Foreword

Danmarks Nationalbank is the central bank of Denmark. It was established in 1818 and has been a self-governing institution since 1936. The legal basis for Danmarks Nationalbank's activities is the Danmarks Nationalbank Act of 1936, according to which Danmarks Nationalbank's objective is to maintain a safe and secure currency system in Denmark, and to facilitate and regulate the traffic in money and the extension of credit. In its formulation of monetary policy Danmarks Nationalbank is independent of the Folketing (Parliament) and the Government.

The Report and Accounts comprise a presentation and description of Danmarks Nationalbank's Accounts for the year 2008, and the Report of the Board of Governors. The Report provides a general description of the Danish and international economy, monetary and foreign-exchange policies, international cooperation and major activities during the year within Danmarks Nationalbank's other areas of operation and its organisation.

Within the financial sector and the real economy, 2008 was characterised by the financial crisis. The crisis has had a considerable impact on Danmarks Nationalbank's day-to-day activities as described in the Report of the Board of Governors and the Accounts. For further details, reference is made to the Monetary Review and the Financial stability publications.

Copenhagen, 2 March 2009

Nils Bernstein     Torben Nielsen       Jens Thomsen
   Chairman