The Bank of Latvia

[x]

For your convenience, please select the section which will be the first to open when the website www.bank.lv is opened in the future..

You have selected the section

Should you wish to change your selection, open another section of your choice and click on the link "Next time start with...". Should you have any inquiries, please contact the webmaster at webmaster@bank.lv.

Bank of Latvia

The Bank of Latvia » For All » Monetary Policy » Highlights of Resolutions and Regulations Adopted in Pursuit of the Bank of Latvia's Main Tasks

Highlights of Resolutions and Regulations Adopted in Pursuit of the Bank of Latvia's Main Tasks

Year 2010

14 January
The Council of the Bank of Latvia approved Regulation No. 51 "Regulation for the Credit Register" (in effect as of 1 April 2010) and Regulation No. 52 "Regulation for the Amount of and the Payment Procedure for the Fees to Be Paid for the Use of the Credit Register" (in effect as of 1 April 2010), introducing changes related to uniform procedure for information exchange with the Bank of Latvia and to the types of information to be included the Credit Register and the fees for using it.

The Council of the Bank of Latvia approved Regulation No 53 "Regulation for Electronic Information Exchange with the Bank of Latvia" (in effect as of 1 February 2010), thus merging the technical issues concerning information exchange with the Bank of Latvia into a single document that covers the statistical reporting by credit institutions and companies, the Credit Register framework, the employing of payment systems as well as other areas.

11 March
The Council of the Bank of Latvia approved Regulation No. 54 "Amendments to the Bank of Latvia Regulation No. 5 'Regulation for the Use of the Bank of Latvia's Monetary Policy Instruments' " of 17 May 2007 (in effect as of 24 March 2010).

The Council of the Bank of Latvia approved Regulation No. 55 "Interest Rates on Transactions" (in effect as of 24 March 2010), reducing the refinancing rate by 0.5 percentage point, to 3.50% per annum, and overnight deposit facility rate by 0.5 percentage point, to 0.50% per annum. The Regulation also introduces a new monetary instrument, a 7-day deposit facility with the Bank of Latvia, setting the interest rate at 1.00% per annum. The Bank of Latvia's marginal lending facility rate remained unchanged at 7.50% per annum in case a bank has resorted to the lending facility no more than 5 working days within the previous 30 day period; 15% per annum in case a bank has resorted to the lending facility 6–10 working days within the previous 30 day period; 30% per annum in case a bank has resorted to the lending facility for more than 10 working days within the previous 30 day period.

The Council of the Bank of Latvia approved Regulation No. 178/5 "Amendments to the Bank of Latvia Regulation No. 172/1 of 5 November 2009 'Regulation on Participation in TARGET2-Latvija'" (effective as of 1 July 2010), stipulating that henceforth only euro-denominated securities will be eligible as collateral for TARGET2-Latvija intraday credit.

19 April
The Council of the Bank of Latvia approved the Bank of Latvia's Annual Report for 2009.

13 May
The Council of the Bank of Latvia adopted Regulation No 56 "On Deeming Invalid the Bank of Latvia's Council Resolution No 96/4 'On Approval of the 'Regulation for Credit Transfers' ' of 11 July 2002" and Regulation No 57 "On Deeming Invalid the Bank of Latvia's Council Resolution No 89/9 'On Approval of the 'Recommendations for Transactions Effected by Means of Electronic Payment Instruments' ' of 13 September 2001" (both documents in effect as of 1 June 2010) as the issues incorporated therein are stipulated by the Law "On Payment Services".

The Council of the Bank of Latvia adopted Regulation No 58 "Regulation for the Use of the IBAN" (in effect as of 1 June 2010). The provisions regarding the relationship between the payment service providers and customers are no longer included, since the above relationship is governed by the newly effective Law "On Payment Services".

The Council of the Bank of Latvia adopted Regulation No 59 "Amendments to the Bank of Latvia Regulation No 36 of 13 May 2009 'Regulation for Purchasing and Selling Cash Foreign Currencies' " (in effect as of 1 June 2010), changing the timeframe for decision-making by the Bank of Latvia Licensing Commission and making editorial amendments thereof.

The Council of the Bank of Latvia adopted Regulation No 60 "Amendments to the Bank of Latvia Regulation No 38 of 13 May 2009 'Description of Lats Banknotes and Coins' " (in effect as of 7 June 2010).