Prices and fees for Norges Bank's settlement system for 2023
Banks and other financial sector undertakings pay for account management and participation in payment settlements 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 prices for NBO in 2023 will be around 19 percent higher than in 2022. In addition to phasing in the remainder of the costs for the new IT operating solution for NBO, which went into operation in October 2021, the higher prices mainly reflect general wage and price increases and a further strengthening of the settlement system’s IT security.
The fees for breaches etc of terms and conditions for account management at Norges Bank will remain unchanged in 2023.
Fixed prices per month are payable monthly and will be debited from each participant’s account in Norges Bank 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 for 2023
|
ACCOUNT MANAGEMENT/SETTLEMENT |
PRICES IN NOK |
|
Fixed prices |
Price per month |
|
Banks in Group A1* |
510 000 |
|
Banks in Group A2* |
190 000 |
|
Banks in Group B** |
23 000 |
|
Central counterparties, central banks and the CLS Bank |
23 000 |
|
Additional charge for direct participation in the cash leg of securities settlement |
142 500 |
|
|
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 2023 for breaches etc of terms and conditions for account management at Norges Bank
|
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 |
|
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 |
|
Pledge of collateral that does not have a loan value in Norges Bank on maturity or redemption |
NOK 10 000 |
|
Loans from Norges Bank in excess of the bank’s credit limit by end of settlement day |
D-loan rate plus |
|
Payment order incorrectly sent to Norges Bank |
NOK 1 000 |
|
Number of users of NBO Online beyond quota**** |
NOK 2 000 |
|
Deactivation of user of NBO Online that has not been logged on to the system for the previous six months |
NOK 6 000 |
|
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