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On a '98 Volvo T5, at least in the US, the car doesn't have skid control, or yaw control. It has a system called "TRACS" which is low speed traction control. It's function is to brake one front wheel, transferring power to the other front wheel to allow you to move when stuck. On '99 US models Volvo has a higher-speed traction control, but you need to buy a 2001 or 2002 T5 to get true skid or yaw control. And it's still an option, mostly.
On the '98s the switch on the dashboard turns the system "OFF", so if you touch the switch and the "TRACS" icon is lighted, the system is turned "off".
BTW, because of the peculiarities of automobile marketing, a '98 Swedish Volvo may be the equivalent of a '99 US Volvo, so do read your owner's manual for details!
-Bill the Cat
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