Danmarks Nationalbank

Danmarks Nationalbank (in Danish often simply Nationalbanken) is the central bank of the Kingdom of Denmark. It is a non-eurozone member of the European System of Central Banks (ESCB). The bank issues the Danish currency, the krone.

The bank was established on 1 August 1818 by King Frederick VI of Denmark. The private bank was given a 90-year monopoly on currency issue, which was extended in 1907 out to 1938. In 1914, the National Bank became the sole banker for the Danish government. The bank became fully independent of the government in 1936.

The building was designed by Arne Jacobsen in collaboration with Hans Dissing and Otto Weitling. After Jacobsen's death, his office, renamed Dissing+Weitling, has brought the construction to completion.

The objective of Danmarks Nationalbank as an independent and credible institution is to ensure a stable krone. The Board of Governors holds full responsibility for the monetary policy. The Board of Governors consists of three members. The Chairman of the Board of Governors is Governor by Royal Appointment. The two other Governors are appointed by the Board of Directors. Nils Bernstein became chairman in 2005.

Danmarks Nationalbank undertakes all functions related to the management of the Danish central-government debt. The division of responsibility is set out in an agreement between the Ministry of Finance of Denmark and Danmarks Nationalbank.

Logo

The official logo of the bank is a nineteenth century version of Denmark's coat of arms showing the insignia of Denmark, Schleswig, and Holstein. The two latter provinces were lost in the 1864 Second War of Schleswig, and the bank is the only official Danish institution still using this insignia. Since the late 19th century, coins minted by the bank carry a heart-shaped mint mark. Before this time, the Mint used a mark showing the royal crown.

Images

See also

• Economy of Denmark
• Economy of Europe

External links

• Official website