WARNING: This page is about a different car, the 2002 Volvo C70, 2001 Volvo C70, 2000 Volvo C70, 1999 Volvo C70, and 1998 Volvo C70. However, it is still accessible from the selected car via links, so may be relevant.
Fig 1: Identifying Square Cover Plate Under Center Console Armrest
Courtesy of VOLVO CARS OF NORTH AMERICA.
Remove the square cover plate under the center console armrest to access the parking brake lever adjustment screw.