The external debt of the Kingdom of Denmark

 .•.•<If 1 I \ No. E-147e RESTRICTED IThis report is restricted to use within the Bank. 67072 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT THE EXTERNAL DEBT OF THE KINGDOM OF DENMARK October 1'1, 1951 Economic Department Prepared by: W. D. S. Fraser Reviewed by: 'Carel de Beaufort  Table of Contents , Page I. Present Position 1 1) External Debt 1 2) Service Payments j II. History 5 1) D911ar Debt . 5 2) Sterlil\g Debt 6 j) Swedish Krona Debt 8 4) Swiss Franc Debt 8 5) Dutqh Florin Debt 9 6) Danish Krone Debt 9 III. Service Payments 10 1) Dollar Debt 10 2) Other E~ternal Debt 10 APPLNDIX A Table A...l: External Debt of Denmark. Table A-2: Estimated Interest and Amortization Payments on the External Debt of Denmark. Table A~J' External Dollar Debt of Denmark in Arrears. Table A.oi4: Price and Yield Quotations of Janish Government Securities in Market in which L{'Uotations are Shd1rm~ APPENDIX B , List of outstanding Dollar Bonds shoWing amount issued and purp6S~S for which obtained.  THE EXTERNAL DEBT OF TH::!: KIlIIGDO.ivI OF DENrvIARK I. Present Position of External. Debt and Debt Se7'vice Payments 1. External Debt The total outstanding external debt of the Kingdom of Denmark was :J;J87.0 million as of liJarch 31" 1951. Of this amount ~,>188. 7 million consisted of U,S. dollar obligations, and the equivalent of ~82.7 million of sterling obligations. lhe Swedish I'irona debt was next in size with the equivalent of c;)46.8 million, followed by Danish Krone" Swiss Franc, and Dutch florin debts equivalent to ~',27.0 million" $26.7 million and ~,15.2 million, respectively. Of the total :,1,188.7 million U.S, dollar debt, ~96t8 million consisted of bonded national, mu.'1icipal and corpo:rate obligations including ~,;35.2 million of accumulated arrears of scheduled principal and sinking fund repayments. Approximately ~19.6 million of the dollar bonds were estimated as held in Danish possession, and presumably are serviced in Danish Kroner. The remain- ing U.S. dollar debt was made up of U.S, Government credits totalling ~/51.9 million, and of an lBRD loan of ~~40.0 million. Of the total sterling debt of the equivalent 0[',,82.7 million, ,,61.6 million (~ 22.0 million) consisted of liabilities consolidated in connection with the establishment of EPU and the remaining $21.1 million (~ 7.5 million) wasthe outstanding amount of old publicly issued sterling bones, In line with the general policy on external debt studies short term liabilities are not shown here. It is important to note, hov'J'ever, that a large balance is due by Denmark to EPU amounting to the equivalent of US$65.6 million on ~,-ugust 31, 1951, and that dollar purchases from the H:!F with Kroner amount to wlO.2 million. Listed on the next page are the debts outstanding by currency ai.' payment and U.S. dollar equivalent on !\Jarch 31, 1951. (For details making up the totals, see Table A-l). TI1e trend of price and yield quotations since 1937 of one representative Danish issue in the New York, London, Zurich, Amsterdam and Stockholm markets is shmvn in Table A-4.  External Debt of Denmark (estimated as of ~rcn 31, 1951) Amount Currency of . 'Expressed Payment in US:;:; 2/ (in thousands) u.s. Dol!ar Debt Dollar bonds $ 96,837 31 96,837 Government loans 51,897 - 51,897 IBRD loan 40,000 40,000 Total U.S. Dollar Debt $ I8B,TJ4 18B, '(34 J±I Sterling Debt Sterling bonds l, 7,524 21,066 Government debt 22,000 51 61 2600 Total sterling debt t 29,524 - 82,666 Swedish Krona Debt &vedish Krona bonds SKr 89,405 18,863 Government loan 144,400 27,904 Total ~ledish Krona debt SKr 233,805 46,767 Swies Franc Bonds 'SFcs 115,711 26,670 Dutch Florin Bonds f 57,616 15,162 Danish Krone Debt Danish Y~one bonds DKr 76,427 11,065 Government debt 109 2 85? 21 15,905 Total Danish Krone debt 156,252 26,970 Total Debt 386,969 §/ 11 Includes the amount of foreign currency bonds held in Janish possession, which presumably will be serviced in Danish kroner, and the amount of Danish Krone bonds held abroad which may be serviced in foreign currency_ £! Conversions were made at the following rates: *" 1 = ~o;2.80; SrCr 1 =."0.19324; = . . 0.14I~78 srr fr 1 $,0.23048; f 1 = ,",0.26)16; DKr 1 = ; 41 Includes ~35.2 million scheduled principal and sinking fund repayments in arrears as of ~larch .31, 1951. (See Table A-3) W Does not include purchases from the IlflF with Danish Kroner of ~a.4 million in 1947 and 6.8 million in 1948. 21 Represents liabilities consolidated in connection with the establishment of E?U. Sterling liabilities have been funded over ten years, but other cur- rency settlements payable in Danish Kroner are funded over three to four years,. §/ Does not incl.ude balance due to EPU amounting to the equivalent of US~,,:6.5.6 million on August 31, 19.51.  - :3 - 2. Service Payments Scheduled interest and amortization payments on the Danish exterDal debt, including instalment payments on liabilities consolidated in connection with the establishment of EPU, amount to the equivalent of ~i)37.0 million in 19$1. This amount consists of ~t)24.9 million for amortization and 012.0 million for interest. A breakdo'V'm by curren:ils shows that in 1951 U.s. dollar requirements will amount to $11.2 million, sterling - the equivalent of~,ll.l million; Danish Krone .,. ~·6.8 million; Swedish Krona - ~~2 .. 9 million; Svriss franc - ~;J .. 7 million; and Dutch florin - (,1.3 million. The total required payments in 1952, 195), 1955 and 1962 will be abno~m"'! ally heavy because of the maturity of national and municipal dollar bonds. £/ In the case of the national issues there are accumulated arrears of scheduled amortization or sinking fund dollar payments arising out of the war, and in the case of municipal issues no provisions by the terms of the original issue were made for sinking funds. In the schedules in Table A-2 it has been as- sumed that existing arrears on past due maturing dollar loans will be paid off in 1952, and that arrears on current loans, on Which contractual paynents are being regularly rr~t, will be paid off on the maturity date of the respec- tive bonds. In 1952 required payments will be at a peak of ~,58.8 million, decline to ~;44.5 million in 195), drop sharply to $27.3 million in 1954, and rise again to ~,37.3 million in 1955. In 1956 they will drop to :;;;24.0 million and '.Jill decline steadily to (:11,9 million in 1961. In 1962, payments will jump to ~$24.6 million.. In 1963 payments will be $12.2 million, thereafter dropping steadily to t9.7 million in 1970. In addition to the abnormal dollar requirements in 1952, 1953, 1955 and 1962 mentioned above, sterling payments will be heavy through 1960 because of the liability (~ 22.0 million) created by postwar drawings on the Bank of England, which have been funded in connection with the establishment of EPU over a ten-year period at an in1erest rate of 1% per annum. Listed below is a surr~ry of the scheduled payments for 1951 through 1970. (See Table A-2 for additional details). 