<rss version="2.0"><channel><title>Danmarks Nationalbank, nyheder</title><link>https://www.nationalbanken.dk/da/</link><description>Danmarks Nationalbank, nyheder via RSS feed</description><language>en</language><item><link>http://www.nationalbanken.dk/en/pressroom/speeches/Pages/2021/Governor-Lars-Rohdes-speech-at-the-Distinguished-Speakers-Seminar.aspx</link><title>Governor Lars Rohde's speech at the Distinguished Speakers Seminar</title><description>At the conference convened by the European Economics and Financial Centre on 23 November 2021, Governor Lars Rohde shared his thoughts on why the Danish economy has fared relatively well through the pandemic so far. The Danish economy is now operating above its potential, and is expected to find a balanced trajectory over the coming years, as current pressures are believed to be partly transitory.</description><pubDate>Tue, 23 Nov 2021 17:00:00 +0100</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/speeches/Pages/2021/Assistant-Governor-Thomas-Harrs-panel-speech-at-Danske-Banks-Summit-2021.aspx</link><title>Assistant Governor Thomas Harr's panel speech at Danske Bank's Summit 2021</title><description>On 23 November, Assistant Governor Thomas Harr participated in a panel discussion on the covid-19 recovery, fiscal and monetary policy and the outlook for inflation. In the presentation, it is argued that there are large differences between the US and the euro area, while Denmark is a special case. Inflation expectations and wage developments will be the key determinants of inflation in the coming years â€“ both in Denmark and abroad. </description><pubDate>Tue, 23 Nov 2021 13:00:00 +0100</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/11/The-Faroese-Economy-%E2%80%93-The-boom-has-regained-momentum.aspx</link><title>The Faroese Economy â€“ The boom has regained momentum</title><description>The Faroe Islands are experiencing widespread labour shortages, due to very low unemployment and an already high labour market participation rate. At the same time, the continued boom is supported by improved export prospects. Long-term fiscal planning will improve the resilience of the Faroese economy. Capital should be set aside in good times to draw upon in bad. With the ageing of the Faroese population, balance between expenditure and revenue is also important.</description><pubDate>Thu, 18 Nov 2021 08:30:00 +0100</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/Pages/2021/11/DNN202121425.aspx</link><title>The reference rate DESTR will be launched on 1 April 2022</title><description>â€‹Danmarks Nationalbank starts publishing DESTR, Denmark Short-Term Rate, on 4 April 2022. The first publication will reflect trading activity on 1 April 2022. Thus, DESTR will be available for use in financial contracts with effect from 1 April 2022. </description><pubDate>Tue, 09 Nov 2021 08:30:00 +0100</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/11/Greenlandic-economy---Booming-economy-and-severe-labour-shortages.aspx</link><title>Greenlandic economy - Booming economy and severe labour shortages</title><description>Greenland has fared better than most countries in weathering the covid-19 pandemic. Labour shortages are severe, and the risk of overheating of the economy has increased. Nuuk is experiencing the strongest labour market pressures, while South and East Greenland are experiencing the lowest. Large-scale infrastructure investments will cause debts of the government of Greenland, local government and government-owned companies to grow considerably over the coming years. </description><pubDate>Wed, 03 Nov 2021 08:30:00 +0100</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/Pages/2021/11/DNN202121263.aspx</link><title>Foreign Exchange and Liquidity and Monthly Balance Sheet, October 2021</title><description>â€‹In October 2021, the foreign-exchange reserve decreased by kr. 9.8 billion to kr. 491.9 billion. For settlement in October, Danmarks Nationalbank's net purchase of foreign exchange due to intervention in the foreign-exhcange market amounted to kr. 1.5 billion.</description><pubDate>Tue, 02 Nov 2021 17:00:00 +0100</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/11/Limited-interest-rate-sensitivity-amongst-homeowners.aspx</link><title>Limited interest-rate sensitivity amongst homeowners</title><description>The interest-rate sensitivity of Danish homeowners has decreased in the period from 2009 to 2019. These are among the conclusions of a new Working Paper in which Stine Ludvig Bech, Simon Juul Hviid og Jakob GuldbÃ¦k Mikkelsen from Danmarks Nationalbank have analysed, how homeowners will be affected by an interest-rate increase. </description><pubDate>Tue, 02 Nov 2021 08:30:00 +0100</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/11/Working-Paper-Measuring-household-interest-rate-sensitivity-in-Denmark.aspx</link><title>Working Paper: Measuring household interest-rate sensitivity in Denmark</title><description>We evaluate homeownersâ€™ interest-rate sensitivity on cash flows and balance sheets of a 1 percentage point increase in interest rates. Overall, the interest-rate sensitivity is limited. However, for a subgroup of homeowners, an increase in interest rates will have a substantial effect on their cash flows and balance sheets.</description><pubDate>Tue, 02 Nov 2021 08:30:00 +0100</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Investment-funds-20211101.aspx</link><title>Major stock buys via funds </title><description>In the first three quarters of 2021, private Danish investors have purchased more investment fund shares than in the past three years combined. In a year with rising stock markets and negative deposit interest, they have so far invested kr. 30 billion in investment funds, while they invested kr. 26 billion in the years leading up to 2021.</description><pubDate>Mon, 01 Nov 2021 08:00:00 +0100</pubDate></item><item><link>http://www.nationalbanken.dk/en/knowledge_bank/themes/Pages/Nowcast-models.aspx</link><title>Nowcast models</title><description>On this page you will finde results from Danmarks Nationalbanks different nowcast models. In the box to the right you can click on the respective models to see the newest results.</description><pubDate>Fri, 29 Oct 2021 15:50:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Securities-20211028.aspx</link><title>Growing foreign ownership of Danish shares</title><description>The value of foreign investors' holdings of Danish listed shares has increased by kr. 412 billion since the turn of the year to kr. 2,453 billion. Most of the increase is due to increases in value, but foreign investors also bought Danish shares for kr. 42 billion. The foreign investorsâ€™ ownership in listed Danish shares has thus increased from 55 per cent at the turn of the year to 57 per cent in September.</description><pubDate>Thu, 28 Oct 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Portfolio-investments-20211028.aspx</link><title>Danes are buying foreign shares like never before</title><description>Overall, private Danish investors have bought foreign shares and foreign investment fund shares for approximately kr. 40 billion since January 2020. Such large purchases of foreign shares etc. from private Danish investors have not been seen before. The purchases coincide with the fact that the banks have introduced negative deposit rates and the fact that the Danes have had their frozen holiday money paid out. In the first three quarters of 2021 alone, the purchase was approx. kr. 20 billion. This is on a par with the current record for the entire year 2020.