sou · H7B346 · 2019-11-29 00:00:00 — If required to secure the Riksbank’s capability to be self-financing in the long-term, the request may be for a higher amount, but not for more than the amount that brings equity to its target level after restoration. Distribution of funds from retained profits Section 14 Following consent from , the may decide on distribution of funds from retained profits. Chapter 9 Asset management Objectives of asset management Section 1 The Riksbank holds the foreign reserves referred to in Chapter 9, Article 13 first paragraph of the Instrument of Govern- ment and its other assets to 1.enable it to fulfil its tasks and 2.generate sufficient yield to finance its activities. Chapter 10 contains further provisions on the foreign reserves. Principles for asset management The Riksbank’s status and level of risk Section 2 The management of the Riksbank’s assets shall be con- ducted taking into account the status of the Riksbank as a central bank. The assets shall be managed with low risk, taking account of the various purposes of the asset holdings. Section 3 In asset management, particular weight shall be attached to how sustainable development can be promoted without compro- mising the objective stated in Section 1, first paragraph or the prin- ciples stated in Section 2. Guidelines for asset management Section 4 shall adopt guidelines for the manage- ment of financial assets. Section 5 Within the framework of the Riksbank’s tasks as a cen- tral bank, the Riksbank may acquire equity, participations in econo- mic associations and similar rights and assume the obligations asso- ciated with these rights. Without the authorisation of the Riksdag, the Riksbank may not make acquisitions or enter into obligations referred to in the first paragraph if this is done to fulfil tasks other than the tasks of the Riksbank as a central bank. Section 6 The Riksbank may decide to sell equity, participations in economic associations and similar rights. However, if the sale is made to fulfil tasks other than the tasks of the Riksbank as a central bank, the authorisation of the Riksdag is required in cases where the sale results in a decrease in the state holding in a company in which the State has at least half of the votes or if the sale is of substantial public interest. Ownership of real property and moveable property Section 7 The Riksbank may acquire and sell real property and moveable property intended for activities that the Bank conducts or has an interest in. If the acquisition or the sale is made to fulfil tasks other than the tasks of the Riksbank as a central bank, the authorisation of the Riksdag is required if the value of the real property exceeds million. Section 8 Chapter 4, Section 8, contains provisions that the Riks- bank may conduct operations for the printing of banknotes and the manufacture of coins. Acquisition of collateral and reduction of claims Section 9 The Riksbank may acquire all kinds of property to pro- tect a claim. This property shall be sold as soon as is appropriate and not later than when it can be done without incurring a loss. The Riksbank may, following an individual assessment, agree to acomposition and make decisions concerning the write-off, write- down or remission of its claim. Chapter 10 Foreign reserves and currency repurchase agreements Borrowing for the foreign reserves Borrowing from the National Debt Office Section 1 The Riksbank decides under Sections 2–4 on borrowing foreign currency for the foreign reserves. The borrowing shall be conducted from the National Debt Office. The Riksbank shall pay full compensation for the State's borrowing costs. The Act on the National Debt Office’s borrowing for the needs of the Riksbank (2021:000) contains further provisions on borrowing. The Riksbank shall repay loans referred to in the first paragraph to National Debt Office when there is no longer a need for them. The Riksbank shall consult with the National Debt Office before it decides on borrowing referred to in the first paragraph or repay- ment referred to in the second paragraph. Section 2 The Riksbank may decide to borrow foreign currency that, including previous borrowing, corresponds to at most 5 percent of the gross national product of for the previous year in order to reinforce the foreign reserves in advance. Section 3 If there are exceptional reasons, the Riksbank may decide to temporarily borrow foreign currency for advance reinforcement of the foreign reserves, in addition to what follows from Section 2. The Riksbank shall explain the reasons for the advance reinforce- ment of the foreign reserves to as soon as possible. Restoration of the foreign reserves Section 4 The Riksbank may decide to borrow foreign currency to restore the foreign reserves, if they have been used for measures under Chapter 3, Sections 11–13. In such a case, the part of the foreign reserves that has not been funded by loans under Section 2 or 3 shall be restored to its previous level by these loans. The provisions on advance borrowing in Sections 2 and 3 shall not apply to restoration of the foreign reserves. Section 5 The Riksbank may also buy foreign currency in order to be able to finance measures under Chapter 3, Sections 11–13 either immediately or at a later date. Foreign currency that has been bought for this purpose may be sold if this is appropriate. Chapter 2, Section 4, third paragraph, contains provisions on cur- rency interventions for monetary policy purposes. Currency repurchase agreements and similar agreements To satisfy the Riksbank’s need of foreign currency Section 6 In order to fund its activities under this Act, the Riks- bank may obtain credit in foreign currencies from, or enter into a currency repurchase agreement or other similar agreements with, another central bank. Such agreements may also be concluded with . To satisfy another central bank’s need of currency Section 7 In order to satisfy another central