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"Report and Accounts 2001"

Accounts

for the Year 2001

Accounting policies

General
Danmarks Nationalbank's Accounts for the year 2001 are presented in accordance with the Danmarks Nationalbank Act and are approximated to the sound accounting policies for European central banks. Unrealised gains on foreign exchange and securities are still recognised in the profit and loss account, however.

With the exception of the adjustments described below, the accounting policies are unchanged from the previous year.

The comparative figures adjusted in accordance with the changes of principle show a reduction of the result for 2000 by t.kr. 25,404 and an increase in the net capital at 31 December 2000 by t.kr. 789,231.

Change of accounting policies

Shares, etc., comprise capital investments and equivalent investments previously stated at kr. 1 per item. Danmarks Nationalbank's capital investments and equivalent investments are now stated at acquisition value or market value at year-end, if assessed to be significantly lower.

The adjustment results in the write-up of shares, etc., at the beginning of the year 2000 by t.kr. 150,581, which is carried to the General Reserves.

Tangible fixed assets were previously recognised as expenditure in the year of acquisition. Danmarks Nationalbank's tangible fixed assets are now stated at acquisition value with addition of improvements and deduction of depreciation and amortisation. Assets with an acquisition value of less than kr. 100,000 are recognised as expenditure in the year of acquisition.

This change entails the write-up of tangible fixed assets by t.kr. 664,054 at the beginning of 2000, which is carried to the General Reserves.

Accounting policies:

Income and expenses are recognised in the profit and loss account for the period which they concern. Income and expenses in foreign exchange are converted at the exchange rates prevailing at the time that they are recorded in the accounts.

Premiums and discounts on Treasury bills and certificates of deposit, as well as forward premi­ums on forward securities and foreign-exchange contracts, are recognised as interest.

Both realised and unrealised gains and losses are recognised in the profit and loss account, with the exception of unrealised gains on fixed assets.

Gold is stated at market value on the balance-sheet date.

Assets and liabilities in foreign exchange, including forward contracts, are entered at the official exchange rates and securities market prices prevailing on the balance-sheet date. Swaps and futures are stated at market value.

Bonds, including forward contracts, are stated at market value at year-end.

Repurchase agreements, etc. Securities sold in connection with repurchase agreements, and gold and securities made available in lending facilities, are included in Danmarks Nationalbank's holdings.

Shares, etc., comprise capital investments and equivalent investments stated at acquisition value or market value at year-end, if significantly lower. Write-down to lower than acquisition value is recognised in the profit and loss account if it exceeds previous revaluations of the share. Revaluations are carried directly to net capital.

Tangible fixed assetsare stated at acquisition price less depreciation and amortisation. Assets with an acquisition value of less than kr. 100,000 are recognised as expenditure in the year of acquisition. Depreciation on a linear pro anno basis is made over the expected useful lives of the assets.

The useful lives are assessed as follows:

Bank properties .......................................................................... 100   years

Other properties ....................................................................... 25-50   years

Building improvements .................................................................. 25   years

Technical building facilities ....................................................... 10-25   years

Technical production facilities ..................................................... 5-10   years

Other machinery and equipment ................................................... 3-5   years

Profit and loss account for the year 2001

Pursuant to the Danmarks Nationalbank Act the profit for the year after allocations is payable to the central government.

        
Balance sheet as at 31 december 2001

Notes to the accounts for 2001

Signatures and audit reports

Danmarks Nationalbank

Copenhagen, 12 February  2002

Bodil Nyboe Andersen              Torben Nielsen              Jens Thomsen                                      /Henrik Larsen, Chief Accountant

Report of the internal audit
We have audited the annual accounts of Danmarks Nationalbank for the year 2001.

Basis of opinion
We have conducted the audit on the basis of the Danmarks Nationalbank Act and Danmarks Nationalbank's by-laws and in accordance with the auditing standards generally accepted in Denmark.

Based on an evaluation of materiality and risk, we have assessed whether Danmarks Nationalbank's procedures and internal control systems provide adequate security. We have tested the basis and documentation for the amounts and other information presented in the annual accounts. We have assessed the applied accounting policies and the accounting estimates made. In addition, we have evaluated the overall adequacy of the information presented in the annual accounts.

The audit has not resulted in any qualifications.

Opinion
In our opinion the annual accounts have been prepared in accordance with statutory regulations and give a true and fair view of the assets and liabilities, financial position and result of Danmarks Nationalbank.

Copenhagen, 12 February 2002                                                                     

Peter Jochimsen, Chief Auditor

Report of the external auditors
As auditors appointed by the Royal Bank Commissioner we have audited the annual accounts of Danmarks Nationalbank for the year 2001.

Basis of opinion
We have planned and conducted our audit in accordance with the auditing standards generally accepted in Denmark to obtain reasonable assurance that the annual accounts and the information on the accounts presented in the annual report are free of material misstatements. Based on an evaluation of materiality and risk, we have tested the basis and documentation for the amounts and disclosures in the annual accounts. Our audit included an assessment of the accounting policies applied and estimates made. In addition, we have evaluated the overall adequacy of the presentation of information in the annual accounts.

Our audit has not resulted in any qualifications.

Opinion
In our opinion the annual accounts have been prepared in accordance with statutory regulations and give a true and fair view of the assets and liabilities, financial position and result of Danmarks Nationalbank.

Copenhagen, 12 February 2002                                                                                                                

Svend Ørjan Jensen, State-Authorised Public Accountant                      Bjarne Fabienke, State-Authorised Public Accountant

These accounts, audited in the manner prescribed by the by-laws of Danmarks Nationalbank, are hereby adopted by the Board of Directors.

Copenhagen, 18 March  2002

Hans E. Zeuthen      Helle Bechgaard      Michael Dithmer

Elisabeth Arnold     Søren Bjerre-Nielsen     Kristian Thulesen Dahl     Bent le Fèvre     Pia Gjellerup        Pernille Blach Hansen

J. Fløystrup Jensen     Knud Koch Jensen     Kristian Jensen      Jette W. Knudsen     Kjeld Larsen

Michael Lunn      B. Frank Nielsen      Holger K. Nielsen      Kirsten Nielsen      Kirsten Nissen      Jens Rohde

Jens Rostrup-Nielsen     Gitte Seeberg     Kirsten Stallknecht     Helge Sørensen     Finn Thorgrimson

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Version 1.0 March 2002 Nationalbanken.
Published by Danmarks Nationalbank March 2001, http://http://www.nationalbanken.dk/