However, it is thoughtprovoking that back in the days when the banks were not subject to any regulation - before the first Danish banking act in 1919 - capital adequacy was generally far higher than today. Around the mid-19th century capital and reserves were approximately 40 per cent of the balance-sheet total, and by around 1900 a good 20 per cent.
In each of these areas, the report provided guidance to market participants on what characteristics they should be looking for when using disclosures and when they are writing them. Some of the disclosures in the market clearly conform to the principles articulated in the Code, but some very much push the boundaries.