Organisation and Tasks of Danmarks Nationalbank
In 2002 Danmarks Nationalbank published the first issue of Financial Stability as an independent annual publication.
Danmarks Nationalbank also introduced manager appraisals in 2002. Appraisal reviews will take place annually as a contribution to the ongoing development of managerial staff. The bank introduced a general smoking policy, and a new senior policy was introduced as a supplement to the existing personnel policy.
At the end of 2002 Danmarks Nationalbank had 601 employees, equivalent to 559 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 2002.
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 it simplementation 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 8 are elected by the Folketing (Parliament) from among its members, and 2 are appointed by 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 2003 is shown in Box 10. Changes in the Board of Directors are stated in the press releases on p. 136.
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Box 10
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The Committee of Directors
The Committee of Directors has seven members. The two members of the Board of Directors appointed by the Royal Bank Commissioner 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 2003 is shown in Box 11.
Board of Governors
The Board of Governors has three members. The governors are charged with the day‑to‑day management of Danmarks Nationalbank and are responsible for the formulation and ongoing adjustment of monetary policy. As Governor by Royal Appointment Ms. Bodil Nyboe Andersen is Chairman of the Board of Governors. 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 appointed external auditors of Danmarks Nationalbank are State‑ Authorised Public Accountant Mr. Bjarne Fabienke and State‑Authorised Public Accountant Mr. Svend Ørjan Jensen.
Departments
Danmarks Nationalbank has 16 departments, cf. the organisation chart on p. 97. 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.
- Audit undertakes the audit of Danmarks Nationalbank's accounts, procedures, IT systems and internal control, including Danmarks Nationalbank's Pension Fund and various foundations, in cooperation with the appointed external auditors. It also audits the Guarantee Fund for Depositors and Investors, the Social Pension Fund and the government debt management in cooperation with the National Audit Office of Denmark.
- Banking Services supplies banknotes to the banks in Denmark, in the Faroe Islands and on 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 assesses macroeconomic development in Denmark, the EU and the other industrialised countries and analyses monetary and foreign‑exchange policy issues. The economic model "Mona" has been developed by the department for analysis of domestic 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 the 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.
- International Relations is responsible for relations with international economic-policy organisations, including the European Central Bank, ECB, within the European System of Central Banks, ESCB, and with the International Monetary Fund, IMF.
- IT isresponsibleforthe use of IT at Danmarks Nationalbank, including its IT strategy. The tasks include operation and development of Danmarks Nationalbank's LAN, application development, and 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 the day‑to‑day administration of Danmarks Nationalbank's foreign‑exchange policy and monetary and liquidity policy, including intervention in the foreign‑exchange and money markets. It is responsible for the administration of Danmarks Nationalbank's bond portfolio and the foreign‑exchange reserve. On behalf of the Ministry of Finance it undertakes domestic and foreign borrowing for the central government.
- Payment Systems handles policy issues relating to payment systems. 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 development, collective agreements and other contracts, as well as personnel administration. The department also has general organisational duties and administration of internal training.
- 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.
- Security is responsible for the bank's security, including IT security.
- Statistics prepares statistics for the financial sector, registers and analyses payments to and from abroad for use in the compilation of the balance of payments, and compiles Denmark's foreign debt and direct investments. Statistics edits and publishes the Nyt (News) series and other regular statistical publications.
- 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 library. The Information Desk responds to general external enquiries. The Secretariat also comprises Danmarks Nationalbank's central archives. Legal Affairs handles general legal issues, including EU law. The Secretariat edits Danmarks Nationalbank's Report and Accounts.
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Staff
Number, staff groups, seniority, age, etc.
At the close of 2002 Danmarks Nationalbank had 601 employees, equivalent to 559 full‑time positions. In 2002, 45 new employees joined the bank, and 55 left, 23 of whom retired. This is equivalent to a staff turnover rate of 9.2 per cent. After conversion to full-time employees, however, the gross decrease in the number of staff was set off by employees returning from leave.
Academic staff make up the largest staff group at Danmarks Nationalbank, cf. Table 8, followed by bank staff and IT/clerical staff. The craftsmen/technicians and service staff groups are each a little smaller.
