International swap lines

Danmarks Nationalbank has swap lines with the European Central Bank (ECB), Norges Bank and the Swedish Riksbank. They enable Danmarks Nationalbank to offer its monetary policy counterparties liquidity in euro, Norwegian kroner and Swedish kroner. Danmarks Nationalbank previously had swap lines with the US Federal Reserve, but the latest one expired in December 2021.

The National Bank has FX swap lines with the European Central Bank (ECB), Norges Bank, and the Swedish National Bank (Riksbanken). A swap is an agreement to exchange two currencies and later exchange them back, with all the specific terms of the exchange agreed upon in advance. The agreements can be activated on short notice and allow the National Bank, under certain conditions, to offer liquidity to monetary policy counterparts in euros, Norwegian kroner, and Swedish kronor.

The National Bank has previously had swap lines with the U.S. Federal Reserve (the Fed), first in connection with the financial crisis in the fall of 2008 and later with the outbreak of COVID-19 in March 2020. The most recent agreement with the U.S. Federal Reserve expired in December 2021.

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