The latest figures from the National Labour Market Authority show that a total of DKK26.6billion has been withdrawn by Danes in connection with a reform of the early retirement system.

“That is close to the final figure – we may have minor corrections later but this seems like the final figure,” says NLMA Chief Analyst Frederik Pedersen.

The amount is DKK9.1billion higher than was envisaged before withdrawals started and DKK2.6billion more than the government envisaged in its August Economic Report.

Withdrawals in July and August were at around DKK1.3billion and in September 3.2billion.

But Danes appear not to have been using their newfound riches on consumption.

“The money has been deposited in bank accounts… But we hope of course that some of it will be put into circulation to help growth when the economic outlook gets better,” Pedersen says.

From April to August Danes have deposited some DKK29.3billion kroner and reduced loans by just over DKK4.6billion.

In all, deposits in Danish banks are at DKK734billion.

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