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Danish kroner on new settlement platform

Press Release, December 8, 2020


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8 December 2020

Since 2018, securities trades in Danish kroner have primarily been settled on the European payment and securities settlement platform Target Services. As of November 2022, Target Services will be enabled to settle Danish krone payments between banks. Consequently, Danmarks Nationalbank intends to consolidate the settlement of banks' payments and securities trades in Danish kroner on Target Services. This also involves closer collaboration between Danmarks Nationalbank and other central banks using Target Services:

"Consolidation of the Danish krone settlement at Target Services will pave the way for closer collaboration with other central banks in Europe as well as provide economies of scale from joint use of the IT platform. Target Services underpins the central banks' joint efforts and collaboration to ensure a safe and efficient settlement of payments – as well as counter cyber threats", says Assisting Governor Karsten Biltoft.

Danmarks Nationalbank has carefully assessed Target Services and concluded that the system meets future requirements and needs for settlement of bank payments and transfers. The migration will change the underlying infrastructure but will not impact the citizens' ability to make payments. The ECB, European Central Banks and representatives of the Danish financial sector have been involved in the evaluation process in 2020 and provided valuable input. Based on this dialogue, Danmarks Nationalbank expects to migrate the Danish krone settlement to the European platform Target Services during 2024/2025.

Enquiries can be directed to press advicer Ole Mikkelsen on tel. +45 3363 6027.