Bank Package activities generated a surplus of DKK 165 million in 2024 (2023: DKK 197 million). The surplus was mainly attributable to DKK 214 million in interest on deposits with Danmarks Nationalbank. In 2024, impairment losses on loans, advances and receivables of DKK 24 million were reversed, compared with the reversal of DKK 77 million in 2023. Operating expenses amounted to DKK 57 million in 2024, compared with DKK 39 million in 2023. The increased level of expenses in 2024 was mainly driven by expenses related to the management of assets taken over from mink-related businesses, which are covered by the government. Another cause of the higher expenses was the introduction of the new EU Insurance Recovery and Resolution Directive (IRRD).

The segment also includes the results of former subsidiaries which have been wound up.

FS Finans I and II A/S were solvently liquidated in the autumn of 2023, which meant that companies established in connection with Bank Package IV were wound up.  

In 2024, FS Finans III A/S reported a surplus of DKK 41 million before purchase price adjustment.

FS Finans III A/S was solvently liquidated in January 2025. In that connection, dividend from the estate in bankruptcy of Amagerbanken was paid out to Finansiel Stabilitet (Bank Package activities and the Deposit Guarantee Fund) in the amounts of DKK 1,164 million and DKK 505 million respectively. The receipt of these amounts caused the interim dividend, fixed at 84.4% in 2011, to be increased to 92.9%.

FS Finans IV A/S was solvently liquidated in the autumn of 2024. There was no purchase price adjustment in FS Finans IV A/S, as the dividend originally fixed at 86% was higher than was warranted. The resulting loss was covered by the Restructuring Department of the Guarantee Scheme. FS Finans IV A/S posted a result of DKK 0 million for 2024, bringing the total deficit of the Restructuring Department to DKK 503 million.

In connection with the liquidation of FS Finans III A/S and FS Finans IV A/S, the remaining loans and guarantees at an approximate value of DKK 2 million were transferred to Finansiel Stabilitet.

Total assets of the Bank Package activities at the end of 2024 amounted to DKK 6.8 billion (2023: DKK 6.6 billion). At 31 December 2024, loans and guarantees totalled DKK 115 million (2023: DKK 134 million), financial assets totalled DKK 8 million (2023: DKK 4 million) and properties totalled DKK 11 million (2023: DKK 11 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 was 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.

As at 31 December 2024, the scheme had not been utilised.

On 21 June 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. As at 31 December 2024, 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 government. The scheme was established for the account and risk of the government, but Finansiel Stabilitet provides information in its financial statements on the application of the scheme, including information about guarantee commission received and payments made under the guarantees.

As at 31 December 2024, two guarantees had been issued for a total amount of DKK 954 thousand, while commission income for 2024 amounted to DKK 22 thousand.

On 1 April 2023, a scheme was established on behalf of the government on the issuance of government guarantees for 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. As at 31 December 2024, 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 was 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 as at 31 December 2024.

Assets taken over from mink-related industries
In 2024, Finansiel Stabilitet took over the first assets under this scheme, relating to the former Kopenhagen Fur, which entered into an agreement to transfer properties and other movable property to the Danish State in connection with the payment of compensation. Accordingly, Finansiel Stabilitet took over assets such as the former head office in Glostrup.

Finansiel Stabilitet aims to ensure an appropriate and economical resolution of the activities taken over so as to achieve the optimum result for the government. Finansiel Stabilitet has set up a special entity for this task, and legal ownership of activities is anchored in a subsidiary of Finansiel Stabilitet (FS Ejendomsselskab A/S). The scheme was established for the account and risk of the government, and the assets are therefore not recognised in the Group’s balance sheet.   

After the takeover, Finansiel Stabilitet has begun the process of selling assets such as movables and two properties. This happens through open and transparent sales processes. In connection with this, Finansiel Stabilitet has completed calls for tenders for advisors to assist in the sales process, among other tasks.

The properties have been put up for sale, and for the entity located in Holstebro, a sales agreement was entered into after the property was listed via an estate agent. Finansiel Stabilitet also sold a substantial part of the movable assets via an auction house.

In 2025, Finansiel Stabilitet expects to take over a significant portfolio of properties and movables in connection with the payment of compensation and the related transfer of assets to the government.