</description><pubDate>Thu, 28 Oct 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/marketinfo/marketoperations/Pages/Government-payments.aspx</link><title>Government payments</title><description/><pubDate>Wed, 27 Oct 2021 10:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/10/Working-Paper-Corporate-Investment-and-Cash-Holdings-under-Financing-Shocks.aspx</link><title>Working Paper: Corporate Investment and Cash Holdings under Financing Shocks</title><description>I analyze to which extent corporate cash holdings protect firms from the adverse consequences of shocks to their borrowing costs. Despite firms self-insuring against spikes in their borrowing costs by holding cash, an aggregate shock to borrowing conditions similar to that seen during the Global Financial Crisis can significantly contract aggregate investment, especially for firms with low cash holdings.</description><pubDate>Wed, 27 Oct 2021 08:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Banking-and-mortgage-lending-Interests-20211027.aspx</link><title>Deposit rate for danes continues to fall</title><description>In September 2021, the average rate on Danish private customers' ordinary deposits was -0.31 per cent per annum. This corresponds to the Danes paying kr. 65 million in interest on their ordinary deposits in September. Recently, several of the larger banks have lowered their deposit rates from -0.6 per cent to -0.7 per cent, which is expected to lower the average deposit rate further in the coming months.</description><pubDate>Wed, 27 Oct 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/10/Flood-risk-discounts-in-the-Danish-housing-market.aspx</link><title>Flood risk discounts in the Danish housing market</title><description>We investigate the effects of the risk of flooding on the prices of single-family homes in Denmark. Houses that are exposed to flood risk today, as well as houses that will be exposed to flood risk in the future due to rising sea levels, are priced at a discount.</description><pubDate>Fri, 22 Oct 2021 06:45:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/10/-Danmarks-Nationalbank's-gold-%E2%80%93-a-historical-overview.aspx</link><title>Danmarks Nationalbank's gold â€“ a historical overview</title><description>There is still public interest in Danmarks Nationalbank's gold stock, although it has been many years since gold played an important role in the cash system and more generally in monetary and foreign exchange policies. The analysis provides an overview of the historical background of the gold stock based on source material from Danmarks Nationalbank's archives at the Danish National Archives. </description><pubDate>Tue, 12 Oct 2021 09:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/10/Danmarks-Nationalbank's-gold.aspx</link><title>Danmarks Nationalbank's gold</title><description>Danmarks Nationalbank has around 66.5 tonnes of gold. A new analysis provides a general overview of the historical background for Danmarks Nationalbank's gold stock based on source material from Danmarks Nationalbank's archive at the Danish National Archives. </description><pubDate>Tue, 12 Oct 2021 09:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/speeches/Pages/2021/Assistant-Governor-Thomas-Harr's-panel-speech-at-Danish-Finance-Institute-Annual-Conference-2021.aspx</link><title>Assistant Governor Thomas Harr's panel speech at Danish Finance Institute Annual Conference 2021</title><description>On 7 October, Assistant Governor Thomas Harr participated in a panel discussion on where interest rates are heading and the implications. The presentation argues that interest rates can be expected to remain low going forward. Moreover, the presentation discusses how negative interest rates have affected households, firms and banks so far.</description><pubDate>Thu, 07 Oct 2021 16:50:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Foreign-direct-investments-20211007.aspx</link><title>FDI abroad reached its highest level in 2020</title><description>Denmark's foreign direct investments (FDI) abroad (outward) amounted to kr. 1,505 billion. This is shown in Danmarks Nationalbank's annual stock statistics for FDI, which are published today. It is kr. 31 billion more than in 2019. Among other things, the Ã˜rsted Group has made significant investments abroad in 2020.</description><pubDate>Thu, 07 Oct 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/speeches/Pages/2021/Governor-Lars-Rohde's-speech-about-the-housing-market-situation-at-the-Association-of-Danish-Mortgage-Banks'-theme-day.aspx</link><title>Governor Lars Rohde's speech about the housing market situation at the Association of Danish Mortgage Banks' theme day</title><description>At the theme day of the Association of Danish Mortgage Banks, Lars Rohde addressed the housing market situation. He reiterated Danmarks Nationalbank's recommendations on the Danish housing market. Housing market resilience can and should be strengthened. One way of doing so is by restricting loans with deferred amortisation to the most resilient homeowners. </description><pubDate>Wed, 06 Oct 2021 14:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/Pages/2021/10/DNN202120391.aspx</link><title>Foreign Exchange and Liquidity and Monthly Balance Sheet, September 2021</title><description>â€‹In September 2021, the foreign-exchange reserve increased by kr. 18.4 billion to kr. 501.7 billion. The increase reflects Danmarks Nationalbank's net purchase of foreign exchange for kr. 23.5 billion, and the central government's net repayment of foreign debt for kr. 5.1 billion, cf. table 1.</description><pubDate>Mon, 04 Oct 2021 17:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/Pages/2021/09/DNN202120349.aspx</link><title>Interest rate reduction</title><description>â€‹Effective from 1 October 2021, Danmarks Nationalbank's current account rate, interest rate on certificates of deposit and lending rate is reduced by 0.10 percentage point. </description><pubDate>Thu, 30 Sep 2021 17:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Denmarks-international-investment-position-20210930.aspx</link><title>IIP is mainly driven by the balance of payments</title><description>Denmark's international investment position (IIP) has almost regained what it has lost since the major price and exchange rate changes in 2020. It is primarily the persistent surpluses on the balance of payments that have contributed, and the IIP amounts to kr. 1,759 billion at the end of the 2nd quarter of 2021. In popular terms, this corresponds to the net wealth abroad being kr. 360,000 per adult Dane.