Norges Bank lays down the Terms and Conditions for Account Management at Norges Bank pursuant to Section 3-1, second paragraph of the Central Bank Act and the Regulation on access to lending and deposit facilities at Norges Bank. The Terms and Conditions for banks and central counterparties respectively, were most recently updated with effect from 1 January 2022.

Norges Bank has combined the Terms and Conditions for account management for various types of financial sector undertakings into a single set of Terms and Conditions. Common provisions are contained in Chapter 1 – Introductory provisions, while the provisions on various functions of the settlement system appear in Chapters 2 through 5. Maintaining a single set of terms and conditions for account management is also the practice at other central banks, including those in Denmark and Sweden.

Combining the current Terms and Conditions for account management for banks and central counterparties into a single set mainly involves an editorial change which does not entail major alterations to account holders’ obligations or rights. The most important changes are as follows (with reference to relevant provisions of the amended terms and conditions):

• A provision on how Norges Bank processes personal data in accordance with the requirements of the data protection legislation has been introduced (cf Section 1.9).
• The provision on Norges Bank’s liability has been modified somewhat (cf Section 1.0) 
• The exemptions from the parties’ duty of confidentiality have been clarified (cf Section 1.11).
• A provision on rules against anti-money laundering has been introduced (cf Section 1.12).
• The provision on information for Norges Bank in the current Terms and Conditions for central counterparties has been clarified and made applicable to all types of account holders (cf Section 1.13).
• The provision on use of security code tokens for access to NBO Online has been removed (cf Section 2.3 of the current Terms and Conditions for banks and Section 2.4 of the current Terms and Conditions for central counterparties). The new solution using a single use code on a mobile phone will be included in the NBO Online user guide.
• A new provision with the main rules for access to deposit and lending facilities has been introduced (cf Section 2.3 and Annex 2). Central counterparties may have overnight deposits of up to NOK 300 million. Specific interest rates are introduced for any deposits above the upper limit and any intraday loans that continue overnight.
• The provision on realisation of collateral has been clarified to enable Norges Bank also to take possession of securities pledged as collateral, whereby the value of the securities will be used to cover the claim, even if the securities are not sold immediately (cf Section 5.9 and Annex 1).

Additionally, the term «initiation of insolvency proceedings» is defined in Annex 1, and Sections 1.9 and 2.2 in the Terms and Conditions have been expanded.

Section 1.9 regarding personal data is revised to take into account that personal data are also included in payment messages settled in NBO:

• «Norges Bank also processes personal data included in payment messages settled in NBO, including name, address and account number of payer and payee.»

Section 2.2 regarding termination and cancellation is expanded with the following sentence to specify that crisis management is not deemed to be a breach of these Terms and Conditions:

• «A resolution decision pursuant to Section 20-15 of the Financial Institutions Act or corresponding rules in the account holder’s home state is not deemed to be a breach of these Terms and Conditions.»

Amended Terms and Conditions were circulated for comment in the letter of 13 December 2023 to all banks and central counterparties with accounts at Norges Bank. Norges Bank has not received any comments regarding the amendments.

The amended Terms and Conditions for account management in Norges Bank are hereby announced in this circular.