Credit Writedowns » Denmark

News Links: Is Denmark on Verge of Icelandic Style Crash?

Edward Harrison — Thu, 08 Dec 2011 16:30:39 +0000

Financial news links for 8 December 2011 including stories on Denmark and Danish bank capital, the European sovereign debt crisis and Spanish banks

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Berlusconi has his priorities straight

Edward Harrison — Thu, 27 Oct 2011 03:36:32 +0000

Watch the video. It plays Silvio Berlusconi’s encounter with Danish Premier Helle Thorning-Schmidt a second time in slow-motion so you can see where Berlusconi’s real priorities are

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Will ARMs de-stabilise the covered bond mortgage system?

Niels Jensen — Tue, 06 Sep 2011 13:30:34 +0000

Ed asked me to comment on hidden contingent sovereign liabilities of Danish mortgage bonds given the most recent Absolute Return Letter

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A Credible Solution to America’s Mortgage Crisis

Niels Jensen — Fri, 02 Sep 2011 12:30:16 +0000

The adoption of the Constitution of the Kingdom of Denmark Act in 1849 provided the first regulatory framework and Danish mortgage financing has ever since been tightly regulated, ensuring an entirely unblemished track record with not a single default to report in over 210 years. Even in 1813, when the Kingdom of Denmark defaulted, the mortgage bond system survived intact. Even more impressively, the combined loss ratio for all Danish mortgage credit institutions (MCIs) has never exceeded 1% in any one year[7] – a number most other countries can only dream of

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The hidden contingent sovereign liability of Danish mortgage bonds

Claus Vistesen — Thu, 23 Jun 2011 21:00:42 +0000

The road map for how a Danish government might be forced to issue government bonds and swap them for unsalable covered bonds in order to allow its financial institutions to abide by the Basel rules is an almost sinister way in which the Danish sovereign may end up being on the hook for the total stock of debt in the society, just as we have seen elsewhere

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Europe’s Political Climate Impacts the Debt Crisis Response

Marc Chandler — Tue, 17 May 2011 13:15:00 +0000

The policy response to the European debt crisis is critical and that response is function of European politics. There have been a number of developments in European politics that investors should be aware of.

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Expect continued losses from Nordic bank exposure outside home market

Edward Harrison — Tue, 08 Dec 2009 23:46:58 +0000

Moody’s anticipates continued losses at Danske Bank, SEB, and Swedbank due to large exposure outside of the Nordic markets. In particular, exposure in the Baltics is likely to lead to continued writedowns for Nordic banking institutions. The Irish Independent reports: Danske Bank A/S, SEB AB and Swedbank AB will keep suffering losses from their non-Nordic

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Zombie banks Scandinavian edition and the threat of too big to fail

Edward Harrison — Mon, 31 Aug 2009 19:34:12 +0000

Across the world, governments are doing their level best to shore up weak banking systems in the wake of the most significant final crisis in decades. Most market players appear to believe these efforts successful; why else have shares risen so dramatically from lows late last year and early this year? While I do believe

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Event risk in the Baltics is critically high

Edward Harrison — Thu, 28 May 2009 15:11:36 +0000

This is the assessment of den Danske Bank as reported by Edward Hugh. The last time I mentioned the Baltics was on May 12th in my post “A bearish view on Eastern Europe.” I ended saying the Scandinavian banks’ exposure to the Baltics is just as worrying and should be the place to watch before

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Denmark: Fionia Bank collapses

Edward Harrison — Tue, 24 Feb 2009 03:11:12 +0000

Denmark's 11th largest bank, Fionia Bank, has collapsed after massive writedowns of 1.2 billion Danish kroner. However, the company will not face liquidation. According to Politiken, Instead of bankruptcy, Fionia's assets will be transferred to a newly incorporated banking company. In advertising campaigns, Fionia had dubbed itself the "bank of your future." Despite the obvious, the bank's chairman insists the future is still bright and all is well

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Citibank has cut all lending in Denmark

Edward Harrison — Fri, 20 Feb 2009 02:56:48 +0000

This comes from the Danish daily Berlingske Tidene. It suggests that Citibank is cutting back all international lending. Citigroup has sold its German operations to a French bank and I understand they are cutting credit lines in the UK as well. In seeing all these stories together, one gets a full view of the kind

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Foreign investors dump Danske Bank

Edward Harrison — Fri, 20 Feb 2009 02:13:27 +0000

It is not just Eastern Europe and Switzerland where problems are popping up. This from the Berlingske Tidene, a Danish daily

