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Cover Pool

DLR is a significant lender on the Danish mortgage market and mainly grants loand for agricultural property, office and rental property, private residential rental property and private co-operative houseing property.

The loan portfolio amounted to DKK 189.3bn as per 31 December 2023. Loans are issued out of one of DLR’s two separate cover pools (capital centers), including DKK 188,7bn of SDO loans issued from Capital Centre B and DKK 0.6bn of RO loans issued from the General Capital Centre. In early 2018, DLR switched to SDO lending in response to the new CRD regulation on covered bonds and at the same time ceased to issue RO loans.

DLR loans are subject to loss guarantee schemes. In addition, any loss will be offset against the commissions due to the arranging bank.

DLR employs the so-called ”specific balance principle”, which was created to limit the mortgage banks’ financial risk exposure. Due to the one-to-one matching of loans and bonds, the main risk factor for DLR is the borrowers’ ability to pay.

The distribution of assets at cover pool level is disclosed in the quarterly cover pool reports.

ECBC Covered Bond Label

DLR’s covered bonds (særligt dækkede obligationer) meet the requirements of ECBC’s definition of covered bonds.

DLR’s covered bonds (SDO) benefit from the Covered Bond Label that became operational as of the 1st of January 2013. This implies that DLR has committed to publish updated cover pool data according to the Harmonised Transparency Template (HTT). In addition, covered bond data for DLR’s SDOs are available on and will be updated on a regular basis.

More information about ECBC’s label initiative and all the labeled issuers and covered bonds is available on