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Table 8 |
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| Year-end |
2000
|
2001
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2002
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Num-
ber |
Per
cent |
Num-
ber |
Per
cent |
Num-
ber |
Per
cent |
|
| Academic staff |
125
|
23
|
130
|
23
|
149
|
27
|
| Bank staff |
130
|
24
|
128
|
23
|
122
|
22
|
| IT/clerical staff |
118
|
21
|
114
|
21
|
111
|
20
|
| Service staff |
91
|
16
|
92
|
16
|
90
|
16
|
| Craftsmen/technicians |
88
|
16
|
94
|
17
|
87
|
15
|
| Total |
552
|
100
|
558
|
100
|
559
|
100
|
| Note: Number of employees converted to full-time positions. | ||||||
45 per cent of the staff are women and 55 per cent are men. The proportion of women in managerial positions[1] is 16 per cent. Age and gender distributions are shown in Chart 32.
Staff development
The bank attaches great importance to the ongoing professional and personal development of the staff. This is the joint responsibility of the management and the employees and is achieved via ongoing assessments of day-to-day work, as well as further and supplementary education and training. A key element is the annual employee appraisal interviews. Employees may move to other responsibilities within the bank, or take leave to work for international institutions for shorter or longer periods. At the close of 2002, 13 employees had taken leave of this type.
The bank's expenditure on courses and supplementary training was more than kr. 9 million in 2002, equivalent to 4 per cent of the payroll costs. This is kr. 1.5 million lower than for the previous year. Approximately 2/3 was devoted to professional development, including specialist courses related directly to the employees' professional areas, as well as IT courses and project-related courses. 10 per cent of the expenditure was devoted to manager development.
| Distribution by age and gender, year-end 2002 |
Chart 32
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In 2002 focus was on developing professional courses held by internal instructors, so that the specialist skills of in-house staff in a number of areas are applied to further training.
In addition to courses relating directly to the employees' daily work, the bank continues to support broader-based training and education, e.g. IT and language courses, and graduate diplomas in economics and business, provided that they take place outside working hours.
Danmarks Nationalbank's home-PC scheme, which was established in 1998, was phased out by the end of 2002.
Manager appraisal
In 2002 Danmarks Nationalbank introduced manager appraisals in order to contribute to the ongoing development of the managers. The appraisals cover approximately 60 managers and middle managers with day-to-day personnel responsibilities. At the appraisal the manager receives feedback from his/her employees regarding his/her management style in professional, organisational and personal terms. On the basis of the responses, which are anonymous, a report for each manager is prepared. Subsequently the manager must discuss the report with his/her own manager and employees.
Senior policy
As a supplement to the existing personnel policy, a senior policy was introduced in 2002. Senior career planning, including working hours, is discussed with senior employees at their annual employee appraisal interviews.
Smoking policy
In 2002 a smoking policy was introduced to the effect that smoking is confined to designated smoking rooms. Elsewhere smoking is not permitted.
Absence due to illness
In 2002 absence due to illness, including long‑term absence, was an average of 7.5 days per employee. An ongoing effort is made to focus on absence due to illness, e.g. via follow-up and interviews with employees affected by long-term or recurring absence due to illness.
Salary and employment conditions
All employees of Danmarks Nationalbank – except those employed by the Banknote Printing Works and senior managers – are subject to a collective agreement between Danmarks Nationalbank and Danmarks Nationalbank's Staff Association. The collective agreement is based on the terms and conditions prevailing in the financial sector. It runs for two years and is subject to renegotiation in 2003.
In 2002 Danmarks Nationalbank and the senior management group concluded an agreement on a compensation system for all new senior managers and for existing senior managers as agreed individually. The system is based on a basic salary, a function supplement, and possibly a personal supplement.
Employees of the Banknote Printing Works are subject to a collective agreement between Danmarks Nationalbank and the Industry sector of the Union of Commercial and Clerical Employees in Denmark (HK). This agreement runs until 2004.
Special focus areas in 2002
Financial Stability
Like central banks in other countries, Danmarks Nationalbank undertakes systematic analyses of financial stability. The objective is to assess whether the financial sector is sufficiently robust, so that problems within the sector do not prevent the financial markets from functioning as efficient providers of capital to the corporate sector and to households. In 2002 Danmarks Nationalbank issued the first publication in a new series: Financial Stability. In 2000 and 2001 the analyses were published in the Monetary Review.
Danmarks Nationalbank publishes Working Paper series
In 2002 Danmarks Nationalbank began to publish a Working Paper series to supplement the other publications. The topics in Danmarks Nationalbank's Working Papers typically relate to macroeconomic, banking or financial topics, but may also include other subjects within Danmarks Nationalbank's fields of responsibility. The Working Papers describe research and development activities, often of a preliminary nature, which may contribute to professional debate. Working Papers are available at www.nationalbanken.dk under Publications.
New edition of Danmarks Nationalbank's website
In February 2003 Danmarks Nationalbank implemented a new and upgraded edition of the website. The previous edition was from 1998.
