Norges Bank

Circular 5/2020

Prices and fees for Norges Bank's settlement system for 2021

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, developing and operating the settlement system.

The total costs for settlement services calculated for 2021 are at approximately the same level as for 2020. The prices for 2020 will therefore remain unchanged in 2021.

The price structure in NBO is based on each account holder's use of functionality, cf. the price groups A1, A2 and B. In addition, there is a separate price for banks that participate directly in the settlement of the cash leg of the securities settlement (VPO). For 2021, this additional charge applies to direct participation in the cash leg of securities settlement in general.

The banks have a number of registered users of NBO Online who have not been active for a long time. In accordance with Section 2.3 of the Terms and conditions for account management, Norges Bank deactivates access to NBO Online for users who have not been logged on to the system for the previous six months. From 2021, a new fee of NOK 6,000 per user will be introduced for such deactivation. The main purpose is to give the banks an incentive to improve the management and control of their own users. There are no further changes to the fees for breaches etc. of the Terms and conditions for account management in 2021.

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 2021

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 direct participation in the cash leg of securities settlement

              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 2021 for breaches etc. of terms and conditions for account management at Norges Bank (NBO)

Non-compliance

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

New user of NBO Online

NOK 5 000
per user

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

NOK 6 000
per user

Deactivation of user of NBO Online that has not been logged on to the system for the previous six months

NOK 6 000
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 29 October 2020 09:40