Denmark strikes EU bank union deal for mortgage bond industry
COPENHAGEN Dec 19 (Reuters) - European Union finance ministers have agreed a deal that allows Denmark to preserve its mortgage bond industry when the EU sets up a banking union, Danish Economic Affairs Minister Margrethe Vestager told Reuters Thursday.
The Danish mortgage institutes lend only to Danish house owners and do not take deposits, instead funding themselves through a covered bonds market which currently adds up to about $500 billion.
"The Council has accepted that Danish mortgage institutes, in contrast to banks, should not have to raise their capital requirements," Vestager said. (Reporting by Erik Matzen, editing by Terje Solsvik)
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