The costs of bank financing differed greatly in different countries. Many banks, and in some countries the entire banking system, have in fact had no access to the euro area interbank market. Increases in interest rates on government securities have  BIS central bankers’ speeches  1  exacerbated the funding costs of domestic banks and severely limited their access to markets.
Denmark will seek to have mortgage-credit bonds included in the stock of fully liquid assets, provided their liquidity is comparable with that of government bonds. Liquidity – also in stressful situations – should be the crucial point. We believe that we can prove that Danish mortgage-credit bonds are highly comparable with government bonds. And that’s what we intend to do.