bank’s need of currency, the Riksbank may grant credit to, or enter into a currency repurchase agreement or other similar agreements with, another central bank, if the Riksbank assesses that: 1.it clearly improves the ability of the Riksbank to achieve its objective of contributing to the stability and effectiveness of the financial system, or 2.in cases other than those referred to in point 1, there are reasons for such an agreement and the agreement has been approved by the Riksdag. Section 8 Within the framework of the operations in , the Riksbank may grant credit to or con- clude currency repurchase agreements or similar agreements with . Chapter 11 Organisation and management Section 1 In addition to the and referred to in Chapter 9, Article 13, third paragraph, of the Instru- ment of Government, the Riksbank shall also have an internal audit department, an audit function led by the and a staff disciplinary board. There shall also be the other organisational departments or units decided by . Section 2 The Riksbank may decide in particular cases that only Swedish citizens may be employed in the Riksbank. Section 6, first paragraph, points 2 and 3 of the Public Employ- ment Act (1994:260) contains provisions on citizenship requirements in certain cases. Places of activities and seat Section 3 The Riksbank conducts activities at its head office in , where the and also have their seat. The Riksbank may also conduct activities at the Riksbank offices or other facilities decided by . Chapter 4, Sec- tion 4, first paragraph, contains provisions about certain depots. Section 4 Supplementary Provision 13.21.1 to the Riksdag Act con- tains provisions about formal qualifications for members of the . Chair and Vice Chair Section 5 elects a Chair and a Vice Chair from among its members. Section 6 Minutes shall be taken at meetings of the . is quorate when at least eight members are present. Section 29 of the Administrative Procedure Act (2017:900) contains further provisions on voting. However, a decision to dis- miss a member of from their employment requires that at least eight members of the agree on 's control function Section 7 shall follow the work of the Exec- utive Board and the other activities of the Riksbank. shall keep informed about matters of substantial importance. shall regularly report its observations to the request of that Committee. The audit function governed by the shall review the work of . Decisions taken by the Section 8 shall decide on the themes on the banknotes and coins issued by the Riksbank. Section 9 may present consultation responses on behalf of the Riksbank in its area of responsibilities. Section 10 Provisions about other decisions taken by the , in addition to what is stated in Sections 7–9, are set out in: –Chapter 9, Article 13, third and fourth paragraphs of the Instru- ment of Government –Supplementary Provision 9.17.4 to the Riksdag Act, –Section 11, second paragraph, terms of employment, –Sections 14–17 regarding appointment of members of the Exec- utive Board, –Section 18 regarding waiting periods, –Chapter 8, Section 4, second paragraph regarding the profit and loss account, the balance sheet and the profit or loss for the year, and –Chapter 8, Section 14, regarding distribution of funds from retained profits. Section 11 Provisions about compensation for the members and alternate members of the are set out in the Act on fees etc. for appointments in the Riksdag and its authorities and bod- ies (1989:185). decides on salary and other employment benefits for members of . and how it is appointed Section 12 A member of may not: 1.be a member of the Riksdag, 2.be a government minister, 3.be employed at the Government Offices, 4.be employed at the central level of a political party, 5.be a member or alternate member of the board of directors of a bank or other company subject to supervision by the Financial Supervisory Authority, or 6.hold any other employment or assignment that makes them unsuitable for the assignment as a member of . may a member of the be a minor, a declared bankrupt, subject to a trading prohibition or have an administrator under Chapter 11, Section 7, of the Children and Parents Code. Section 13 If a member takes an employment or assignment that may be contrary to the provisions of Section 12, the member shall immediately report this to the . Section 14 The Executive Board consists of five members appointed for a period of five or six years. A member may only be re-appointed once. However, a person who has previously been a Deputy Governor of the Riksbank may be appointed as Governor of the Riksbank for one or two terms of office. Section 15 appoints the Chair of the Exec- utive Board, who shall, at the same time, be the Governor of the Riks- bank, and the other members, who shall, at the same time, be Deputy Governors of the Riksbank. Section 16 When needed, the shall determine the order in which the Deputy Governors shall serve in the Governor’s place if the Governor: 1.has resigned at their own request, 2.has been removed from their employment by decision of the , even though legal action may still be brought against the decision, or 3.is incapable of participating in the work of of illness or a comparable circumstance. Section 17 Members of are appointed after an application procedure. shall formulate a candidate profile for the announcement of the post. shall design the candidate profile after consultation with the Governor of the Riksbank. When recruiting, the shall ensure that, taken together, the Governor and Deputy Governors have appropriate com- petence and expertise in all parts of the Riksbank’s activities. The candidate profile for the Governor of the Riksbank shall include a requirement for leadership skills. Section 18 For a year after the employment of a member of has ended, the member may not take an employ- ment or assignment referred to in the provisions of Section 12, first paragraph, points 