</description><pubDate>Thu, 30 Sep 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Financial-accounts-20210930.aspx</link><title>Danes invest over half of their available funds </title><description>In the past year, Danish households have made good returns on rising global stock markets. At the same time, the low interest rates have increasingly been reflected in the form of negative deposit rates for private customers. These factors have contributed to households over the past year investing more than half of their available funds in investment certificates or directly as purchases of stocks and bonds. </description><pubDate>Thu, 30 Sep 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Money-market-survey-20210929.aspx</link><title>Foreign banks dominate the Danish money market</title><description>Foreign banks are active in the market for borrowing and lending between banks, which is a market with a total daily turnover of kr. 72 billion. More than two thirds of the borrowing and lending of domestic banks in the money market is with foreign banks. This is evident from Danmarks Nationalbank's yearly money market survey, which covers the turnover in deposits and interest rate derivatives among the banks during Q2. </description><pubDate>Wed, 29 Sep 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Securities-20210928.aspx</link><title>Green bonds are growing</title><description>Companies are utilising new opportunities for green mortgage finance in Denmark. This means that green mortgage bonds have risen to kr. 43 billion and amounts to 1.3 per cent of the Danish mortgage bonds. In addition to Danish mortgage banks, Danish companies also issue green bonds. In total, Danish green bonds amount to kr. 109 billion at the end of August 2021. </description><pubDate>Tue, 28 Sep 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/speeches/Pages/2021/Governor-Signe-Krogstrup's-panel-speech-at-BSP-RBWC-International-Research-Conference.aspx</link><title>Governor Signe Krogstrup's panel speech at BSP-RBWC International Research Conference</title><description>Governor Signe Krogstrup participated in a panel discussion on central banking and dealing with the enduring impact of covid-19 on 27 September 2021. The presentation argues that interest rates may stay low for an extended period, and that macro prudential policy therefore may be relevant. </description><pubDate>Mon, 27 Sep 2021 10:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Banking-and-mortgage-lending-Balances-20210927.aspx</link><title>Mortgage debt in the big cities is younger</title><description>Major conversions, restructuring and a busy housing market have meant that more than half of the Danes' current mortgage debt has been paid off within the past two years. The age of the debt, like the interest rate level, has an effect on how large the instalment payments are on the part of the debt that is repaid. This is because mortgage loans with instalments are typically annuity loans, where installment payments make up a smaller part of the payment at the beginning of the loan's life.</description><pubDate>Mon, 27 Sep 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/09/Outlook-for-the-Danish-economy---The-economy-heading-back-towards-a-moderate-boom.aspx</link><title>Outlook for the Danish economy - The economy heading back towards a moderate boom</title><description>Rapid recovery after the lockdowns has resulted in recruitment difficulties for companies. Economic growth is expected to continue, with the economy moving into a moderate boom. Bottlenecks are not expected to develop into an actual overheating of the economy, but several prerequisites are present for a scenario with significantly stronger growth. The Government should therefore be prepared to tighten its economic policy more than planned. </description><pubDate>Wed, 22 Sep 2021 09:35:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/Pages/2021/09/DNN202120089.aspx</link><title>Rapid recovery increases pressure in several parts of the Danish economy</title><description>â€‹The Danish economy is heading back towards a moderate boom after strong growth in the wake of the reopening of the economy in the spring. In a new projection for the Danish economy, Danmarks Nationalbank estimates that the gross domestic product (GDP) will increase by 3.8 per cent this year. In 2022 and 2023, GDP is expected to increase by 3.1 per cent and 2.4 per cent, respectively. </description><pubDate>Wed, 22 Sep 2021 09:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/09/Monetary-and-financial-trends-Accommodative-financial-conditions-strengthen-the-upswing.aspx</link><title>Monetary and financial trends - Accommodative financial conditions strengthen the upswing</title><description>The recovery of the western economies has contributed to higher corporate earnings in Denmark and higher equity prices. Danish long-term bond yields have edged up slightly since March, but remain low. Overall, financial conditions are accommodative for the growth in GDP.</description><pubDate>Wed, 22 Sep 2021 09:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/09/The-pension-sector's-alternative-investments.aspx</link><title>The pension sector's alternative investments</title><description>The pension sectors alternative investments of kr. 500 billion have provided diversification and stable returns. Most companies have room to invest even more in alternatives if deemed appropriate in terms of risk and return. An increased share of alternatives can impact both solvency and liquidity, where especially liquidity can become tight if e.g. interest rates increase. Strong management of short- and long-term risks is thus important. </description><pubDate>Wed, 15 Sep 2021 08:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/speeches/Pages/2021/Governor-Per-Callesen%E2%80%99s-presentation-at-Finance-Denmark%E2%80%99s--Director%E2%80%99s-Conference-2021.aspx</link><title>Governor Per Callesenâ€™s presentation at Finance Denmarkâ€™s Directorâ€™s Conference 2021</title><description>On 6 September, Governor Per Callesen held a presentation at Finance Denmarkâ€™s Director Conference 2021. The presentation describes the current situation for the Danish economy. The presentation also includes the decision of the Minister for Industry, Business and Financial Affairs to raise the countercyclical buffer and describes negative interest rates and the phase-out of government liquidity support. (The presentation is in Danish only). </description><pubDate>Mon, 06 Sep 2021 12:45:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/09/New-ECB-strategy-and-the-Danish-economy.aspx</link><title>New ECB strategy and the Danish economy</title><description>The ECB's new monetary policy strategy was published on 8 July 2021. The analysis presents the changes and their potential impacts on the Danish economy. ECB's new monetary policy strategy does not influence the way in which Danmarks Nationalbank conducts monetary policy. Overall, the changes are assessed to have small potential positive impacts on the Danish economy.