Norges Bank has opened a consultation on revised account terms covering settlement requirements, account holder responsibilities and contingency arrangements. Account holders participating directly in the settlement of clearing results would have to establish access to Norges Bank’s lending facilities. Account holders would also need to report business or organizational changes that could affect their accounts. Payment instructions with sufficient funds could settle even if an earlier instruction with the same priority remained unsettled because of insufficient funds. The proposals also clarify responsibility for tax obligations and reporting. The contingency account scheme would be replaced by ordinary accounts used as backup settlement accounts. The existing scheme, used by only one bank, requires substantial manual handling to establish an ordinary account during an emergency. Ordinary accounts allow banks that settle indirectly through private settlement banks to manage payments and liquidity through NBO Online and access Norges Bank’s lending facilities. The affected bank would receive a transition period to establish an ordinary account or arrange an alternative settlement bank. The Norwegian Banks’ Guarantee Fund’s separate agreement allowing account activation in emergencies would remain unaffected. For the contingency channel used to submit payment instructions, authentication test keys would be replaced by a technology neutral requirement to use a secure communication and authentication solution approved by Norges Bank. The consultation seeks views on functional and security requirements and whether a transition period is needed before withdrawing test keys. The revised terms are planned to take effect Feb. 1, 2027.
Norges Bank consults on revised account terms and replacement of contingency account scheme
Norges Bank is consulting on account terms that would require direct participants in settlement of clearing results to establish borrowing access and account holders to report relevant business or organizational changes. The proposals would replace the contingency account scheme with ordinary accounts for backup settlement and replace authentication test keys with an approved secure communication and authentication solution. The revised terms are planned to take effect Feb. 1, 2027.