Appendix
Press releases
Statement by governor Bodil Nyboe Andersen on the outcome of the danish referendum on the adoption of the Euro
28 September 2000
"Danmarks Nationalbank takes note of the result of the referendum", governor Bodil Nyboe Andersen states in a
comment on the result of the Danish referendum on the adoption of the single currency, the euro.
"After the "no", Danmarks Nationalbank will keep the exchange rate of the Danish krone stable vis-à-vis the euro, as
has been the case since 1 January 1999 and until then vis-à-vis the D-mark. The fixed-exchange rate policy has served
Denmark well for the last two decades, and it is extremely important that this policy be maintained unchanged", Bodil
Nyboe Andersen states.
Press release from the danish government and Danmarks Nationalbank
28 September 2000
Given the result of the referendum Denmark shall not abrogate its exemption from Danish participation in the euro.
Denmarks EU-membership remains unchanged.
Denmark will continue the present fixed exchange rate policy vis-a- vis the euro within the framework of the narrow
band of EU's exchange rate mechansim, ERM2.
The Danish economy is fundamentally sound. Danmarks Nationalbank and the Government will follow developments in
financial markets closely and stand ready if need be to take measures in order to maintain and continue the fixed
exchange rate policy.
The Fiscal Bill for 2001 is based on Danish participation in the euro. The negotiations on the budget will start next
week, and in this context the Government is ready to tighten fiscal policy if this should prove necessary to maintain
Denmark's fixed exchange rate policy.
Interest-rate changes
3 February 2000 on interest rate increase
The discount rate is raised by 0.25 per cent to 3.25 per cent. Likewise the rate of interest on the banks' current
accounts with the Nationalbank is raised by 0.25 per cent to 3.25 per cent. The Nationalbank's lending rate and the
rate of interest on certificates of deposit are raised by 0.30 per cent to 3.60 per cent. The increase will have effect as
from 4 February 2000.
The interest rate increase should be viewed against the background of the European Central Bank's raising of interest
rates.
16 March 2000 on interest rate increase
The discount rate is raised by 0.25 per cent to 3.50 per cent. Likewise the rate of interest on the banks' current
accounts with the Nationalbank is raised by 0.25 per cent to 3.50 per cent. The Nationalbank's lending rate and the
rate of interest on certificates of deposit are raised by 0.25 per cent to 3.85 per cent. The increase will have effect as
from 17 March 2000.
The interest rate increase should be viewed against the background of the European Central Bank's raising of interest
rates.
27 April 2000 on interest rate increase
The discount rate is raised by 0.25 per cent to 3.75 per cent. Likewise the rate of interest on the banks' current
accounts with the Nationalbank is raised by 0.25 per cent to 3.75 per cent. The Nationalbank's lending rate and the
rate of interest on certificates of deposit are raised by 0.25 per cent to 4.10 per cent. The increase will have effect as
from 28 April 2000.
The interest rate increase should be viewed against the background of the European Central Bank's raising of interest
rates.
8 June 2000 on interest rate increase
The discount rate is raised by 0.5 per cent to 4.25 per cent. Likewise the rate of interest on the banks' current accounts
with the Nationalbank is raised by 0.5 per cent to 4.25 per cent. The Nationalbank's lending rate and the rate of interest
on certificates of deposit are raised by 0.60 per cent to 4.70 per cent. The increase will have effect as from 9 June
2000.
The interest rate increase should be viewed mainly against the background of the European Central Bank's raising of
interest rates of 0.50 per cent. However, the Nationalbank raises the lending rate and the interest rate on certificates of
deposit by a little more than the ECBs rate increases. The reason is that during recent months the Nationalbank has sold
foreign exchange, and since 30 May for around DKK 10 billion.
22 August 2000 on interest rate increase
Danmarks Nationalbank's lending rate and the rate of interest on certificates of deposit are raised by 0.20 per cent to
4.90 per cent. The increase will have effect as from 23 August 2000.
On 8 June the Nationalbank raised the lending rate and the rate of interest on certificates of deposit in connection with
the increase of the European Central Bank's main refinancing rate to 4.25 per cent. Simultaneously the ECB announced
that the main refinancing operations would be carried out as variable rate tenders as from 28 June. In these tenders –
most recently at today's tender – the marginal interest rate has increased to 4,47 per cent. The Nationalbank's interest
rate increase is a consequence of this development.
29 August 2000 on interest rate increase
Danmarks Nationalbank's lending rate and the rate of interest on certificates of deposit are raised by 0.20 per cent to
5.10 per cent. The increase will have effect as from 30 August 2000.
The Nationalbank's interest rate increase is a consequence of the rate increase of the main refinancing operations of the
European Central Bank.
31 August 2000 on interest rate increase
The discount rate is raised by 0.25 per cent to 4.50 per cent. Likewise the rate of interest on the banks' current
accounts with the Nationalbank is raised by 0.25 per cent to 4.50 per cent. The increase will have effect as from 1
September 2000.
The interest rate increase is a consequence of the increase in the European Central Bank's minimum bid rate on the main
refinancing operations by 0.25 per cent to 4.50 per cent.
The Nationalbank's lending rate and the rate of interest on certificates of deposit remain unchanged at 5.10 per cent.