</description><pubDate>Mon, 06 Sep 2021 08:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/speeches/Pages/2021/Background-seminar-on-new-digital-retail-payments.aspx</link><title>Background seminar on new digital retail payments</title><description>Danmarks Nationalbank held a seminar on new digital retail payments September 3, 2021, where Head of Payment Systems, Nathalie Pauline Tuxen, inter alia elaborated on cryptoassets, stablecoins and CBDC (Cental Bank Digital Currencies) and their mutual similarities and differences. (The presentation is in Danish only). </description><pubDate>Fri, 03 Sep 2021 11:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Insurance-and-pension-20210903.aspx</link><title>Bonds account for less in pension investments</title><description>The insurance and pension sectorâ€™s total investments consist of fewer bonds than before. Since the corona lock down in March 2020, the share of bonds in the portfolio has decreased from 58 per cent to 51 per cent in June 2021. </description><pubDate>Fri, 03 Sep 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/speeches/Pages/2021/Assistant-Governor-Thomas-Harr's-panel-speech-at-the-conference-%E2%80%9CThe-Long-run-Outlook-for-Interest-Rates%E2%80%9D.aspx</link><title>Assistant Governor Thomas Harr's panel speech at the conference â€œThe Long-run Outlook for Interest Ratesâ€</title><description>Assistant Governor Thomas Harr participated in a panel discussion on 1 September 2021 on how long-term interest rates influence economic policy discussions in Denmark. The presentation argues that Danish long-term interest rates are likely to remain low for some time, but the fixed exchange rate regime constrains how expansive a fiscal policy pursued over time can be. </description><pubDate>Wed, 01 Sep 2021 12:45:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/speeches/Pages/2021/Governor-Lars-Rohdes-speech-on-ultra-low-interest-rates-at-the-conference-Long-run-outlook-for-interest-rates.aspx</link><title>Governor Lars Rohde's speech on ultra low interest rates at the conference "Long run outlook for interest rates"</title><description>At the conference on 1 September 2021, Governor Lars Rohde addressed the very low interest rates that characterise a large number of countries, including Denmark. He argued that they are driven by a number of global factors. They have implications for households, companies as well as financial institutions.</description><pubDate>Wed, 01 Sep 2021 09:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/09/How-cyber-resilient-is-the-Danish-financial-sector.aspx</link><title>How cyber resilient is the Danish financial sector?</title><description>Key financial sector participants have strong external defences and have improved their capability to detect and respond to cyber attacks. Increased focus is required on the protection of critical data and the capability for safe and effective recovery of core systems. This is demonstrated by Danmarks Nationalbank's cyber resilience surveys. </description><pubDate>Wed, 01 Sep 2021 08:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Securities-20210827.aspx</link><title>Increase in 30-year mortgage bonds with 1.5 per cent interest rate</title><description>The total value of 30-year fixed-rate mortgage bonds with a coupon interest rate of 1.5 per cent reached its highest level ever in July with kr. 165 billion. However, bonds with a coupon rate of 1 per cent still dominate with a total value of kr. 641 billion.</description><pubDate>Fri, 27 Aug 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Banking-and-mortgage-lending-Balances-20210826.aspx</link><title>Fixed rate on increasing part of corporate debt</title><description>Danish companies have increased the share of their bank and mortgage debt with fixed interest rates over a number of years. It now accounts for 28.9 per cent of their total bank and mortgage debt of DKK 1,727 billion, against 19.3 per cent in 2014. Fixed-rate loans amount to DKK 499 billion, of which 41 billion are bank loans.</description><pubDate>Thu, 26 Aug 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/08/Digitalised-economies-have-performed-better-during-the-pandemic.aspx</link><title>Digitalised economies have performed better during the pandemic</title><description>The pandemic has accelerated the digital transition in many countries. This Economic Memo finds that the degree of digitalisation has had an impact on the magnitude of economic losses during the pandemic. Differences in the EU countries' objectives for digital transition can imply greater digital inequality in the future and a deeper economic gap between the countries. (Memo available in Danish only).</description><pubDate>Wed, 18 Aug 2021 08:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/08/Three-lessons-from-the-Danish-wage-compensation-scheme.aspx</link><title>Three lessons from the Danish wage compensation scheme</title><description>This memo aims to take the first steps in analysing the use of the wage compensation scheme in Denmark and its effectiveness to preserve job matches. We find that firms used the furlough programme extensively to save at-risk workers. This focus has been particularly on saving full-time workers and workers with higher tenure.</description><pubDate>Tue, 10 Aug 2021 08:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/Pages/2021/08/DNN202118737.aspx</link><title>Foreign Exchange and Liquidity and Monthly Balance Sheet, July 2021</title><description>â€‹In July 2021, the foreign-exchange reserve increased by kr. 0.2 billion to 458,6 billion. In July, Danmarks Nationalbank's net purchase of foreign exchange due to intervention in the foreign-exchange market amounted to kr. 5.2 billion.</description><pubDate>Tue, 03 Aug 2021 17:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Investment-funds-20210730.aspx</link><title>Large-scale purchase of investment fund shares</title><description>Danish households' purchase of Danish investment fund shares is gaining momentum. Since August 2020 alone, households have purchased kr. 32 billion worth of investment fund shares.</description><pubDate>Fri, 30 Jul 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Banking-and-mortgage-lending-Interests-20210715.aspx</link><title>The Danesâ€™ deposit rate averaging -0.21 per cent</title><description>In May 2021, the average interest rate on Danish private customersâ€™ ordinary deposits was -0.21 per cent per annum. The deposit rate has thus decreased 0.14 percentage points in 2021. The large decrease in the average rate must be seen in light of the fact that the share of private customersâ€™ deposits with negative rate increased from 13 per cent to 30 per cent in the same period. This corresponds to kr. 310 billion of the Danesâ€™ total deposits earning negative interest in May 2021.</description><pubDate>Thu, 15 Jul 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/Pages/2021/07/DNN202118022.aspx</link><title>New ECB monetary policy strategy does not alter Danmarks Nationalbank's monetary policy</title><description/><pubDate>Thu, 08 Jul 2021 17:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Lending-survey-20210708.aspx</link><title>Banks report lower losses and loan impairments</title><description>In Danmarks Nationalbank's lending survey for the 2nd quarter of 2021, almost half of the 17 banks surveyed report a decrease in the share of loan impairments and losses from the first to the second quarter. This is the case for both private and corporate customers. The decrease is in contrast to the banks' responses in the first quarter, where they expected the losses to remain unchanged.</description><pubDate>Thu, 08 Jul 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/Pages/2021/07/DNN202117854.aspx</link><title>Foreign Exchange and Liquidity and Monthly Balance Sheet, June 2021</title><description>â€‹In June 2021, the foreign-exchange reserve increased by kr. 2.5 billion to 458.4 billion. In June, Danmarks Nationalbank's net purchase of foreign exchange due to intervention in the foreign-exchange market amounted to kr. 2.6 billion.