There are not many countries to look for. These investors could make a substantial profit if the fixed-exchange-rate policy were to be abandoned and the krone appreciated. The initial push came from foreign investors. However, nearly two thirds of the increased demand for kroner in those few weeks in January and February came from domestic investors, including insurance companies and pension funds.
Some of these companies wished to at least partly insure themselves against losses in the unlikely event that the krone appreciated like the Swiss franc. [CHART 2: FX reserve] But we are not SNB copycats – we are ECB copycats! So in response, we used our usual measures to defend the peg.