Scandinavian central banks sign contingency agreement on currency swap facilities
This agreement lays down the principles for swap facilities between the Scandinavian central banks in their respective currencies if, in an extraordinary situation, one or more individual banks should need liquidity in a Scandinavian currency other than that of its home country.
The agreement complements the memorandum of understanding regarding banks with cross-border activities, which the Nordic and Baltic central banks signed in 2016.
Under the swap facilities agreement, bilateral agreements on the procedures for currency swap arrangements in the event of an extraordinary situation have been concluded between Danmarks Nationalbank and Norges Bank, as well as between Sveriges Riksbank and Norges Bank.
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