How the deposit base is calculated

The deposit requirement applies to all credit institutions and branches operating in Sweden, i.e. Swedish credit institutions domiciled in Sweden or a Swedish branch of a credit institution domiciled outside Sweden. The deposit base of a credit institution or branch consists of liabilities in the form of deposits and debt securities issued that have been reported in Sweden, with certain exceptions.

For Swedish credit institutions:

• Liabilities reported by the institution's branches abroad are not included in the deposit base, as they have been reported outside Sweden. Branches are thus treated as separate entities in the calculation of the credit institution's deposit base, even though they are not separate legal entities.
• However, liabilities that the Swedish credit institution has to its own branches abroad shall be included in the deposit base, as these liabilities have been reported in Sweden.

For a Swedish branch of a foreign credit institution:

It is the branch's liabilities reported in Sweden that are included in the deposit base, for example liabilities to the branch's foreign head office.

Liabilities excluded from the deposit base

For the purpose of calculating the deposit base, the following liabilities shall be excluded:

• Liabilities to other credit institutions or branches subject to the Riksbank's deposit requirement.
• Liabilities to the Riksbank.
• Liabilities to other credit institutions or branches subject to a similar requirement in another EEA country.

Liabilities to other institutions and the Riksbank

When calculating the deposit base, deductions are made for liabilities to other credit institutions or branches (collectively "institutions") that are subject to the deposit requirement, and for liabilities to the Riksbank.

Deductions for deposits are made on the basis of the information reported by the institutions to the Riksbank. This also includes deductions for deposits in the form of repos made with a Swedish central counterparty.

For debt securities issued, there is no corresponding information in the reporting, and it is generally difficult for an institution issuing securities to know who owns them and thus how much deduction should be made. Although the Riksbank has access to such information through special data collection on securities holdings, the data is covered by confidentiality and cannot therefore be used, as it could reveal individual institutions' holdings when calculating the deductions.

Instead, the Riksbank uses the data on securities holdings as a basis for determining standardised deductions in the form of percentages by which the volume of debt securities issued is reduced. The statistics show that covered bonds and bonds issued by Kommuninvest are owned by other institutions or by the Riksbank to a significantly greater extent than other bonds. The Riksbank therefore sets two standardised deductions to ensure that the deductions are as fair as possible:

• A standardised deduction for covered bonds and bonds issued by Kommuninvest.
• A standardised deduction for other bonds.

Institutions may claim higher deductions than the standardised deductions provided that these deductions can be substantiated. Deductions are claimed separately for the two different categories of bonds. If a requested deduction cannot be certified, the Riksbank applies the standard deduction. If it can be proven, the highest deduction – either the proven deduction or the standard deduction – is applied.

For 2025, the standard deduction is 24.4 per cent for covered bonds and 1.2 per cent for other bonds. The standard deductions are calculated on the basis of the actual conditions as of 31 December 2024, that is, the same date on which the calculation of the deposit base for each institution is based. The templates are updated annually.

Liabilities to institution in another EEA country with similar requirements

When calculating the deposit base, deductions shall be made for liabilities to other institutions that are subject to a requirement in another EEA country that corresponds to the Riksbank's deposit requirement. Institutions have the possibility to request deductions and substantiate such liabilities.

Other deposit requirements, such as reserve requirements imposed for monetary policy purposes, do not constitute a corresponding requirement. This means, for example, that the ECB's reserve requirements are not considered equivalent to the Riksbank's deposit requirements. As far as the Riksbank is aware, no other EEA country has a corresponding requirement at present.