5 September on interest rate reduction
Danmarks Nationalbank's lending rate and the rate of interest on certificates of deposit are lowered by 0.10 per cent to
5.00 per cent. The decrease will have effect as from 6 September 2000.
The Nationalbank's interest rate decrease is a consequence of the rate decrease on the main refinancing operations of
the European Central Bank.
The discount rate and the rate of interest on the banks' current accounts with the Nationalbank remain unchanged at
4.50 per cent.
26 September on interest rate increase
Danmarks Nationalbank's lending rate and the rate of interest on certificates of deposit are raised by 0.10 per cent to
5.10 per cent. The increase will have effect as from 27 September 2000.
The interest rate increase is a consequence of today's tender operations of the European Central Bank, resulting in an
increase in the marginal rate.
The discount rate and the rate of interest on the banks' current accounts with the Nationalbank remain unchanged at
4.50 per cent.
29 September 2000 on Interest rate increase
The Danish fixed-exchange-rate policy will be maintained after yesterday's referendum.
There has recently been some pressure against the Danish krone. This has resulted in short-term interest rates that are
significantly higher than the Nationalbank's official interest rates, and intervention in support of the krone by the
Nationalbank.
In order to avoid uncertainty concerning the krone the Nationalbank's lending rate and the rate of interest on certificates
of deposit are raised by 0.50 per cent to 5.60 per cent with effect from 29 September 2000.
The discount rate and the rate of interest on the banks' current accounts with the Nationalbank remain unchanged at
4.50 per cent.
5 October 2000 on interest rate increase
The discount rate is raised by 0.25 per cent to 4.75 per cent. Likewise the rate of interest on the banks' current
accounts with the Nationalbank is raised by 0.25 per cent to 4.75 per cent. The increase will have effect as from 6
October 2000.
The interest rate increase is a consequence of the increase by 0.25 per cent in the European Central Bank's minimum
bid rate on the main refinancing operations.
The Nationalbank's lending rate and the rate of interest on certificates of deposit remain unchanged at 5.60 per cent.
Commemorative coins to mark Queen Margrethe's 60th birthday on 16 April 2000
6 March 2000
There is a longstanding tradition in Denmark to issue commemorative coins to mark special events in the Royal Family.
The Queen's 60th birthday on 16 April 2000 will therefore be marked with the issue of two commemorative coins.
A 20-krone coin and a 200-krone coin will be issued. The 20-krone coin is of the same size and metal as the ordinary
20-krone coin in circulation. It is minted in an edition of one million coins. The 200-krone coin has a diameter of 38 mm
and is minted of fine silver in an edition of maximum 60,000 coins.
The coins are designed by the sculptor Professor Mogens Møller and minted by the Royal Mint.
The motif on the face of the coin is a right-side profile of the Queen. Behind the queen a stylised marguerite can be
discerned. The portrait is placed in a small hollow in the coin so that the relief appears especially high. On the reverse
appear a crown and a bunch of marguerites together with the coin denomination and the years 1940 and 2000. This
version of the crown was used on the ½-, 1- and 2-krone coins dating from the period 1924-41.
As from 3 April the coins may be purchased at their nominal value from banks, coin dealers, post offices and at the
Nationalbank. The 200-krone coin may also be purchased – subject to prepayment – from the Royal Mint,
Solmarksvej 5, 2605 Brøndby. The price is kr. 200 per coin, plus postage charges of kr. 50. The amount is payable to
post giro account no. 5 51 05 70 or by bank transfer to account with the Nationalbank (reg. no. 1005 account 63539),
including details of the recipient's name and address.
Supplementary new statistics for Danmarks Nationalbank's foreign-exchange reserve
28 April 2000
Today Danmarks Nationalbank publishes a supplementary new compilation of the foreign-exchange reserve. Initially the
new statistics cover the months from December 1999 to March 2000. In future, on the last banking day of each month
equivalent statistics for the preceding month will be published.
The new statistics are a supplement to the compilation of the Nationalbank's foreign-exchange reserve which is
published two banking days after the close of the month in conjunction with the publication of the bank's monthly
balance sheet.
The supplementary new statistics are significantly more detailed than those published two days after the close of the
month. The statistics also differ in that the assets are compiled at market value in the new statistics, while in the statistics
published on the 2nd banking day of the month value adjustments are made only once a year. The new statistics also
include information on short-term liabilities concerning the central government's foreign borrowing.
The statistics are prepared in accordance with the new guidelines of the International Monetary Fund (IMF) for central
banks' publication of foreign-exchange reserves. These guidelines are set out in the IMF's data dissemination standard
(SDDS) which is designed to improve the basis for evaluation of a country's economic and financial position. Together
with 46 other countries Denmark is committed to complying with these guidelines.
The new statistics for the foreign-exchange reserve will be published at approximately 4.00 p.m. on the last banking day
of the month on Danmarks Nationalbank's Web site at www.nationalbanken.dk under the category Statistics, SDDS.
This information will also be presented in the Nationalbank's Monetary Financial Statistics, which are published at the
same time.
The IMF's data dissemination standard and the international cooperation on statistics are described in the
Nationalbank's 1999 Annual Report, p. 94ff.
| 
