Circular 5/2023

Prices and fees for Norges Bank's settlement system for 2024

Banks and other financial sector undertakings pay for account management and participation in payment settlements in Norges Bank's settlement system (NBO) in accordance with the Terms and conditions for account management at Norges Bank. The prices are set to cover two-thirds of the costs of implementing, developing and operating the settlement system.

The prices for NBO for 2024 will be increased by around 20 percent from the 2023 level. The increase mainly reflects general wage and price increases and a further strengthening of the settlement system’s IT security. In addition, bank mergers and fewer participants in the cash leg of securities settlement mean that the total costs must be shared by a smaller number of account holders.

The fees for breaches etc of the terms and conditions will remain unchanged in 2024. However, Norges Bank reserves the right to make changes to the fees during the year.

Fixed prices per month are payable monthly and will be debited from each participant’s account in Norges Bank automatically on the second settlement day of the following month. Other prices and fees will be invoiced or debited separately.

Prices for Norges Bank's settlement system for 2024

Account Management/settlement	Prices in nok
Fixed prices	Price per month
Banks in Group A1*	620 000
Banks in Group A2*	230 000
Banks in Group B**	27 500
Central counterparties, central banks and the CLS Bank	27 500
Additional charge for direct participation in the cash leg of securities settlement	172 500
	Price per year
Contingency account ***	10 000
Entry prices	Single payment
Banks	50 000

* Group A

Banks with an ordinary account in active use for one or more of the following settlement functions: Direct participation in settlement of clearings from the Norwegian Interbank Clearing System (NICS), direct participation in the international multi-currency settlement system Continuous Linked Settlement (CLS), or use by agreement of the Scandinavian Cash Pool (SCP). Banks in Group A are divided into the following two subgroups: Banks that participate directly in CLS and/or have an agreement to use the SCP (subgroup A1) and other banks in Group A (subgroup A2).

** Group B

Banks with an ordinary account in NBO that are not in Group A.

*** Contingency account

Banks without an ordinary account in Norges Bank may apply for a contingency account. A contingency account cannot be used for payment settlement until it has been activated by Norges Bank.

Fees in 2024 for breaches etc of terms and conditions for account management at Norges Bank

NON-compliance	Fee
Failure to repay a loan under the SCP arrangement by the deadline laid down in the operating schedule for NBO	NOK 25 000 per occurrence
Failure to return deposits used as collateral in Norges Bank under the SCP arrangement by the deadline laid down in the operating schedule for NBO	NOK 50 000 per occurrence
Pledge of collateral that does not have a loan value in Norges Bank on maturity or redemption	NOK 10 000 per occurrence
Loans from Norges Bank in excess of the bank’s credit limit by end of settlement day	D-loan rate plus 10 percentage points
Payment order incorrectly sent to Norges Bank	NOK 1 000 per payment order
Number of users of NBO Online beyond quota****	NOK 2 000 per extra user per month
Deactivation of user of NBO Online that has not been logged on to the system for the previous six months	NOK 6 000 per user

**** Quota for the number of users of NBO Online for each group of banks

Banks in Group A1: Up to 25 users
Banks in Group A2: Up to 15 users
Banks in Group B: Up to 6 users