Danish Bank Profits to Suffer Amid 'Costly' Funding Squeeze, Moody's Says Bloomberg
Denmark’s banks face a decline in earnings as the fallout from Europe ’s toughest resolution laws sends funding costs higher in the Nordic country, Moody’s Investors Service Senior Vice President Janne Thomsen said.
“We are worried about the loans to farmers, still worried about commercial real estate and we are also worried about the earnings of the banks because funding is going to be, and has shown to be, much more costly than it was in the past,” Thomsen said in a telephone interview yesterday.
The June 24 failure of Fjordbank Mors A/S, a regional lender with about $1.4 billion in deposits, underlined the state’s commitment to resolution laws that force senior creditors to share losses, Moody’s said yesterday in a note. The government’s goal of avoiding more insolvencies by encouraging consolidation is so far proving “elusive,” the company said.
“The government proposed law changes to enable sector solutions,” Thomsen said in the interview. “But we did not see this happen in relation to Fjordbank.”
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When does debt consolidation make sense?
This is a guest post provided by Debt Advisory Line.
Debt consolidation means taking out one loan to pay back several others. This may sound like a strange idea, but there are many benefits attached to the concept: Rather than paying many different creditors each month, you’ll henceforth be collaborating with a single company, which will be taking care of your finances and communicating with your lenders. Typically, debt consolidation reduces your monthly payments for your loans, sometimes even making some significant dents in your debts. Clearly then, there are a lot of advantages to debt consolidation, and yet it isn’t for everyone. Let’s have a look at what you need to take into consideration.
First off, let’s briefly take a look at the advantages and disadvantages of debt consolidation in general. As mentioned in the opening paragraph, debt consolidation reduces your monthly payments and simplifies your payback scheme: Rather than having to spend hours on the phone each month to deal with your creditors, your debt management company will take care of these issues for you, saving you a lot of hassle and valuable time which you can use to earn the money you need for your loan. What it also means is that rather than having to spend every single penny trying to pay back your debts, you may finally be able to save some money for when times get rough – should you lose your job, for example. Admittedly, in some cases, a longer maturity of the loan will mean paying more interest overall. This is something you need to be aware of when thinking about debt consolidation, but it doesn’t make it any less attractive per se.
Foremost, debt consolidation is a sensible tool if you’re threatened with bankruptcy. Personal insolvency is one of the most drastic measures and will change your financial situations for years to come. By reducing your monthly payments and consolidating your debts into a single loan, you may be able to continue paying back your creditors and avoiding bankruptcy, thereby keeping your credit rating clean and putting you on the road to recovery.
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