More efficient cash management benefits the economy

At its meeting today, the General Council of the Riksbank discussed the structural changes made to the Riksbank's cash management. This was because of the views expressed by the Parliamentary Auditors in an audit report entitled "The privatisation of the cash supply" (2002/03:2). The basis for the General Council's assessment has included reports from the Executive Board and from the General Council's Audit Unit.

The General Council emphasises the importance of a critical debate and examination of the Riksbank and the operations of the Riksbank's subsidiaries. Although objections can be raised against both figures and criticisms in the Parliamentary Auditors' audit report, the General Council considers that the Riksbank can learn from the criticism; for instance with regard to developing decision-making routines, accounting and closing procedures. With hindsight, it can be concluded that a number of strategic decisions could have been drawn up differently. At the same time, consideration should be shown for the fact that there existed special difficulties in predicting future developments. The comparisons made by the Parliamentary Auditors' external consultants are essentially limited to a business administration perspective and the General Council wishes to point out that the Riksbank cannot merely take into account these costs when restructuring cash management; it must also observe the need for efficiency in the economy as a whole.

The Governor's report shows that the Executive Board has drawn constructive conclusions from the criticism conveyed, commented the General Council.