Norges Bank

Circular 1/2010

Changes in the operating schedule for Norges Bank’s Settlement System (NBO) as from 4 June 2010

[NOT IN FORCE]

Reference is made to paragraph 6 of the agreement between the banks and Norges Bank on account maintenance, settlement and collateral, and to Circular no. 15/15 December 2009 pertaining to the operating schedule for NBO.

NICS Operating Office has decided to abolish separate clearing of NICS SWIFT effective as of settlement date 4 June 2010. The operating schedule for the NBO is changed accordingly as of 4 June 2010 to the effect that:

  • The settlement of three NICS SWIFT clearings with corresponding deadlines for cover, is cancelled.

Operating schedule for Norges Bank’s settlement system (NBO)

Applicable from 4 June 2010

Time  Event Comment
Ca 05:05   Banks’ borrowing access adjusted based on changes in market  values for securities and other changes in collateral  
05:30  NBO opens for main account settlement. Daily settlement of interest on deposits and overnight loans (D-loan), monthly prices are charged second business day each month    
05:31 NBO LOM account opens for settlement   
05:32 VPO LOM account opens for settlement   
05:33 CLS LOM account opens for settlement   
Ca 05:40 Receipt and settlement of NICS retail clearing (morning settlement)

Given cover

05:59 Deadline for depositing liquidity for VPO 1  
06:00 Deposits in VPO LOM account locked   
Ca 06:30[1] VPO 1 settled and VPO LOM account opened    
Ca 06:45 Receipt and settlement of derivatives clearing from Oslo Clearing Given cover
06:55 Earliest time for emptying VPO LOM Not applicable when  VPO 1 is settled
07:00 NBO is manned (tlf. 22 31 60 78)    
08:45 Deadline for cover of NICS retail clearing  Bank lacking cover is charged a fee of NOK 50 000
09:45 Deadline for settlement of VPO 1, VPO LOM account opened  Applies in the case of operating problems in VPS
11:59  Deadline for depositing liquidity for VPO 2   
12:00 Deposits in VPO LOM account locked   
Ca 12:30[2] VPO 2 settled and VPO LOM account opened   
12:30 Earliest time for transferring amount in VPO LOM account to another account Not applicable when VPO 2 is settled
Ca 12:45 Receipt and settlement of the borrowing arrangement for securities from Oslo Clearing    
14:00* Deadline for settlement of VPO 2, VPO LOM account opened  Applies in the case of operating problems in VPS
Ca 14:40 Receipt and settlement of NICS retail clearing (final settlement) Given cover
15:00 Deadline for repayment of loans and return of deposits linked to Scandinavian Cash Pool (SCP)  If collateralised deposit in Norges Bank is not returned, a fee of NOK 50 000 is charged. If increased borrowing access in Norges Bank is not returned, a fee of NOK 25 000 is charged
15:00 In the event of payment orders with insufficient funds in the VPO LOM account or CLS LOM account, these will be cancelled. Any balance remaining in the VPO LOM account and CLS LOM account is transferred to the main account  
15:30 Functionality linked to bilateral limits is cancelled (bilateral limit cut off)    
15:45 Deadline for cover of NICS retail settlement  Bank lacking cover is charged a fee of NOK 50 000
16:35** NBO closes. Any payment orders in queue with insufficient cover are cancelled.
Deposits in NBO LOM are transferred to main account
Opening hours can be extended in the event of technical disturbances in NBO or upon request from participants in NBO

 

* Deadline applies only if VPO 1 is settled.
** On Wednesday before Maundy Thursday and New Year’s Eve, NBO closes at 15.35. The deadline for cover for NICS retail clearing (final settlement) is 15.35 on these days. On Christmas Eve NBO is closed.

Footnotes
[1] Time depends on when VPS has completed the settlement
[2] Time depends on when VPS has completed the settlement

Published 13 July 2010 11:00
Edited 12 July 2010 10:11