Issuer Presentation - Nykredit

Increasing surplus on current account and high private savings
� A record high export is mirrored into the
balance of payments
� Record high surplus on the current account
at 6.9% of GDP (never a deficit during the
boom years)
� Main contributor is corporate savings
� Household consolidation to continue for
some time
– Stepping up savings from 4% in 2007 to 7% close to
peak in 2002
� Enhances the room for fiscal policy
manoeuvre
� And shielding Denmark from economic and
financial unrest
Source: Statistics Denmark and Nykredit Markets
Current accounts on balance of payments, %
Share of GDP (%)
12
Net financial savings, corporate
10
sector
Public balance
8
6
4
2
0
-2
-4
-6
*Including capital transfers
Savings ratios
Per cent
18
16
14
12
10
8
6
4
2
Current account*
Net financial savings, households
2000 2002 2004 2006 2008 2010 2012
Household savings rate
Private sector savings rate
1999 2001 2003 2005 2007 2009 2011
16