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The Danish Money Market at Low Interest Rates - Part 1
Danmarks Nationalbank performs an annual survey of turnover in the Danish money market, the interbank market for short-term loan agreements and trading in interest-rate derivatives. In the April 2012 survey, total turnover in money-market loans was largely unchanged compared to 2011. According to the survey, the banks did not grant uncollateralised loans in the money market with a maturity of more than 1 month. The turnover in CITA swaps dropped compared to 2011 and is now back at the 2010 level. Foreign banks account for a major share of turnover in the FX swap market. Distortions in the FX swap market have contributed to the downward pressure on interest rates, e.g. T-bill rates. The interbank turnover in the overnight market was preserved after the introduction of a negative rate of interest on certificates of deposit.