5 and 6, without the consent of the . Section 19 is responsible for the activities of the Riksbank and shall ensure that they are conducted effectively and in accordance with the law and the obligations following from ’s membership in Union, that they are reported in a reliable and fair and that the Riksbank manages public funds well. 1.adopt the Rules of Procedure, 2.include in the Rules of Procedures provisions on the organi- sation of the authority, the division of work between and the Governor of the Riksbank, delegation of powers with- in the authority, the handling of cases and other forms for the activi- ties, 3.adopt a business plan, 4.ensure that the Riksbank has an internal control that functions in a satisfactory way, 5.make decisions according to Section 28, and 6.make decisions on other questions that concern matters of principle or are of substantial importance or that relate to regula- tions, unless the matters shall be determined by the Staff Disci- plinary Board. Internal control means the process that is intended to provide reasonable that the Riksbank fulfils the requirements set out in the first paragraph. This process shall include the components of risk analysis, control measures, monitoring and documentation. Section 20 Other matters than those which shall be decided by may be decided by the Governor of the Riksbank, or, unless otherwise decided by , by the person designated by the Governor. Section 21 Minutes shall be taken at meetings of . is quorate when at least three members are present. Section 29 of the Administrative Procedure Act (2017:900) contains further provisions on voting. The Chair and Vice Chair of the have the right to be present at meetings of with the right to speak but without the right to make proposals and vote. Section 22 If a matter is so urgent that does not have time to meet to consider it, the matter may be determined through contacts between the Governor of the Riksbank and the other members. If there is not time to do so either or if it is appropriate, the matter may be determined by two members, if they are in agreement on the decision. Section 23 A member of may always raise a matter for consideration and decision in . Governor of the Riksbank Responsibilities of the Governor of the Riksbank Section 24 The Governor of the Riksbank is head of the authority. The Governor of the Riksbank is responsible to and shall carry out the daily operations of the Riksbank in accordance with directions and guidelines of . Leadership of ’s work Section 25 The Governor of the Riksbank leads the work of and is responsible for preparing the meetings of . The Governor of the Riksbank shall ensure that questions that concern matters of principle or are of substantial importance or that relate to regulations are raised for decision in . The Governor of the Riksbank shall convene when it is needed. The Governor shall always convene if a member requests this. Prohibition against receiving instructions Section 26 Members of may neither seek nor take instructions when fulfilling their duties concerning the respon- sibility referred to in Chapter 9, Article 13, first paragraph, of the Instrument of Government. Submissions to the Riksdag or the Government Section 27 If the Riksbank's activities give rise to a question of statutory amendment or any other measure on the part of the State, the or may make a proposal within their area of responsibility concerning the matter to the Riks- dag, in accordance with Supplementary Provision 9.17.4 to the Riks- dag Act, or to the Government. Before making a proposal to the Riksdag or the Government, the and shall consult with one another. Section 28 Based on an analysis of risks in activities, the internal audit department shall examine independently whether the Exec- utive Board’s internal control is designed to enable the Riksbank to fulfil the requirements set out in Section 19, first paragraph, with reasonable . The internal audit department shall be managed in accordance with generally accepted standards for internal audit and internal audi- tors. Section 29 shall adopt guidelines and an audit plan for the internal audit. is responsible for taking appropriate measures on account of the observations and recommendations of the internal audit. Section 30 The Staff Disciplinary Board consists of the Governor of the Riksbank as its chair, staff representatives and the other members appointed by . is a quorate when the chair and at least half the other members are pre- sent. The following questions shall be examined by the Staff Discipli- nary Board if they concern other staff than members of the Exec- utive Board: 1.removal from employment on account of personal circum- stances, but not concerning probationary employment, 3.a report for prosecution, Report on holding of financial instruments Report from the presiding officers of the and Section 31 The Chair and Deputy Chair of the and the members of shall make a written report to Riksdag of: 1.holdings of financial instruments, 2.holdings of participations in a limited partnership or an eco- nomic association apart from a housing cooperative association and participations in an equivalent foreign legal person, 3.ownership, in full or in part, of a commercial property under Chapter 2, Section 14 of the Income Tax Act (1999:1229), 4.agreements of a financial nature with previous employers, such as agreements on pay or pension benefits paid during the period cov- ered by their assignment on the or their employ- ment on , and 5.credits or other liabilities and the conditions for them. Section 32 A report of assets and agreements under Section 31, points 2–4 does not need to be made if they have an aggregate market value of less than 000. The same applies to credits and other liabilities under Section 31, point 5, if their aggregate amount is less than 000. Section 33 A report under Section 31 shall be made at the start of the assignment or