</description><pubDate>Fri, 02 Jul 2021 17:01:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/Pages/2021/07/DNN202117768.aspx</link><title>3 month extraordinary loans are no longer offered</title><description/><pubDate>Fri, 02 Jul 2021 17:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/07/Climate-change-and-the-role-of-central-banks.aspx</link><title>Climate change and the role of central banks</title><description>For the first time, Danmarks Nationalbank takes an overall stand on its role in relation to climate change and the transition to a green economy. Climate change and the transition may pose challenges to the objectives of price and financial stability. Central banks have a task in adapting to the new challenges.</description><pubDate>Thu, 01 Jul 2021 08:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/06/Consistent-recovery-and-resolution-of-small-and-large-banks-in-Europe.aspx</link><title>Consistent recovery and resolution of small and large banks in Europe</title><description>In 2014, the EU adopted a new framework for recovery and resolution in order to sever the tie between banks and government, so that the taxpayers no longer had to pick up the tab for failing banks. In Denmark, the framework for recovery and resolution constituted a minor innovation because Denmark already had a framework ensuring that the creditors of failing banks absorbed losses. The European framework is still evolving. The Danish experiences are useful in a European context. </description><pubDate>Wed, 30 Jun 2021 08:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Financial-accounts-20210630.aspx</link><title>The Danes' net financial wealth is highest in the EU</title><description>Danish households' net financial wealth was kr. 6,453 billion at the end of 2020. Net financial wealth is the difference between households' financial assets (e.g. pensions and deposits) and liabilities (debt) and corresponds to kr. 1.3 million per Dane. In the EU, the average Dane's financial net wealth is currently in first place, followed by the Netherlands, Sweden, Luxembourg and Belgium. The EU-average is approximately kr. 450,000. </description><pubDate>Wed, 30 Jun 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Denmarks-international-investment-position-20210630.aspx</link><title>International investment position back to pre-corona level</title><description>Denmark's international investment position (IIP) took a big dive in 2020, but has increased by kr. 170 billion since the beginning of the year and amounts to kr. 1,765 billion at the end of the first quarter of 2021, corresponding to 77 per cent of GDP. Denmark's IIP is thus back to the pre-corona level.</description><pubDate>Wed, 30 Jun 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/06/Working-Paper-Securitization-and-House-Price-Growth.aspx</link><title>Working Paper: Securitization and House Price Growth</title><description>From 2000-2006 US house prices and mortgage credit grew while the relative cost of mortgage credit fell particularly for privately securitized mortgages suggesting a credit supply expansion. This paper explores two (credit supply) shocks: an increased inflow of global savings into the US, and innovations in the securitization of mortgage credit. Only innovation in securitization matches mortgage market dynamics. </description><pubDate>Mon, 28 Jun 2021 08:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/06/Working-Paper-The-Portfolio-Balance-Channel-of-Quantitative-Easing-in-a-DSGE-Model-with-Financial-Frictions.aspx</link><title>Working Paper: The Portfolio Balance Channel of Quantitative Easing in a DSGE Model with Financial Frictions</title><description>Investors who arbitrage between long term government debt and corporate debt expand the Portfolio Balance Channel in that the eï¬€ects of Quantitative Easing (QE) spill over to the overall cost of corporate borrowing. I ï¬nd that overall the Federal Reserveâ€™s second round of QE boosts output between 0.5 - 1.7%. </description><pubDate>Mon, 28 Jun 2021 08:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Securities-20210628.aspx</link><title>Fewer mortgage bonds change interest rates in 2021</title><description>The value of mortgage bonds, which are subject to refinancing over the course of a year, has fallen from approximately kr. 1,047 billion in 2013 to kr. 453 billion in 2021. Fewer borrowers are thus facing changed interest payments on their mortgages in 2021. The decline is primarily driven by the fact that there are fewer bonds behind the short-term adjusta-ble-rate loans (F1 loans).</description><pubDate>Mon, 28 Jun 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/06/Female-company-owners-pay-higher-interest-rates-.aspx</link><title>Female company owners pay higher interest rates</title><description>Using microdata, the analysis demonstrates that female company owners pay higher interest rates on corporate loans than their male counterparts. The interest rate differential is both economically and statistically significant, and does not disappear when adjusting for relevant company and loan characteristics using sophisticated statistical methods.</description><pubDate>Fri, 25 Jun 2021 08:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/06/Working-Paper-Female-business-owners-pay-higher-interest-rates-on-corporate-loans.aspx</link><title>Working Paper: Female business owners pay higher interest rates on corporate loans</title><description>Female owners of small and medium-sized enterprises, on average, pay almost 1 percent higher interest rates than male owners. Firm and loan characteristics explain most of this difference. Nonetheless, a 26 basis point gap cannot be explained, suggesting that female business owners tend to leave a disproportionate share of money on the table during negotiations with credit institutions. </description><pubDate>Fri, 25 Jun 2021 08:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Banking-and-mortgage-lending-Balances-20210625.aspx</link><title>Mortgage debt in holiday homes grew during corona</title><description>In the past year, Danes have increased their mortgage debt with collateral in holiday homes by kr. 6.9 billion to kr. 90.6 billion. This is an increase of 8.3 per cent, which is primarily driven by an increase in fixed-rate debt. In comparison, mortgage debt with collateral in owner-occupied housing has increased by 3.6 per cent the past year. Mortgage debt with collateral in holiday homes now amounts to 5.2 per cent of homeowners' total mortgage debt of kr. 1,757 billion.