44-600: Royal Arctic Line A/S (RAL) or Royal Arctic is a seaborne freight company in Greenland , wholly owned by the Government of Greenland . It was formed in 1993, and is headquartered in Nuuk . Royal Arctic Line A/S was spun off as a company separate from the Greenlandic conglomerate KNI in 1993. Like many Greenlandic companies, its operations derive from and carry on the traditions of
88-457: A board of directors consisting of at least three members. Members of the board can be elected for a period of up to four years, depending on the articles of association. The board members are usually elected at the general meeting. The articles of association may confer upon public authorities or any third party the right to appoint one or more members of the board of directors. In companies with an average workforce of over 35 employees during
132-409: A Greenlandic series. Still, Greenland continues to use Danish kroner as sole official currency. Historically, Greenland under the colonial administration issued distinct banknotes between 1803 and 1968, together with coins between 1926 and 1964 (see Greenland rigsdaler and Greenland krone ). Faroe Islands and Greenland have their own IBAN codes (FO and GL, while Denmark has DK). Transfers between
176-399: A lower silver content. As a result of the debasement , the public started to lose trust in the respective coins. Danish currency was overhauled several times in attempts to restore public trust in the coins, and later issued in paper money. Several different currency systems have been used by Denmark from the 16th to 19th centuries. The krone (lit. "crown") has existed as early as 1513 as
220-484: A unit of account worth 8 marks. In more general use until 1813, however, was a krone or schlecht daler worth 2 ⁄ 3 rigsdaler , 4 marks , or 64 skilling . The modern-day krone was introduced as the currency of Denmark in January 1875. It replaced the rigsdaler at a rate of 2 kroner = 1 rigsdaler. This placed the krone on the gold standard at a rate of 2,480 kroner = 1 kilogram fine gold. The latter part of
264-517: Is a subsidiary (30.3%) owned jointly with Royal Greenland (30.3%) and TELE Greenland (39%). Aktieselskab Aktieselskab ( pronounced [ˈɑkɕəselˌskɛˀp] ; abbr. : A/S or a/s , pronounced [ˈɛˀ ˈes] ; lit. ' stock company ' ) is the Danish name for a stock -based corporation . An aktieselskab may be either publicly traded or private. The shareholders of an aktieselskab are not liable for
308-510: Is legally obliged to join the euro in the future (though Sweden maintains that joining ERM II is voluntary , thus avoiding euro adoption for the time being). The Faroe Islands uses a localised, non-independent version of the Danish krone, known as the Faroese króna pegged with the Danish krone at par, using the Danish coin series, but have their own series of distinct banknotes, first being issued in
352-585: Is served every three weeks on runs to South Greenland and Nuuk and on most trips to East Greenland . Royal Arctic Line Denmark A/S is a wholly owned subsidiary based in Aarhus. Arctic Umiaq Line A/S is a wholly owned subsidiary of the Royal Arctic Line and based in Nuuk. It operates one passenger ferry, Sarfaq Ittuk , among communities along the western coast of Greenland. Its 2011 operating loss of DKK 8.1 million
396-678: The Faroe Islands , introduced on 1 January 1875. Both the ISO code "DKK" and currency sign "kr." are in common use; the former precedes the value, the latter in some contexts follows it. The currency is sometimes referred to as the Danish crown in English , since krone literally means crown . Krone coins have been minted in Denmark since the 17th century. One krone is subdivided into 100 øre ( Danish pronunciation: [ˈøːɐ] ; singular and plural),
440-478: The Greenland settlements and between Nuuk and Aarhus in Denmark and manages 13 harbors in Greenland, which serves as the source for all European shipping to the island. Seaborne traffic from North America goes to Reykjavík aboard Eimskip , whence it is carried to Greenland aboard Royal Arctic Line. In 2011, government concessions accounted for 76% of the company's income. The Transport Committee newly formed by
484-400: The 10 and 20 krone coins from golden aluminium bronze. The coins differ in terms of size, weight and rim. Within each sequence the diameter and weight of the coins increase with their value. The 50 øre and 10 krone coins have smooth rims, while the rims of the 1 and 5 krone coins are milled. The rims of the 2 and 20 krone coins have interrupted milling. The 1, 2 and 5 krone coins have a hole in
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#1732858554167528-505: The 18th century and much of the 19th century saw expanding economic activity and thus also a need for means of payment that were easier to handle than coins. Consequently, banknotes were increasingly used instead of coins. The introduction of the new krone was a result of the Scandinavian Monetary Union , which came into effect in 1873 (with the coins being adopted two years later) and lasted until World War I . The parties to
