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Danmarks Nationalbank

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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). Since its establishment in 1818, the 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.[4]

Danmarks Nationalbank
HeadquartersHavnegade 5, Copenhagen
Established1 August 1818; 206 years ago (1818-08-01)
Ownershipindependent, self-governing institution[1]
Royal DirectorChristian Kettel Thomsen[2]
Central bank ofThe Kingdom of Denmark
CurrencyDanish krone
DKK (ISO 4217)
Reserves479,065,000,000DKK[3]
Websitewww.nationalbanken.dk/en Edit this at Wikidata

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.

History

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The National Bank's first home next to Børsen on Slotsholmen, c. 1850.
 
The National Bank's second home on Holmens Kanal 17
 
Former branch (1924-1968) on Jernbanegade 27 in Kolding[5]: 134 

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 National Bank established a network of branches in Denmark's principal cities, but phased them out in the second half of the 20th century as they were no longer needed due to evolving practices and technologies. The last two branches, in Aarhus and Odense, closed in 1989.[5]: 134-135 

Until 20 December 2016, Danish and Faroese banknotes were previously printed at Danmarks Nationalbank's Banknote Printing Works.[6] The printing of banknotes was then outsourced due to a reduced demand for cash,[7] and cut in expenses of 100 million kroner until 2020.[8]

Building

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Competition entry for the new head office in 1961, with the older building preserved
 
The National Bank building viewed from Christiansborg Palace, with Holmen Church in foreground

The building which currently houses the bank's headquarters was designed in the early 1960s by the renowned architect Arne Jacobsen, in collaboration with Hans Dissing [da] and Otto Weitling [da], and built between 1965 and 1978. After Jacobsen's death in 1971, his office, renamed Dissing+Weitling, brought the building to completion. The National Bank moved into the new premises in 1976. The Agency for Culture and Palaces listed it as national heritage in 2009.[5]: 16 

The new building replaced an earlier neo-Renaissance structure, inspired by the Palazzo Strozzi in Florence and designed for the National Bank by Johan Daniel Herholdt, which had been erected in 1866-1870. The National Bank had moved into this building in 1870 from its original premises on Slotsholmsgade, in a building (now demolished) designed in the 18th century by Caspar Frederik Harsdorff.[5]: 16 

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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.

Board of Governors

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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

See also

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References

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  1. ^ "Hvad siger loven?". Nationalbanken.dk (in Danish). Retrieved 7 August 2023.
  2. ^ a b Lund-Hansen, Christoffer (18 April 2023). "Kettel vil træde frem i lyset som Nationalbankdirektør: "Det er ikke min stil at fare rundt med høj stemmeføring"". Altinget.dk. Retrieved 7 August 2023.
  3. ^ "SPECIFICATION FOR NATIONAL BANK BALANCE AFTER THE SPECIFICATION AND INSTRUMENT – INVENTORIES". nationalbanken.dk (in Danish). Retrieved 27 January 2016.
  4. ^ The National Bank of Denmark Act, 1936 – Fraser: Federal Reserve of St. Louis. Access date: 12 July 2012.
  5. ^ a b c d Kim Abildgren (2018). Danmarks Nationalbank 1818-2018. Copenhagen: Danmarks Nationalbank.
  6. ^ "Facts about the banknotes". Danmarks Nationalbank. Archived from the original on 16 March 2013. Retrieved 27 January 2013.
  7. ^ Barsøe, Frederik (20 December 2016). "Today Ends a 1000 Year Old Tradition". bt.dk (in Danish). Berlingske Media. Retrieved 20 December 2016.
  8. ^ Ulrik Horn (20 October 2014). "Nationalbanken lukker og slukker for seddelpressen" (in Danish). Dagbladet Børsen. Retrieved 10 March 2016.
  9. ^ "Hugo Frey Jensen – Danmarks Nationalbank". Nationalbanken.dk. Retrieved 18 October 2019.
  10. ^ "Per Callesen – Danmarks Nationalbank". Nationalbanken.dk. Retrieved 18 October 2019.
  11. ^ "Lars Rohde - Danmarks Nationalbank". Nationalbanken.dk. Retrieved 18 October 2019.
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