Riksbank forms cash handling company, board and management appointed

The Executive Board of the Riksbank decided today to form a company called PSAB Pengar i Sverige AB (Money in Sweden plc), in accordance with the decision by the Governing Council on 17th December 1998. The principal activities of the company involve the maintenance and development of systems for the distribution and handling of cash payment instruments in Sweden.

At the ensuing constituent general meeting, Deputy Governors Lars Nyberg and Kerstin Hessius, together with Kersti Eriksen, Administrative Director, and Hans Krook, Director, were elected to the Board. At its constituent meeting, the Board then elected Mr. Nyberg to be Chairman of the Board and Mr. Krook to be Managing Director of the Company.

A company with a clear profit objective can enhance the efficiency of cash handling activities and be more focused on commercial developments in the market for cash. The potential for greater efficiency should lead to a reduction of both the Riksbank's and the private sector's costs for handling cash and thereby yield a social gain. A limited company also provides opportunities for a working environment that is more stimulating for the personnel and oriented for their development.

The commercialisation of cash handling means, moreover, that the function of the Riksbank as the authority for the supply of cash in Sweden can be refined and developed.

For further information, please contact:

Lars Nyberg, Chairman of the Board, telephone: +46 8 787 01 08
Hans Krook, Managing Director, +46 8 787 03 00