Norges Bank stipulates the Terms and Conditions for Account Management at Norges Bank pursuant to Section 3-1, second paragraph of the Central Bank Act and the Regulation on access to lending and deposit facilities at Norges Bank. The Terms and Conditions were most recently amended with effect from 15 April 2024. This amendment combined the terms and conditions for account management for various types of financial sector undertakings into a single set of terms and conditions.

Amendments to the Terms and Conditions 

Norges Bank has reviewed the Terms and Conditions for Account Management and proposes certain amendments and clarifications.

The main amendments are as follows (with reference to the relevant provisions of the revised Terms and Conditions for Account Management):

• The account holder shall notify Norges Bank of any operational or organisational changes that may be relevant for account management, cf. Section 2.1.
• An account holder that is a direct participant in the settlement of clearings in Norges Bank’s settlement system shall have established access to lending facilities with Norges Bank, cf. Section 3.3.
• Payment orders with sufficient funds may be settled even if an earlier payment order with the same priority is on hold due to insufficient funds, cf. Section 3.6.
• Clarification of the account holder’s responsibilities relating to tax liability and tax reporting requirements, cf. Section 5.10.
• Clarification of the provisions for banks’ access to Norges Bank’s deposit and lending facilities, cf. Appendix 2.
  
  
• Proposal to phase out the contingency account arrangement

It is proposed that ordinary accounts with Norges Bank are used as backup settlement accounts in lieu of the contingency account arrangement.

The contingency account arrangement was established for banks that did not wish to maintain an ordinary account with Norges Bank. The arrangement consists of procedures that enable an ordinary account with Norges Bank to be opened in a contingency situation. However, the arrangement has been very little used and is considered unsuitable for contingency situations due to the significant manual effort required. The arrangement is currently used by only one bank.

An ordinary account with Norges Bank is a more suitable contingency solution for banks that settle payments indirectly through a private settlement bank. Banks holding an ordinary account can manage payments and liquidity themselves through NBO Online and have access to Norges Bank’s lending facilities.

The bank currently using the contingency account arrangement will be granted a transition period in which to open an ordinary account or to enter into an agreement with an alternative settlement bank.

The Norwegian Banks’ Guarantee Fund has a separate agreement on account management and settlement under which an account can be activated in a contingency situation. The discontinuation of the contingency account arrangement will not affect this agreement.

• Contingency solution for the submission of instructions

The existing contingency solution uses test keys to authenticate payment orders. Norges Bank considers the solution to be no longer appropriate, partly because test keys are rarely used and can be difficult to manage, maintain and practise using.

Norges Bank therefore proposes to discontinue the use of test keys and replace them with a technology-neutral requirement to use a secure communication and authentication solution approved by Norges Bank. This will allow the solution to be adapted to technological developments and changing security needs without requiring the Terms and Conditions to be amended each time a new solution is introduced.

Norges Bank specifically invites consultation respondents’ views on the functional and security requirements that should apply to the solution and on whether a transitional period is needed before the use of test keys is discontinued.

Consultation deadline

Norges Bank invites stakeholders to submit any comments on the attached Terms and Conditions by 1 December 2026. The revised Terms and Conditions are scheduled to be announced through a circular on 4 January 2027 and enter into force on 1 February 2027.

Any consultation comments or questions on this matter should be addressed to Norges Bank Financial Stability, Interbank Settlement Unit, by e-mail at: nbo@norges-bank.no. 

Comments received may be published on the Norges Bank website.

Yours sincerely,

Torbjørn Hægeland
Executive Director, Financial Stability

Steinar Årdal
Director, Interbank Settlement