Denmark does not have a dedicated legal  Page 14 of 23  framework for borrower-based macroprudential measures, so policymakers need to be creative when macroprudential measures are to be implemented. Consumer protection legislation has often been the first choice but sometimes has its limits.
The Governing Council decided to eliminate the 10 basis point spread over the key policy rates entailed in the initial pricing of the operations. In addition, the maturity of the operations was extended from two to three years, and an early repayment option after two years was introduced.