Riksbank and Accenture aim to focus on enhancing the performance and scalability of e-krona.
Despite Swedes averting cash, Riksbank is yet to decide whether it will eventually issue a CBDC.
Sveriges Riksbank, Sweden’s central bank, which also happens to be the oldest central bank in the world, plans to continue testing the practicability of launching e-krona. The authority unveiled this news via a press release on February 12, noting that it had extended the testing period of its CBDC for another year, ending February 2022. Reportedly, Sveriges Riksbank will continue to work with professional services firm Accenture in this pilot program.
1) Administrative fine issued by the Swedish FSA. See note 8.
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SEB revises financial targets to support customers through increased financial flexibility
SEB’s Board of Directors has revised the financial targets for the group, with the objective to create further financial flexibility to better support the bank’s customers over time. According to the new targets, the bank will maintain a Common Equity Tier 1 capital ratio of 100-300 basis points above the regulatory requirement and pay a yearly dividend of around 50 per cent of earnings per share, and distribute potential capital in excess of the targeted capital position mainly through share repurchases.
SEB’s financial targets, with effect from 2021, are:
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by
Anthonia Isichei
on
January 7, 2021 Regulation
While Sweden’s central bank is exploring the possibilities of creating its proposed central bank digital currency (CBDC) known as the e-krona, bankers in the country do not seem thrilled about the idea, as they are worried that a CBDC could affect the banking system.
Riksbank’s Proposed e-Krona Could Affect Commercial Banks
According to
Reuters on Tuesday (Jan. 5, 2021), Swedish bankers have expressed concern regarding the e-krona proposed by the country’s central bank, Riksbank. The e-krona bypasses intermediaries such as commercial banks, thereby giving holders direct access to the central bank.
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It is said that for the average person in Sweden the introduction of the e-Krona would make payments “as easy as sending a text”.
Bankers in Sweden are concerned about the potential effect of the proposed e-Krona project on the industry. The least cash-dependent country in the world, is, like most economies around the world, seeing a decline in the number of cash transactions. The Central Bank, Riksbank, has been considering making payment digital. Per Bolund, Swedish Financial Markets Minister announced in December 2020 that the Riksbank Finance Committee is discussing the prospect of a Central Bank Digital Currency (CBDC). The inquiry is set to end in November next year. Only after then will a decision be made.