11 III 1951 contractual re'luire!"leilts for ctoll,'w service .,a",TY'l€mts are ;';11.2 i"'lilliol1, re=.Jresenting .2 millior:. or:. rtol1ar bonds, ;;)1.2 !"lillio:l for U. S. I}overnnent looms an(l ~ 7 million :01' interest C)a~Tlents on the I:3RD lo?,n. Since some :,?a,y11lents are being made on metu.red i~sues. actQ'3.1 ~!riaci)al :)~'ty­ ments '0y Den.'l1ar~;: on the dol1gr bOilc1.s in 1951 1,.,il1 be :36,06.5,000, instead of the contractual :)3,503,000 sinking func. 'Ja:ynent s contractu;~J.1:,T cP,11ed for. Total dollar :pa:)'T.'lents, t~lerefore, mad~, i:1 1951 "lill amount to $13.7 million. if See detailed discuflfJion on pel;es 10 ,o,nd 11 of this report.  -4- Tot?,' Co~tr[.wtUc.~l Service Charges on the Danish External Debt (Expressed in millions of U.S. dollars) TOTAL 11 Service Payments by Currencies Amount Pa~ents 3Z out- Amor- stand- tiza- Inter- U.S. Ster- Sv:edish SlJ-fiss Jutch Danish Year inb 2[ tion est Total $ ling Krona Franc Florin Krone 1951 387.0 4/ 24.9 12.0 37.0 11.2 .2/11.1 2.9 3.7 1.3 6.8 1952 364.2 ..,. 47.1 11.7 58.8 36.7 8.1 2.9 3.6 1.3 6.2 1953 317.1 34 .. 3 10.2 44.5 25.5 8.0 3,2 2.3 1.3 4.4 1954 282.8 17.9 9.4 27.3 11.0 7.9 3.5 1.9 1,3 1.7 1955 264.9 28.5 8.9 37.3 22.5 7.8 3.4 1.9 1.3 0.4 1956 236.4 16.3 7.7 24.0 9.3 7.8 3.4 1.8 1.3 o.h 1957 220.1 16.2 7.3 23.5 9.3 7.7 3.0 1.8 1.3 o.h 1958 20h.o 16.8 6.8 23.6 9.5 7.6 3.0 1.8 1.2 0.4 1959 178.1 15.7 6.0 21.7 9.5 7.6 2.5 1.8 o.h 1960 162.h 9.6 5.6 15.2 6.5 4.2 2.4 1.8 o.h 1961 152.8 6 •.r) 5.4 11.9 6.3 1.0 2,4 1.8 0.4 1962 146.) 19.7 4.8 24.6 19.2 0.9 2.4 1.7 0.4 1963 126.5 7.9 4.3 12.2 7.0 0.7 2.4 1.7 0.4 1964 118.6 7.9 4.0 11.9 6.9 0.7 2.4 1.5 o.h 1965 110.6 7.9 3.7 11.6 6.8 0.7 2.3 1.3 0.4 1966 102.7 7.9 3.4 11.3 6,6 0.7 2.3 1.3 0.4 1967 94.7 7.4 3.0 10.h 5.8 0.7 2.3 1.2 0.3 1968 87.3 7.3 2.7 10.0 5.8 0.7 2.0 1.2 0.3 1969 80.0 7.4 2.5 9.8 5.7 0.6 2.0 1.2 0.3 1970 72.6, 7.5 2.2 9.7 ,.0 ..,. ". 0.6 2.0 1.2 0.) Note: Totals do not aLJa~-s add due to rounding", 1/ Includes bonds held in Danish possession 2/ As of January 1 "3/ Payments for ful~ calendar year. 4/ As of i'larch 31 5./ to footnote 1, ?age 3.  - 5- II. Histoq Denmark I S external debt record was excellent until -\";orld,;ar II. Except for abrogating the gold clause there was no default on direct or guaranteed government or municipal obligations. Hmvever, during the German occupation principal payments were sus- pended on dollar and sterling loans, but were made to some extent on Swedish Krona and Dutch Florin loans, and were fully made on Swiss franc loans. In- terest payments during the same period were suspended on sterling loans, were partly made on Dutch florin loans, and were fully made on dollar, Swedish Krona and Swiss franc loans. Except for dollar loans which were still in ar- rears on sinking fund or principal payments to the extent of ,a5.2 million on March 31, 1951, all arrears have been paid up since the war. There follows a brief account of Denmark's external debt record by currency. 1. Dollar Debt The heaviest borrowing by Denmark in the U.S, narket took place before Vlorld,ar II in the period 1919-28, when four government issues totaling :,::140 million, four municipal issues totaling ~,J6 million, and a Mortgage Bank issue of ~5.3 million vrere floated. Today the outstanding amou..YJ.ts on these issues represent half of tr..e total dollar debt and neHrly one-quarter of the entire foreign debt of Denmark. In view of the large amortization arrears on some of these dollar loans, it is interesting to note the purposes for which they were obtained, (see Appendix B). It viill be Deen that most of the loans were used partly to retire existing indebtedness. In the case of the City of Copen- hagen 5s, due 1952, for ~15 million, the ~roceeds "were used to fund internal indebtedness, and those of the external 4"2s, due 1962, for :::55 million were partly used to purchase krone shares in Den Danske Landmandsbank in Copen- hagen. Interest pa;yments on all dollar loans were maintained without inter- ruption; during ':orld ,ar II the necessary funds were provided out of exist- ing dollar balances and the proceeds of cryolite exports from Greenland to the U.S.A. In 1941 the Danish l-inister in "-ashington~ D.C." announced that " ••• under existir1b conditions the Kingdom of Dennark is not at this time in a position to meet the matl~ity on January 1, 1942 of ~;;30,OOO,000 principal amount of the 6 ~)er cent loan. l' At the same time he announced that for the January 1, 1942 coupons of the 6 per cent loan, the fiscal agent 'l;ould be placed i:1 funds in order to make coupon payments to holders of bonds other than those held for account of residents of Denmark. The purpose of so excluding residents of Denmark .'ras to conserve, to the greatest extent possible, dollar exchange available to Denmark for possible future use in connection vd.th external debt service. On January 21, 1942 the 11inister armounced that in order to obviate preferential treatment of arw of the outstanding dollar loans, Danish  - 6 - Goverru:r.ent funds in the United States would not, until further notice, be avail- . able for sinking fund payments to non-residents of Denmark of all dollar loans as and when they became due. After ~lorld War II, dollar borrowing took the form of reconstruction loans from the U.S.Government and !BOO. In 1945 the Export-Import Bank estab- lished a credit of :l~20 million for the purchase in the United states of agri- cultural and manufactured products. On June 30, 1951 promissory notes were issued under this credit payable in thirty semi-annual instalments. The first ten of these notes bear interest at 2! %, the next ten at 3fo, and the final ten at 3!;t. In 1946 plans were made to float a loan in the New York market to dis- charge principal arrears on the 6;0 1922-42 loan and for payment of other dol- lar loans~ Because of the deterioration of the market for new