{"product_id":"danskebank-swot-analysis","title":"Danske Bank SWOT Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eElevate Your Analysis with the Complete SWOT Report\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eDanske Bank faces a complex mix of robust Nordic market presence and digital banking strengths alongside legacy compliance challenges and regional economic sensitivity; our full SWOT unpacks these dynamics with financial context and strategic implications. Purchase the complete SWOT analysis to receive a professionally written, editable Word report and Excel matrix—ideal for investors, advisors, and strategists seeking actionable, research-backed insights.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003etrengths\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDominant Nordic Market Presence\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDanske Bank is one of the largest banks in the Nordics, holding roughly 22% of Danish retail deposits and serving about 4.5 million customers across Denmark, Finland, Norway, and Sweden as of end-2025; that scale gives a stable deposit base of ~DKK 900 billion. This regional footprint—~40% of revenue from Denmark—creates cost and distribution advantages versus smaller domestic rivals. The extensive branch and corporate network supports cross-sell and liquidity resilience.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSuccessful Forward '28 Strategy Execution\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDanske Bank’s disciplined execution of Forward 28 cut costs and sped digital rollout, driving the cost-to-income ratio down to about 58% by Q3 2025 from ~70% in 2022, boosting underlying return on equity to roughly 10% in 2025.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRobust Capital Position and Liquidity\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAs of Q4 2025, Danske Bank reports a Common Equity Tier 1 ratio of 18.2%, well above EU requirement ~9.5%, giving a large capital buffer to absorb shocks; this supports steady dividends (DKK 4.0 per share FY2024) and a DKK 6bn buyback announced in 2025, helps preserve AA- range credit ratings and keeps 2025 wholesale funding spreads near historical lows (≈+45 bps over swaps), lowering funding costs.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAdvanced Digital Banking Infrastructure\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cpdanske bank heavy investment in digital platforms drove of customer interactions through mobile apps by q4 boosting nps to and cutting branch transactions versus while maintaining service metrics.\u003e\n\u003cpdigital process automation trimmed operating costs by between and enabled integration with fintech partners keeping its apps among europe top-rated banking ux scores in\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e65% mobile interactions (Q4 2025)\u003c\/li\u003e\n\u003cli\u003eNPS 42 (2025)\u003c\/li\u003e\n\u003cli\u003e48% fall in branch transactions since 2019\u003c\/li\u003e\n\u003cli\u003e~12% ops cost reduction (2021–2025)\u003c\/li\u003e\n\u003cli\u003e18 fintech integrations (2025)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/pdigital\u003e\u003c\/pdanske\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLeadership in Sustainable Finance\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eDanske Bank leads Nordic sustainable finance, underwriting about DKK 18bn in green bonds and allocating roughly DKK 150bn to sustainable lending by end-2024, capturing a large share of Nordic transition finance.\u003c\/p\u003e\n\u003cp\u003eESG (environmental, social, governance) criteria are embedded across lending and investment products, matching strict Nordic rules and institutional demand, boosting asset inflows and fee income.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eDKK 18bn green bonds (2024)\u003c\/li\u003e\n\u003cli\u003eDKK 150bn sustainable loans (2024)\u003c\/li\u003e\n\u003cli\u003eHigh institutional demand from Nordics\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDanske Bank: Nordic scale, strong capital, digital gains cut costs—ROE ~10% (2025)\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eDanske Bank’s Nordic scale (4.5m customers, ~DKK 900bn deposits end-2025) and 40% Denmark revenue share deliver distribution and cost advantages; Forward 28 cut costs, lowering C\/I to ~58% and ROE to ~10% in 2025; CET1 18.2% (Q4 2025) plus DKK 6bn buyback support dividends and low funding spreads; digital adoption: 65% mobile interactions, NPS 42, 48% fewer branch visits since 2019.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCustomers\u003c\/td\u003e\n\u003ctd\u003e4.5m\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDeposits\u003c\/td\u003e\n\u003ctd\u003e~DKK 900bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCET1\u003c\/td\u003e\n\u003ctd\u003e18.2% (Q4 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eC\/I ratio\u003c\/td\u003e\n\u003ctd\u003e~58% (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMobile interactions\u003c\/td\u003e\n\u003ctd\u003e65% (Q4 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eDelivers a strategic overview of Danske Bank’s internal and external business factors, outlining key strengths, weaknesses, opportunities, and threats that shape its competitive position and future growth prospects.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eProvides a concise Danske Bank SWOT snapshot for rapid strategic alignment and stakeholder-ready presentations.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eW\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eeaknesses\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLegacy of Past Compliance Failures\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDespite major remediation, Danske Bank still carries a reputational discount from its 2018-19 Estonian money‑laundering scandal; studies show its stock trades ~6–8% below Nordic peers on reputation-adjusted metrics.