Background & Purpose
The financial system is vulnerable to threats like cyberattacks and power outages that can stop payments. A coordinated effort is needed to ensure that essential financial services keep running during emergencies.
Proposals & Debate
The government proposed a new crisis management function led by the Riksbank, involving key financial authorities and private companies. The goal is to improve information sharing and coordination during severe operational disruptions. The proposal also mandates that the Riksbank works more closely with other national security agencies during both peace-time crises and states of heightened alert.
The Decision
The parliament approved the proposal, meaning a new crisis management function will be established to coordinate responses to financial system failures.
Does this affect you?
- Financial companies: Banks and other financial firms must now participate in the new crisis function and share information during emergencies.
- General public: Citizens benefit from a more stable financial system that is better protected against payment stops and digital attacks.
In Practice
- The Riksbank will lead a new team to manage severe technical disruptions in the financial sector.
- Authorities and private financial companies will share information more quickly during crises.
- Coordinated actions will be taken to fix issues like payment system stops or cyberattacks.
- The Riksbank is now legally required to cooperate with other national agencies on crisis preparedness.