foreign issues at that time the plans were abandoned. However, a ·~!7 million 5-year credit payable in dollars or Sl'Jiss francs with interest at 3!:t was negotiated later in the year with the Sl"iss Bank Corporation and Credit Suisse, the proceeds of vb ich were applied to redeeming by lot at par ,~7 million of the 6/0 dollar bonds of the 1922-42 loan. The amount outstanding on this loan has been fur- ther reduced by the reuemption of bonds in Danish possession. In 1947 the United states granted a .510 million credit for the purchase of surplus stores, of which only ·;;1 million was drawn down. As a result of the Fulbright agreement concluded in August 1951 between the USA and Denmark the credit will be liquidated in Danish kroner. In August 191+7 Denmark obtained a reconstruction loan of ·~40 million from the IBRD with interest at 3i:~ plus 1% per annum commission. In 1941 and 1948 J,)enmark purchased with kroner ,~10.2 million from the Ill:1F in the amounts of ;;;3.4 million and :u;6.8 million respectively (these amounts are not included in the total outstanding dollar debt shown in this report). In 1948 and 1949 ECA made two loans for ~R5 million and ~p6 million res- pectively with interest at 2~x, per annum. 2. Sterling Debt Sterling loans for railway construction were obtained by DenmC'lrk as far back as 1850 and again in 1861 and 1864. hi1any so-called sterling loans were denominated in Danish Kroner but were payable at the option of the holder in various other currencies. In addition to government loans several municipal and corporate. loans were obtained before ~Vorld ~~ar II, which were guaranteed by the Government. After ~\orldvvar II a government loan of h 774,900 was issued to convert the 4!s sterling loan of 1933, and the Jutland Telephone Uompany, after converting in 1947 its Sterling Loan of 1922 and 1925 had to redeem an amount of t 101,900 for which it issued a new 3~% Sterling loan. Full service was paid on all Sterling obligations until 1940, when, owing to the United Kingdom's wartime blocking regulations, inter?st and sink- ing fund payments were suspended, Service was resumed in October 1945, with P8¥Illent of arrears, ;md has been maintained in full ever since.  - 7- In 1945 Denmark entered into a monetary agreement with the United King- dom to facilitate trade between the two countries after the war. As a result of the liberal postwar import policy adopted by the Government, a considerable trade deficit arose with the U.K., which, in accordance with the monetary agree- ment, created large krone assets for the Bank of England with the Danish Na- tional Bank. Before the Intra-European Payments Scheme for 1948-49 became effective it was agreed that in order to keep these assets outside the monthly compensations, a s~~ of D.kr 440 million (z 22.7 million) would be transferred to a special account bearing interest at ~% per annum. The Government of Den- mark proposed to repay this debt over the period end~g 1952 out of surpluses expected to arise from current trade. The Government of the U.K. accepted the proposal. Nevertheless, from October 1948 to July 1949 Denmark continued to run a deficit with the U.K. However, as a result of a balance of payments surplus with the United Kingdom at the time of devaluation of the pound in Sep- tember, 1949 Denmark was able to repay D.kr 70 million (~ 3.6 million). After devaluation the overdraft on current account again increased, 1r1hen the Intra- European Payments Scheme for 1949-50 expired at the end of June 19$0, the Bank of England's total assets in the Danish National Bank amounted to D.kr 475 mil- liOn (~ 24.5 million). In July 19$0, in connection with the establishment of EPU, the equivalent of ~22 million was converted ~to Sterling and made payable over a ten-year period at an interest rate of 1%. The balance of the equivalent in D.kr of !:i 2.5 million was considered as an "existing resource fl available to the United Kingdom in the event of her incurring a debtor balance with EPU. , In March 1951 the tl 22 million debt to the U.K. was taken over by the Govern- ment from the Danish National Bank.  - 8- 30 Swedish Krona Debt The third largest creditor of Denmark is Sweden with nearly S o Kr.233 .. 8 million (US .·>4608 million) outstanding. The first loan was obtained by the City of Copenhagen, in 1898, but other large g?vernment and municipal loans were obtained in the twenties and thirties. Full service was paid on all Swedish currency obligations until vvorld ViarII when payment was confined to Swedish citizens, and only to the extent possible under the Danish-Swedish wartime Clearing Agreement. A final installment due in 1941 on the Kingdom of Denmark 2~% Serial Loan of 1936 was deferred, but was made up in the period 1941-4$, so that this loan is no longer outstanding. Other arrears were settled by means of a 4~ loan of S.Kr.20 million floated in June 1947. During 194$ and 1946 government credits totalling S.Kr.190 mi~lion were obtained for the purchase of goods, for the purchase of barracks to house German refugees in Denmark, and to pay for the cost of equipping the Danish brigade formed in Sweden during' the 1.. ar , A credit granted to cover the cost of :Danish refugees in Sweden during the occupation was written off by Sweden in 1946 as a gift to Denmark. The remaining credits, after a special instalment of S.Kr. 10 million had been paid in December 1948, were consolidated in 1949 into the 37~ Swedish~\ar Settlement Loan for S.Kr,1$9.4 million, due in 198), on which full service is being paid. In 1946 the Swedish Government agreed to put S .h.r. 7$ million at the disposal of coun- tries who had signed the .Paris Convention concerning war compensation from Germany, out of the proceeds of the liquidation of German assets in Sweden. The amount allotted to Denmark was S.Ier, 1$ million which in April 19$0 was offset against the 3% Swedish l.'iar Settlement Loan reducing the outstanding amount at that time from S.Kr. 1$9.4 million to S.Kr. 144.4 million. 