25 November 2025
In a time of global uncertainty, the financial sector has proven resilient. Banks' earnings remain high, while customer losses are limited, according to Danmarks Nationalbank's biannual analysis of financial stability. This is due not least to the fact that the Danish economy is robust and employment remains high. In addition, the financial regulation introduced after the financial crisis has helped ensure that banks are now significantly better capitalised than before. All credit institutions are therefore able to withstand a severe recession scenario in Danmarks Nationalbank's stress test.
Geopolitical tensions contribute to a complex threat landscape. In particularly serious situations, critical infrastructure may be affected by hybrid threats such as cyberattacks. Danmarks Nationalbank's latest survey of resilience to cyberattacks and other operational incidents shows that there is a high level of resilience among the key players in the financial sector, although there is still room for improvement.
"Cyberattacks are one of the most significant risks to financial stability. We're particularly concerned that, for example, a cyberattack, cable sabotage or something similar could lead to a breakdown in critical parts of the financial infrastructure. Fortunately, our latest survey shows that resilience in the financial sector is generally high, and there are signs that the threat is being taken seriously. However, resilience can still be strengthened in some areas, and we're engaging with the sector about this," says Peter E. Storgaard, Head of Financial Stability at Danmarks Nationalbank.
The housing market is currently developing at two speeds, which is examined in more detail in a new analysis from Danmarks Nationalbank. In the Capital Region, the momentum is strong, while price increases at the national level have been more subdued. Growth in housing lending also remains moderate, and homebuyers have generally become more resilient compared to the period leading up to the financial crisis. High increases in house prices entail a risk that the expectations of price increases alone will cause prices to rise even further.
"The sharp increases in house prices in the Capital Region are something we're also keeping an eye on at Danmarks Nationalbank. Periods of rapid house price increases have previously been followed by large drops in house prices, which have had consequences not only for homeowners but also for the rest of the economy. From a financial stability perspective, it's important that homebuyers are resilient to a potential downturn in the housing market. Lending rules and sound credit principles in the banks are crucial to ensuring that homebuyers don't accumulate too much debt," says Peter E. Storgaard.
Every six months, Danmarks Nationalbank publishes the Financial stability analysis, which assesses and makes recommendations regarding financial stability in Denmark. The analysis can be found at nationalbanken.dk.
In case of questions, journalists are welcome to contact Peter Levring, Communications and Press Officer, by telephone on +45 2620 1809 or by email at pnbl@nationalbanken.dk.