</description><pubDate>Fri, 25 Jun 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/Pages/2021/06/DNN202117623.aspx</link><title>New head of the Financial Stability department</title><description>â€‹Danmarks Nationalbank has appointed Peter E. Storgaard the new head of the Financial Stability department. </description><pubDate>Thu, 24 Jun 2021 11:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/Pages/2021/06/DNN202117571.aspx</link><title>Strong growth ahead for the Danish economy in the coming years</title><description>â€‹The reopening of the Danish economy is in full swing. Overall activity has all more or less recovered to pre-pandemic levels, and the Danish economy is supported by a strong expansion in private demand. This is the conclusion drawn by Danmarks Nationalbank in a projection for the Danish economy, in which the gross domestic product (GDP) is forecast to increase by 3.3 per cent. In 2022 and 2023, GDP is expected to grow by 3.7 per cent and 2.2 per cent. </description><pubDate>Wed, 23 Jun 2021 08:01:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/06/Flood-risk-can-potentially-affect-a-large-share-of-credit-institutions-exposure.aspx</link><title>Flood risk can potentially affect a large share of credit institutions' exposure</title><description>Danish credit institutions have substantial exposures collateralised by real estate at risk of flooding in future climate scenarios. These exposures could amount to kr. 200 billion by the end of this century. Some credit institutions have a large share of the exposures at risk concentrated in the same geographical area.</description><pubDate>Thu, 10 Jun 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Insurance-and-pension-20210603.aspx</link><title>The pension sector adds to equity investments</title><description>The insurance and pension sector is increasingly buying equities. The sector's equity holdings rose from constituting 35 per cent of its total investments in January 2018 to 42 per cent in March 2021. In the same period, the share of bonds was reduced from 56 to 51 per cent, while foreign investment fund certificates etc. decreased from 9 to 7 per cent.</description><pubDate>Thu, 03 Jun 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/Pages/2021/06/DNN202117012.aspx</link><title>Foreign Exchange and Liquidity and Monthly Balance Sheet, May 2021</title><description>â€‹In May 2021, the foreign-exchange reserve increased by kr. 17.2 billion to kr. 455.9 billion.</description><pubDate>Wed, 02 Jun 2021 17:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Securities-20210602.aspx</link><title>Record-breaking firm dividends despite corona</title><description>Notwithstanding the banks, Danish listed firms paid out almost kr. 38 billion worth of dividends to their shareholders during the first four months of 2021. That is a new record. Banks' dividends were still limited compared to the years before 2020.</description><pubDate>Wed, 02 Jun 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Portfolio-investments-20210602.aspx</link><title>Decline in foreign ownership of mortgage bonds</title><description>For a number of years, foreign investors have bought large amounts of Danish mortgage bonds and today they own more than a quarter of the entire Danish mortgage bond market. However, since last term month, foreign investors have sold both fixed and variable rate mortgage bonds (incl. adjustable rate mortgage bonds, ARM) for a total of kr. 19 billion. A significant part of the amount is due to the maturities of ARM bonds.</description><pubDate>Wed, 02 Jun 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/speeches/Pages/2020/Danmarks-Nationalbanks-comments-on-The-Economic-Councils-discussion-paper-Spring-2021.aspx</link><title>Danmarks Nationalbank's comments on The Economic Council's discussion paper, Spring 2021</title><description>Danmarks Nationalbank's comments on The Economic Council's discussion paper, Spring 2021.</description><pubDate>Tue, 01 Jun 2021 12:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Banking-and-mortgage-lending-Balances-20210601.aspx</link><title>Interest-only mortgage debt at kr. 800 billion</title><description>In the first four months of 2021, kr. 30.3 billion was added to the Danish homeowners' total mortgage debt. Interest-only debt accounts for two thirds of the increase. Out of homeowners' total mortgage debt of kr. 1,757 billion, kr. 800 billion is now interest-only debt.</description><pubDate>Tue, 01 Jun 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/Pages/2021/05/DNN202116791.aspx</link><title>Build-up of risks in credit institutions</title><description>â€‹&lt;span style="font-size:14px;"&gt;There are signs of increased risks in the institutions' housing lending. Danish homeowners' gross debt relative to their income is among the highest in the world, and lending to homeowners is still increasing. The credit institutions have also granted more home buyers deferred amortisation. In 2020, loans with deferred amortisation constituted just under half of all new lending to highly indebted homeowners.&lt;/span&gt; </description><pubDate>Thu, 27 May 2021 08:01:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/05/A-few-systemic-banks-have-capital-shortfall-in-severe-recession.aspx</link><title>A few systemic banks have capital shortfall in severe recession</title><description>A stress test of the banking sector shows that a few systemic banks fall short of their risk-based capital requirements in a severe recession scenario. Most banks are generally better capitalised than previously, but they are challenged in the stress test by weaker earnings, which means they are less resilient under stress. The stress test also shows that the banks must continuously ensure sufficient surplus relative to the MREL.</description><pubDate>Thu, 27 May 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/05/Stock-market-evidence-on-the-international-transmission-channels-of-US-monetary-policy-surprises.aspx</link><title>Working Paper: Stock market evidence on the international transmission channels of US monetary policy surprises</title><description>The Working Paper evaluates the economic sources of the stock market responses of 40 countries to surprises in US monetary policy. We show that fed funds rate and large-scale asset purchases surprises affect foreign stock markets because they influence foreign countriesâ€™ real economic outlook. Forward guidance surprises seem to convey non-monetary information.</description><pubDate>Wed, 19 May 2021 08:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/speeches/Pages/2021/Governor-Per-Callesens-speech-at-the-Europa-Think-Tanks-webinar.aspx</link><title>Governor Per Callesen's speech at the Europa Think Tank's webinar on digital euro</title><description>Governor Per Callesen's speech on 23 April 2021 at the Europa Think Tank's webinar on the digital euro.</description><pubDate>Wed, 12 May 2021 14:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/05/Banks-ready-for-expiry-of-government-liquidity-support.aspx</link><title>Banks ready for expiry of government liquidity support</title><description>The banks are well equipped to make loans to viable corporations when the deferred tax payment deadlines and tax loans fall due. At the same time, the corporations' use of the relief packages have dropped to a low level. On this basis, it is assessed that the banks will be able to handle any deterioration in the creditworthiness of their customers on expiry of the relief packages.</description><pubDate>Mon, 10 May 2021 08:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/Pages/2021/05/DNN202116231.aspx</link><title>Testing with ethical hackers continues in the financial sector</title><description>â€‹â€‹Danmarks Nationalbank and the individual participants in the TIBER-DK programme have decided to continue testing with ethical hackers in future. The decision is based on the good experiences with the tests, the purpose of which has been to strengthen cyber resilience and thus promote financial stability. </description><pubDate>Thu, 06 May 2021 09:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/Pages/2021/05/DNN202116216.aspx</link><title>Foreign Exchange and Liquidity and Monthly Balance Sheet, April 2021</title><description>â€‹&lt;span style="font-size:14px;"&gt;In April 2021, the foreign-exchange reserve decreased by kr. 7.9 billion to kr. 438.7 billion.