The Riksbank concludes agreement with Swedish banks on cash management

Date 23/09/2005

The Riksbank and the Swedish banks* have concluded an agreement that means that the operation of the Riksbank’s depots in Härnösand and Malmö will continue until 1 July 2006. This will secure the transition to the new cash management structure decided on by the Riksbank in August 2004.

As part of the agreement, employees that were previously given notice at the Riksbank’s depots in Härnösand and Malmö will be offered employment at the banks from 1 July 2006.

In 1998 the Riksbank initiated efforts to streamline cash management activities in Sweden. Among other things, this resulted in a reduction in the number of Riksbank depots from eleven to four. In August 2004 the Riksbank decided to further cut the number of depots from four to two.

An improved depot structure under the management of the banks is expected to enable a reduction in the number of cash-in-transit runs and to make cash management in the country safer and more efficient.

*Danske Bank in Sweden, FöreningsSparbanken, Handelsbanken, Nordea, SEB