The Riksdag has adopted Amendments to the Sveriges Riksbank Act
News The Riksdag (the Swedish parliament) today resolved to amend the Sveriges Riksbank Act. The legislative amendments clarify the rules on the restoration of equity and strengthen the Riksbank’s possibilities for funding itself by enabling the Riksbank to require credit institutions to hold interest-free deposits at the Riksbank. The legislative amendments will enter into force on 1 January 2025.
The Riksdag has decided that the Riksbank’s power to submit a proposal for the restoration of equity should be formulated as an option instead of an obligation. The Riksdag has also decided that unrealised gains on revaluation accounts, except for gold, should be fully taken into account in the event that the Riksbank submits a proposal to restore equity.
In addition, the Riksdag has decided to amend the Sveriges Riksbank Act to enable the Riksbank to require credit institutions to hold interest-free deposits at the Riksbank when its equity falls below the target level. The Riksbank intends to introduce the deposit requirement in the second half of 2025. The Riksbank will conduct a dialogue with the relevant trade associations and the credit institutions that will be subject to the deposit requirement.