Circular 4/2017

Prices and fees in Norges Bank's settlement system for 2018

[NOT IN FORCE]

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.

The total costs for settlement services calculated for 2018 are at approximately the same level as for previous years. The prices for 2017 will therefore remain unchanged in 2018. The fees for breaches etc. of the terms and conditions for account management, collateralisation and participation in NBO will also remain unchanged in 2018.

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 2018

Participation/service	Prices in NOK
Fixed prices	Price per month
Banks in Group A1*	215 000
Banks in Group A2*	80 000
Banks in Group B**	10 000
Additional charge for banks participating in the securities settlement system (VPO)	60 000
	Price per year
Contingency account ***	5 000
Entry prices	Single payment
Banks	10 000

* 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 2018 for breaches etc. of terms and conditions for account management, collateralisation and participation in Norges Bank's settlement system (NBO)

Breaches of terms and conditions, use of NBO Online	Fee
Lack of repayment of a loan under the SCP arrangement by the deadline determined in NBO operating schedule	NOK 25 000 per time
Lack of return of deposits used as collateral in Norges Bank under the SCP arrangement by the deadline determined in the NBO operating schedule	NOK 50 000 per time
Pledge of collateral that does not have loan value in Norges Bank on maturity or redemption	NOK 10 000 per time
Loans from Norges Bank in excess of borrowing access by end of day	D-loan rate plus 10 percentage points
Payment order incorrectly sent to Norges Bank	NOK 500 per payment order
Number of users of NBO Online beyond quota****	NOK 1 000 per extra user per month
Request to activate user of NBO Online that has been deactivated by Norges Bank	NOK 5 000 per user
Central counterparty does not repay intra-day loan the same day	NOK 25 000
Central counterparty has a deposit on its account overnight	NOK 50 000

**** Brukarkvote for NBO online for kvar bankgruppe

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