4. Swiss Franc Debt Full service was maintained on Swiss Franc loans throughout the war. Bondholders of various multiple currency loans issued by the Govern- ment of Denmark and the City of Copenhagen are now seeking payment in Swiss Francs, since this currency, being at a premium, is most favorable to their interests. However, bondholders of such loans, who are not residents of Switzerland, are not permitted by Swiss exchange regulations to receive pay- men 'to in effective Swiss francs from the paying agents in Svyitzerland. Pay- ment in other currencies may take place on a Swiss franc basis. In 1947 Denmark obtained a p7 million loan from the Swiss Banking Cor- poration and Credit Suisse to redeem in part the 6ib 1922~42 dollar loan. Ac- cording to an agreement concluded in December 19$0, the loan will be serviced for the remainder of its term in Swiss francs. lhe banks are not, therefore, entitled to claim payment in dollars. On the other hand,. the banks have maintained the right in accordance with the loan contract to request payment on a dollar basis. The issue has been listed in Table A-l under Swiss francs.  -9 - 5. Dutch Florin Debt ~.hUe the present outstanding loans payable in Dutch florins were raised in 1908 and 1937-38, loans were also obtained in the Netherlands in between these years. ~he loans of 1938 raised by the Government and the City of Copen- hagen were used to convert 5~ florin loans issued in 1926. The 4~ florin loan of 1931 of the Mortgage Bank was used to convert a loan payable in florins and sterling issued in the twenties. In addition, the various multiple currency loans raised by the Government and the City of Copenhagen in the period 1910~12 were payable in florins. Interest payments were deferred in 1940 because ~f the German occupation, but were resumed in Ootober 1941 under the Danish-Dutch Clearing Agreement. Such payments were again interrupted in January 1945 and not reopened until 1946. Principle payments were to some extent paid dur-ing the oocupation!" Since the war all service payments ~n arrears have been made up. 6. Danish , , Krone Debt There are two Danish Krone issues outstanding with optional clauses autho- rizing repayment of principal and interest in French francs or Danish Kroner. A large part of these loans are held abroad. Payment at the face amount in French francs has not, due to the fall in the franc, been demanded for many years. The liabUities of the Danish National Bank as of June 30, 1950 to the Central Banks of France, Belgium, the Netherlands and Portugal have been con- solidated in connection with the establishment of EPU, and funded over periods of .3 to 4 years. In March 1951 these liabilities were taken over by the Govern- ment.  - 10 - III. Service Payments 1. Dollar Debt In January 1950 and again in January 1951 the Hi:nister of Finance in Denmark announced that in each of the two calendar years the sum of $5.600,000 and $5,665.000 respectively ,",auld be set aside to be applied to the retirement of the fo11o\1ing dollar loans on \vhich amortization or sinking fund payments vlere in arrears: 1.1 1.2.5.Q illl (in thousands) External 6s due 1942 $2,500 $2,500 External 5is due 1955 1,200 1,200 External %8 due 1962 1,487 1,552 Conso1.1lfunic. 5is due 1955 280 280 Mortgage Bank 5a due 1972 113 111 $5.600 $5.665 In addition about $400,000 in each of the years 1950 and 1951 were set aside for pa:yments On the 1;Iunicipa1 Loan Fund :3s of 1947. In the case of the external 69 due in 1942, bonds were to be dravffi by lot and redeemed at par. Bonds surrendered by or on behalf of a resident of Denwark are to be paid only in Danish kroner in Copenhagen. For the remaining issues the amounts set aside for retirement ,·rill be used to -;Jurchase the outstanding bonds at public or private sale, in the open market or by tender or otherwise. Since the market prices of the latter issues are cUrrently belo,·, par (See Table A-4). the principal amounts of the bonds retired will be somewhat larger than the cash amounts re- served for the operation. (See Table A-3). According to the interest and amortization schedules set out in detail in Table A-2, required service :payments on ::.S. dollar debt ',lill be abnormally heavy in 1952, 1953, 1955 and 1962. In preparing the scheo::,l:.es it is assumed that ma.,.. turities in arrears on past due do11l."r loans "TiE be off in 1952 (See Table A-3). and that arrears on current loans, on vlhich contractual pa;Y1llents are being rel6Ular1y met, "ril1 be paid off on the maturity date of the respective bonds. In 1951 contractual requirements for dollar service :;?ayments are $11.2 nillion, representing $8.2 million on dollar bonds, ;~1.2 million for U. S. Govern- ment loans and $1.7 ~i11ion for interest payments on the IBRD loan. Since some payments are bains made on matured issues. actual principal payments by Denmark on the dollar bonds in 1951 1:Iill be $6,065,000, instead of the contrg,ctua1 $:3,503,000 si~cing fund paJ~ents contractually called for. (See Table A-3 for details) . In 1952 and 1953 contractual service :')a;y;nents 1,vill rise sharply to $:36.7 million and $25.5 million res',)ecti vely, be~ause of the maturity of the t"lO issues of the City of Co',')enhagen (5s -of 1927 and 4~s of 1928) and the Danish Consolidated iclnnicipa1 loan (5a of 1928), for vlhich no sin..vdng funds "'Tere prOVided by the terms of the original issue. In 1954 payments drop to $11.0 million, but rise again to $22.5, million in 1955, because a natior~l issue (sis of 1925) and the Danish Consolidated ;.Iunioipal lOan (5~s of 1925), on itlhich there are accumulated amortization arrears, fall due for redemption. 1.1 See Table A-3 for details.  - 11- In 1956 p~ments will be )9.) million and will remain at about that level through 1959. In 1960 payments will drop to:h.5 million, but in 1962 another national issue (4!s of 1928) with amortization in arrears falls due causing pay- ments to jump to ,~19.2 miUion. In 196) p~ments will drop to ,,7.0 million, and thereafter they will drop steadily to ~?5.6 mUlion in 1910. The first amortization p~ent of >599,000 on the ~40,0 million IBRD loan falls due in 1953. 2. Other External Debt Except for interruptions during lJ~orld War II, full service has been paid, and arrears paid up, on all sterling, Swedi~h Krona, Swiss franc, Dutch florin and Danish Krone debt. Service on sterling debt will be heavy during the fifties amounting to the equivalent of .:011.1 million in 1951 and dropping to ;.>4.2 million in 1960. This is mainly due to the repayment of the Government debt to the U.K. After 1960 sterling payments are insignificant. Swedish Krona payments a.'1lount to the equivalent of.2.9 million in 1951, rising to ·:,,J.5 million in 1954, and thereafter dropping gradu.;Uly to;',2.0 mil- lion in 1970. Swiss franc payments amount to the equivalent of 'w).7 million in 1951 and will drop to ':pl.2 million in 1970 ~ Service on Danish Krone debt is heaviest during the period 1951-1954 be- cause of French, Belgian, Netherlands and Portuguese liabUities fund.ed in con- nection with the establishment of EPU. After 1954 p~ents are relatively small.  