Issuer Presentation - Nykredit
Issuer Presentation - Nykredit
Issuer Presentation - Nykredit
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Household debt considerably offset by assets<br />
� Household indebtedness remains high in a<br />
Nordic comparison...<br />
� ... however, growth in debt off-set by<br />
growth in households assets<br />
� Strong tax incentive in favour of pension<br />
savings rather than debt repayment<br />
– Both interest expenses and pension contributions are<br />
tax-deductible...<br />
– ... but a recent tax reform curbs pension contributions<br />
with tax benefits and reduces the tax deductibility of<br />
large interest expenses<br />
� Households are therefore generally well<br />
consolidated...<br />
� ... but obviously exposed to<br />
– Loss of employment income (Cash-flow)<br />
– Rising interest rates on financing<br />
– Falling asset prices<br />
Source: Danmarks Nationalbank, quarterly publication Q1 11<br />
Gross indebtedness, % of disposable income<br />
350<br />
300<br />
250<br />
200<br />
150<br />
100<br />
50<br />
0<br />
Households' net-wealth, % of disposable income<br />
600<br />
500<br />
400<br />
300<br />
200<br />
100<br />
0<br />
Other debt<br />
Housing debt<br />
2001 2010 2001 2010 2001 2010 2001 2010<br />
Denmark Finland Norway Sweden<br />
Non-listed ownerships Free financial wealth<br />
Pensions Equity<br />
2001 2010 2001 2010 2001 2010 2001 2010<br />
Denmark Finland Norway Sweden<br />
22
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