Prices in Norges Bank's settlement system (NBO) for 2010

Banks pay to participate in Norges Bank’s settlement system NBO. A new settlement system commenced operations on 17 April 2009, cf. Circular no. 6/16 April 2009. Prices for settlement services are set to cover banks’ share of the costs of implementing and operating the settlement system. Norges Bank has made changes to the price system to adapt it to both the cost level and the operational structure of the settlement system.

The main elements in the new price structure are as follows:

• Banks are divided into two main groups as follows:

Group A 
Banks with accounts in active use for one or more of the following settlement functions: Settlement of clearings from NICS or Oslo Clearing, direct participation in settlement in the international multi-currency settlement system, Continuous Linked Settlement (CLS), or use by agreement of the Scandinavian Cash Pool (SCP). Banks in Group A are divided into the following two subgroups: Banks that participate directly in CLS and/or have concluded an agreement to use the SCP (subgroup A1) and other banks in Group A (subgroup A2).

Group B
Other banks with an account in NBO that are not in Group A.

• No transaction prices will be applied to automated payments in 2010, although this may be introduced at a later date.
• A separate price category will continue to apply to banks participating in the securities settlement system (VPO).
• An annual price will be introduced for a contingency account agreement.
• The entry price for new participants is reduced to NOK 10 000.

All use of banks’ accounts in the new Norges Bank settlement system will be based on the main systems for Real Time Gross Settlement (RTGS), communication solutions by means of  NBO Online and SWIFT as well as the collateral for loans arrangement (SIL). The costs of using these systems are generally fixed. Exceptions are the use of securities depositories abroad, registration of changes in collateral and processing of applications for approval of new collateral. These matters involve individual banks and special prices for these services will continue to apply.

The prices applicable from 1 January 2010 are listed in the table below. Reference is made to the standard account maintenance, settlement and collateral agreement between banks and Norges Bank, Section III. The fee charged for maintenance of banks’ accounts and for participation in payment settlement as well as the fixed fee for loan collateralisation are payable monthly in arrears and will be debited each bank’s account in NBO automatically on the second banking day in the following month. Prices for changes in collateral, applications for the approval of new securities as collateral and costs pertaining to securities depositories will be invoiced separately and are payable monthly in arrears. The annual charge for the contingency account agreement is also invoiced separately.

Any differences between the cost and income estimates on which prices are based and recorded costs and income will be included in the calculation of prices for subsequent years.

Prices in Norges Bank’s settlement system (NBO) for 2010

All prices are in NOK

*  Banks with accounts in active use for one or more of the following settlement functions: Settlement of clearings from NICS or Oslo Clearing, direct participation in settlement in the international multi-currency settlement system, Continuous Linked Settlement (CLS), or use by agreement of the Scandinavian Cash Pool (SCP) (Group A). Banks in Group A are divided into the following two subgroups: Banks that participate directly in CLS and/or have concluded an agreement to use the SCP (subgroup A1) and other banks in Group A (subgroup A2).

**  Banks in Group B are other banks with an account in NBO that are not in Group A.

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