Danmarks Nationalbank

Danmarks Nationalbank
Logo

Logo
Headquarters

Headquarters
Headquarters Havnegade 5, Copenhagen
Established 1 August 1818 (1818-08-01)
Royal Director Lars Rohde
Central bank of The Kingdom of Denmark
Currency Danish krone
DKK (ISO 4217)
Reserves 479,065,000,000DKK[1]
Website Official Website

Danmarks Nationalbank (English: National Bank of Denmark; 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). Since its establishment in 1818, objective of the Nationalbank as an independent and credible institution is to issue the Danish currency, the krone, and ensure its stability. The Board of Governors holds full responsibility for the monetary policy.[2]

The building which houses the bank's headquarters was designed by the renowned architect 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.

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.

Danish and Faroese banknotes are printed at Danmarks Nationalbank's Banknote Printing Works.[3] This ended 20 December 2016, and the printing of banknotes has been outsourced due to less demand for cash,[4] and cut in expenses of 100 million crowns until 2020.[5]

History

The old building in 1899.

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.

Board of Governors

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.

List of Royal Governors

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.

See also

References

  1. ↑ "SPECIFICATION FOR NATIONAL BANK BALANCE AFTER THE SPECIFICATION AND INSTRUMENT - INVENTORIES". nationalbanken.dk (in Danish). Retrieved 27 January 2016.
  2. ↑ The National Bank of Denmark Act, 1936 - Fraser: Federal Reserve of St. Louis. Access date: 12 July 2012.
  3. ↑ "Facts about the banknotes". Danmarks Nationalbank. Archived from the original on 16 March 2013. Retrieved 27 January 2013.
  4. ↑ Barsøe, Frederik (20 December 2016). "Today Ends a 1000 Year Old Tradition". bt.dk (in Danish). Berlingske Media. Retrieved 20 December 2016.
  5. ↑ Ulrik Horn (20 October 2014). "Nationalbanken lukker og slukker for seddelpressen" (in Danish). Dagbladet Børsen. Retrieved 10 March 2016.
Wikimedia Commons has media related to Danish National Bank.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.