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Development Trends in the Danish Money Market - Part 1

Danmarks Nationalbank monitors developments in the money market on a continuous basis and conducted a survey of the money market in April 2011. The survey shows that the market for collateralised loans and deposits is growing relative to the market for uncollateralised loans. For maturities exceeding one week, turnover in uncollateralised loans remains very modest. The higher share of collateralised loans reflects a general tendency to limit credit risk in the light of the financial crisis. The money market also comprises short-term interest-rate derivatives, including short-term interest-rate swaps, Cita swaps, used for managing interest-rate risk. Turnover in Cita swaps has risen considerably since last year. In the longer maturity segments in the money market, which are particularly relevant when determining interest rates on loans to households and non-financial corporations, Cita swaps are the money-market product with the highest turnover.