Terms and Conditions for Account Holders

From April 2025, all transactions in Danish kroner will be settled through the European consolidated payment and securities settlement platform, TARGET Services. To participate in TARGET Services, entities must obtain a main cash account with Nationalbanken and meet specific technical and operational requirements. Banks, mortgage credit institutions, e-money institutions, payment institutions, and other participants are eligible to hold an account with Nationalbanken. This page provides account holders with a detailed description of the applicable rules for different types of participants, as well as the necessary forms for account holders and their administrators.

Account holder at Danmarks Nationalbank

To become an account holder at Danmarks Nationalbank, it is essential to be acquainted with our Terms and Conditions and the associated forms for account holders. If you are considering opening an account at Nationalbanken, we recommend contacting payments@nationalbanken.dk to discuss the terms and conditions in detail.

Following Easter 2025, there will be a six-week frozen zone on account openings in TARGET Services for T2/T2S/TIPS in DKK and T2/T2S in EUR. The frozen zone is implemented to ensure a smooth transition from Nationalbanken's previous payment settlement system, Kronos2, to TARGET Services, and to minimise the risk of technical and operational challenges during the transition period.

Terms and Conditions for Accounts in the TARGET DKK

The detailed rules for how current account holders' account relationships in Danish kroner - including how account holders must provide collateral for credit - are described in the ruleset 'Terms and Conditions for Accounts in TARGET DKK'.

Download the latest version of the rule set

'Terms and Conditions for Accounts in TARGET DKK'

(pdf).

Appendices to the Terms and Conditions for Accounts in TARGET DKK

Forms for TARGET DKK

The relevant forms for account holders at Danmarks Nationalbank can be found below. The forms can be downloaded individually here (pdf):

Terms and Conditions for Accounts in TARGET-Danmark (EUR)

It is possible to open an account in euros at Danmarks Nationalbank. The detailed rules for account holders' euro accounts - including how account holders must provide collateral for credit - are described in the ‘Terms and Conditions for Accounts in TARGET-Danmark (EUR)’.

Download the latest version of the Terms and Conditions for Account Holders

'Terms and Conditions for Accounts in TARGET-Danmark (EUR)'

(pdf).

Appendices to the Terms and Conditions for Accounts in TARGET-Danmark (EUR)

Forms for TARGET-Danmark (EUR)

An overview of relevant forms for account holders at Danmarks Nationalbank can be found below. The forms are also included in the ‘Terms and Conditions for Account in TARGET-Danmark (EUR)’, but can be downloaded individually here (pdf):

Contact

For enquiries related to TARGET Services, or the Terms and Conditions and forms, please direct your questions to: