Copenhagen

DANISH households, which carry the biggest gross debt loads of any population in the rich world, look to have turned a corner.

Danes repaid their home loans at the fastest pace in history last year, according to the Association of Danish Mortgage Banks. At the same time, record low interest rates and higher fees on riskier loans are driving more borrowers over to fixed-rate mortgages, which now cost as little as 2 per cent for 30 years. The developments have helped banks meet demands to cut risks.