572-455: The 1950s and later modernised in the 1970s and the 2000s. Greenland adopted the Act on Banknotes in Greenland in 2006 with a view to introducing separate Greenlandic banknotes. The Act entered into force on 1 June 2007. In the autumn of 2010, a new Greenlandic government indicated that it did not wish to introduce separate Greenlandic banknotes and Danmarks Nationalbank ceased the project to develop
616-486: The A/S issues stock. In case of bankruptcy, creditors are not able to pursue claims towards investors who have not personally provided security. Professional credit lenders such as banks will consequently demand security for credit lend to the A/S or ApS since securitized debt are given legal preference compared to unsecured debts. In case of bankruptcy, if the defaulting party is a production company registered as an A/S or ApS and
660-475: The Danish Commerce and Companies Agency. The share capital registered at the Danish Commerce and Companies Agency must be at least 400,000 DKK . This amount was changed in 2018 from the previous 500,000 DKK. The capital can come from contributions of cash or other assets. If half of the capital is lost, the board of directors must convene a general meeting within six months. An aktieselskab must have
704-585: The Faroe Islands and Greenland. The last coin depicting the Copenhagen City Hall was issued in June 2007, marking the end of the series. A second series of 20-krone coins, starting in 2007 with twelve different planned motifs and ten already released by November 2011, shows Denmark as a maritime nation in the world, featuring iconic Danish, Faroese and Greenlandic ships and like the previous series of tower coins,
748-847: The Greenland Home Rule government issued a report stating that liberalisation of the shipping market offers no benefits and the current concession is reasonable. It also began planning with RAL and stakeholders to expand the harbors in Nuuk and Sisimiut . Royal Arctic Linietrafik operates the company's fleet, currently consisting of ten ships. Royal Arctic Havneservice operates the company's harbour operations and nearby lighthouses. Some other towns such Qaanaaq , Pituffik , Kangerlussuaq , Ittoqqortoormiit and stations in Northeast Greenland National Park in Greenland are served only once to three times per year. Reykjavík in Iceland
792-402: The countries count as international with international fees, outside EU rules. The design of the coin series is intended to ensure that the coins are easy to distinguish from each other: The series is therefore divided into three sequences, each with its own metal colour. This division into colours has its roots in history. In earlier times, the value of the coins was equivalent to the value of
836-418: The debts of the company. If an A/S is owned by a holding company (typically another A/S or ApS ), the profit from the production company can be transferred to the holding company and the two will be taxed as if they were one entity ( sambeskatning ; joint taxation). Both an aktieselskab (A/S) and an anpartselskab (ApS) are by definition, limited liability companies; the main difference being that only
880-425: The earlier Royal Greenland Trading Department . The company has a monopoly on all sea transport of cargo to, from, and within Greenland. Construction materials account for roughly a quarter of shipping to Greenland; fish makes up roughly half of shipping from Greenland; fish and beverages bottled at Nuuk (principally water and beer) account for most shipping within Greenland. Royal Arctic operates cargo routes among
924-597: The fairy tale series ended, a second series of three 10-krone commemorative coins was introduced, celebrating the International Polar Year . Featuring motifs of a polar bear, the Sirius Sledge Patrol and the Aurora Borealis , the coins aimed to accentuate scientific research in the backdrop of Greenlandic culture and geography. The third and final coin entitled 'Northern Lights' marked the completion of
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#1732858554167968-556: The hidden security thread. Starting in 2020, Danmarks Nationalbank released a new version of the 500-kroner banknote with updated security features, the first in the 2009A series. Updated versions of the 50-, 100-, and 200-kroner banknotes are scheduled to enter circulation in 2024–2025. The next series of banknotes is scheduled for release in 2028 and will not contain a 1000-krone banknote, which will no longer be legal tender as of 31 May 2025, with that banknote being withdrawn in order to combat and prevent money laundering. Banknotes from
