Danske banker og finanskrisen

Jacob Sjølin Christensen & David Juel Jensen

Studenteropgave: Kandidatafhandlinger

Abstrakt

In the past year the impact of the financial crisis has spread across the world. Even though the crisis originated from the American housing market and their related “subprime-bonds”, the globalized financial market has stretched its problems abroad. Lehman Brothers, a financial institution which was considered “too big to fail”, filed for bankruptcy in September 2008 and problems started escalating. The effects of the asymmetric information caused a breakdown in the interbank-market, which affected the banks to hoard liquidity. The aim of this thesis is to determine, the impact and effects the financial crisis has caused to the Danish banks, and whether the scale has differed from foreign banks. The primary aim has been decomposed into four propositions including; the banks operations and their effect on market value, the interbank-market under circumstances of the crisis, individual banks and their credit risks and last the Danish bank aid programme in comparison. The substantial growth in loans, over the last couple of years, started to dwindle in the repercussions of the financial crisis. In past years, provision for credit losses has been almost non-existing in the Danish financial sector. This has changed dramatically since fall 2008. Compared to foreign banks, the steep rise was quite similar. The growth in loans was partly due to great increases in financial asset prises, caused by macroeconomic enhanced capital management, which was performed by banks around the world. Further growth in loans greatly increased the market value for both Danish and foreign banks. Similar to those of foreign banks, the market values plummeted in 2008, as a result of the crisis. The effect of the financial crisis was a significant segmentation of the global money market. Especially the Danish money market seemed to suffer from increased risk premiums compared foreign markets. CDSspread analysis gave an indication of the effect of the financial crises on an institutional-level. Leaving a slight indication of an increase in credit risk for Danish banks compared to foreign banks. Under the circumstances governments was forced to support the banking sector, to avoid even bigger consequences for the macroeconomic environment. The Danish state aid has been of a larger scale, than those of several foreign countries, possibly motivated by a greater need for recapitalization of the Danish banks. The overall conclusion are, that this analysis shows small signs of a bigger impact caused by the financial crises on Danish banks compared to foreign banks.

UddannelserCand.merc.fir Finansiering og Regnskab, (Kandidatuddannelse) Afsluttende afhandling
SprogDansk
Udgivelsesdato2009
Antal sider129