Riksbank decides on interest-free deposits of almost SEK 35 billion
The Riksbank has decided that Swedish credit institutions must hold 0.2944 percent of their total deposit base as interest-free deposits. This requirement, totaling approximately SEK 34.952 billion, takes effect on June 11, 2026, aiming to strengthen the central bank's equity.
A new funding requirement
The Riksbank has mandated that Swedish credit institutions, including foreign branches, must hold 0.2944 percent of their total deposit base as interest-free deposits at the central bank.
This decision, effective from June 11, 2026, sets the interest rate on these accounts at 0 percent.
The total amount required is approximately SEK 34.952 billion, a reduction of about SEK 5 billion compared to the previous year's requirement of SEK 40.055 billion.
This measure is implemented because the Riksbank's equity of SEK 28.342 billion (as of December 31, 2025) falls below its target level of SEK 63.300 billion.
The interest-free deposits are designed to bridge this gap, contributing directly to the central bank's funding and improving its financial results by an estimated SEK 600 million over the next year, assuming the policy rate remains at 1.75 percent.
Legal basis and calculation
The legal basis for this requirement is Chapter 8, Article 16 of the Sveriges Riksbank Act, enabling the central bank to demand interest-free deposits when its equity falls below target.
The purpose is for institutions to contribute proportionally to the Riksbank's funding.
The 0.2944 percent share is calculated from the difference between the Riksbank's equity (SEK 28.342 billion) and its target level (SEK 63.300 billion), relative to the institutions' total deposit base, which stood at approximately SEK 11,872 billion as of December 31, 2025.
This year's calculation also features updated standard deductions for certain debt securities.
A routine funding mechanism
This renewed deposit requirement is a routine, legally mandated measure to ensure the Riksbank's long-term financial self-sufficiency.
While it reduces central bank liquidity by a modest amount, the Riksbank assesses its impact on financial stability and monetary policy implementation as negligible.
For credit institutions, the adjustment is minor, reflecting a proportional contribution to the central bank's balance sheet health.