Contents

FOREWORD

REPORT OF THE BOARD OF GOVERNORS

REPORT OF THE BOARD OF GOVERNORS 2008
International background to the Danish economy
The Danish economy
Monetary and foreign-exchange policy
The domestic financial system
International monetary cooperation
Banknotes and coins
Statistics

ORGANISATION AND TASKS OF DANMARKS NATIONALBANK
Staff
Danmarks Nationalbank's buildings
Management and organisation
Representation of the Board of Governors on committees, in international organisations, etc.
Organisation chart 1 March 2009

RISK MANAGEMENT
Operational risik
Financial risk

ACCOUNTS FOR THE YEAR 2008

Accounts

The Appendix of Tables is published separately on Danmarks Nationalbank's website, www.nationalbanken.dk.

REPORT AND ACCOUNTS 2008 At the meeting of the Board of Directors held on 17 March 2009 the Board of Governors will submit Danmarks Nationalbank's Report and Accounts 2008 for adoption on the recommen dation of the Committee of Directors.This report is based on information available up to 2 March 2009.The small picture on the front shows a detail of the 25-øre coin that was abolished as legal tender effective from 1 October 2008. Text may be copied from this publication provided that Danmarks Nationalbank is specif ic ally stated as the source. Changes to or misrepresentation of the content are not permitted.The Report and Accounts is available on Danmarks Nationalbank's website www.nationalbanken.dk under Publications and can be ordered by filling in the form on Danmarks Nationalbank's website. Report and Accounts 2008 is also available on request from:      Danmarks Nationalbank,      Communications,      Havnegade 5,      DK-1093 Copenhagen K Telephone: (+45) 33 63 70 00 (direct) or (+45) 33 63 63 63Office hours: Monday-Friday 9.00 am-4.00 pm. E-mail: kommunikation@nationalbanken.dk Explanation of symbols: - Magnitude nil 0 Less than one half of unit employed • Category not applicable … Data not available Details may not add because of rounding. Schultz Grafisk A/S ISSN 1397-520x ISSN (Online) 1398-3849