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Collapse of Landmandsbanken

In 1922 Landmandsbanken – the largest bank in the Nordic countries – had to be restructured with the help of Danmarks Nationalbank and the central government. The collapse of Landmandsbanken was the largest, but by no means the only case during the decade. The reasons for the banks' collapse were a recession and exceptionally large financing of individual customers, combined with speculation and borrowing against stock-exchange-listed securities. In addition to Landmands-banken the fourth largest bank in the country, the Københavns Diskonto- and Revisionsbank, had to be restructured in 1921-22 with the help of Danmarks Nationalbank and the three principal banks. More than one in four Danish banks were unable to settle the losses of the 1920s without drawing on their share capital. At the close of 1930 31 of the 208 banks in existence at the end of 1920 had gone into liquidation and faced losses which in respect of 14 banks affected not only shareholders but also depositors.

Photo of Nationalbank messengers crossing the street with money for Landmandsbanken's empty tills on the day after the restructuring agreement on September 17

Photo of Nationalbank messengers crossing the street with money for Landmandsbanken's empty tills on the day after the restructuring agreement on September 17

Last update: 05/13/2011

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