Bank Package activities generated a surplus of DKK 197 million in 2023 (2022: DKK 12 million). The surplus was primarily attributable to a higher CD rate in 2023. The rate of interest on deposits with Danmarks Nationalbank thus developed from a negative rate of 0.6% in the first half of 2022 to 3.6% at 31 December 2023. Interest income from Danmarks Nationalbank consequently contributed DKK 187 million to the surplus for 2023. In 2023, impairment losses on loans, advances and receivables of DKK 77 million were reversed, compared with the reversal of DKK 59 million in 2022. Operating expenses amounted to DKK 39 million in 2023, compared with DKK 99 million in 2022. The level of expenses in 2022 was particularly affected by costs for a number of the now completed management liability lawsuits.

The individual Bank Packages impact the result in different ways. Bank Package I is fully recognised in the results. Bank Packages III and IV (FS Finans I-IV A/S) are only recognised in part, however, as other creditors also have financial interests in the resolution results, including the Deposit Guarantee Fund. In relation to Bank Package III (FS Finans III and IV A/S) and Bank Package IV (FS Finans I and II A/S), only a share of changes in the purchase price adjustment affects the result. This share is determined as the part of total unsecured claims taken over by the government through Finansiel Stabilitet.

In 2023, the subsidiaries FS Finans I-III A/S reported a total result of DKK 55 million before purchase price and dowry adjustment. FS Finans I and II A/S were solvently liquidated in the autumn of 2023. In that connection, purchase price adjustment was paid out to Finansiel Stabilitet and the Deposit Guarantee Fund in the amount of DKK 15 million and DKK 31 million, respectively.

As Finans I and II were liquidated, the final result of the winding up of the two banks (Sparekassen Østjylland and Max Bank A/S) could be calculated. In connection with Finansiel Stabilitet’s takeovers of Sparekassen Østjylland and Max Bank A/S, the claims of simple creditors were satisfied. The remaining loss was shared between Finansiel Stabilitet (Bank Package activities) and the Deposit Guarantee Fund.

The dividend was originally fixed at approximately 75% in the two banks. Based on the final resolution, the Danish State via Finansiel Stabilitet (Bank Package activities) and the Deposit Guarantee Fund achieved dividends of 95% and 84%, respectively.

There was no purchase price adjustment in FS Finans IV A/S, as the dividend was originally fixed at a higher amount than what was warranted. The resulting loss was covered by the Restructuring Department of the Guarantee Scheme. FS Finans IV posted a deficit of DKK 2 million for 2023, increasing the total deficit of the Restructuring Department to DKK 503 million.

Total assets of the Bank Package activities at the end of 2023 amounted to DKK 6.6 billion (2022: DKK 6.5 billion). At 31 December 2023, loans and guarantees totalled DKK 134 million (2022: DKK 131 million), financial assets totalled DKK 4 million (2022: DKK 13 million) and properties totalled DKK 11 million (2022: DKK 12 million).

On behalf of the government, Finansiel Stabilitet in June 2021 set up an entity to provide debt counselling free of charge to former mink farmers who are, or are presumed to be, insolvent after having received damages and compensation pursuant to the Act on the culling of mink and temporary ban on mink farming. The scheme is established for the account and risk of the government.

The scheme involves debt counselling of natural persons. Individuals with a personally owned business are not eligible to receive debt counselling under the scheme, unless the personally owned business has been discontinued and no business activities are consequently carried on in the business.

At 31 December 2023, the scheme had not been utilised.

Effective from July 2022, a scheme was set up on behalf of the government for the establishment of government guarantees for a part of the mortgage credit agreements in rural districts. The purpose of the act is to improve the possibilities for financing residential property, particularly in rural districts, through a government guarantee for the top part of home loans for certain residential properties. Mortgage providers have subsequently been able to submit applications for government guarantees for specific loan agreements. At 31 December 2023, 40 agreements on terms and conditions had been concluded with mortgage providers.

The target group for the government guarantee scheme is consumers who are considered creditworthy, but have difficulty obtaining a home loan due to matters related to the location or marketability of the property. With a guarantee scheme, some of the risk of home financing is shifted from the mortgage providers to the government, giving mortgage providers an improved incentive to provide financing for such residential properties.

Finansiel Stabilitet manages the government guarantee scheme on behalf of the Danish State. The scheme is established for the account and risk of the government, but Finansiel Stabilitet includes in its financial statements information on the application of the scheme, including information about guarantee commission received and payments made under the guarantees.

At 31 December 2023, two guarantees had been issued for a total amount of DKK 966 thousand, while commission income amounted to DKK 13 thousand.

On 1 April 2023, a scheme was established on behalf of the government on the establishment of a government guarantee on loans for the replacement of oil or gas-fired furnaces in rural districts off the central heating grid with a different source of heating. The purpose of the act is to make it easier to obtain financing for the replacement of oil or gas-fired furnaces with heat pumps in cases where it may be difficult to obtain a loan on normal terms without a government guarantee.

Mortgage providers have subsequently been able to submit applications for government guarantees for specific loan agreements. At 31 December 2023, seven agreements on terms and conditions had been concluded with mortgage providers.

The government guarantee scheme targets consumers and cooperative housing societies that are considered creditworthy but have difficulty obtaining financing for the replacement of oil or gas-fired furnaces with heat pumps due to uncertainty concerning the long-term value of their properties. The residential property or cooperative housing association must furthermore be situated in an area that is not, and is not scheduled to be, connected to the central heating grid. With a guarantee scheme, some of the financing risk is shifted from the mortgage providers to the government, giving mortgage providers an improved incentive to provide loans to the consumers and cooperative housing societies concerned.

Finansiel Stabilitet manages the government guarantee scheme on behalf of the Danish State. The scheme is established for the account and risk of the government, but in its financial statements Finansiel Stabilitet discloses information on the application of the scheme, including information about guarantee commission received and payments made under the guarantees.

No guarantees had been issued under the scheme at 31 December 2023.

In 2023, Finansiel Stabilitet incurred internal costs of DKK 1 million in connection with the management of the above-mentioned guarantee schemes, which costs were covered by payments from the government.