Pension funds are large investors in mortgage bonds, and banks to a large degree use short-term mortgage bonds for liquidity management. Hence it is hardly surprising that the Committee on Systemically Important Financial Institutions has identified the market for Danish mortgage bonds as systemically important. Actually, the Danish Mortgage Credit Act already provides for SIFI legislation in relation to mortgage credit.
I am happy to say that in only two short, but eventful, years we have: (i)  Joined the IFSB as member – which crystallized after my very first meeting with the Secretary-General, Professor Rifaat, when I attended the BIS meeting in Basel in 2007;  (ii)  Brought the necessary amendments to domestic banking laws to accommodate Islamic banking;  (iii)  Issued the Guideline for Institutions Conducting Islamic Banking Business in June 2008;  (iv)  Approved in August 2008 the application for an Islamic bank from two promoters, one from a group operating in the Gulf and the other from a leading financial conglomerate in Mauritius;  (v)  Approved the application from HSBC to operate an Islamic window; and  (vi)  Embarked on a project to develop Shariah-compliant money market products for the emergence of an active Inter-bank Money Market for Islamic financial institutions.