Log ind
Log ind
Finans

Danmarks finansieringsbehov er steget med 200 mia. kr.

Hugo Gaarden

tirsdag 26. maj 2020 kl. 11:00

Det danske finansieringsbehov er steget med 200 mia. kr., vurderer Nordea, og det har fået Nationalbanken til at ændre sin finansieringsstrategi. Nationalbanken har på forhånd sikret tilstrækkelig finansiering.

Uddrag fra Nordea:

Denmark: Financing requirements swell – but so do funding sources

New estimates points to an increase in financing requirement of more than DKK 200bn in just five months. However, the target for Danish government bond issuance will most likely be kept unchanged as the central bank has been prefunding.

Government finances in Denmark have been hit by the “perfect storm”. The outbreak of the coronavirus and the ensuing lockdown have sharply reduced government revenues while the extensive government aid packages and the strong rise in unemployment benefit payouts have increased government expenditure.

In total this has according to new estimates from the Danish Ministry of Finance caused net financing requirements to increase by DKK 200bn compared to the estimates at the beginning of the year.

Table 1: Total financing requirement for 2020 (DKKbn)

Danish central bank gets funding from abroad

The massive increase in the net financing requirement has already forced the Danish central bank to change its funding strategy markedly. On 15 April the central bank made public that it has started to use issuance in foreign currency as an actual funding source. Previously foreign currency loans were only used to adjust the size of the foreign currency reserves. According to recent statistics, the central bank raised more than DKK 80bn in April alone through issuance in the commercial paper programme.

In addition to the funding from abroad the central bank has increased the target for Danish government bond issuance by DKK 50bn to DKK 125bn and the previous target for outstanding T-bills at year-end has been removed.

Table 2: Target for sales of gov. bonds (DKKbn)

The central bank has been prefunding

In our view these unprecedented steps has helped to restore confidence in the Danish central bank’s ability to provide the necessary funding. At end-April the governments account at the central bank stood at DKK 174bn, which is the highest deposit in almost two years. Part of this sharp increase in the government’s account is most likely caused by delays in the disbursement of subsidies to companies.

However, in our view, the increase in the deposit is also a way for the Danish central bank to underpin their credibility in obtaining the necessary funding in a period where governments all over the world are dealing with huge public deficits.

Chart 1: Government deposit

Therefore, despite the sharp increase in the total financing requirement we do not expect the Danish central bank to further increase the target for issuance of government bonds in the upcoming strategy review.

Del på facebook
Del på twitter
Del på linkedin
Del på email
Del på print

[postviewcount]

Jobannoncer

Vendor Finance Manager til Danish Agro
Gorrissen Federspiel søger Compliance Seniorkonsulent – med primært fokus på forebyggelse af hvidvask og terrorfinansiering
Økonomichef til en vild kommune
Vi søger endnu en produktionsmedarbejder med opgaver inden for pension og særlig indlån
Dansk Sygeplejeråd søger erfaren økonomimedarbejder med flair for regnskabsprocessen fra A-Z
Formuerådgiver til Sparekassen Kronjylland
Akademiker til Økonomistyring i Uddannelses- og Forskningsstyrelsen
Økonomichef med ansvar for HR ARKEN Museum for Moderne Kunst
Udviklingsorienteret financial controller til Vejdirektoratet
Plesner søger økonom til Team EU & Competition
Energinet søger Seniorøkonom til Energiøer
ARGO søger kulturbærende økonomichef
Energinet søger forretningsudvikler med fokus på innovationsprocesser

Mere fra ØU Finans

Seneste nyt

Langers skarpe

af Morten W. Langer
af Morten W. Langer
Seneste indlæg

Mest læste

Få dit daglige nyhedsoverblik i din indbakke

Seneste rapporter fra eksterne rådgivere

Dybdegående og original 
journalistik siden 1994

Økonomisk Ugebrev har i mere end 25 år leveret indsigtsfuld og dagsordensættende journalistik og analyser til læserne og den brede offentlighed. 

Vi tager ansvar for vores indhold og er tilmeldt:

OM ØU

Log ind

KONTAKT

Salg: salg@ugebrev.dk
Jobannoncer: jobannoncer@ugebrev.dk
Redaktion: redaktion@ugebrev.dk
Annonce materialer: annonce-mat@ugebrev.dk
Bogholderi: bogholderi@ugebrev.dk

Skriv til os på: kontakt@ugebrev.dk.
Vi bestræber os på at besvare henvendelser indenfor 24 timer.
Telefonisk henvendelse: 70 23 40 10
Telefonerne er åbne alle hverdage fra: 10-15

Økonomisk Ugebrev A/S
CVR-nr.: 31760623
Forbindelsesvej 12, 2. tv
2100 København Ø

Log ind

Har du ikke allerede en bruger? Opret dig her.

Analyse af og prognoser for Fixed Income (statsrenter)

Direkte adgang til opdaterede analyser fra toneangivende finanshuse:

Goldman Sachs

Fidelity

Danske Bank

Morgan Stanley

ABN Amro

Jyske Bank

UBS

SEB

Natixis

Handelsbanken

Merril Lynch 

Analyse og prognoser for kort rente, samt for centralbankernes politikker

Links:

RBC

Capital Economics

Yardeni – Central Bank Balance Sheet 

Investing.com: FED Watch Monitor Tool

Nordea

Scotiabank

 

Log ind

[iteras-paywall-login paywallid="qwerty123"]