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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Denmark agrees on 13.4-bln-euro line of credit to banks: govt AFP - Monday, January 19 COPENHAGEN (AFP) - - Denmark's main political parties agreed Sunday on a 100-billion-kroner (13.4-billion-euro, 17.8-billion-dollar) line of credit to the country's banks, the centre-right government said. "The credit package is aimed at combatting the risk of businesses and individuals ending up in a credit pinch where they are unable to loan money from financial and mortgage institutes for sound projects," the ministry of economic and business affairs said in a statement. The government plans to present a bill to parliament in the coming week, and after a speeded-up procedure it is expected to enter into force in February, the ministry said. The offer is open to banks until June 30. The interest on the loans will be determined separately for each individual institution -- banks with financial problems will pay higher interest, for example -- but on average the interest will be around 10 percent, the statement said. Banks that take advantage of the line of credit will see restrictions imposed on remunerations to the bank's management, the ministry said. Economic and Business Affairs Minister Lene Espersen and Finance Minister Lars Loekke Rasmussen said in a joint statement the credit package was agreed upon because it was "necessary to take action." "If we don't take action, there is a significant risk that even healthy businesses might not be able to loan enough cash to secure their continued operations, workplaces and growth, which would accelerate further the downturn in the economy," they said. "It is this negative spiral that a broad majority in parliament have agreed to stop," they said. The agreement was reached by all parties represented in parliament except the extreme-left opposition Unity List. The Danish government in December slashed its growth forecasts for 2008 and 2009, predicting that the economy would contract by 0.2 percent in 2009 after growing 0.2 percent in 2008. Denmark's economy is expected to widen by 0.7 percent in 2010, it said. In October, the Danish parliament passed an emergency bill to set up a fund worth 35 billion kroner (4.68 billion euros, 6.25 billion dollars) to aid banks and their customers threatened by the global financial crisis. Under that plan, Denmark's 140 banks are to inject 35 billion kroner, the equivalent of two percent of the country's gross domestic product, into the fund over the next two years. The fund will be used to assist financial institutions in difficulty and guarantee the deposits of customers, including in subsidiaries of Danish banks abroad if necessary. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo A Danish investor follows a monitor of value of shares of the Nordea Bank in Copenhagen in 2008. Denmark's main political parties agreed Sunday on a 100-billion-kroner (13.4-billion-euro, 17.8-billion-dollar) line of credit to the country's banks, the centre-right government said. Most Popular – Top Stories Viewed Zimbabwe unveils $100 trillion banknote 'Dogs don't wear condoms,' says Baywatch star Anderson Hamas announces one-week truce after Israel ceasefire All aboard, as Obama takes slow train to power Hormone drives sexy women to infidelity, says study View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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