1012-413: The last three years, the employees are entitled to elect among themselves a number of members of the board of directors equal to half of the members of the board of directors elected by the shareholders or appointed by third parties. Danish krone The krone ( Danish: [ˈkʰʁoːnə] ; plural: kroner ; sign : kr. ; code : DKK ) is the official currency of Denmark , Greenland , and
1056-690: The late 10th century. Organised minting in Denmark was introduced on a larger scale by Canute the Great in the 1020s. Lund (now in Sweden) was the principal minting place and one of Denmark's most important cities in the Middle Ages, but coins were also minted in Roskilde, Slagelse, Odense, Aalborg, Århus, Viborg, Ribe, Ørbæk and Hedeby. For almost 1,000 years, Danish kings – with a few exceptions – have issued coins with their name, monogram and/or portrait. Danish coinage
1100-507: The major political parties; however, a 2000 referendum on joining the Eurozone was defeated with 53.2% voting to maintain the krone and 46.8% voting to join the Eurozone. The oldest known Danish coin is a penny ( penning ) struck AD 825–840, but the earliest systematic minting produced the so-called korsmønter ( lit. ' cross coins ' ) minted by Harald Bluetooth in
1144-456: The management of the defaulting company of stripping it of assets with the intent to defraud the defaulting company's creditors. This power is vested in Konkursloven [Bankruptcy Law] articles 64-81. The formation of an aktieselskab requires a number of steps, including the following: An aktieselskab can only acquire rights or incur obligations as a company when it has been registered at
1188-422: The metal from which they were minted: gold was used for the coins of the highest denominations, silver for the next-highest, and copper for the lowest coin denominations. This correlation between colour and value has been retained in the present coin series (see examples to the right). The 50 øre coins are thus minted from copper-coloured bronze, the 1, 2 and 5 krone coins from a silver-coloured cupronickel alloy, and
1232-538: The middle. Use of these various characteristics makes it easy for the blind and sight-impaired to tell the coins apart. The coins of the programme have the same size and metal composition as the regular coins of their denomination. The first series, 20-krone coins featuring towers in Denmark, ran between 2002 and 2007 and spawned ten different motifs. Upon selecting the towers, importance had been attached not only to display aesthetic towers, but also towers with different form, functions and from different regions of Denmark,
1276-569: The name øre is probably derived from the Latin word for gold. Altogether there are eleven denominations of the krone, with the smallest being the 50 øre coin (one half of a krone ). Formerly there were more øre coins, but those were discontinued due to inflation . The krone is pegged to the euro via the ERM II , the European Union's exchange rate mechanism. Adoption of the euro is favoured by some of
1320-419: The new series and the 2009 series will co-circulate for a period of time and eventually only the new series of banknotes will be legal tender. The design process started in the spring of 2024, and they are scheduled to be finalised in early 2026. In September 2024, it was announced that the obverse of the banknotes would feature "important achievements and the people behind them" whereas the reverse will feature
1364-409: The past and the present. The present is represented by the bridges, the past by five distinctive prehistoric objects found near the bridges. Among the new security features is a window thread ("Motion") with a moving wave pattern. Another feature is a new, sophisticated hologram that reflects light in different colors. The new banknotes also have the traditional security features such as the watermark and
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1408-427: The production company in turn is owned by a holding company registrered as an A/S or ApS, transactions between the two may be subject to scrutiny by the bobestyrer lawyer and accountant handling the bankruptcy case and transactions between the two companies may be legally undone if the bobestyrer determines that transfers between the two were not based on normal business operations, but are believed to be an attempt by
1452-476: The reverse, the banknotes were designed by Gunnar Biilmann Petersen [ da ] , Gunnar Andersen, and Ib Andersen [ da ] . The 1972 series featured portraits and animals, and was issued from 1975 to 1980. It was replaced in 1997. Every note had a portrait based on a painting by Jens Juel on the obverse side. The reverse featured animals designed by Ib Andersen and Gunnar Andersen. The 1997 series features portraits and church art, and
