Norges Bank

Circular 6/2019

Prices and fees for Norges Bank's settlement system for 2020

Banks pay for account management and participation in Norges Bank’s settlement system (NBO) in accordance with the Terms and Conditions for account management at Norges Bank. The prices are set to cover two-thirds of the costs of implementing and operating the settlement system.

In recent years, Norges Bank has strengthened its internal management of the ICT systems and the security of the settlement system. So far, only a small proportion of the costs for this strengthening have been included in the cost basis for the settlement services. From 2020, such costs will be allocated directly to the settlement system.

According to the current plan, banks will introduce a new solution for instant retail payments in 2020. Necessary system modifications in NBO entail project costs that will be recovered over six years through prices for NBO from 2020.

As a consequence of these changes, there will be a substantial increase in the prices for NBO between 2019 and 2020. The changes in the calculation of costs and the price increase have been presented to Finance Norway and Bits AS.

There are no changes in the fees for breaches etc. of the Terms and Conditions for account management in 2020.

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

Prices for Norges Bank’s settlement system (NBO) for 2020

Account management/settlement

Prices in NOK

Fixed prices

Price per month

Banks in Group A1*

350 000

Banks in Group A2*

130 000

Banks in Group B**

16 000

Additional charge for banks participating in the settlement of the cash leg of the securities settlement system (VPO)

98 000

 

Price per year

Contingency account ***

10 000

Entry prices

Single payment

Banks

50 000

* 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 apply for a contingency account. A contingency account cannot be used for payment settlement until it has been activated by Norges Bank.

Fees in 2020 for breaches etc. of Terms and Conditions for account management at Norges Bank (NBO)

Breaches of terms and conditions etc.,
use of NBO Online

Fee

Failure to repay a loan under the SCP arrangement by the deadline laid down in the operating schedule for NBO

NOK 25 000
per occurrence

Failure to return deposits used as collateral in Norges Bank under the SCP arrangement by the deadline laid down in the operating schedule for NBO

NOK 50 000
per occurrence

Pledge of collateral that does not have a loan value in Norges Bank on maturity or redemption

NOK 10 000
per occurrence

Loans from Norges Bank in excess of the bank’s credit limit by end of settlement day

D-loan rate plus 10 percentage points

Payment order incorrectly sent to Norges Bank

NOK 1 000
per payment order

Number of users of NBO Online beyond quota****

NOK 2 000
per extra user per month

Request to activate user of NBO Online that has been deactivated by Norges Bank

NOK 6 000
per user

New user of NBO Online

NOK 5 000
per user

Central counterparty does not repay intra-day loan the same settlement day

NOK 25 000

Central counterparty has a deposit on its account from one settlement day to the next settlement day

NOK 50 000

**** 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
Published 31 October 2019 11:00