The regulations for cash-in-transit companies should be reviewed
Date
03/10/2012
Cash handling is functioning well in society and there is no general cash shortage, despite Panaxia's bankruptcy. But the Riksbank has discovered deficiencies in the regulations to which the cash-in-transit companies are subject. Consequently, the Riksbank is preparing a communication to the Riksdag to request a review of these regulations.
A meeting of the Cash Handling Advisory Board was held today. Among other matters, the Board discussed the regulations governing the cash-in-transit companies and the functioning of cash handling after Panaxia's bankruptcy.
The Riksbank has noted that there is reason to question whether the existing regulations are sufficient for operations of this nature. An investigation needs to be carried out of possible measures to prevent similar situations arising in the future. The Riksbank is consequently preparing a communication to the Riksdag to request a review of the regulations.
At the meeting, it was noted that cash handling has functioned well following Panaxia's bankruptcy. It was also noted that no general cash shortage has arisen and that conditions are now right to allow Panaxia to be liquidated in an orderly manner. However, there may still be ATMs that do not function and certain traders may encounter problems.
The Cash Handling Advisory Board
The Cash Handling Advisory Board was established by the Riksbank in March 2006. The Board is headed by Riksbank Governor Stefan Ingves. The purpose of the Board is to function as a forum for discussing issues concerning cash handling in society. Besides the Riksbank, the Board is made up of representatives from banks, cash depot companies, security transport forms, the retail trade, trade unions and the authorities involved. The Cash Handling Advisory Board meets once or twice a year. In addition, activities are carried out in two working groups (the security group and the banknote and coin group), which are linked to the Cash Handling Advisory Board.