\u003c\/p\u003e\n\u003cp\u003eThe bank has spent over €800m since 2019 on compliance upgrades and expects €120–150m annual AML-related costs in 2025, pressuring operating margins.\u003c\/p\u003e\n\u003cp\u003eEven in 2025, surveys report weaker brand perception among international investors, especially in UK\/US segments, limiting repo access and deal flow.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGeographic Concentration Risk\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDanske Bank’s heavy reliance on Nordic markets—about 72% of 2024 operating income came from Denmark and Sweden—heightens sensitivity to regional macro shifts. A Danish housing correction (house prices fell ~6% y\/y in 2024 Q3) or a Swedish growth slowdown (GDP +0.4% in 2024) would hit loan performance and capital ratios disproportionately. Limited exposure outside Northern Europe constrains risk diversification and leaves the bank vulnerable to regional systemic shocks.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eElevated Cost of Compliance\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eMaintaining state-of-the-art monitoring systems after past scandals has raised Danske Bank’s fixed compliance base, with reported compliance and risk costs at about DKK 5.6bn in 2024 (approx €750m), up ~25% since 2019; this forces a higher share of budget into regulatory reporting and internal audits than lean fintechs or peers, trimming group CET1-accretive investments and weighing on net interest margin and profitability versus best-in-class European banks.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eModerate Growth in Non-Interest Income\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eWhile Danske Bank’s interest income rose 18% year-on-year in 2024 to DKK 28.6bn, fee and commission income grew just 3% to DKK 9.4bn, reflecting weak traction in wealth fees.\u003c\/p\u003e\n\u003cp\u003eSpecialist asset managers and low-cost robo-advisors pressure margins, cutting average fee rates in Nordic wealth management to ~0.45% in 2024 versus Danske’s blended 0.62%.\u003c\/p\u003e\n\u003cp\u003eDiversification away from net interest income remains slow: non-interest income still only ~25% of total operating income in 2024, limiting resilience if rates fall.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eInterest income up 18% (2024)\u003c\/li\u003e\n\u003cli\u003eFee income up 3% to DKK 9.4bn (2024)\u003c\/li\u003e\n\u003cli\u003eWealth fee rate: ~0.62% vs market 0.45% (2024)\u003c\/li\u003e\n\u003cli\u003eNon-interest income ≈25% of operating income (2024)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eComplex Legacy IT Systems\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cpdespite significant digital progress danske bank still runs core banking functions on legacy systems that cost an estimated dkk billion annually in maintenance and slow feature deployment versus cloud-native challengers.\u003e\u003cpthese systems reduce release cadence vs. days limit api-led partnerships and raise operational risk completing migration of final components remained a technical financial hurdle at end-2025.\u003e\u003cp class=\"lst_crct\"\u003e\u003c\/p\u003e\u003cli\u003eMaintenance cost ~DKK 1.2–1.5bn\/year\u003c\/li\u003e\u003cli\u003eRelease cadence: months vs days\u003c\/li\u003e\u003cli\u003eHigher operational risk and integration limits\u003c\/li\u003e\u003cli\u003eFinal migration unfinished as of Dec 31, 2025\u003c\/li\u003e\n\u003c\/pthese\u003e\u003c\/pdespite\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAML fallout drags Danske ~6–8% below peers as heavy compliance, IT costs squeeze margins\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eReputational drag from the 2018–19 Estonian AML scandal keeps Danske trading ~6–8% below Nordic peers; AML spend since 2019 \u0026gt;€800m and 2025 AML run-rate €120–150m, pressuring margins.\u003c\/p\u003e\n\u003cp\u003e72% of 2024 operating income from Denmark\/Sweden raises regional risk; CET1 investments squeezed by DKK 5.6bn compliance cost (2024).\u003c\/p\u003e\n\u003cp\u003eNon‑interest income ~25% (2024); legacy IT upkeep DKK 1.2–1.5bn\/yr slows delivery.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\/2025\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eReputation discount\u003c\/td\u003e\n\u003ctd\u003e~6–8%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAML spend since 2019\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;€800m\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e2025 AML cost\u003c\/td\u003e\n\u003ctd\u003e€120–150m\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eShare Nordics income\u003c\/td\u003e\n\u003ctd\u003e72%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCompliance cost (2024)\u003c\/td\u003e\n\u003ctd\u003eDKK 5.6bn (~€750m)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNon‑interest income\u003c\/td\u003e\n\u003ctd\u003e~25%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIT maintenance\u003c\/td\u003e\n\u003ctd\u003eDKK 1.2–1.5bn\/yr\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eFull Version Awaits\u003c\/span\u003e\u003cbr\u003eDanske Bank SWOT Analysis\u003c\/h2\u003e\n\u003cp\u003eThis is the actual SWOT analysis document you’ll receive upon purchase—no surprises, just professional quality. The preview below is taken directly from the full SWOT report you'll get; once purchased, the complete, editable version is unlocked. You’re viewing a live preview of the real file, structured and ready to use immediately after checkout.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56752494707065,"sku":"danskebank-swot-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/danskebank-swot-analysis.png?v=1772241721","url":"https:\/\/matrixbcg.com\/products\/danskebank-swot-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}