Transaction-based reference rate

Abstract icon Weekly update of pre-DESTR.

A time-series for pre-DESTR will be updated weekly based on daily reporting from the reporting banks and is available here (link).  Please note that pre-DESTR can be updated historically during the test period. 

Danmarks Nationalbank starts publishing DESTR, Denmark Short-Term Rate, on 4 April 2022. The first publication will reflect trading activity on 1 April 2022. Thus, DESTR will be available for use in financial contracts with effect from 1 April 2022. 

Methodology and policies for DESTR can be found here. 


In November 2020, Danmarks Nationalbank assumed responsibility for the new reference rate Denmark Short-Term Rate (DESTR)from Finance Denmark. Similar reference rates are managed by central banks in other countries. Reference rates are used in a wide range of financial contracts,  including bank loans, mortgage bonds and interest-rate swaps. Thus, it is important for Danmarks Nationalbank and the financial system in Denmark that a short-term transaction-based reference rate is introduced in Danish kroner in line with international standards.

In June 2021, Danmarks Nationalbank published a report with an evaluation of the data and methodology behind DESTR, cf. DESTR – Review of Underlying Data and Methodology. 

The DESTR methodology was first presented in a public consultation by Finance Denmark in May 2019, when a working group commissioned by Finance Denmark had developed a new reference rate in Danish kroner based entirely on O/N-deposit transactions. The consultation suggested a new reference rate similar to the euro short-term rate (€STR) of the European Central Bank (ECB). The consultation showed a broad support for the new reference rate among market participants and Danmarks Nationalbank.

The new evaluation is based on a collected dataset covering the period March 2017 to April 2021. The collected data shows that O/N-deposits remain the most suitable segment for calculating a new transaction-based reference rate in Danish kroner, and that the proposed calculation methodology based on a volume-weighted 12.5 per cent trimmed mean remains valid for the Danish market. Thus, the main conclusions drawn from the public consultation in 2019 are unchanged.