Adjusted terms for Riksbank Certificates

News, Terms and conditions In order for Riksbank Certificates to continue to enable the Riksbank to stabilise the overnight interest rate sufficiently close to the repo rate, the terms need to be adjusted. The adjustment entails the Riksbank removing the specified framework amount of SEK 600 billion from the terms. The modification is of a technical nature and does not change anything in practice for the implementation of monetary policy.

In 2008 the Riksbank decided to issue Riksbank Certificates and the framework amount was set at SEK 600 billion. Riksbank Certificates are securities with short maturities issued by the Riksbank for the purpose of, where necessary, absorbing surplus liquidity from the banking system at an interest rate that corresponds to the Riksbank’s policy rate - the repo rate. This allows the Riksbank's monetary policy counterparties to invest their surpluses in a security issued by the Riksbank.

In 2008, the banking system’s liquidity surplus in relation to the Riksbank amounted to approximately SEK 163 billion. A framework amount of SEK 600 billion for the issue of Riksbank Certificates was thus sufficient at that time. The current liquidity surplus amounts to approximately SEK 1,170 billion, and the framework amount therefore risks imposing a restriction on the desired issue volume.

For the Riksbank to be able to determine the appropriate issue volume for Riksbank Certificates in order to stabilise the overnight rate in the market, the loan terms for Riksbank Certificates are being adjusted by means of the Riksbank removing the framework amount.

We are also making minor editorial changes to the terms. These include adjustments to the references to relevant legislation and updated information on the methods of communication when submitting bids.

The new loan terms enter into force on 1 March 2022.

Contact: Press Office, tel. +46 8-7870200
Updated 25/02/2022