Contents

Recent Economic and Monetary Trends

Trends in Mortgage-Credit Financing: the Market and its Players
Lars Jul Hansen, Market Operations, and Jesper Ulriksen Thuesen, Financial Markets
A wide range of new products have been introduced in the Danish mortgage-credit market, but the fundamental structure of the Danish mortgage-credit system has not changed. This development has had and will have consequences for mortgage-credit institutes, markets, investors and borrowers.

Trends in Mortgage-Credit Financing: Household Consumption
Lars Risbjerg, Economics
Since the reintroduction of adjustable-rate mortgage-credit loans in 1996, additional products to finance owner-occupied housing have been launched, notably deferred-amortisation loans and the banks' mortgage loans. This article considers how this development can influence the households' consumption.

Foreign Banks in Denmark
Jakob Windfeld Lund, Financial Markets, and Kristine Rasmussen, Statistics
In terms of new balance-sheet data, foreign banks have larger market shares in Denmark than in most other EU member states. The market for deposits and lending within Denmark's borders is dominated by Nordic banks. However, non-Nordic banks account for larger shares of cross-border lending to Danish customers and financial-market issues by Danish companies.

Financial Groups and Conglomerates
Birgitte Bundgaard Madsen, Financial Markets
The establishment of financial groups and conglomerates is a natural element of the development of the single financial market in the EU. Conglomerates are subject to special types of risk. Developments make new demands of the boards and management of financial enterprises, but also of regulation and supervision, including international collaboration between supervisory authorities.

The Foreign-Exchange Market for Danish Kroner
Kim Abildgren, Economics
This article describes the institutional structure of the foreign-exchange market for Danish kroner. Global turnover is more than kr. 100 billion per banking day. The fixed-exchange-rate policy vis-à-vis the euro entails only small fluctuations in the exchange rate of the krone and thus narrower spreads between the large participants' bid and ask prices in the foreign-exchange market for Danish kroner than in other foreign-exchange markets.

Demographics, Growth and Financial Markets
Erik Haller Pedersen, Economics
In the coming decades, demographic changes will contribute to a radical shift in the global economic power balance. In addition, demographic factors may influence interest rates, share prices and housing prices.

Speech by Governor Nils Bernstein at the Annual Meeting of the Danish Bankers Association on 30 November 2005

Working Papers Issued

Press Releases

Tables and Graphs Section

Vol. XLV, No.1