The National Bank of Denmark's 2013 Financial Stability Report, published today, has warned that a number of banks do not have enough capital, some falling short of the expected limits even under baseline scenarios.

While the central bank said the banking system in general is "resilient to severe macroeconomic shocks", the report said most banks are suffering from a low return on equity and high costs from impaired loans. Denmark's five nationally systemic banks all passed a stress test, but