UID:
edoccha_9958236117702883
Format:
1 online resource (28 p.)
ISBN:
1-4983-5453-X
,
1-4983-5558-7
Series Statement:
IMF Staff Country Reports
Content:
This technical note analyzes systemic issues in mortgage loans and covered bond finance in Denmark. Mortgage lending has seen significant product innovation in recent years. Loans with adjustable interest rates and/or interest-only periods, which have been introduced since the late 1990s, had grown to 75 percent and 53 percent, respectively, of total outstanding mortgage loans at the end of 2013. The major changes in the characteristics of the underlying mortgage loans have naturally been reflected in an important evolution of the covered bond market. Traditionally, covered bonds were callable annuities with maturities closely matching those of the underlying fixed rate loans. In contrast, adjustable and variable interest rate loans are financed by bonds with short maturities.
Note:
Description based upon print version of record.
,
Cover; CONTENTS; GLOSSARY; EXECUTIVE SUMMARY; TABLES; 1. Key Recommendations-Mortgage Banks and Covered Bonds Market; INTRODUCTION; FIGURES; 1. Mortgage Loans 2003-2013; THE DANISH MORTGAGE FINANCE SYSTEM; A. Mortgage Loans; 2. Covered Bonds 2003-2013; 2. Maximum Loan-to-Value Ratios for Mortgage Loans; 3. Housing Prices 2006-2013; B. Covered Bonds; 3. Types of Covered Bonds; 4. Balance Principle Risk Limits for Covered Bonds; C. Issuers; 5. Outstanding Covered Bonds by Issuer, December 2013; D. Investor Market; 4. Daily Average Covered Bond Turnover by Month
,
6. Investors in Covered Bonds, December 2013POTENTIAL RISKS TO FINANCIAL STABILITY; POLICY RECOMMENDATIONS
Additional Edition:
ISBN 1-4983-2757-5
Additional Edition:
ISBN 1-336-01593-4
Language:
English
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