Operating schedule for Norges Bank’s settlement system from 16 January 2020
The banking industry is currently planning to introduce a new solution for instant payments (Straks 2.0/NICS Real) in January 2020. During a pilot period, a few banks will adopt the new solution upon agreement with Bits AS. The plan is for the solution to be made available to all banks participating in NICS in the course of the first half of 2020.
In NICS Real, five daily clearings of instant payments will start at fixed times in accordance with the operating schedule for NICS. The net payment positions will be settled in Norges Bank’s Settlement System (NBO) as interbank settlements.
The clearings from NICS Real will be settled in a separate sub-account (Straks LOM account) at Norges Bank for each bank that uses Norges Bank as its settlement bank. The settlement times are included in the operational schedule for NBO as an addition to each of the five daily settlements of NICS Net.
Each bank’s deposit in its Straks LOM account in NBO will be available as collateral for payments in NICS Real around the clock on all calendar days. This will also apply during the time period from when the Straks LOM account is closed on a settlement day until it is opened on the following settlement day.
The bank may change the amount on deposit in its Straks LOM account at any time around the clock on all calendar days, subject to the following conditions and exceptions:
- All changes of amounts on deposit in a Straks LOM account must be confirmed by NICS Real. Please refer to Bits AS for information on the rules for NICS Real.
- Amounts on deposit in a Straks LOM account cannot be changed during the time period from when the Straks LOM account is closed on a settlement day until it is opened on the following settlement day, normally approximately fifteen minutes.
- Amounts on deposit in a Straks LOM account cannot be changed between approximately 2:30 am and approximately 3:25 am.
- Amounts on deposit in a Straks LOM account cannot be changed when NBO is closed for upgrading, system maintenance etc. In such cases, Norges Bank will inform the banks in advance.
There are no other material changes to the operational schedule.
The changes in the operating schedule for NBO are laid down in accordance with Section 1 of Terms and Conditions for account management at Norges Bank.
This Circular supersedes Circular 1/2019.
Operating schedule for Norges Bank's settlement system (NBO) effective from 16 January 2020
|
Time |
Event |
Comment |
|
05:30 |
NBO is opened for main account settlement |
|
|
05:31 |
NBO LOM account is opened for settlement |
|
|
05:32 |
VPO LOM account is opened for settlement |
|
|
05:33 |
CLS LOM account is opened for settlement |
|
|
Approx. 05:35 and approx. 06:05 |
Receipt and settlement of the morning clearing from NICS Net and NICS Real |
|
|
05:59 |
Deadline for depositing liquidity for VPO 1 |
|
|
06:00 |
Deposits in VPO LOM account locked |
|
|
Approx. 06:05 |
VPO 1 settled and VPO LOM account opened |
|
|
Approx. 06:40 |
Receipt and settlement of derivatives clearing from SIX x-clear |
|
|
06:55 |
Earliest time for regular transfer of deposits in the VPO LOM account to another account (1) |
Bank may transfer deposits when VPO 1 has been settled |
|
07:00 |
NBO is manned |
Telephone +47 22 31 60 78 |
|
07:10 |
Norges Bank will notify NICS Operations of any bank with insufficient funds for NICS Net (morning clearing) (2) |
|
|
08:00 |
Deadline for banks to provide sufficient funds for NICS Net (morning clearing) |
If one or more banks still have insufficient funds, the clearing will be rejected |
|
Approx. 09:35 and approx. 09:40 |
Receipt and settlement of intermediate clearing 1 from NICS Net and NICS Real |
|
|
09:45 |
Deadline for settlement of VPO 1. VPO LOM account opened |
Applies when settlement is delayed due to operating problems in VPS |
|
09:55 |
Norges Bank will notify NICS Operations of any bank with insufficient funds for NICS Net (intermediate clearing 1) (2) |
|
|
10:30 |
