Engelsk

The Danes' savings in market rate pensions total kr. 1,624 billion, corresponding to approximately 32 per cent of the total balance of the insurance and pension companies. Since 2018, the share has risen by about 5 percentage points, while the share of average rate pensions has decreased similarly.

​In November 2021, the foreign-exchange reserve decreased by kr. 10.4 billion to kr. 481.5 billion.

Credit institutions are granting more housing loans to highly indebted homeowners. High loan-to-value ratios may cause vulnerabilities to a sub-sequent fall in house prices. A general requirement for higher down payments and instalments on loans to homeowners with a high loan-to-value ratio may contribute to a more resilient housing market.

Men's pension savings consist to a greater extent of unsecured market interest rate products compared to women's. Market interest rate products can provide flexibility and more control over the risk profile. There is no guaranteed return in market interest rate products, which is offset by potentially higher capital gains in the long term. The products development is closely linked to fluctuations in the financial markets and thus more volatile.

​An increasing share of mortgage credit institutions' new loans are granted to highly indebted homeowners, especially in Greater Copenhagen and Aarhus, according to a new analysis from Danmarks Nationalbank. Danmarks Nationalbank believes that a requirement for a larger down payment and an amortisation requirement for highly indebted homeowners will contribute to a more resilient housing market.

The stress test shows that the banks have sufficient capital to withstand a severe recession scenario, but a few of the systemic banks are close to their buffer requirements. However, the situation would be different for several of the systemic banks if their capital was on a par with their capital target on commencement of the stress test. In this case, several banks would experience significant breaches of the buffer requirements under stress.

On 1 December, Governor Per Callesen participated in a panel debate on the housing market. The presentation argues for why and how the structures in the housing market should be strengthened, specifically through a requirement that highly indebted homeowners repay their debt and through a reduction of the tax deduction for interest payments. (The presentation is in Danish only)

This paper studies Danish firms' debt financing decisions during covid-19 with a focus on the impact of government support measures. Credit growth has been modest during the pandemic. Public liquidity measures such as deferred tax and VAT payments served as a substitute for more traditional debt funding sources.