Table A-.l: E1."TERUAL DlI:aT OF DEnMARK (In thousands) Page 1 Amount outstanding as of Unroh 31. 195i-Ir Held in Held Total I:otturk a1:road In. currency EJ,.'!)ressed in of payment U.S. dollars DOLLAR DEnT Dollar bonds Denmark 6%, 1922-1942 $ 11321 $ 7,349 $ 8,670 8,670 Denmark 5 1/2%, 1925-1955 $ 3,500 $ 11,994 $ 15,494 15,494 Denmark 4 1/2%, 1928-1962 $ 8,100 $ 28.915 $ 37,015 37,015 14tge. Bank of the Kingdom of Denmark 5%, 1927-1972 ?J c· if 694 f. 'I' 2,663 $ 3,357 3,357 Danish Municipal Loan FUnd 3%. 1937-1947?J $ 1,186 1,186 Danish Cons. f4un. Loan 5 1/2%, 1925-1955 $ .... 285 $ 1,830 ! iJl 2,115 1,186 2,115 Danish Cons. l-Iun. Loan 5%, 1928-1953 , tp 1,166 $ 834 $ 2.000 2,000 Copenhagen 5%. 1927-1952 ,'" 'I) 1,091 $ 13,909 $ 15,000 15,000 Copenhagen 4 1/2%, 1928-1953 $ 3,415 $ 8,585 $ 12,000 12,000 Total dollar bonds $ 19,572 $ 77,265 $ 96,837 96,837 if U.S. Government loans Export-Import :Bank 3%, 1945-1966 . 20,000 20,000 E.R.P. 2 1/2%. 1948/9-1983 Surplus property 2 3/8%. 1947-1976 J/ t r', ,p 31,000 897 t $ 31,000 897 !±I 20,000 31,000 897 Total U,S, Government loans $ 51,897 $ 51,897 -.21,897 I.D.R.D. 4 1/4%, 1947-1972 $ 40,000 $ 40,000 40,000 Total dollar debt $ 19,572 $ 169,162 $ 188,734 188, 734{J See footnotes at end of table.  Table A-l: EXTERNAL DEBT OF DEl'1MARK- Continued (In thousands) .Page~. Amount outstanding as of tJlarch 31. 1951 Held in Held Total Denmark abroad In currency Exrressed in of ~ayment U.S. dollars ST.E:fU.UrG DEBT Sterline bonds Denmark 3 1/2%, 1900-1960 . Denmark 3 1/.2%. 1901 - no maturity . .,. ~ 25 679 J- T 1,024 86 ;. ~ 111 1,7 03 311 4,768 Denmark 3 1Z2%, 1909 - no maturity ~ 827 "" T I t 391 'T 2,218 6,210 Denmark 3 1/2%, 1947 - 1972 ,. ... 14 ." 677 "" ;, 691 ~ 1,935 Jutland Telephone Co. 3 1/2%. 1922/25-1962 gj ~ J:. 223 T "" 223 624 Mtge. Bank of the Kingdom of Denmark 4%,. 1908-1968 gJ J. 362 .r.. 276 ;, 638 1,786 Mtr;e. Bank of the Kingdom of Denmark 4%, 1912-1973 gj Mtge. ]ank of the Kingdom of Del~k . 241 ~ 160 b 401 1,123 3 1/2%. 1936-1962 gj J. 38 J- 783 .~ 821 2.299 Danish Cons. r4un. Loan 4~~. 1936-1959 .I. .I. 718 ;J;. 718 2,010 Total sterling bonds .r.. _2.186 .r.. 51 228 J. 72 524 21 1 066 E.P.U. Settlement 1~1960 ;r. 22,000 .I. 22,000 61)600 Total sterling debt ~ 2.186 .I. _27,338 ;r.; 29.524 82.666 Sw.EDISH KRONA DEBT • Swedish krona bonds Denmark 4%, 1936-1956 SKr 389 SKl' 9,255 SKr 9,644 1,864 Denmark 3 1/2%, 1938-1958 SKr 202 SKl' 17,719 SKr 17.921 3,463 Denmark 4%, 1947-1967 SKr SKl' 17,904 SKr 17,·904 3,460 Mtge. Bank of the Kingdom of Denmark 4 1/2%, 1931-1971 gj SEl' 3,566 SKr 13,574 SKr 17,140 3,31 2 Copenhagen 3 1/2/§, 1898-1959 SEr 653 SKl' 3.472 SKr 4,125 . 797 Copenhagen 4 1/2%, 1930-1970 SIrr 2,885 SKr 18,322 SKr 21,207 11 5.684 Copenhagen 4~, 1935-1955 SXr SKr 1,000 SKr 1,000 193 !rhus 5%, 1930-1955 SKr SKr 464- SKr 464 90 To tal S\"edish krona bonds SKr 7.695 SJrr 81.Z10 SEr 822 40 2 18 1 861 .Swedish "lar Settlement Loan 3jJ-1983 SKr 144,400 SKl' 144,400 27,904 To,tal Swedish krona debt SKr 7,6~5 SKr 226,110 SKr 233.80.5 46.762 :Bee footnoteR f;l,t ~nrl of table  Table A-I: EXTERNAL DEBT OF DE1~UUlK - Continued (In thousands) Page 3 Amount out s tap.ding as~f_ I'~g,rch3],~~=l~__ Total Held in Held In currency Expressed in Denmark abroad of uaYment 'tJlL-I:L•. dollars Sl'lISS FRANC BONJJS Denmark 4%. 1912-1971 Sw fr 4,198 Sw fr 31 ,334 Sw fr 35.532 8,189 Denmark 3 1/2%, 1938-1964 Sw fr 2,562 S\'l fr 13.099 S\'T fr 15,661 3,610 Denmark 3 1/2~t 1947-1952 Sw fr 8\1 fr 12,068 Sw fr 12,068 2,781 Copenhagen 3 1725~J 1902-1953 Sw fr 413 S,." fr 3,338 Sw fr 3,751 865 Copenhagen 410, 1910-1970 S\;]' fr 1, '1l8 Sw fr 30,374 S,., fr 32,092 7.397 Copenhagen 4~, 1911-1971 Sw fr 535 S\1 fr 16,072 Si'! fr 16,607 3,828 Total Swiss franc bonds Sw fr 9.426 Sil fr 106,285 Sw fr 11S.711 26.670 GUILDER DEBT Florin bonds Denmarl~ 4%. 1938-1968 f 9,235 f 9,235 2,430 State Housing Fund 4~t 1937-1967 gj f 65 f 6,281 f 6 .. 31~6 1,670 State Housing Fund 4~, 1937-1967 gJ f 21 f 7,697 f 7,718 2,031 !4t~e. :Bank: of the Kingdom of Denmark 4%. 193£;1968 ?;!, f 80 f 6,620 f 6,700 1,763 Copen gen l} \' 1908-1968 f 1,168 f 13,680 f 14,848 3,907 Copenhagen 4~, 1938-1963 f 7 f 2,728 f 2,735 720 Copenhagen 4~, 1938-1968 f 18 f 5,840 f 5.858 1,542 Copenhagen Telephone Co. 4~, 1938-1963 f f 4,176 f 4,176 1,099 Total gJi1der debt f 1 z352 f 2,6,257 f 57 1 616 ...1:.2t 162 DAliTISH KROli!3 DEBT fJ1 Danish krone bonds Denmark 3%,· 1894 - no maturity DKr 40,136 DKr 26,190 DKr 66,326 9,603 Mtge. Bank of the Kincdom of Denmark 3 1/2~,- 1906-1966 DKr 6,043 DKr 4,058 DKr 10,101 1,462 Total Danish J;:rone bonds DKr 46.179 DKr 30~2.48 DKr 26:1,42.2 11~065 See footnotes at end of table.  Table A-l: EXTERNAL DEBT DElilNjUUC - Continued (In thousands) Page 4 Amount outstanding ~s of~ r.rarch31L1951~ H Total Held in e1d In currency ~xpressed in Denmark abroad of p~ent U,S. dollars DAl~ISH KROl~ DEBT EI - Continued E.P.U. settlements \1ith: Belgium 2 3/4% - 195* DKr 36,019 DKr 36,019 5,215 France 1% - 1953 DIrr 41,040 DKr 41,040 5,942 Netherlands 2 1/2% - 1954 DKr 19,083 DKr 19,083 2,763 Portugal 2 1/2% DKr 13,713 DKr 13,713 1,985 Total Danish krone E.P .. U. settlements DKr 109.855 DKr 109,855 15,905 Total Danish krone debt DXr 46.179 DXr 140,lQ3 I I!B:r 186.,2~3. 26,970 Total debt 386,969 Y21 Note: The following exchange rates ''lere used: ~l = ~2 .. 80; fl = $0.26316t S\v fr 1 :::: $0.23048; SKI' 1 = $0.19324; DKr 1 = $0.14478. 1:./ March 31 is the end of the Danish financial year. gJ Guaranteed by the national government. 51 This credit contains local cm'rency and renl property clauses. ~ This is reported as ~905tOOO by the U.S. Department of Oomnrerce on the same date. 51 Includes $35.2 million schedulecl principal and sinking fund repayments in arreers as of 1-1arch 31, 1951. (See Table ,A....3) £J Does not include purchases from the I.M.F. with Danish kroner of $3.4 million in 1947 and $6.8 million in 1948. z/ This is also paynble in dollars. HOwever, at the present time it is being serviced in Swedish kronor equivalent to dollar par value at the current rate of exchange. The amounts outstanding shown are par values. Actua14r the Swedish krona amount paid is [,Teater. fJJ 'Listed as e~terl1al debt by the Danish Government. 