Monetary policy repos or credit against collateral
If the banking system has a liquidity deficit towards the Riksbank, the Riksbank would offer to supply liquidity via weekly repos or credit against collateral, instead of draining liquidity via Riksbank Certificates.
In a monetary policy repo, the Riksbank supplies liquidity to the banking system by purchasing securities from its counterparties and at the same time agreeing to sell them back at a future time, usually a week ahead. The monetary policy repo is carried out at an interest rate corresponding to the policy rate. A repo thus acts as a loan against collateral. The Riksbank can also choose to supply liquidity by offering credit with a maturity of one week against approved collateral at an interest rate corresponding to the policy rate.
Since the banking system has for a long time had a liquidity surplus towards the Riksbank, the Riksbank has not conducted any monetary policy repos since 2008.