employment. If, under Section 32, assets and agreements or credits and other liabilities do not need to be reported at this time, a report shall be made no later than four weeks after the limit stated in the second paragraph has been reached. Thereafter a report shall be made of a change that means that 1.an asset referred to in the first paragraph, point 1 is acquired, 2.the aggregate value of assets and agreements under the first paragraph, points 2–4 or the aggregate amount of credits and other liabilities under the first paragraph, point 5 changes by more than 000 since a report was last made, provided that the aggregate value or amount after the change is not less than 000, or 3.a change is made in conditions regarding credits or liabilities that have been reported. A report of changes referred to in the second paragraph shall be made no later than four weeks after the change occurred. Report from other members of the and from employees and contractors of the Riksbank Section 34 Members of the and those employees and contractors of the Riksbank decided by the Riksbank shall make a written report of their holding of financial instruments. The same applies to changes in their holding. The reports shall be submitted to the Riksbank, except as regards to the members of the who shall submit their reports to the Riksdag. However, the reporting obligation under this paragraph does not apply to the Chair and the Deputy Chair of the and members of . Chapter 12 Information to the public and reports to Information to the public Section 1 The Riksbank shall make public minutes of monetary policy meetings and other meetings within and the . However, information covered by secrecy under the Public Access to Information and Secrecy Act (2009:400) shall not be made public. Minutes of the monetary policy meetings shall reflect the stand- points put forward at the meetings. Section 2 In addition to what is stated in Section 1 and Chapter 2, Section 9, the Riksbank shall also provide information about: 1.payment settlement systems and other aspects of the financial system, 3.crisis preparedness and elevated preparedness, 4.its international activities, and 5.its other activities. Section 3 The Riksbank shall report to regularly and, in addition, at the request of : 1.the monetary policy being conducted, and the monetary policy decisions taken and the reasons for them, 2.its monetary policy strategy, and 3.its assessment both of the future development of prices and of other circumstances that have a substantial impact on the design of monetary policy and the possibilities of attaining the price stability objective and the consideration of the real economy. Reports on cash management Section 4 The Riksbank shall report to the Riksdag regularly and at least once a year on the situation for cash management in . Section 5 The Riksbank shall report to , both regularly and at the request of work on payment settlement systems and other aspects of the finan- cial system, crisis preparedness and elevated preparedness and its international activities. Chapter 11, Section 7, first paragraph, contains further provisions on the obligation of the to inform . Furnishing information and opinions Section 6 Chapter 10, Article 8, first paragraph of the Riksdag Act contains provisions about furnishing information and opinions to a . Presentation of the annual report Section 7 shall present an annual report to the Riksdag and the National Audit Office each year before 22 February. Chapter 8 contains provisions on the content of the annual report. Decision on discharge from liability Section 8 The Riksdag decides on discharge from liability for activities and management of the Riksbank. Discharge from liability may only be refused if there is reason to bring an action for financial liability against a member of the or or if the member should be prose- cuted for criminal conduct in connection with their assignment or employment. Decision on approval of the profit and loss account and balance sheet etc. Section 9 In conjunction with the decision under Section 8, the Riksdag shall decide either to approve or to set aside the 's decision concerning the profit and loss account, the balance sheet and the profit or loss for the year. The decision can be set aside if the numbers are not calculated in accordance with the applicable law. If the decision is set aside, the shall take a new decision. profit allocation to the State budget shall be made no later than one week after the Riksdag's decision. Follow-up of the National Audit Office’s observations Section 10 The Riksbank shall report to the Riksdag each year on what measures the Bank has taken on account of the observations of the National Audit Office. Chapter 13 Administrative fines, orders and appeal Section 1 A financial institution that does not meet the minimum reserve requirement shall pay an administrative fine to the State. The Riksbank decides on administrative fines. Section 2 An administrative fine under Section 1 shall correspond to interest on the deficit for each day that corresponds to the key interest rate plus 2 percentage points, however not less than 1 percent. If there are special reasons, all or part of the administrative fine may be waived. Decision to issue an order Section 3 The Riksbank may decide to issue an order that is needed for compliance with: 1.regulations issued under this Act, 2.the provision on banknotes and coins that have been altered or manipulated in Chapter 4, Section 14, and 3.the reporting obligation under Chapter 7, Sections 1–3. A decision concerning an order referred to in the first paragraph, point 2, may be issued to anyone who has contributed materially to the circulation of banknotes and coins referred to in Chapter 4, Sec- tion 14 and who was aware, when doing so, that the banknotes and coins had been altered or manipulated. A decision to issue an order may be combined with a conditional financial penalty.