Banks pay to participate in Norges Bank's settlement system (NBO) in accordance with the terms and conditions for account management, collateralisation and participation in NBO. Prices for settlement services are set to cover banks' share of the costs of implementing and operating the settlement system.

Effective from 2016 Norges Bank will adopt a new IT solution for the registration and management of the banks' collateralisation for loans from Norges Bank. The new solution provides for more automatic procedures than before both for Norges Bank and the banks. Therefore, the price structure will be changed from 2016. The former prices for collateral abroad and unit prices for application for collateral and changes in collateral will be abolished. In addition, costs incurred from collateral registered in VPS, which Norges Bank so far has invoiced to each bank, will be included in the calculation of costs when determining the prices. The total costs for settlement services calculated for 2016 are at the same level as for previous years.

The costs for collateralisation and other costs relating to settlement services will be covered by an increase in the fixed price for each group of banks. The fixed price for participation in securities settlement will also be increased.

Norges Bank imposes fees on banks that breach the terms and conditions for account management, collateralisation and participation in NBO. From 2016 all fees will be included in the annual circular on prices and fees in NBO.

Fixed prices per month are payable monthly and will be debited each bank's account in NBO automatically on the second banking day in the following month. Other prices and fees will be invoiced or debited separately.

Prices in Norges Bank's settlement system (NBO) for 2016

* Group A

Banks with an ordinary account in active use for one or more of the following settlement functions: Direct participation in settlement of clearings from the Norwegian Interbank Clearing System (NICS), direct participation 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 an agreement to use the SCP (subgroup A1) and other banks in Group A (subgroup A2).

** Group B

Banks with an ordinary account in NBO that are not in Group A.

*** Contingency account

Banks without an ordinary account in Norges Bank may request to establish a contingency account. A contingency account cannot be used for payment settlement until it has been activated by Norges Bank.

Fees in 2016 for breaches etc. of terms and conditions for account management, collateralisation and participation in Norges Bank's settlement system (NBO)

**** Quota for the number of users of NBO Online for each group of banks

• Banks in Group A1: Up to 25 users
• Banks in Group A2: Up to 15 users
• Banks in Group B: Up to 6 users