The lower number of applicants is, inter alia, attributable to the fact that Danmarks Nationalbank employed an external recruitment agency to fill some positions.

In 2005, Danmarks Nationalbank participated in several career fairs as part of its stronger, targeted effort to recruit new staff from relevant fields of further and higher education and from relevant educational institutions.

Absence due to illness
In 2005, absence due to illness was an average of 7.7 days per staff member, which is an increase compared to 2004 (7.1 days). The rise is primarily attributable to a few cases of long-term illness. If these cases are disregarded, absence due to illness has declined from 6.1 days to 5.8 days per staff member.

Salary and employment conditions
In 2005, Danmarks Nationalbank negotiated the collective agreements with the Staff Association of Danmarks Nationalbank, which comprises most of the bank's employees, and with senior managers. The agreements run for three years and are subject to negotiation in 2008. Among other things, the collective agreement with the Staff Association allows for individual agreements with certain staff groups concerning general allowances instead of timesheet entry, as well as the option for all employees to conclude agreements on salary packages (gross salary schemes) regarding ADSL and telephony.

Internal rules for purchase and sale of financial shares
As from 1 April 2005, the governors and senior managers of Danmarks Nationalbank, as well as employees in departments that may have 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. By internal agreement, the governors have observed this prohibition since 1996.

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.

A major 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 lectures in this category increased from 31 in 2000 to 116 in 2005. More than 3,000 people thus attended lectures at Danmarks Nationalbank in 2005.

OTHER INITIATIVES IN 2005

Renovation of the roof of Danmarks Nationalbank
At the beginning of 2005, Danmarks Nationalbank called for tenders for the ongoing task of renovating the roof of Danmarks Nationalbank. The project is expected to be completed in mid-2006.

Conference on communication within ERM II for the new EU member states
In September 2005, Danmarks Nationalbank held a conference for the new EU member states in order to share experience regarding communication within ERM II. Danmarks Nationalbank has extensive experience of sharing information and communicating within the framework of the fixed-exchange-rate policy. The conference included a review of Danmarks Nationalbank's communication policy vis-à-vis the press, market participants and the general public. Latvia and Hungary also contributed presentations concerning their communication policy.

Workshop on securities lending
In November 2005, Danmarks Nationalbank held a workshop on securities lending for representatives of 15 central banks, who discussed theoretical, practical and operational issues. Danmarks Nationalbank uses securities lending on a short-term basis in its management of the foreign-exchange reserve.

Danmarks Nationalbank issued "Payment Systems in Denmark"
In July 2005, Danmarks Nationalbank issued the publication "Payment Systems in Denmark". Danmarks Nationalbank oversees payment and securities settlement systems of importance to financial stability and considers it important to make available a comprehensive description of the systems and the payments infrastructure.

The publication contains a general description of payment and settlement systems and the role of central banks in this context. Danmarks Nationalbank's role in relation to payment systems and the Danish payments infrastructure is described in detail, while selected international payment and settlement systems are presented on a more general basis. Finally, Danmarks Nationalbank's oversight of important payment and settlement systems is described.

Financial sector continuity
Danmarks Nationalbank and the Danish Financial Supervisory Authority have conducted an initial analysis of the need for continuity planning for the financial sector in Denmark. Such planning will be aimed at increasing the resilience of the sector so that the sector as such will be able to continue critical business processes after an operational incident. Focus will therefore be on services that are time critical, involve large sums of money and are of significant importance to behaviour in the financial markets. Financial sector continuity planning does not replace the financial enterprises' own business continuity planning. Danmarks Nationalbank will undertake coordination of the ongoing work.

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. The Board of Representatives of Danish Ship Finance and the Committee of Directors of Danmarks Nationalbank approved the agreement, and the necessary legislative amendment has been adopted by the Folketing (Parliament).

Danmarks Nationalbank purchased shares in Danish Ship Finance A/S for nominally kr. 63 million at a market value of kr. 231 million. These shares cannot be sold for at least five years. See the press release on pp. 149-150.

