The Bank of Latvia

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Bank of Latvia

Updated on 19.04.2010.

The Bank of Latvia ensures the operation of the interbank retail payment system, i.e., the Bank of Latvia's electronic clearing system (EKS). The EKS is the only clearing (net settlement) system in Latvia that ensures the settlement of a large volume of customer credit transfers in lats and euro among banks in Latvia. The EKS ensures the handling of payments in two clearing cycles. For the settlements in euro, the EKS operates in accordance with the TARGET2 business day calendar.

The Bank of Latvia has developed the concept that foresees to ensure euro payment compliance with SEPA (Single Euro Payments Area) requirements by 12 November 2010. The concept envisages the elaboration of the EKS euro in accordance with criteria stated by the European Central Bank and the European Payments Council. The criteria cover certain payment handling, infrastructure interoperability and reachability principles, as well as open and fair market access principles.

On 3 August 2009, the Bank of Latvia addressed a disclosure letter to the European Payments Council stating its intent to make the EKS a SEPA credit transfer scheme compliant clearing and settlement infrastructure. The self-assessment of EKS SEPA-compliance conducted by the Bank of Latvia in accordance with the ECB Terms of reference for the SEPA-compliance of infrastructures is enclosed. The EKS is currently in the process of development to become a SEPA scheme compliant system and the EKS self-assessment was conducted taking into account the functionality of the EKS which is to be ensured as of 12 November 2010. The self-assessment ascertains the compliance of the EKS with SEPA requirements.

The settlement procedure for the Bank of Latvia's electronic clearing system EKS is stipulated by the "System rules for participation in EKS".

The Bank of Latvia has prepared a Functional Specification (pdf 427 KB) of the EKS, the Electronic Clearing System (in effect as of 23 November 2009).