In addition to the risk of loss, some banks had taken on considerable liquidity risk by issuing guarantees to investment firms investing in credit bonds, among other things. In several cases, theses guarantees were exercised. This led the banks to exert greater restraint in lending to other banks as they might need the liquidity themselves.
In the UK, the lack of borrowing opportunities in the money markets led to the first run on a bank, Northern Rock, for more than 100 years. The authorities have been compelled to provide extraordinary guarantees to the depositors. Danish investors are only to a very limited extent directly involved in subprime investments, but may be hit by derived effects.