The aim was to create a more user-friendly website with greater transparency and easy access to information. For instance, the most frequently used information, interest rates and exchange rates, are accessible from the home page. In addition, the News Service has been improved with e-mail notification of new publications and a better facility for searching in publications.
In connection with the upgrade user surveys have been conducted for both the old and the new website.
Electronic document management
In 2002 Danmarks Nationalbank implemented an electronic document management system. The aim is to support and simplify administration of the bank's archives and facilitate access to documents required for case administration within the bank. The system also supports knowledge sharing across the organisation.
Lectures
In a number of connections, members of the Board of Governors and employees of Danmarks Nationalbank give speeches and lectures on Denmark's monetary and foreign-exchange policy and on Danmarks Nationalbank's tasks and role in society. In 2002 Danmarks Nationalbank presented this opportunity in relevant magazines for teachers at secondary schools and commercial colleges, which led to a significant expansion of these activities. Lectures are given at both Danmarks Nationalbank and elsewhere in Denmark.
Danmarks Nationalbank's purchase of shares in VP Securities Services and PBS
Purchase of shares in VP Securities Services
On 15 May 2002 Danmarks Nationalbank purchased 11.22 per cent of the shares in VP Securities Services from Danske Bank. Danmarks Nationalbank hereafter owns 24.22 per cent of the shares in VP Securities Services. The background to the share purchase was Danske Bank's commitment to the Danish Competition Authority in November 2000 to reduce the interest in VP Securities Services to 15 per cent, in connection with Danske Bank's merger with RealDanmark. The share purchase helps to safeguard the balance struck when VP Securities Services was restructured as a limited liability company in 2000.
Purchase of shares in PBS
In connection with the merger of Danske Bank and RealDanmark, Danske Bank also made a commitment to the Danish Competition Authority to reduce the interest in the PBS group by 17.7 per cent of the share capital.
Danmarks Nationalbank has entered into a preliminary agreement with Danske Bank on the purchase of 17.7 per cent of the shares in parts of PBS, including BetalingsService. The price is set at kr. 300 million. The purchase is subject to a number of conditions, including the restructuring of PBS.
For Danmarks Nationalbank it is important to preserve the shared, open infrastructure in the area of payment systems. The purchase of shares from Danske Bank can help to ensure this, since Danske Bank has indicated that it intends to continue to use the infrastructure.
Representation on committees, etc.
As of 1 March 2003 Danmarks Nationalbank is represented on the following committees, etc.:
- The Financial Business Council
Governor Jens Thomsen is a member, and Kirsten Rohde Jensen, Head of Division, is an alternate member. - The Economic Council
Governor Jens Thomsen is a member. - VP A/S – VP Securities Services
Governor Torben Nielsen is Vice Chairman of the Board of Directors. - Bankernes EDB Central (BEC)
Governor Torben Nielsen is an observer on the Board of Directors. - The Danish Securities Council
Jens Lundager, Head of Division, is a member, and Suzanne Hyldahl, Assistant Head of Division, is an alternate member. - The Nordic Investment Bank
Hans Denkov, Head of Market Operations, is an alternate member of the Board of Directors. - GrønlandsBANKEN A/S
Former Governor Ole Thomasen is elected to the Board of Directors. - Danish Ship Finance
Former Governor Ole Thomasen is a member of the Board of Directors and the Board of Representatives. Mr. Max Bæhring and Professor Michael Møller are members of the Board of Representatives. - Managing Committee for the Social Pension Fund
Hans Denkov, Head of Market Operations, is a member.
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 Economic and Financial Committee
Governor Jens Thomsen (with Henrik Fugmann, Deputy Secretary, Ministry of Finance).
Niels Bartholdy, Head of Division, is an alternate member of the Committee (with Lise‑Lotte Teilmand, Head of Division, Ministry of Finance). - The Economic Policy Committee
Christian Ølgaard, Head of Division, (with Per Callesen, Deputy Secretary, and Helge Sigurd Næss‑Schmidt, Head of Division, Ministry of Finance, and Ulrik Nødgaard, Head of Division, Ministry of Economic and Business Affairs). - The Banking Advisory Committee
Hugo Frey Jensen, Assistant Director, (with Torben Garne, Head of Division, Ministry of Economic and Business Affairs, and Henrik Bjerre‑ Nielsen, Director General, Financial Supervisory Authority). - The Working Group of Mint Directors
Laust Grove, General Manager, the Royal Mint, and Heidi Falk Jakobsen, Assistant.