2J Does not include bnlance due to E.P.U. amounting to the equivalent of u.s.$65.6 million on August 31. 1951. October 4. 1951  Table_ A-2: IlSTIHATiID UJTER.:mST .AND »rORTIZATION PAYMT:NTS ON THE ::XTERHAL DEBT OF DElJMARK (Expressed in thousmlds of U.S. dollars) ___ ._. _ _ _. - __ .____ Pa[~e 1 Dollar bonds Export-Import :3ank E.R.P. Y ar Amount Psvment-s Amount l?ayments Amount payments e out- . Amorti- _ In- T o t l aout- . Amorti- In- T o tl a out-. Arrrorti- . In- T oatl stand1n~> za:l;iQn terest struHhn~aUon terest standJ,nt; zatlon tere:U.- 1951 11 96,837 3,503 4,722 8,225 20,000 667 550 1,217 31,000 1952 93.333 28,458 4~176 32,634 19,333 1,333 575 1,908 31 t OOO 388 388 1953 64.875 17,705 2... 7.52 20,457 18,000 1,333 542 1,875 31,000 775 775 1954 47,170 3,813 2,248 6,061 16,667 1,334 508 1,842 31,000 775 775 1955 43,357 15,534 ~063 17,597 15,333 1,333 475 1,808 31,000 775 775 1956 27,823 2,844 1,233 4,077 14,000 1,333 4/'}2 1,775 31.000 360 773 1,133 1957 24,979 2,967 1.104 4,O{l 12,667 1,334 403 1,737 30,640 360 76l~ 1,124 1958 22,012 3,096 968 4,064 11,333 1,333 363 1,696 30,279 360 755 1,115 1959 18,916 3.231 827 4t 058 10,000 1,333 323 1,656 29.919 360 '146 1,106 1960 15,685 412 709 1,121 8,667 1,334 283 1,617 29,558 360 737 1,097 1961 15.273 133 696 829 7,333 1,333 243 1,576 29.198 541 726 1.267 1962 15,140 13,379 391 13,770 6,000 1,333 198 1,531 28,657 541 71 3 1,254 196J 1,761 133 86 219 4,667 1,334 152 1,486 28,116 541 699 1,240 1964 1,628 133 80 213 3,333 1,333 105 1,438 27,576 541 " 686 1,227 1965 1,495 133 73 206 2,000 1,333 58 1,391 27,035 541 672 1,21 3 1966 1,362 133 66 199 667 667 12 679 26,494 1,081 656 1,737 1967 1,229 133 60 193 25,413 1,081 629 1,710 1968 1,096 133 53 186 2l.j',331 1,081 602 1,683 1969 963 133 46 179 23,250 1,081 575 1,656 1970 830 133 40 173 22,169 1,081 548 1,629 1971 667 133 33 166 21,087 1,081 521 1,602 1972 564 564 26 590 20,006 1,622 490 2,112 1973 ,384 1,622 450 2,072 1974 16,762 1,622 409 2,031 1975 15.140 1,622 369 1.991 See footnotes at end of table,  Table A-2.t 1lSTUIi~TED IHT~J:tEST AlID MlOILTIZATION PAY:MI.:l'JTS Ol~ TEE bXTBIDJAL DEBT OF DLlJM'iillK - Contd. (.E2.-pressed in thousancls of U.S. dollars) p_age 2 Surplus Pro~ert~ Total Us 8. loans C~vernment L]\R.D! loan Year Amount fa.yments Amount £a:lments Amount Paiiments out- Amorti- In- out- Amort i- 1n- out- Amort i- 1n- si~ zation terest Total st..and_i~zatio~~t_e~st Total standing zat1,on tere::lt Total 1951 11 897 21 21 51,897 667 571 1,238 40,000 1,700 1.700 1952 897 36 21 57 51,230 1,369 98 /-1- 2,353 40,000 1,700 1,700 1953 861 36 20 56 49,861 1,369 1,337 2,706 40,000 599 1,694 2,293 1954 825 36 20 56 48,49 2 1,370 1,303 2,673 39,401 619 1,668 ? t ~. 1955 789 36 19 55 47,122 1,369 1,269 2,638 38,782 639 1,641 2,280 1956 753 36 18 54 45,753 1,729 1,233 2,962 38,143 661 1,614 2,275 1957 717 36 17 53 44,024 1,730 1,184 2,914 37,L!B2 682 1,586 2,268 1958 681 36 16 52 4'2,293 1,729 1,134 2,863 36,800 1,olj'9 1.553 2,602 1959 645 36 15 51 L~Ot564 1,729 1,084 2,813 35,751 1,083 1,508 2.591 1960 610 36 14 50 38,835 1,730 1,034 2,764- 34,668 1,119 1,462 2,581 1961 574 36 14 50 37,105 1,910 983 2,.893 33,51 +9 1,155 1,414 2,569 1962 538 J6 13 49 35,195 1,910 924 2,834 32.394 1,194 1,364 2,558 1963 502 36 12 48 33,285 1,911 863 2,774 31,200 2,687 1,298 ),985 1964 466 36 11 47 31 ,375 1,910 802 2,712 28,51) 2,775 l,18J 3.958 1965 430 36 10 46 29,465 1,910 740 2.650 25 J 7J8 2,867 1,064 3,931 1966 394 36 9 45 27,555 1,784 677 2~461 22,871 2,960 941 3,901 1967 358 36 8 44 25.771 1,117 637 1,754 19,911 3,057 814 3,871 1968 322 36 8 44 24,653 1,117 610 It 727 16,854 3,157 683 ).8IW 1969 286 36 7 43 23,536 1,117 582 1,699 13,-697 3,261 548 3,809 1970 250 36 6 42 22,4'55 1,117 554 It 671 10,436 3,367 408 3,7'75 1971 215 36 5 41 ,302 1,.117 526 1,,643 7,069 3,478 264 3,742 1972 179 36 4 40 20,185 1,658 494 2,152 3,591 3,591 115 3,706 1973 143 36 3 39 18,527 1,658 453 ?,1;1 1974 107 36 2 J8 16,869 1,658 411 2,009 1975 71 36 2 J8 15 .. 211 1,658 371 2,029 See footnote at end of table.  Table A~2: EST IlIIAT::..J) A:m .AlvrOHTlz..,;.TION P..ti.YiCNTS ON TJ::['~ EXT:RNAL D:CBT OF Dmn-1ARJ{ - Contd. 1:..1 thousands of U.S. dollars) Page 1 Total dollar debt Sterling bonds Elr.U. settlemen~ Amount Pa.vments Amount Payments Amount Pa;'iments Year out- Amort i- 1n- out- l,,"~iorti- In- out- Amorti- In- :J,lota1 s:tu.llQ.ing zat;l.Q;D. terest Total standing; zation tcrest Total stalldin{~ zation terest 19511/ 188,734 4,170 6,993 11,163 21,066 660 768 1,428 61,600 9,240 414 9.. 654 1952 184,563 29,827 6,860 36,687 20,718 673 743 1,416 52,360 6,160 496 6,656 1953 154,763 19,673 5,783 25,4.56 20,045 686 717 1,403 46,200 6,160 43l~ 6.594 1954 13.5,063 5,802 5.219 11,021 19,359 700 691 1,391 40.01.j.0 6,160 372 6,532 195.5 129,261 17,542 [1'.973 22·,515 18,659 714 66.5 1,379 33.880 6,160 311 6,471 1956 111,719 5,234- 4,080 9,314 17,946 728 638 1,366 27.720 6,160 249 6,4,09 1957 106,485 5,379 3,874- 9,253 17,218 743 611 1,3.54 21,560 6,160 183 6,348 1958 101,105 5,874 3,655 9.529 16.475 758 1,341 15,400 6,160 126 6,286 1959 95,231 6,043 3,419 9,462 15,718 777 I t 333 9.240 6,160 6l~ 6,224 1960 89,188 3,262 3,204 6,466 54 1,082 ),080 3,080 8 3,088 1961 1962 85,927 82,729 3,198 16,483 3,093 2,679 6,291 19,162 lL~,,941 l l ./-,387 13,846 4 51 405 1,048 892 1963 66,246 4,731 2,247 6,978 13,442 260 475 735 1964 61,516 4,818 2,065 6,883 13,181 271 465 736 1965 56,698 4,910 1,877 6,787 12,911 280 455 735 1966 51,788 4,877 1,684 6,561 12,630 292 443 735 1967 46,911 4,307 1,511 5,818 12,339 30,3 432 735 1968 42,60) 4,407 I, )1.[.6 5,'153 12,036 314 421 735 1969 38,196 4,511 1,176 5,687 11 J 721 182 410 592 1970 33.721 4,617 1,002 5,619 11,539 188 404 592 1971 29,038 4,728 823 5,551 11,351 196 396 592 1972 2l.j·,340 5,813 635 6,4h8 11,155 138 389 ~27 1973 18,527 1,658 453 2,111 11,017 38 385 23 1974 16,869 1,658 411 2,069 10,979 384 384 1975 1.5,211 1,658 371 2,029 10,979 384 384 See footnotes at end of table. •  Table .\,-2: ::;STI:iATED UTTEREST AND Jl}.iORTIZATIOH PAnCN'?S ON Tm: ::XTERHAL DEBT OF DENllliAllK - Contd. (Expressed in thousands of U.S. dollars) Paf~e 4 Total sterling debt S\'ledish }::rona bonds S\'Jodish Uar Settlement Loan Amount ?a:lments Amount pa;tments Amount Pa;,yments Year out- Amort i- In- out- Amort i- In- Total out- AJaorti- In- standil1~~ z~tiQn terest Tobl standing zation t~rest standing zatiQn terest Total 195111 82,666 9.900 1,182 11,082 18,863 1,310 772 2,082 27.904 837 837 1952 73,078 6,833 1,239 8,072 17,761 1.352 718 2,070 27 1 904 837 837 1953 66,245 6,846 1,151 7,997 16 ,408 1,395 6S5 2,060 27,904 290 837 1,127 1954 59,399 6,860 1,063 7,923 15,013 1,/.jl.!