Payments in Sweden 2020

Payments in crisis situations and under heightened alert

The Riksbank must maintain essential services

Published: 29 October 2020

The Riksbank’s responsibility for maintaining essential services during crisis situations and under heightened alert is made clear by the proposed new Sveriges Riksbank Act. This responsibility means that the Riksbank must safeguard its capacity, in an acute situation, to take the measures needed to manage any consequences that arise. This means that the Riksbank needs to plan and prepare itself to be able to prevent vulnerabilities and resist threats and risks. Among other measures, the Riksbank must prepare alternative solutions in relation to the systems and procedures that are normally used.

The Riksbank is a part of Sweden’s total defence and must thereby adapt its operations according to the demands of total defence. If the Government declares heightened alert, the Riksbank’s operations must focus primarily on the tasks that are significant to total defence; other activities must be maintained to the extent this is possible. The Riksbank therefore needs to plan to allow a transition to war organisation in the event of heightened alert.

In addition, the Riksbank must ensure that its staff receive the training and testing needed to allow it to fulfil its duties in crisis situations, as well as under heightened alert.