The European Central Bank, ECB
- The General Council
Governor Bodil Nyboe Andersen.
Danmarks Nationalbank participates partly in the following ECB committees:
- Accounting Committee
Henrik Larsen, Director, and Lisbeth Sundin, Assistant Head of Division. - Banking Supervision Committee
Hugo Frey Jensen, Assistant Director, (with Henrik Bjerre‑Nielsen, Director General, Financial Supervisory Authority). - Banknote Committee
Hans Kloch, Director, General Manager, and Tage Heering, Head of Division. - External Communications Committee
Bjarne Skafte, Head of Secretariat, and Winnie Jakobsen, Assistant Head of Division. - Information Technology Committee
Søren Lundsby Hansen, Head of Information Technology, and Tom Wagener, Assistant Head of Division - Internal Auditors Committee
NN, Chief Auditor, and Stephan Green Löwe, Head of Section. - International Relations Committee
Governor Jens Thomsen and Kai Aaen Hansen, Director, Head of International Relations. - Legal Committee
Kirsten Rohde Jensen, Head of Division. - Market Operations Committee
Frank Nielsen, Head of Division. - Monetary Policy Committee
Anders Møller Christensen, Director. - Payments Systems Committee
Karsten Biltoft, Head of Payment Systems, and Allan Damm Christensen, Adviser. - Statistics Committee
Jørgen Ovi, Assistant Governor, Head of Statistics.
The International Monetary Fund, IMF
- Board of Governors
Governor Bodil Nyboe Andersen is the Danish member. (Karsten Dybvad, Permanent Secretary, Ministry of Finance, is an alternate member). - The Nordic/Baltic Monetary and Financial Committee
Governor Jens Thomsen (with Henrik Fugmann, Deputy Secretary, Ministry of Finance).
Kai Aaen Hansen, Director, Head of International Relations, is a member of the Group of Alternate Members (with Søren Vester Sørensen, Head of Section, Ministry of Finance).
Organisation for Economic Cooperation and Development, OECD
- The Economic Policy Committee
Governor Jens Thomsen (with Per Bremer Rasmussen, Finance Director, Ministry of Economic and Business Affairs, and Per Callesen, Deputy Secretary, Ministry of Finance).
Danmarks Nationalbank's anniversary foundation of 1968
The primary purpose of Damarks Nationalbank's Anniversary Foundation is to extend financial support for decorative art, architecture and design, although applications relating to music and dance are also taken into account. When considering applications, the Board of the Foundation lays weight on quality as well as support to new and future‑oriented artistic projects.
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. The capital is placed in bonds. As a consequence of falling interest rates in recent years, yields on the Foundation's capital have decreased and grants have therefore been reduced significantly. The Board of Directors of Danmarks Nationalbank therefore adopted the transfer of kr. 25 million to the Foundation in connection with the allocation of profits in Danmarks Nationalbank's accounts for 2001. The total paid-up capital thus amounts to kr. 85 million.
On 1 March 2003 the Board of the Foundation comprised Governor Bodil Nyboe Andersen (Chairman), Professor Hans E. Zeuthen (Deputy Chairman), the Ceramist Karen Bennicke, Museum Director Bodil Busk Laursen, Attorney‑at‑law Per Magid and the Architect and Industrial Designer Teit Weylandt.
The Board meets four times a year to award grants. In 2002, 1,259 applications were considered and 174 grants totalling kr. 5.3 million were awarded.
In September 2002 the Foundation awarded an honorary grant of kr. 100,000 to the designer Erik Magnussen. In that connection an exhibition of design by Erik Magnussen opened in the vestibule of the bank.
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 from three months up to one year. In 2002 the guest apartments at Nyhavn 18 were allocated to 11 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 2002 the Erik Hoffmeyer Travel Grant Foundation awarded grants to the psychologist Carsten René Jørgensen for studies in the role of psychotherapy and psychology in modern-day society, and to the researcher Safet Bektovic for studies of the importance of religion to identity and community building when cultures meet. They each received a grant of kr. 35,000.
The Erik Hoffmeyer Travel Grant Foundation was established by the Board of Directors of Danmarks Nationalbank in 1995 as a tribute to Mr. Erik Hoffmeyer for 30 years' outstanding service as Chairman of Danmarks Nationalbank's Board of Governors. The establishment and objective of the Foundation are described in the 1995 Annual Report.
The Board of the Travel Grant Foundation comprises Professor Hans E. Zeuthen (Chairman), former Governor Erik Hoffmeyer and former Chief Rabbi Bent Melchior.