1496-428: The same date. Phased out banknotes will continue to be accepted by Danmarks Nationalbank until 31 May 2026. The 1944 series, known as the substitution series, was developed in secret in 1943−1944 and designed by Danish painter Gerhard Heilmann . The 1952 series featured portraits and landscapes, and was issued from 1952 to 1964. It was replaced in 1972. Featuring famous Danes on the obverse and Danish landscapes on
1540-631: The same year. Within the Bretton Woods System , Denmark devalued its currency with the pound in 1949 to a rate of 6.91 to the dollar. A further devaluation in 1967 resulted in rates of 7.5 kroner. The Danish krone was minted by the Royal Mint of Denmark and banknotes were printed by the Danish National Bank until 1975, when the mint was made a subsidiary of the National Bank. In 2014, it
1584-401: The sea as a motif. The selected achievements and people are as follows: Within context, some of the banknotes have figurative meanings with the 100-krone note sometimes referred to as a hund (dog) shortening the word hundrede (a hundred). The 500-krone note can be referred to as a plovmand (ploughman) because previous circulations of the note featured a picture of a man with a plough and
1628-440: The series in 2009. Most Danish banknotes (with a few exceptions) issued after 1945 are valid as payment. Banknotes have since 1945 been issued with the values: 5 kroner, 10 kroner, 20 kroner, 50 kroner, 100 kroner, 200 kroner, 500 kroner, and 1000 kroner. On 30 November 2023, it was announced that all banknotes issued before 2009 will no longer be legal tender as of 31 May 2025. The 1000-kroner banknote will also be phased out on
1672-464: The series reflect various landmarks in shipbuilding in the three countries. In 2005, Danmarks Nationalbank issued the first in a series of five 10-krone commemorative coins with motifs from Hans Christian Andersen 's fairy tales. The motifs depicted on the coins were chosen to illustrate various aspects and themes central to the fairy tales with the fifth and final fairy tale coin inspired by The Nightingale being issued on 25 October 2007. In 2007, as
1716-497: The union were the three Scandinavian countries, where the name was krone in Denmark and Norway and krona in Sweden , a word which in all three languages literally means ‘crown’. The three currencies were on the gold standard , with the krone/krona defined as 1 ⁄ 2480 of a kilogram of pure gold. The Scandinavian Monetary Union came to an end in 1914 when the gold standard
1760-637: Was abandoned. Denmark, Sweden and Norway all decided to keep the names of their respective and now separate currencies. Denmark returned to the gold standard in 1924 but left it permanently in 1931. Between 1940 and 1945, the krone was tied to the German Reichsmark . Following the end of the German occupation, a rate of 24 kroner to the British pound was introduced, reduced to 19.34 (4.8 kroner = 1 US dollar ) in August
1804-525: Was decided to stop minting and printing of the krone in Denmark, but the work would be outsourced, and on 20 December 2016, the last notes were printed by the National Bank. Denmark has not introduced the euro , following a rejection by referendum in 2000 , but the Danish krone is pegged closely to the euro (with the rate 7.46038±2.25%) in ERM II , the EU's exchange rate mechanism. Denmark borders one eurozone member, Germany , and one other EU member, Sweden , which
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1848-491: Was generally based on the Carolingian silver standard , with 12 penning to a skilling and 20 skilling to a pound; later on, 16 skilling to a mark . The metal content of minted coins was subject to debasement over the centuries, an easy way to generate income for the monarch and/or the state. Taxes were sometimes imposed via the coinage, such as by the compulsory substitution of coins handed in by new coins handed out with
1892-649: Was issued from 1997 to 1999. It was replaced in 2009. Illustrated by Johan Alkjær, the banknotes featured portraits of Danish artists and scientists on the obverse while the reverse had motifs of cultural and religious art. The process of designing the 'Bridge' banknotes was initiated in 2006 by Danmarks Nationalbank. The theme of the new banknotes is Danish bridges and the surrounding landscapes, or details from these landscapes. Danish artist Karin Birgitte Lund has chosen to interpret this theme in two ways: bridges as links between various parts of Denmark and as links between
1936-473: Was made good via a loss guarantee from Greenland Home Rule , and the company has secured an agreement for further loss guarantees through 2016. Arctic Base Supply A/S is owned jointly (50% each) with Danbor and based in Nuuk. It provides logistical support for offshore oil and gas exploration and, in 2011, assisted Cairn Energy in its work at Nuuk and Aasiaat . No activity is expected in 2012, however. Ejendomsselskabet Suliffik A/S ("Suliffik Property Co.")
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