&lt;/span&gt;</description><pubDate>Tue, 04 May 2021 17:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/05/Oversight-of-the-financial-infrastructure-2020.aspx</link><title>Oversight of the financial infrastructure 2020</title><description>The report presents the conclusions of Danmarks Nationalbank's oversight of the Danish payments infrastructure in 2020. The core payment and settlement systems and most important payment solutions extensively comply with international safety and efficiency standards. Efforts are continuously made to enhance the cyber resilience of systems/solutions. Due to the evolving nature of the cyber threat landscape, there is room for improvement â€“ despite ongoing progress. </description><pubDate>Tue, 04 May 2021 08:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Portfolio-investments-20210504.aspx</link><title>Record-breaking dividends sent abroad</title><description>Foreign investors are fond of Danish shares, and Danish listed companies paid dividends in March like never before. This meant record-breaking dividends for the foreign shareholders who owned Danish shares amounting to kr. 2,081 billion in March.</description><pubDate>Tue, 04 May 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Securities-20210504.aspx</link><title>New shares for kr. 42 billion in first quarter of 2021</title><description>In the first quarter of 2021, the net issuance of listed Danish shares amounted to kr. 42 billion, driven mainly by Tryg's issuance of new shares. Price changes on existing shares amounted to kr. 39 billion in the same period. Thus, the total value of the Danish stock market rose to kr. 3,815 billion at the end of March 2021.</description><pubDate>Tue, 04 May 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Banking-and-mortgage-lending-Balances-20210503.aspx</link><title>Corporate deposits fell sharply in March 2021</title><description>Since the start of the lockdown in March 2020, Danish companies have significantly increased their deposits in banks, but in March 2021, deposits fell by kr. 44 billion. This corresponds to a reduction of almost 10 per cent of the companies' total deposits, from kr. 445 billion in February 2021 to kr. 401 billion in March 2021.</description><pubDate>Mon, 03 May 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Banking-and-mortgage-lending-Interests-20210503.aspx</link><title>Continued low rates on corporate bank debt</title><description>Over an extended period, interest rates on corporate bank debt have been declining. In March 2021, the average interest rate was 2.37 per cent, while it was above 4 per cent just seven years ago. However, the average interest rate on corporate debt in-creased marginally in March 2021.</description><pubDate>Mon, 03 May 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Payments-20210503.aspx</link><title>Danes tap and pay</title><description>In the late summer of 2015, Dankort, the national debit card, was issued with a contactless function for the first time. Now 5.5 years later approximately 98 per cent of Dankort and VisaDankort cards allow contactless payments.</description><pubDate>Mon, 03 May 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/04/Working-Paper-Nowcasting-and-forecasting-economic-activity-in-Denmark-using-payment-system-data.aspx</link><title>Working Paper: Nowcasting and forecasting economic activity in Denmark using payment system data</title><description>We show that payment system data can be used to improve forecasts of short-term changes in economic activity in Denmark. We compare the predictive performance of payment system data to a set of highâ€‘frequency variables that includes industrial production and consumer prices, among many others.</description><pubDate>Thu, 22 Apr 2021 08:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/speeches/Pages/2021/Governor-Signe-Krogstrup's-presentation-at-ESM-seminar-about-climate-change-and-debt-sustainability.aspx</link><title>Governor Signe Krogstrup's presentation at ESM seminar about climate change and debt sustainability</title><description>Governor Signe Krogstrup's presentation "Climate change and debt sustainability" at ESM seminar, 21 April 2021. The presentation addresses how climate change and the transition to a low-carbon economy can affect countries' debt levels and fiscal sustainability. A point made is that increased uncertainty about the future could result in budget deficits and higher interest rates.</description><pubDate>Wed, 21 Apr 2021 16:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/04/Working-Paper-Consumer-good-search-theory-and-evidence.aspx</link><title>Working Paper: Consumer good search: theory and evidence</title><description>When households search more for low prices on consumer goods, they lower firms' markups. The extent to which household search affects these markups fluctuates with the business cycle, which has been used in various macroeconomic models to generate pro-cyclical fluctuations in the markups. This Working Paper shows that it is difficult to align the basic underlying search model with the empirical differences in search between employed and unemployed individuals, and cautions against using these models in the context of business cycles. </description><pubDate>Tue, 20 Apr 2021 08:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Lending-survey-20210413.aspx</link><title>Increased loan demand from private customers</title><description>In Danmarks Nationalbank's lending survey 1st quarter of 2021 several banks report that loan demand both from their existing and new private customers increased from the 4th quarter of 2020 to the 1st quarter of 2021. The banks mention, among other things, increased activity on the housing market as a possible explanation for the increased loan demand.</description><pubDate>Tue, 13 Apr 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/04/Refinancing-has-boosted-the-interest-rate-pass-through-to-fixed-rate-mortgages.aspx</link><title>Refinancing has boosted the interest rate pass-through to fixed-rate mortgages</title><description>Half of homeowners in Denmark finance their mortgages via fixed rate loans. Danish fixed rate mortgages are special, as they can be re-financed without the outstanding debt being significantly increased. This makes refinancing attractive when interest rates decrease. Declin-ing interest rates since the financial crisis have implied that many homeowners have refinanced their fixed rate mortgages to lower rates. This has increased the interest rate pass-through and thus supported the transmission of monetary policy rates to homeowners' budgets.