Den finansielle krise: Kreditpakkens gennemførelse

Sisse Vestergaard & Ann Søholm Jørgensen

Student thesis: Master thesis


In connection with the credit crisis, Denmark has introduced a credit package to avoid a credit crunch. The object of the thesis is to establish the framework under which the credit package has been created. To establish this framework, economic theories regarding the social costs carried by the state in connection with bankruptcies and EU state aid rules will be used. When the framework has been established, a dogmatic legal interpretation of the objective of the credit package, the provisions for conversions, and the following effects, will be produced. Hereafter the thesis theoretically analyses whether the purpose of the credit package has been fulfilled. The analysis is based upon surveys from the National bank and a joint analysis on small and medium sized businesses’ experience conducted by the Greens Analyses institute in collaboration with Dagbladet Børsen. The analysis ends with an interpretation of the recently completed “stress test” of the European financial markets. An analysis of two case examples where the banks are participating in the credit package is then carried out. The examples used are Skælskør Bank and Amagerbanken. These two case examples are used to show, to what end, the credit package has had the intended effect on the banks or not. Finally the thesis has analyzed the effects that occur, when banks cancel voting restrictions and ownership limits, with the aim to establish whether it is a reasonable demand by the state or not. The possibility of the credit package being used for state aid as hybrid tier opens the possibility for agreement based and forced conversion. If conversion is chosen or forced to the banks, they have to cancel voting restrictions and ownership limits. The thesis concludes that a credit crunch has occurred in the interbank market and that households and businesses have difficulties obtaining financing as there is a freeze in bank loans. The credit package has been introduced in order to open up the lending market. Based on the analysis in the thesis it can be concluded, that the strengthening of the financial marked has succeeded but the financial possibilities for households and businesses has not yet reached the intended goal.

EducationsMSc in Commercial Law, (Graduate Programme) Final Thesis
Publication date2010
Number of pages108