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The history of the Danish Mortgage Banks' Federation

The Danish Mortgage Banks' Federation was dissolved following the establishment of Finance Denmark at the turn of the year 2016/2017. Here is a brief historical review of the Danish Mortgage Banks' Federation from start to finish:

In 2007, the Danish SDO Act came into force (SDO is an abbreviation for Special Covered Bonds - Særligt Dækkede Obligationer). The law contained some changes to the mortgage credit system, but perhaps the most important element of the act was that banks were allowed to issue mortgage bonds on mortgages (hence the term covered bonds). Until then, mortgage institutions had the exclusive right to issue mortgage bonds in real estate.

Following the SDO legislation in spring 2007, Realkredit Danmark and Nordea Kredit resigned from the Association of Danish Mortgage Banks and established the Danish Mortgage Banks' Federation in order to safeguard their common political interests.

Due to the family affiliation of the two mortgage banks with Danske Bank and Nordea, it was natural to establish the Danish Mortgage Banks' Federation in cooperation with the Danish Bankers Association.

The Danish Mortgage Banks' Federation was established with Sven Holm, Managing Director of Realkredit Danmark, as chairman, and he was replaced by Carsten Nøddebo after the Danish Mortgage Banks' Federation’s first annual meeting at the end of March 2009, as Carsten Nøddebo replaced Sven Holm as Managing Director of Realkredit Danmark and as chairman of the Danish Mortgage Banks' Federation.

Carsten Nøddebo was chairman of the Danish Mortgage Banks' Federation until the dissolution of the organisation at the end of 2016.

The day-to-day management was conducted by CEO Karsten Beltoft throughout the entire period.

The Danish Mortgage Banks' Federation was operational from 1 September 2008 and shortly after, LR Realkredit also changed from the Association of Danish Mortgage Banks to the Danish Mortgage Banks' Federation. Until the dissolution of the Danish Mortgage Banks' Federation at the end of 2016, the organisation had three members and represented approximately 45 pct. of the outstanding debt outstanding bond debt in the mortgage sector.

By the end of 2016, the Danish Mortgage Banks' Federation, the Association of Danish Mortgage Banks and the Danish Bankers Association agreed that the interests of banks and mortgage banks are best carried out by one joint organisation. The three associations therefore agreed on a merger called Finance Denmark.

The Danish Mortgage Banks' Federation was therefore dissolved as of 31 December 2016.

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Finans Danmark er interesseorganisation for bank, realkredit, kapitalforvaltning, værdipapirhandel og investeringsfonde i Danmark. Vores medlemmer er realkreditinstitutter, banker, sparekasser, andelskasser, danske filialer af udenlandske banker og investeringsfonde.

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