Projection of government payments and planned open market operations

Danmarks Nationalbank prepares a liquidity projection for government payments, providing an overview of the expected daily changes in krone liquidity. Danmarks Nationalbank prepares and publishes monthly and daily breakdowns.

Based on government finance estimates from the Ministry of Finance, the major items are broken down by months based on previous years’ payment patterns and information on changed payment due dates, e.g. as a result of new legislation.

Danmarks Nationalbank issues a total of four monthly breakdowns of government payments for each fiscal year. The monthly breakdowns are based on government finance estimates from the Ministry of Finance:

  • Finance Bill (typically published in August)
  • Finance Act (typically published in December)
  • Economic Survey (published in May)
  • Economic Survey (published in August)

The Ministry of Finance also publishes its Economic Survey in December, but Danmarks Nationalbank does not issue a monthly breakdown based on this budget overview, as there is less than one month left of the current financial year at the time of publication.


Daily breakdown of government payments

Danmarks Nationalbank prepares a daily breakdown of government payments based on its monthly breakdown. The purpose is to forecast the liquidity requirements of the monetary policy counterparties.

The daily breakdown is published on the penultimate banking day of each month and presents the day-by-day projection of government payments, as well as Danmarks Nationalbank’s planned purchases and sales of certificates of deposit over the following two months.