Terms and Conditions for Account Holders

Transactions in Danish kroner are processed through the European consolidated payment and securities settlement platform, TARGET Services. To participate in TARGET Services, entities must obtain a main cash account with Nationalbanken and meet specific technical and operational requirements. Banks, mortgage credit institutions, e-money institutions, payment institutions, and other participants are eligible to hold an account with Nationalbanken. This page provides account holders with a detailed description of the applicable rules for different types of participants, as well as the necessary forms for account holders and their administrators.

Account holder at Danmarks Nationalbank

To become an account holder at Danmarks Nationalbank, it is essential to be acquainted with our Terms and Conditions and the associated forms for account holders.

Institutions wishing to open an account are required to complete and submit an application to become a participant in Danmarks Nationalbank. The application forms the basis for the bank’s assessment and must provide a comprehensive overview of the institution’s business model, ownership and group structure, regulatory status, technical setup, and the intended use of the account.

Application form (PDF)

Danmarks Nationalbank will review the submitted material and may request additional information before making a decision regarding account opening and possible onboarding to relevant systems.

Questions regarding the application may be directed to payments@nationalbanken.dk.

Terms and Conditions for Accounts in the TARGET DKK

The detailed rules for how current account holders' account relationships in Danish kroner - including how account holders must provide collateral for credit - are described in the ruleset 'Terms and Conditions for Accounts in TARGET DKK'.

Download the latest version of the rule set

'Terms and Conditions for Accounts in TARGET DKK'

(pdf).

TARGET Self-Certification

TARGET Self-Certification is an annual process where account holders on TARGET Services – including RTGS DCA holders and Ancillary Systems – certify that their technical and organizational security measures comply with Eurosystem requirements. The purpose is to strengthen cyber resilience and information security within the European payment infrastructure.

The self-certification supports the Eurosystem's efforts to comply with international standards, including the CPMI-IOSCO principles for financial market infrastructures.

The certification must be completed by the end of the year and within a deadline set and communicated by the Eurosystem and Danmarks Nationalbank.

Appendices to the Terms and Conditions for Accounts in TARGET DKK

Forms for TARGET DKK

The relevant forms for account holders at Danmarks Nationalbank can be found below. The forms can be downloaded individually here (pdf):

Terms and Conditions for Accounts in TARGET-Danmark (EUR)

It is possible to open an account in euros at Danmarks Nationalbank. The detailed rules for account holders' euro accounts - including how account holders must provide collateral for credit - are described in the ‘Terms and Conditions for Accounts in TARGET-Danmark (EUR)’.

Download the latest version of the Terms and Conditions for Account Holders

'Terms and Conditions for Accounts in TARGET-Danmark (EUR)'

(pdf).

Appendices to the Terms and Conditions for Accounts in TARGET-Danmark (EUR)

Forms for TARGET-Danmark (EUR)

An overview of relevant forms for account holders at Danmarks Nationalbank can be found below. The forms are also included in the ‘Terms and Conditions for Account in TARGET-Danmark (EUR)’, but can be downloaded individually here (pdf):

Contact

For enquiries related to TARGET Services, or the Terms and Conditions and forms, please direct your questions to: