Riksbank's Regulations on Interest Cost Compensation for Cash Separated and Stored in Special Arrangement

ISSN 0349-8344
Riksbankens författningssamling
RBFS 2023:1
Utkom från trycket den 23 mars 2023
Riksbankens föreskrifter (RBFS 2023:1) om räntekostnadsersättning för kontanter som avskilts och lagrats i särskild ordning beslutade den 1 mars 2023. Riksbanken föreskriver följande med stöd av 13 kap. 1 § 8 och 11 lagen (2022:1568) om Sveriges riksbank.

Innehåll och tillämpningsområde
1 § These regulations contain provisions on compensation to companies that have separated and stored banknotes and coins for their own or others' account. Such interest cost compensation is paid to the party that has entered into an agreement on interest cost compensation with the Riksbank.

Definitioner
2 § In these regulations, the following terms are defined as:
banking day: all days, except Saturdays and Sundays and Epiphany, Good Friday, Easter Monday, May Day, Ascension Day, June 6th, Midsummer Eve, Christmas Eve, Christmas Day, Boxing Day, New Year's Eve and New Year's Day, bank: bank holding company, savings bank, member bank and foreign bank company that, with support from Chapter 4, Section 1 or 4 of the Act (2004:297) on Banking and Financing Operations, conducts banking operations from a branch here in the country, circulating banknotes: banknotes that have been used and which can continue to be used as a means of payment, deposit: a stock of cash for which interest cost compensation is requested and which is stored in Sweden according to these regulations, deposit owner: bank, wholly-owned company by one or more banks, and counting house company, that – is a participant in RIX or through agreement with a participant in RIX uses RIX for its payments, and – has entered into an agreement on interest cost compensation with the Riksbank, cash: banknotes and coins in kronor, new cash: cash that has not yet been put into use as a means of payment, RIX: the Riksbank's system for transferring account-based money, counting house company: Swedish or foreign payment institution according to the Act (2010:751) on Payment Services that conducts counting activities on the Swedish market, and counting activity: activity consisting of counting, authenticating or quality-sorting cash for deposit into an account.

RBFS 2023:1
Obligation to receive and issue cash
3 § The deposit owner shall, upon request by a bank, enter into an agreement on receiving and issuing cash with such bank if, according to the deposit owner's assessment, it is possible within the framework of the deposit's service capacity. The deposit owner shall apply the principles of

1. free access, which means that each of the aforementioned banks that
   meet the deposit owner's conditions for receiving and issuing cash shall be offered such opportunity, and
2. neutrality, which means that the deposit owner's conditions for receiving and issuing
   cash shall be applied uniformly towards the aforementioned banks.

Cash for which compensation is paid
4 § Cash in the deposit must be issued by the Riksbank and valid as a means of payment. Cash in the deposit must be separated from other assets. 5 § Compensation is paid for cash that is stored in the deposit between 21:00 and 23:00 and that does not leave the premises where the deposit is located before 24:00. 6 § Cash in the deposit must be packaged according to accepted standards and in such a way that inventory can easily be carried out.

Authenticity check
7 § The deposit owner shall, with the exception of new cash, conduct authenticity checks of all cash in the deposit. Such checks shall be conducted in a reliable and satisfactory manner and in accordance with what is stated in the agreement on interest cost compensation.

Daily reporting to the Riksbank
8 § The deposit owner shall by 21:30 every day when a deposit is open for receiving and issuing cash, per deposit, report the nominal value of the cash that was stored in the deposit at 21:00.

Monthly reporting to the Riksbank
9 § The deposit owner shall submit a monthly report to the Riksbank regarding the value of the cash that is stored in the deposit on the last day of each month. The report shall contain information about the distribution of cash by denomination. Regarding banknotes, the report shall also contain information about the distribution according to the following categories

1. circulating banknotes (including new banknotes), and
2. banknotes that are not usable.
   10 § The monthly report according to Section 9 shall also cover the receiving and issuing of cash to and from the deposit. The report shall contain information about receiving and issuing by denomination and day and cover the previous calendar month.

RBFS 2023:1
11 § The report according to Sections 9 and 10 shall be submitted to the Riksbank by the fifteenth day of each calendar month. If the fifteenth day of the month is not a banking day, the report shall be submitted on the preceding banking day.