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Denmark wants in on the Euro

Edward Harrison — Thu, 22 Jan 2009 22:43:41 +0000

Danish Prime Minister Fogh Rasmussen is preparing Denmark for admission to the Eurozone. Despite my skepticism about the Euro as a currency, I would say that Denmark is a perfect candidate for entry. The Danish economy is already very well harmonized with "core" Europe of France and Germany. Their business cycle, monetary policy, political economy, and per capita GDP are all similar to France and Germany. Below is my translation of part of a German-language article from Financial Times Deutschland which discusses the upcoming referendum in Denmark for joining the Euro in which Fogh Rasmussen makes some interesting contrasts between Denmark and the

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Denmark gets on the deposit guarantee train: all aboard!

Edward Harrison — Mon, 06 Oct 2008 05:12:00 +0000

EU governments have woken up to the need to defend the banking system by guaranteeing all or some of their citizens’ bank deposits. After Germany, Ireland and Greece, Denmark is the latest to do so. And Denmark may also be the one country that needs to do so the most of the remaining EU holdouts.

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Danish banking crisis the worst in Europe

Edward Harrison — Wed, 24 Sep 2008 14:00:00 +0000

The U.S. and the UK are not the only countries suffering from a housing bust and a credit crisis. Ireland and Spain have had massive busts as well and it is only a matter of time before we begin to see effects on the banking sector. And there are many other countries that have seen

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Denmark out of recession

Edward Harrison — Tue, 02 Sep 2008 08:00:00 +0000

The Danish economy has officially left recession, marking a growth rate of 0.6% for the second quarter of this year. In the midst of much doom and gloom for the eurozone, this is a positive development. More news expected. See other posts marked with the tag Denmark. This translation from El Pais is the best

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PIMCO message to clients on Roskilde

Edward Harrison — Tue, 26 Aug 2008 18:30:00 +0000

PIMCO, the brainchild of Bill Gross and now owned by the German insurance giant Allianz, is concerned enough about the bankruptcy of Roskilde Bank in Denmark to have sent the following e-mail out to its clients. I have put important parts in red not already highlighted in the text. Note that the bailout plan involves

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The Roskilde Bank problem

Edward Harrison — Tue, 26 Aug 2008 06:00:00 +0000

Over the weekend the Danish Central Bank took over bankrupt Roskilde Bank, wiping out shareholders. Tiny Denmark has had a bankruptcy on its hands that is following the script of Northern Rock in the UK to a tee: After lending too much money to the wrong people, the government is forced to step in as

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Bankrupt Danish Bank Roskilde sold

Edward Harrison — Mon, 25 Aug 2008 10:53:00 +0000

The bankrupt Danish Bank Roskilde received no bidders as the Central Bank of Denmark looked to unload the bank as quickly as possible. Roskilde got into trouble after the Danish economy turned down and loans it had made to home builders went sour. Eventually, Roskilde became the third large European institution to fail since the

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Denmark’s house prices fall

Edward Harrison — Fri, 15 Aug 2008 16:00:00 +0000

As the first bubble economy to hit the skids and officially fall into recession, tiny Denmark deserves a mention. Statistics Denmark has released figures showing that house prices are falling in Denmark, which joins an ever-increasing group of countries that includes the UK, the US, Spain and Ireland

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Bankrupt Roskilde’s shareholders argue over what to do

Edward Harrison — Fri, 15 Aug 2008 07:15:00 +0000

As you may recall, Roskilde Bank in Denmark was recently rescued by the Danish central bank as it fell prey to the recession in Denmark. However, shareholders there are still fighting to save the bank, pitting interested parties against one another. My translation from the following article in the Danish Daily Berlingske Tidene demonstrates that

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Denmark bails out Roskilde Bank

Edward Harrison — Fri, 11 Jul 2008 15:10:00 +0000

Earlier this morning, I read about the bailout of Roskilde Bank in Denmark through the Sydney Morning Herald. Roskilde Bank, whose shares performed the worst last year among the Nordic region’s 86 financial companies, became the first Danish lender to be bailed out by the central bank since the subprime crisis started. The bank found

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Denmark: the latest victim of falling house prices

Edward Harrison — Tue, 01 Jul 2008 19:53:00 +0000

According to the Wall Street Journal, Denmark has slipped into recession because of falling house prices. Denmark saw a fairly head rise in house prices during the bubble (58% appreciation from 1997-2005). Since that time, house prices have gone bust. European recession fears grew Tuesday as Denmark became the first European Union country to slip

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