Frontpage News 2016 EU Commissioner Hi...

EU Commissioner Hill visited The Danish Bankers Association

4 March 2016

Today,  EU Commissioner Lord Jonathan Hill visited the Danish Bankers Association. The aim of the visit was to highlight the financial sector’s future and how financial regulation can be drawn up so that it supports growth in Europe.
In addition to Commissioner Hill, several prominent figures from the financial sector participated in the visit, including CEO of Danske Bank, Tonny Thierry Andersen and Chairman of the Association of Danish Mortgage Banks and Group Managing Director of Nykredit, Michael Rasmussen.

Will protect the Danish mortgage system

Commissioner Hill is responsible for legislation on financial stability. He is, therefore, a central actor in the discussion on new strict capital requirements, which could have negative repercussions for the Danish mortgage system.
While attending the event at the Danish Bankers Association, Commissioner Hill made it clear that he will focus on fighting for systems that benefit consumers and growth. He highlighted the advantages of the Danish mortgage system and made it clear that he will work towards harmonising legislation from the EU with the unique Danish system.
Based on the increased regulation and requirements from the EU, the Danish Bankers Association assessed that the consequences could be a bill of DKK 85 billion in increased capital requirements. That is a bill that ultimately risks being sent on to customers.
At the Danish Bankers Association, we welcome Commissioner Hill’s intentions about protecting the Danish mortgage system, but we would still like to highlight the large risks ahead:
“It is crucial that the EU’s strongest man in this field, today shows understanding and an intention to work towards ensuring that increased regulation from the EU adds up with the unique system in Denmark. If successful, we can prevent a huge bill, worth billions, which in the end will hit our customers, Danish home owners," the CEO of the Danish Bankers Association, Ulrik Nødgaard says.
However, he also highlights that nothing is safe, in spite of the Commissioner’s essential support today.
“We know from experience that previous proposals on capital requirements from the Basel Committee on Banking Supervision have been implemented with no changes in the EU on the whole. So, we are still concerned, despite the good reports today,” Ulrik Nødgaard says.

Further information:
Head of Media Relations: Stine Luise Hansen
Tel.: +45 3016 1009
E-mail: [email protected]
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