In the management of Fiscal Reserve of the SAR and Exchange Reserves, following the legislation of the creation of the new SAR Fiscal Reserve System which became effective at the beginning of 2012, AMCM takes into consideration the legal provisions relating to basic and excess reserve and the tolerance of acceptable risks to secure commensurate returns.
The Governing Council of the ECB has the understandable attitude that those who participate are those who decide, irrespectively of Danish participation in ERM II. This position is only fair and the Nationalbank of course accepts it.