{J 609 2,049 27.614 593 824 1,417 1955 52,539 6.874 976 7,850 13,573 1,459 551 2,010 27,021 611 806 1,LJ-17 1956 45.666 6.888 887 7.1'15 12,11'+ 1,467 494 1,961 26,410 630 785 1,415 1957 38,778 6,903 799 7.702 10,6h7 1,161 l}43 1,604 25,780 649 768 1,417 1958 31,875 6,918 709 7,627 9,486 1,200 397 1,597 25,131 668 749 1,417 1959 24,958 6,937 620 7,557 8,256 736 353 1,089 24',463 688 729 1,417 1960 18,021 3,634 536 4,170 7,550 643 324 967 23,775 709 708 1,417 1961 14,387 541 507 1,048 6,907 663 296 959 23,066 731 686 1,417 1962 13.846 405 487 892 6,2 43 685 267 952 22,335 753 664 1,417 1963 13.442 260 475 735 5,559 707 237 944 21,582 775 642 1,417 1964 13,181 271 465 736 4,852 730 20'7 937 20,a07 799 618 1,417 1965 12,911 280 455 735 4,122 754 175 929 20,008 823 594 1,417 1966 12 11 630 292 443 735 3,367 780 141 921 19,185 848 569 1,417 1967 12.339 303 432 735 2,588 806 108 914 18,337 l 87 " 543 1.. lj,17 1968 12,036 314 421 735 1,782 51}9 78 627 17,463 900 517 1,417 1969 11,.721 182 410 592 1,233 566 54· 620 16.564 927 488 1,415 1970 11,539 188 404 592 667 584 28 612 15,617 955 462 1,417 1971 11,351 196 396 592 83 83 2 85 14,.681 984 433 1,417 1972 11,155 138 389 27 13,697 I t .014 403 1.[~17 1973 1974 11,.017 38 385 423 12 t 683 1,044 373 1,417 10~979 384 3811- 11,639 1,0'16 341 1,417 1975 10,979 384 384 10,563 1,109 308 1,lt·17 See footnotes at end of table.  Table A-2-: ESTHiATBD IHTEBEST AND ANOJ.TlZATIOllj ?AYl,:;JifTS Oll J.;~XTI;;R.rA1 DEBT OF DEnMARK - Contd. (Expressed in thousands of U.S. dollars) ~___ Pap.;e 5_ Total Si1edish krona debt Swiss franc bonds Florin bonds Year Amount pa;yments Amount Palments .Amount Palments out- .Amort i- In- out- A.'1Iorti- In- out- .Amort i- In- standing zation tSlrest Total standing zation terest Total standing zati~Hl terest Total 19511/ 46,767 1,310 ' 1,609 2,919 26,670 2,642 1,025 3,667 15,162 702 602 1.304 1952 45,665 ~t352 1,555 2,907 24,519 2,674 929 3,603 14.597 723 573 1,296 1953 44,312 1,685 1,502 3,187 21 __ 845 1,428 839 2,267 13,875 744 518 1,262 1954 42,627 2,033 1,433 3,466 20,417 1,081 791 1,872 13,131 767 514 1,281 1955 40,594 2.,070 1,357 3,427 19,J36 1,107 7LJ.8 1,855 12,361.f.. 790 483 1,273 1956 3a• .524 ~097 1,279 3,376 18,230 1,134 705 1,839 11,574 813- 449 1,262 1957 36~~'27 1,810 1,211 3,021 17 t 096 1,162 660 1,B22 10,761 839 418 1,257 1958 34,617 1,868 1,146 3,014 15,934 1,190 615 1.805 9,922 864 384 1,2l 18 1959 32 ,719 1.424 1,082 2,-506 14,744 1,221 568 1,789 1960 31.325 1,352 1,032 2,384 13.523 1,252 520 1,772 1961 29~973 1,394 982 2,376 12,272 1,284 471 1,755 1962 28,578 1,438 931 2,369 10,987 1,318 421 1,'739 1963 27,141 1,482 879 2,361 9,669 1,353 369 1.722 1964 25,659 1.529 825 2.354 8,317 1,222 316 1,538 1965 24,130 1,577 769 2,346 7,095 1,070 271 1,341 1966 22,5.52 1,628 710 2,338 6,025 1,097 227 1,324 1967 20,925 1,680 651 2,J31 4,928 1,125 115 1,240 1968 19,245 1,449 595 2,044- 3,804 1,153 86 1,239 1969 17.797 1,493 .542 2,03.5 2,650 1,183 56 1,239 1970 16,284- 1,539 490 2,029 1,1+67 1,162 25 1,187 1971 14,764 1,067 435 1,502 305 J05 .5 310 1972 IJ,697 1,014 403 1,417 1973 12,683 1,044 J73 1.417 1974 11,639 1,076 341 1,417 197.5 10.563 1,109 J08 1,417 See footnotes at end of table.  Table .A.-.;2,; ESTIHATED INT:EEEST AiID AMORTIZATIOn PAYIvr?,NTS on T1:1L :CXT::-:1UiAL DEBT OF DEllMARK - Contd.. (]b~ressed in thousands of U.S. dollars) page 6 Danish krone bonds Danish krone E!PtU I • settlement Year Amount I:a;tments Amount pa~ment~ out- Amorti- In- out- Amort i- In- standing z@:t;l,on :tet~st Total s tand in,,,,: __~at.ion terest T()tal 1951 11 11,065 72 339 411 15,905 6,130 288 6,.418 1952 10,993 75 336 411 lOt 797 5.638 177 5.815 1953 10,918 78 333 411 5,159 3,866 75 3.941 1954 10,840 80 331 411 1.293 1,.293 10 1.303 1955 10,1.59 83 328 411 1956 10,.676 86 325 411 1957 10,590 89 322 411 1958 10,501 92 319 411 1959 10,408 96 315 411 1960 10,313 99 312 411 1961 10,213 103 308 411 1962 10,111 106 305 411 1963 10,005 110 301 411 1964 9.895 114 297 411 1965 9,781 118 293 411 1966 9,663 61 289 350 1967 9,603 288 238 1968 9,603 288 288 1969 9.603 288 288 1970 9,603 288 2e8 1971 9,603 288 288 1972 9,603 288 288 1973 9,603 288 288 1974 9,603 288 288 1975 9.603 288 288 See footnotes &.t end of table.  Table A-2~ BSTUlATED lliITERDST AND AMORTIZATION PAYMENTS OH TIE :';~:T::"'lU'J.AL DEBT OlP DEllMARK - Contd. (Expressed in thousands of U.S. dollars) Pa~e Z Total Danish krone debt Total debt Year Amount P!!.VJnents Amount ~a;x:ments out- Amort i- In- out- Amort i- In- Total standing zation terest Total standing zation terest 1951 11 26,970 6,202 627 6,.829 386,969 24,926 12,038 36,964 1952 21,780 5,713 513 6,226 36 /4-,202 47.122 11,669 SH,791 1953 16,077 3.944 408 4,352 317.117 34,320 10,201 44,521 1954 12.~33 1,373 341 1,714 282,,770 17,916 9,361 27,277 1955 10,759 83 328 411 264,853 28,.466 8,865 37,331 1956 10,676 86 325 411 236,389 16,252 7,725 23,977 1957 10,590 89 322 411 220,137 16,182 7.284 23,466 19SH 10,501 92 319 411 203,954 16,806 6,828 23,634 1959 10.408 96 315 411 178,060 15,721 6.004 21,,725 1960 10,313 99 312 411 162,370 9.599 5.604 15,203 1961 10,213 10j' 308 411 152.772 6,520 5,361 11,881 1962 10,111 106 305 411 146,251 19.750 4,823 21.1',573 1963 10,005 110 301 411 126,503 7,936 4,271 12,207 1964 9.895 114 297 411 118,568 7.954 3.968 11.922 1965 9,781 118 293 411 110,615 7.955 3,665 11,620 1966 9,,663 61 289 350 102,658 7.955 3,353 11,308 1967 9.603 288 288 94,706 7,415 2,997 10,412 1968 9,603 288 288 87,291 7.323 2,736 10,059 1969 9,603 288 288 79.96 7.-369 9,841 1970 1971 9 t 603 9,603 288 288 288 288 72 t 61 4 7.506 2,472 2,209 9,715 65.061 6.296 2,209 8,243 1972 9,603 288 288 58.795 6,965 1,715 8 t 680 1973 9.603 288 288 .51,830 2,740 1,499 4.239 1974 9,603 288 288 49,(;90 2.7;4 1,424 4,158 1975 9.603 288 288 46.356 2.(67 1.351 4,118 1:/ Amountfl outstt'ndinc; f.01" 191)1 nre f',S of :ftiarch 31, 19S1~ payments I).J.'O for tho full cc.1endar year .:-'lld :::.r") coutr: .ctUt".