The new Sveriges Riksbank Act clarifies the Riksbank’s responsibilities
Published: 15 December 2022
In November, the Riksdag adopted a new Sveriges Riksbank Act that will enter into force in January 2023. The new Act gives the Riksbank clearer and partly expanded responsibility for the cash infrastructure in Sweden. One reason for giving the Riksbank this responsibility is that it is becoming less and less profitable for the private sector to maintain the cash infrastructure. The Riksdag’s decision ensures that parts of the infrastructure will be maintained. The Act also gives the Riksbank a new responsibility with regard to civil contingency planning for payments (see The Riksbank gains new responsibility over civil contingency planning for payments).
The Riksbank must operate at least five banknote depots
Since 2014, the Riksbank has managed its cash management from an office near Märsta in Stockholm County. From there, banks have been able to purchase banknotes, which they have, in turn, stored in banknote depots. It is from these depots that cash-in-transit companies collect and deliver banknotes on behalf of banks, shops and others.
Under the new Sveriges Riksbank Act, the Riksbank will operate at least five banknote depots, one of which will be located in Norrbotten or Västerbotten County and one in Jämtland or Västernorrland County.
From 1 January 2023, the Riksbank will operate depots in Märsta, Jönköping and Umeå. By 1 January 2026, the Riksbank will have opened one depot in Jämtland or Västerbotten County and one in southern or central Sweden. Through Bankomat AB, the banks currently operate depots at four locations in the country.
The Riksbank shall analyse cash management and report to the Riksdag Committee on Finance
The Riksbank shall monitor, analyse and, if necessary, coordinate the management of cash in Sweden. This means that the Riksbank must have an overall view of how cash management works and the challenges that exist. The Riksbank will present its monitoring and analysis to the Riksdag Committee on Finance on a regular basis. The Riksbank will have to cooperate with other authorities with related tasks, such as the Swedish Post and Telecom Authority and the county administrative boards, which, among other things, monitor access to basic payment services.
The cash infrastructure must function in crisis situations and under increased preparedness
Under the new Sveriges Riksbank Act, companies providing cash withdrawal and handle daily takings, among others, must plan to maintain their operations in peacetime crisis situations and in the event of increased preparedness. The banks and Bankomat AB will need to ensure the continuity of their cash services.