In 2022, the Deposit Guarantee Fund covered 134 companies: 66 banks (6 foreign banks having applied for topping up in Denmark and 5 banks in the Faroe Islands and Greenland), 6 mortgage credit institutions, 47 investment companies, 4 investment management companies and 11 managers of alternative investment funds. The companies are distributed on the 4 departments:

The Deposit Guarantee Fund generated a deficit of DKK 516 million in 2022 (2021: a surplus of DKK 6 million). The deficit was mainly due to a negative return on the bond portfolio. In addition, the Deposit Guarantee Fund received DKK 22 million by way of transferred contributions from the Swedish deposit guarantee scheme.

At 31 December 2022, the Deposit Guarantee Fund had total assets of DKK 11.9 billion. Of these assets, the Banking Department accounted for DKK 8.4 billion and the Restructuring Department accounted for DKK 3.5 billion, DKK 3.2 billion of which consisted of guarantees. In addition, the Mortgage Credit Department had assets of DKK 11 million and the Investment and Portfolio Management Department had assets of DKK 12 million.

The Restructuring Department issued loss guarantees to Finansiel Stabilitet in connection with the resolution of Amagerbanken af 2011 (FS Finans III A/S), Fjordbank Mors af 2011 (FS Finans IV A/S), Max Bank af 2011 (FS Finans II A/S) and Sparebank Østjylland af 2012 (FS Finans I A/S). Of these, only the loss guarantee regarding FS Finans IV A/S was activated.

The assets of the Banking Department must equal 0.8% of the banks’ covered deposits. The annual contribution is determined as the amount required to meet the target level within a period of up to six years. If the assets exceed the determined target level, the obligation to contribute will cease. The obligation to contribute will resume if the assets fall below the determined target level. The individual contributions of the comprised banks is determined on the basis of a ratio-based contribution model.

At 31 December 2022, the assets of the Banking Department amounted to DKK 8.4 billion, against a determined target level of DKK 6.5 billion. As the assets exceeded the target level by an excess coverage of DKK 1.9 billion, no contributions were collected for the Banking Department in 2022. Based on applicable rules in the area, the calculation of the target level of total assets currently does not take into account deposits serving certain social purposes.

Previous studies have shown that deposits serving certain social purposes in Denmark amount to some DKK 150-200 billion. When these are added to the calculation of the Banking Department’s target level, the level grows to approximately DKK 8 billion, substantially reducing the excess coverage. It should also be mentioned that covered deposits have seen significant growth in recent years, which also reduces the excess coverage over time.

The Investment and Portfolio Management Department is required to have total assets of at least DKK 10 million, consisting entirely of commitments. No cash contributions are collected, but adjustments are made to the commitments.