~ r,.t;;!I:loJ).to only. 11.Ctw.',1 '·"'r.lor'Ci!J~.l;ion l1aymontG GO fnl' mmounoed on dolIat'" bonds n.re ",6,065,000 (see TO-o10 A"'3) inntcf'.d of the .,'),503,000- contractual pI).Yfc1entQ. •. As it 'is e:.:pected that' the contrl'.ctua1 interest pu~,-r,lents uil1 be made in 1951, total dolla.r service uill t.:mount to :t513,?25!1000 an<.l total debt service \11'il1 amount to ~;39t526.00o. l~ote= Anounts Qutste.nding aro as of Jcnuary 1st each year excerpt \1here other\'l1se indiCfl.ted .. - October 4~ 1951  Table A-3: CONTRACTUAL AMORTIZATION AND .'\.Ri\.E4J.'\S ON PUBLICLY-HELD DOLLAR BONDS (In thousands of U.S. dollars) Amount· set· Amount Principal Contractual aside for out- payments amortization retirement, Bond standing' in arrears in calendar as announced I,Iarch 31, March 31, year 1951 by Demarlc, 1951 1951. Y f or calendar y"ear 1951 Denmark 6,1" 1922-42 8,670 Y 8;670 11 2,500 21 5 1/2~3, 1925-1955 15,494 JI 9,494 1,200 1,200 4 1/2%, 1928-1962 37,015 Y 13,246 2,170 1,552 11 Eunicipa1 Loan Fund 3% 1937-1947 1,186 1,186 11 400 Danish Cons. };Iun. Loan 5 ~2%, 1925-1955 2,1l5 !y 2,1l5 ... 21 280~ l~tge. Bank of Denmark 57b 1927-72 3,357 !y 450 133 133 "El Total ~7, 837 35,161 3,503 6,065 All of these payrnents fall due in the period 4/1/51 to 12/31/51. :;Pl,320,500 of these bonds are held j.n Danish possession. The entire principal amount of these bonds is in default, therefore no contractual payments are due in 1951. 03,500,000 of these bonds are held in vanish possession. According to the official announcement,tllis amount corresponds to the amount that would have been set aside for the sinh~ng fund in the 12-month period ended July 31, 1943_ ;)3" 100, 000 of t.hese bonds are held in Danish possession. According to the official announcement this amount is calculated to correspond to the amount that would have been set aside for the sinking fund during the 12~month period ended April 15, 1944. ~285,OCO of these bonds are held in Danish possessicn. 1'he Danish. Governnent reports that t.he total of all past,;due sinldng fund lJayments is equivalent to the total amount outstanding. Therefore, there is no contractual alllort~zation payment due in 1951. According to the o;('ficia1 announcer;1ent, this corresponds to the amount that would have been set aside for the sin. 1dng fund during the 12-month period ended NoveElber 11 1943. ~(694, 000 of these bonds are held in Danish posseSsion. According to the official announcement, this corresponds to the amount that vmu1d have been set aSide for the sinkinG fund during the 12-month period ended ljay 31, 1948,  Table A-4: PRICE JiND YIELD QUOTATIONS OF DANISH GOVT.JlliI.IlI::NT SDCURITIES . IIi MA.1U{ET IN UHICH QUOTATIONS AR1~ SHmffl Coupon: 41 /2 per cen1; 3" 1/2 per cent 3 1/2'per-cent 4Der cent- --- lf~per cent Maturity: April 1962 Feb. 1972 Jan. 1964 Apr. 1968 June 1967 Call Date: Apr. and Oct. Feb.. 1962 Jan. and July Apr .. s.nd Oct •. June 15~ 1957 Call Price: 100 100 100 . 100 100 Market:. lisw York London Zurich Amsterdam Stockholm Price YieldPrice: Yield Price Yield Price Yield Price Yield End of': ~ % % % d fJ 19:37 ........... 99 3/4 19)8········ •• 98 1/4 4.52 4.62 102 1/2 100 l/Z 3.35 11 3.47 11 - - 1939 ••••••••••. 47 10.8) 55 7.07 39 1/2 10.40 50 8.86 1940 •• •'••••••• 30 3/8 16.83 2"5 14.57 26 1.5.03- 16 11 •••••• 2Z ~ 1941 •••• , 23.46 35 10 .. 88 391/Z 10 .. 70 Y 1942 .•••..•••• 41 12.78 49 l/Z 8,00 51 8 .. 57 Y 1943............ ~ 67 1/4 7.90 67 5.93 63 l/Z 6.89 Y :iJ 1944........... .79 3/8 6.45 ~ 92 1/2- 3.95 1945........ '•••• 96 1946........... 97 3/8 4.8,5 4.75 102 101 liz 3.)4 !l 3.:37 !I 74 1/4 5.69 85 91 I}. 75 4.25 11 103 1/4 2 7/8 ~ 1947~ ••••••••• 90 5.52 102 1/.2 3.28 !I 88 l/Z 4.52 103 2 5/8 ~ 1948........... 65 1/4 9.12 93 1/2 3.93 81 5.47 101 7/8 1 1/2 !±I. 95 4.40 1949........... 75 3/4 7.53 83 1/2 4.72. 89 4.57 103 1/2 3 1/8 !fI 100 1/4 3.97 :J 1950 - Oct.". 80 3/4 6.96 87 1/.2 4.48 84 1/4 5.16 100 3/8 30 !I. 93 4.60 Nov •••• · 77 1/8 7.21 85 1/2 4.67 81 1/2 5.50 100 3/4 3/8 ~ 92 4.70 .Dec ••••. 71 8.51 85 1/2 l~.57 77 1/2 6.oz 99 3/8 4-.05 93 4.61 1951 - Jan •••• 81 1/8 7.28 85 1/.2 4.58 811/4 5 .. 55 99 1/2 4.04 94 4.52 Feb •••• 81 7.00 84 1/2 4.69 82 3/4 5 .. 38 98 5/8 *.11 94 1/2 4.48 Mar •••• 80 3/8 7.10 85 1/2 4.59 83 1/2 5.30 98 3/4 4.10 9.5 1/4 4.41 Apr: •• : 77 1/4 7.59 85 l/Z 4.66 83 1/2 5.41 941/Z 4.47. 95 1/4 4.41 May..... 77 1/.2 7.55 85 1/2 4.66 84 5.25 92 7/8 4.61 95 4 ...44 June .. " 77 1'/2 7.5b 85 1/2 4.60 83 1/2 5.31 93 4.60 94 1/2 l.]·.49 July. , • 78 1/2 7.20 84l/Z 1~.68 85 5.15 93 1/2 I}. 54 95 +/4 Lr.4? Aug •••• 79 1/2 7.:33 85 1/.2 5.10 95 4.43 96 1/2 4.:31 Sept ... 79 Yield to next call date. 7.41 82 1/.2 82 1[2 4.88 4.92 89 1[4- 4.66 92 4.70 ••••• ..... , y Trading suspended. ~ Interest payments su.s~)ended from April 19. 1940 to October 1941. The yield to ne;ct call date is negative and therefore the excess of the price quoted over the ~rice at which the yield would be 0.00 is ShO\vIl. j} Yield to nGxt ca,ll date.  ,Appendix B ; List of outstanding Dollar Bonds shmving Amount issued and Purposes for which obtained Denmark 6fo 1922-1942 .... ,~30,000,000 --- * - Purpose: None indicated. Denmark .silo 1925,.,.1955 - ;,,30,000,000 Purpose: Issued mainly to retire external indebtedness, namely, the 8% Government dollar loan of 1920 vmich was raised to cover foreign exchange costs in connection vdth the reunion of South Jutland with Denmark in 1920. This operation involved taking over a part of the German foreign debt. Denmark 4i% 1928-1962 - $,5,000,000 Purpose: For reconstruction of Den Danske Landmandsbank in Copenhagen and for the Government's subscription to Kr .. 50,000,000 w'orth of shares in the new bank; balance remaining to be used for extraordinary amortization of debt. Municipal Loan Fund 3% 1937-1947 - ~~1, 976,808 Purpose: For consolidation of various corporate indebtedness. Bonds are held by General Motors. Danish Consolidated . 11.4unicipal , Loan 5i% 1925-1955 - ;,p7, 000, 000 Purpose; To retire indebtedness and for the construction and imP' ove.,.. ment of additions, etc. Danish Consolidated Municipal Loan 570 1925-1953 - "ti2, 000, 000 Purpose: To retire indebtedness and for construction and improvement of revenue producing enterprises. lvlortage Bank 5% 1927-).972 - ;;,,5,300,000 Purpose: To refund ~,5,000,000 external 6 1 s due 1970~ Cit;y of Copenhagen 5;b 1927-19?? .... ·.:;15,000,000 Purpose: To be used in part to pay internal 5% loan due in 1928, amounting to .,p6,700,000 and the balance used for additions and betterments to public works and buildings. Cit;y of Copenhagen 4tiu 1928-1953 , ..,. ,,;112,000,000 Purpose; To retire City1s :>12,750,000 5t l s due 1944 called for re- demption July 1, 1928.