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.The National Bank of Denmark Act, 1936 – Fraser: Federal Reserve of St. Louis. Access date: 12 July 2012.
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.
It is also a member of the European Systemic Risk Board (ESRB).
History
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.
Until 20 December 2016, Danish and Faroese banknotes were previously printed at Danmarks Nationalbank's Banknote Printing Works. The printing of banknotes was then outsourced due to a reduced demand for cash, and cut in expenses of 100 million kroner until 2020.
Building
The building which currently houses the bank's headquarters was designed in the early 1960s by the renowned architect Arne Jacobsen, in collaboration with and , 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.
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.
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.
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
1818–1818: Christian Klingberg 1835–1856: Lauritz Nicolai Hvidt 1821–1861: Nicolai Aagesen 1836–1845: Peter Georg Bang 1856–1861: Hans Peter Hansen 1861–1892: Moritz Levy 1868–1888: Wilhelm Sponneck 1869–1896: Stephan Linnemann 1873–1887: W.J.A. Ussing 1873–1896: F.C. Smidt 1887–1888: Carl Vilhelm Lange 1896–1913: Søren Christian Knudtzon 1888–1913: Rasmus Strøm 1896–1906: Johannes Nellemann 1907–1924: Jens Peter Winther 1908–1908: Ole Hansen 1908–1920: Johannes Lauridsen 1913–1939: Westy Stephensen 1914–1923: Marcus Rubin 1914–1924: Carl Ussing 1920–1923: Jens Peter Dalsgaard 1923–1931: Holmer Green 1923–1936: Hans Rosenkrantz 1924–1932: Jakob Kristian Lindberg 1925–1936: Frederik Carl Gram Schrøder 1935–1955: Ove Jepsen 1936–1949: C.V. Bramsnæs 1939–1957: Henning Haugen-Johansen 1949–1950: Holger Koed 1950–1963: Svend Nielsen 1956–1963: Siegfried Hartogsohn 1957–1985: Frede Sunesen 1963–1985: Svend Andersen 1965–1994: Erik Hoffmeyer 1980–1996: Ole Thomasen 1982–1990: Richard Mikkelsen 1991–2005: Bodil Nyboe Andersen 1995–2010: Jens Thomsen 1996–2011: Torben Nielsen 2005–2013: Nils Bernstein 2011–2020: Hugo Frey Jensen 2011–: Per Callesen 2013–2023: Lars Rohde 2020–: Signe Krogstrup 2023–: Christian Kettel Thomsen
See also
Economy of Denmark Economy of the Faroe Islands Economy of Greenland Economy of Europe European Exchange Rate Mechanism Financial Supervisory Authority (Denmark) Payment system Real-time gross settlement List of central banks
References
External links