Deadline for banks to provide sufficient funds for NICS Net (intermediate clearing 1) |
If one or more banks still have insufficient funds, the clearing will be rejected |
|
Approx. 11:35 and approx. 11:40 |
Receipt and settlement of intermediate clearing 2 from NICS Net and NICS Real |
|
|
11:55 |
Norges Bank will notify NICS Operations of any bank with insufficient funds for NICS Net (intermediate clearing 2) (2) |
|
|
11:59 |
Deadline for depositing liquidity for VPO 2 |
|
|
12:00 |
Deposits in VPO LOM account locked |
|
|
Approx. 12:05 |
VPO 2 settled and VPO LOM account opened |
|
|
Approx. 12:10 |
Receipt and settlement of the security lending-pool from SIX x-clear |
|
|
12:30 |
Earliest time for regular transfer of deposits in the VPO LOM account to another account |
Bank may transfer deposits when VPO 2 has been settled |
|
12:30 |
Deadline for banks to provide sufficient funds for NICS Net (intermediate clearing 2) |
If one or more banks still have insufficient funds, the clearing will be rejected |
|
13:00 |
Deadline for settlement of VPO 2. VPO LOM account opened |
Applies when settlement is delayed due to operating problems in VPS |
|
Approx. 13:35 and approx. 13:40 |
Receipt and settlement of intermediate clearing 3 from NICS Net and NICS Real |
|
|
13:55 |
Norges Bank will notify NICS Operations of any bank with insufficient funds for NICS Net (intermediate clearing 3) (2) |
|
|
14:29 |
Deadline for depositing liquidity for VPO 3 |
|
|
14:30 |
Deposits in VPO LOM account locked |
|
|
14:30 |
Deadline for banks to provide sufficient funds for NICS Net (intermediate clearing 3) |
If one or more banks still have insufficient funds, the clearing will be rejected |
|
Approx. 14:35 |
VPO 3 settled and VPO LOM account opened |
|
|
15:00 |
Earliest time for regular transfer of deposits in the VPO LOM account to another account (1) |
Bank may transfer deposits when VPO 3 has been settled |
|
15:00 |
Deadline for repayment of loans and return of deposits related to Scandinavian Cash Pool (SCP) |
Any violation of the deadline implies a fee in accordance with separate circular on prices and fees in NBO |
|
15:00 |
Payment orders with insufficient funds in the CLS LOM account are cancelled. Any balance remaining in the CLS LOM account is transferred to the main account |
|
|
15:30 |
Bilateral limit cut-off |
|
|
Approx. 15:35 and approx. 15:40 |
Receipt and settlement of final clearing from NICS Net and NICS Real |
|
|
16:00 |
Deadline for banks to provide sufficient funds for settlement of NICS Net (final clearing) |
If one or more banks still have insufficient funds, the clearing will be rejected and NICS Operations will be notified of any banks with insufficient funds |
|
16:30 |
Straks LOM account is closed to changes of amounts on deposit as collateral for instant payments in NICS Real |
|
|
16:35 |
NBO is closed. Any queued payment orders with insufficient funds are cancelled. Deposits in the NBO LOM account and the VPO LOM account are transferred to the main account. |
|
|
Approx. 16:45 |
A new settlement day in NBO is opened and Straks LOM account is opened for changes of amounts on deposit as collateral for instant payments in NICS Real |
|
Norges Bank may deviate from the ordinary operational schedule in special cases such as emergency situations and during periods of the year. Any planned deviations in the operating schedule will be announced separately.
Footnotes
1In the event of delays in the VPO-clearings from VPS, Norges Bank will lock the liquidity on VPO LOM accounts by 06:54 for VPO 1, by 12:29 for VPO 2 and by 14:59 for VPO 3. This is done to avoid that deposits on VPO LOM accounts are transferred to another account before VPO has been is settled in NBO. Thus, deposits in VPO LOM accounts will be available until the deadlines for settlement of VPO 1 at 09:45 and VPO 2 at 13:00. No deadline has been laid down for settlement of VPO 3.
2Cf Rules for clearing and settlement of transactions in the Norwegian Interbank Clearing System (NICS), laid down by the Bits AS.