However, as we get closer to our goals, the balance sheet uncertainty becomes more manageable – at the same time that the market’s demand for specificity goes up. In addition to guidance about the ultimate completion of the program, market participants are also eager to know about the conditions that will govern interim adjustments to the pace of purchases.
• •  •  We launched instant payments relatively early in Denmark – giving us an edge we should maintain. Handling anti-money laundering rules and customer knowledge requirements present a great challenge, both for banks and public authorities. Vast resources are being devoted to this area, and the results may not justify the resources spent.