Riksbank’s comment on the discrepancy in the banknote delivery

Date 14/11/2003

In the minutes of the Executive Board meeting on 11 September 2003, it was noted that a discrepancy had been discovered in a delivery of new banknotes from Crane AB to the Riksbank's subsidiary Svensk Kontantförsörjning AB. This has received attention in the media and the Riksbank therefore wishes to make the following comment.

Crane AB in Tumba manufactures Swedish banknotes on behalf of the Riksbank. The total stock of outstanding banknotes corresponds to around SEK 100 billion, which means that substantial volumes are handled. Banknotes are distributed to the market via storage points of the Riksbank's subsidiary.

The handling of banknotes is governed by very strict security and control requirements. The Riksbank carries out regular follow-ups and checks of deliveries, stocks and booked values. In the event of any discrepancy, there are elaborate routines in place for investigation and reporting. Discrepancies that exceed SEK 25 000 are reported to the Riksbank's Executive Board.

Experience shows that discrepancies between booked values and actual stocks can sometimes arise, generally owing to accounting or logistical reasons. The current case involves a discrepancy of SEK 100 000 which arose in connection with the packaging of a delivery at Crane AB.

An investigation was initiated immediately in order to clarify the circumstances and ensure that similar errors are not repeated. The investigation is due to be completed at the beginning of December and the results will then be reported to the Riksbank's Executive Board.