How the deposit base is calculated

The deposit requirement applies to all credit institutions and branches operating in Sweden, i.e. Swedish credit institutions domiciled in Sweden, or a Swedish branch of a credit institution domiciled outside Sweden. A credit institution's or branch’s deposit base consists of deposits and debt securities issued, with the following exceptions:

• Liabilities to other credit institutions or branches subject to the Riksbank's deposit requirement.
• Liabilities to other credit institutions or branches subject to a similar requirement in another EEA country. However, the ECB's reserve requirement does not count as an equivalent requirement.
• Liabilities to the Riksbank.

Concerning Swedish credit institutions:

• Only liabilities reported for the Swedish operations are included in the deposit base.
• This means that if a Swedish credit institution has a branch abroad, the liabilities of the branch shall not be included, as they are considered to relate to foreign operations. For the purpose of calculating the deposit base, the branch is thus treated as a separate entity and not as part of the Swedish credit institution, despite the branch not being an independent legal entity.
• However, liabilities to an own foreign branch shall be included. This means that if the Swedish credit institution has borrowed from its own branch abroad, this liability shall be included in the deposit base. The reason is that the liability can be considered to finance the Swedish operations, even if the lender is a branch within the same legal entity.

Concerning branches in Sweden of foreign credit institutions:

• Liabilities reported by the branch for its operations in Sweden are included in the deposit base.
• The branch’s deposit base thus consists of its own liabilities, as these are linked to operations in Sweden.
• Liabilities to the foreign parent company of the branch are included, as they can be considered to finance operations in Sweden.

Deductions for liabilities to others subject to the deposit requirement and to the Riksbank

When calculating the deposit base, deductions are made for liabilities to other credit institutions or branches (collectively "institutions") that are subject to the deposit requirement, and for liabilities to the Riksbank. Deductions for loans between institutions are based on the data reported to the Riksbank. Deductions are also made for repos that constitute deposits and that are made with a Swedish central counterparty.

However, the reported data does not contain information on deductions to be made if an institution's debt securities are owned by other institutions. For institutions issuing securities, it can be difficult to determine the amount of the deduction, as the issuer does not as a rule have information on who owns their securities. However, the Riksbank has access to such information through special data collection on securities holdings, but the data is covered by confidentiality and cannot therefore be used, as it could reveal individual institutions' holdings when calculating the deductions. However, the Riksbank can use the information as a basis for determining standard deductions.

The statistics on securities holdings show that it is mainly covered bonds and bonds issued by Kommuninvest that are owned by other institutions and by the Riksbank. To ensure that the deductions are as fair as possible, the Riksbank will therefore calculate two standard deductions: one for covered bonds and bonds issued by Kommuninvest, and one for other bonds. This approach allows for a calculation of the deductions with high precision.

Institutions can certify the deductions to be made themselves if they know which institutions own their debt securities. If the deductions cannot be certified, the standard deduction is applied. If they can be certified, the Riksbank will apply the largest deduction.

For 2025, the standard deduction for covered bonds and bonds issued by Kommuninvest is 24.4 percent, and for other bonds 1.2 percent. The standard deductions are calculated on the basis of the actual conditions as of 31 December 2024, i.e. the same date on which the calculation of the deposit base is based. The two standard deductions will be updated annually.

Deduction for liabilities to other institutions subject to similar requirements in another EEA country

When calculating the deposit base, deductions shall be made for liabilities to other institutions that are subject to a requirement in another EEA country that corresponds to the Riksbank’s deposit requirement. Institutions can request deductions and certify such liabilities.

Other deposit requirements, such as reserve requirements imposed for monetary policy purposes, do not constitute a similar requirement. This means, for example, that the ECB’s reserve requirements are not considered equivalent to the Riksbank’s deposit requirements. As far as the Riksbank is aware, no other EEA country has a similar requirement at present.