The Riksbank will set up an internal oversight committee to monitor whether SWESTR (Swedish krona Short Term Rate) is compliant with applicable international principles. This means that the committee has the task of overseeing the framework the Riksbank has established for the reference rate. In addition, the committee will oversee the design of SWESTR and all aspects concerning the process of determining it.
Test period for SWESTR
During a test period starting on 27 January 2021 and lasting for approximately six months, a preliminary value for SWESTR will be published every Swedish banking day. SWESTR shall not be used in financial contracts during the test period.
The oversight committee is an independent control function and the participants represent competencies from various parts of the Riksbank. The oversight committee will be organisationally separate from the part of the Riksbank that administers SWESTR.
A description of the tasks of the oversight committee will be published on the Riksbank’s website at a later date.