On the last banking day of each week, Danmarks Nationalbank enables counterparties to raise monetary policy loans against collateral and make deposits by purchasing certificates of deposit issued by Danmarks Nationalbank.
Usually, loans and certificates of deposit have a maturity of one week. The loans and deposits accrue interest at the lending rate and the certificate of deposit rate, respectively.
The below table of scheduled open market operations will be updated each quarter with scheduled operations two quarters ahead. Danmarks Nationalbank has the discretion to make changes to the planned operations at any time.
Sales of Certificates of Deposits & Monetary Policy Loans |
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Operation date |
Series |
Maturity |
Q2 |
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| 1. april 2025 | 25/14 Note: Only MPL will be reopened |
4. april 2025 |
| 4. april 2025 | 25/15 | 11. april 2025 |
| 11. april 2025 | 25/16 | 16. april 2025 |
| 16. april 2025* | 25/17/1* | *22. april 2025 |
| 22. april 2025 | 25/17/2 | 25. april 2025 |
| 25. april 2025 | 25/18 | 2. maj 2025 |
| 2. maj 2025 | 25/19 | 9. maj 2025 |
| 9. maj 2025 | 25/20 | 16. maj 2025 |
| 16. maj 2025 | 25/21 | 23. maj 2025 |
| 23. maj 2025 | 25/22 | 28. maj 2025 |
| 28. maj 2025 | 25/23 | *6. juni 2025 |
| 6. juni 2025* | 25/24 | 13. juni 2025 |
| 13. juni 2025 | 25/25 | 20. juni 2025 |
| 20. juni 2025 | 25/26 | 27. juni 2025 |
| 27. juni 2025 | 25/27 | 4. juli 2025 |
Q3 |
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| 4. juli 2025 | 25/28 | 11. juli 2025 |
| 11. juli 2025 | 25/29 | 18. juli 2025 |
| 18. juli 2025 | 25/30 | 25. juli 2025 |
| 25. juli 2025 | 25/31 | 1. august 2025 |
| 1. august 2025 | 25/32 | 8. august 2025 |
| 8. august 2025 | 25/33 | 15. august 2025 |
| 15. august 2025 | 25/34 | 22. august 2025 |
| 22. august 2025 | 25/35 | 29. august 2025 |
| 29. august 2025 | 25/36 | 5. september 2025 |
| 5. september 2025 | 25/37 | 12. september 2025 |
| 12. september 2025 | 25/38 | 19. september 2025 |
| 19. september 2025 | 25/39 | 26. september 2025 |
* In light of ECB Governing Council meetings scheduled to be held on the Danish bank holidays of Maundy Thursday and Constitution Day (17 April 2025 and 5 June 2025, respectively) it is hereby notified that;
- Any monetary policy decisions taken by Danmarks Nationalbank in response to those taken by the ECB’s Governing Council will be published as usual at 17:00 on both Maundy Thursday and Constitution Day. Any interest rate change on either of these days will take effect on the following Danish banking days (Tuesday 22 April 2025 and 6 June 2025, respectively).
- Market operations will be adjusted so that those carried out on Wednesday 16 April 2025 will mature on Tuesday 22 April 2025. Market operations will be conducted on Tuesday 22 April 2025, which will then mature on 25 April 2025. Market operations will thus account for any interest rate change taken by Danmarks Nationalbank on Maundy Thursday, 17 April 2025. Market operations will be conducted as usual on Friday 6 June 2025, the next Danish banking day following Constitution Day.
* Furthermore, as a result of the migration to Target Services during Easter 2025, the sale of certificates of deposit will not be opened on Wednesday, April 16, 2025.