</description><pubDate>Mon, 12 Apr 2021 08:35:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/Pages/2021/04/DNN202115525.aspx</link><title>Assistant Governor Karsten Biltoft new CEO of Finansiel Stabilitet</title><description>â€‹Assistant Governor Karsten Biltoft will be leaving Danmarks Nationalbank to take up the position of CEO of the resolution authority Finansiel Stabilitet on 1 December 2021. </description><pubDate>Fri, 09 Apr 2021 14:01:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/04/How-do-non-pharmaceutical-interventions-affect-the-spread-of-COVID-19-A-literature-review.aspx</link><title>How do non-pharmaceutical interventions affect the spread of COVID-19? A literature review</title><description>This memo reviews the academic literature on the effectiveness of non-pharmaceutical interventions in mitigating the spread of COVID-19. Only empirical studies are included. Interventions generally reduce COVID-19 spread but the literature is less conclusive for some interventions than others. Intervention timing and local characteristics are determinants of effectiveness.</description><pubDate>Thu, 08 Apr 2021 08:30:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/pressroom/Pages/2021/04/DNN202115462.aspx</link><title>Foreign Exchange and Liquidity and Monthly Balance Sheet, March 2021</title><description>&lt;p style="font-size:14px;"&gt;In March 2021, the foreign-exchange reserve increased by kr. 17.1 billion to kr. 446.5 billion. The increase reflects Danmarks Nationalbank's net purchase of foreign exchange for kr. 17.1 billion. In March, Danmarks Nationalbank's net purchase of foreign exchange due to intervention in the foreign-exchange market amounted to kr. 17.0 billion.</description><pubDate>Wed, 07 Apr 2021 17:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Denmarks-international-investment-position-20210331.aspx</link><title>IIP remained robust despite decline in 2020</title><description>Denmark's international investment position (IIP) fell by kr. 367 billion last year and amounted to kr. 1,428 billion at the end of 2020. The decline is mainly due to a strong Danish stock market and a weaker dollar exchange rate. This is only the second fall in Danish annual IIP since Denmark went from negative to positive IIP in 2009.</description><pubDate>Wed, 31 Mar 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Financial-accounts-20210331.aspx</link><title>Rising share prices lift Danes' wealth</title><description>Danish households' net financial wealth â€“ the difference between financial assets and debt â€“ increased by kr. 811 billion in 2020. This corresponds to an increase of kr. 294,000 for the average Danish household, which thus had financial wealth of approx. kr. 2.3 million at the end of last year.</description><pubDate>Wed, 31 Mar 2021 08:00:00 +0200</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Portfolio-investments-20210326.aspx</link><title>Huge increase in Danes' foreign share purchases </title><description>Danish household purchases of foreign shares via banks and trading platforms have hit record highs since the coronavirus outbreak in 2020. Net purchases since the end of March last year total kr. 16 billion, resulting in total holdings of foreign shares of kr. 108 billion. Households also own foreign shares through investment funds and through their pension savings. In comparison, they sold Danish shares for kr. 0.5 billion in the same period. </description><pubDate>Fri, 26 Mar 2021 08:00:00 +0100</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Securities-20210326.aspx</link><title>Mortgage bonds have become longer </title><description>A rise in the long-term interest rates in February 2021 contributed to an increase in the duration of fixed-rated callable mortgage bonds from 4.8 to 6.3 years. At the end of February, the total outstanding volume of callable mortgage bonds was kr. 1,356 billion.</description><pubDate>Fri, 26 Mar 2021 08:00:00 +0100</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Banking-and-mortgage-lending-Balances-20210325.aspx</link><title>Large geographical difference in interest-only</title><description>For the first time in several years, there was a significant increase in Danes' mortgage debt without instalments in 2020. However, the propagation of interest-only is very different from municipality to municipality: For example, at the end of the year, the share of the total interest-only mortgage debt was just 18 per cent in Lolland Municipality against as much as 69 per cent in Gentofte Municipality. Mortgage debt without instalments is most widespread in and around large towns and in North Zealand, while the southern and western municipalities, in particular, have a lesser degree of mortgage debt without instalments.</description><pubDate>Thu, 25 Mar 2021 08:00:00 +0100</pubDate></item><item><link>http://www.nationalbanken.dk/en/statistics/find_statistics/Pages/2021/Banking-and-mortgage-lending-Interests-20210325.aspx</link><title>One in four mortgage loans comes with negative rates</title><description>At the end of 2020, 26 per cent of Danes' mortgage loans secured on real estate had negative interest rates, equivalent to about 400,000 loans. Even if interest rates are negative, borrowers continue to pay administration fees to the mortgage credit institution. The average fee is 0.81 per cent p.a., corresponding to kr. 8,076 per borrowed million. So, if the fee is included, only few loans have negative interest rates.</description><pubDate>Thu, 25 Mar 2021 08:00:00 +0100</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/03/A-Factor-Model-Approach-to-Nowcasting-Danish-GDP-.aspx</link><title>A Factor Model Approach to Nowcasting Danish GDP</title><description>This memo documents a nowcasting model for Danish GDP used during the economic crisis related to the outbreak of COVID-19. During this crisis, the model provided timely and more accurate nowcasts than a simple model. To improve the timeliness of nowcasts we make use of new high-frequency indicators.</description><pubDate>Tue, 23 Mar 2021 08:40:00 +0100</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/03/Working-Paper-Detecting-turning-points-in-the-Danish-economy-in-real-time.aspx</link><title>Working Paper: Detecting turning points in the Danish economy in real time</title><description>This working paper documents an econometric model for detecting turning points in the Danish economy. The model can be updated immediately as data comes through. It is shown that the model gives correct signals about the activity in the Danish economy in real time.</description><pubDate>Tue, 23 Mar 2021 08:35:00 +0100</pubDate></item><item><link>http://www.nationalbanken.dk/en/publications/Pages/2021/03/Outlook-for-the-Danish-economy-%E2%80%93-Prospects-of-a-rapid-recovery-once-restrictions-are-eased.aspx</link><title>Outlook for the Danish economy â€“ Prospects of a rapid recovery once restrictions are eased</title><description>The second wave of the pandemic and new lockdowns have temporarily interrupted economic recovery and resulted in new large losses of activity in large parts of the Danish and international economies during the winter. However, other parts of the economy are seeing high activity, including construction and the housing market. Vaccination of the population and reopening of society have begun. Large savings, disbursement of holiday pay funds and accumulated demand provide a sound basis for a heavy increase in activity when the economy is less constrained by restrictions. Overall, activity is expected to have recovered towards the end of 2021.</description><pubDate>Wed, 17 Mar 2021 09:40:00 +0100</pubDate></item></channel></rss>