Danmarks Nationalbank's sale of shares in Grønlandsbanken
At the beginning of 2005, Danmarks Nationalbank sold its entire shareholding in Grønlandsbanken A/S to the Greenland Home Rule, cf. the stock-exchange announcement of 20 January 2005. The transferred shareholding constituted 13.7 per cent of the share capital of Grønlandsbanken A/S. The Danish Financial Supervisory Authority approved the Greenland Home Rule as the purchaser of the shares. The ownership and voting rights relating to the shares therefore passed to the Greenland Home Rule on 15 February 2005. See the press release on pp. 150.

Danmarks Nationalbank's sale of shares in Bella Center
In April 2005, Danmarks Nationalbank sold its shares in Bella Center A/S. At the same time, three other large shareholders – the Danish government, Danske Bank and Nordea – sold their shares.

Danmarks Nationalbank had been a shareholder of Bella Center A/S since its foundation in July 1964. At that time it was seen as an important task for society to establish an exhibition centre in the vicinity of Copenhagen, and Danmarks Nationalbank therefore subscribed to shares for nominally kr. 1 million, equivalent to approximately 11 per cent of the share capital of Bella Center A/S. After a number of subsequent capital injections, Danmarks Nationalbank's nominal shareholding at the beginning of 2005 was kr. 17.3 million, constituting 13.3 per cent of the total share capital.

The reasons for selling Danmarks Nationalbank's shares included that ownership of an exhibition and conference centre is not deemed to be a natural part of Danmarks Nationalbank's activities, and that the Danish Ministry of Finance wished to sell the government's shares.

Acquisition of Dankort A/S and PBS International by PBS
On 1 December 2005, PBS Holding A/S, in which Danmarks Nationalbank holds an interest of 17.7 per cent of the shares, acquired Dankort A/S. The latter company, which was established in 2001, acquired the rights to the Dankort (debit card) and the role of administrator of the rules and licences.

In addition, PBS Holding A/S has acquired the shares of PBS In-ternational as from 1 January 2006. The primary activity of this company is to sell acceptance agreements for a number of international payment cards. PBS International was established in 2003 in con-nection with a demerger of PBS into a number of independent companies.

REPRESENTATION ON COMMITTEES, ETC.

As of 1 March 2006 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 , 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 and PBS A/S
  Governor Torben Nielsen is a member of the Board of Directors, and Kristian Kjeldsen, 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). Niels Bartholdy, Head of Division, is an alternate member (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 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)
• 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 Nils Bernstein

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, Assistant Head of Division
• Legal Committee
  Kirsten Rohde Jensen , Head of Division
• Monetary Policy Committee
  Anders Møller Christensen , Assistant Governor
• Information Technology Committee
  Søren Lundsby Hansen , Head of IT, and Johan Sebastian Gabel , Ad-viser
• Eurosystem/ESCB 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
  Tage Heering , Head of Division
• Statistics Committee
  Jens Dalsgaard , Head of Statistics, and Tom Christensen, Assistant Head of Division

The International Monetary Fund, IMF

• Board of Governors
  Governor Nils Bernstein is a 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 Charlotte Hougaard Møller, Head of Section, 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)

DANMARKS NATIONALBANK'S ANNIVERSARY FOUNDATION OF 1968

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 2005.

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

On 1 March 2006, the Board of the Foundation comprised former Governor Bodil Nyboe Andersen (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. Danmarks Nationalbank's Committee of Directors has appointed Governor Nils Bernstein as new Chairman of the Foundation as from 1 April 2006. He replaces Bodil Nyboe Andersen, who retires from the Board of the Foundation.

The Board meets four times a year to award grants. In 2005, 1,250 applications were considered and 177 grants totalling kr. 4.9 million were awarded.

In October 2005 the Foundation awarded an honorary grant of kr. 100,000 to the designer Ole Palsby in connection with the opening of an exhibition at the Danish Museum of Art and Design.

DANMARKS NATIONALBANK'S 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. In 2005 the guest apartments were allocated to nine 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 2005 the Board of the Erik Hoffmeyer Travel Grant Foundation awarded two travel grants of kr. 35,000 each to editor, PhD Lasse Horne Kjældgaard, the Society for Danish Language and Literature, and to the glass artist Armen Georgens.

The Erik Hoffmeyer Travel Grant Foundation was established by the Board of Directors of Danmarks Nationalbank in 1995 as a tribute to former governor 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.