Communication of report to the Riksbank
12 § The deposit owner shall submit reports according to Sections 8, 9 and 10 to the Riksbank in the manner specified in the agreement on interest cost compensation between the Riksbank and the deposit owner. The deposit owner is always bound by a report if it has been submitted in the manner specified in the agreement on interest cost compensation.

Report from external auditor
13 § The deposit owner shall arrange and bear the cost of an external auditor conducting an unannounced visit to the deposit at least once per year. The deposit owner shall also arrange for the auditor to report to the Riksbank whether the balance in the deposit at the time of the audit corresponds to what the deposit owner last reported to the Riksbank before the time of the audit.

Compensation
14 § The right to compensation according to these regulations belongs only to the deposit owner. 15 § The deposit owner is entitled to compensation in the form of interest cost compensation every day. The compensation shall correspond to 1/360 of the then applicable reference rate calculated on the nominal value of the cash that, at 21:00, is stored in the deposit in accordance with these regulations. The cost compensation shall be based on the deposit owner's report according to Section 8. 16 § The compensation according to Section 15 is paid monthly. The Riksbank shall pay the compensation in arrears by, no later than the third banking day after the end of the calendar month, crediting the RIX account specified in the agreement on interest cost compensation. 17 § The deposit owner also has the right, until full payment has been made, to interest on the compensation accrued daily according to Section 15 as well as on the interest accrued daily. The interest shall correspond to 1/360 of the then daily applicable reference rate.

If incorrect compensation has been paid
18 § If the deposit owner reports a balance in the deposit that is higher or lower than what is the case at a certain time and this has led to the Riksbank paying too high or too low compensation, the compensation shall be reduced or increased by an amount corresponding to 100 percent of the difference. The difference is defined as the difference between the paid compensation and the compensation the Riksbank would have paid with correct reporting. The difference shall be settled when the Riksbank has submitted a report showing that too high or too low a balance has been reported.

RBFS 2023:1
19 § If the Riksbank has paid too high compensation and this is attributable to the Riksbank, the Riksbank has the right to reclaim the incorrectly paid compensation. The deposit owner shall repay the incorrectly paid part of the compensation when the Riksbank has submitted a report showing that too high compensation has been paid. 20 § If the Riksbank has paid too low compensation and this is attributable to the Riksbank, the Riksbank shall pay the remaining part of the compensation. The Riksbank shall also pay interest, corresponding to the then applicable reference rate on the remaining part of the compensation. The Riksbank shall pay the remaining compensation when the deposit owner has submitted a report showing that too low compensation has been paid. 21 § If the deposit owner stores a banknote that is not issued by the Riksbank in the deposit or if the deposit owner fails in the authenticity check according to Section 7, the deposit owner's compensation is reduced by 50,000 kronor per such banknote. The amount corresponding to the reduction shall be settled when the Riksbank has submitted a report showing that a banknote not issued by the Riksbank is stored or has been stored in the deposit.

Riksbank's control
22 § The Riksbank has the right to, either with its own staff or external auditor, without prior notice inventory and inspect the balance in the deposit. 23 § The Riksbank shall provide the deposit owner with current information about which persons have the right to represent the Riksbank during inventory and inspection. 24 § The deposit owner shall, upon inspection, provide a list of the balance in the deposit. 25 § The Riksbank may reduce the compensation to the deposit owner by an annual amount of up to 25,000 kronor per deposit, in order to cover the Riksbank's costs for controlling the balance in the deposit. If the total number of deposits in the country exceeds 25, the Riksbank may change the size of the compensation reduction. 26 § Should the deposit owner cease to request compensation for cash in the deposit, the already debited reduction according to Section 25 shall not be refunded. 27 § Deposit owners shall, upon request by the Riksbank, provide the information that is necessary for the Riksbank's operations.

Engagement of a third party (operator) for the handling of cash 28 § The deposit owner may engage an operator specified in the agreement on interest cost compensation for the daily handling of cash in the deposit and cash that is to be placed in the deposit, including the reporting to the Riksbank. The deposit owner may engage an operator for authenticity checks according to
Section 7 without this being specified in the agreement on interest cost compensation.

RBFS 2023:1
29 § The deposit owner is responsible for an engaged operator as if it were itself. ________ These regulations enter into force on May 1, 2023. By this legislation, Riksbank's regulations (RBFS 2013:1) on interest cost compensation for cash separated and stored in special arrangement are repealed.