Regulation for the Credit Register, Regulation for Provision of Information on the Credit Institutions' Credit Exposures and the Persons Involved and Regulation for Electronic Information Exchange with Latvijas Banka were approved.
The changes were introduced in order to reflect the planned amendments to the Credit Register Law and to implement the requirements set forth by Regulation (EU) No 2016/867 of the European Central Bank of 18 May 2016 on the collection of granular credit and credit risk data (ECB/2016/13), inter alia providing for the development of analytical credit datasets (AnaCredit). At the same time, these changes represent an improvement to the Credit Register aimed at having a uniform system that would contain the data required by the Credit Register participants for assessment of creditworthiness as well as additional data on financial services associated with credit risk required by Latvijas Banka and the Financial and Capital Market Commission to perform their tasks. The Credit Register participants will have to report data once, to the Credit Register, instead of reporting to two individual institutions.
Changes in the reporting procedure will take effect on 1 April 2018. There will be a transitional period for reviewing all valid customer's and customer guarantor's obligations and updating the respective records in the Credit Register according to the new requirements by 30 September 2018. It is expected that additional data for supervisory purposes will be reported to the Credit Register as of 1 April 2019.
Latvijas Banka, acting in the public and economic interest, carries out several tasks significant for each and every inhabitant, financial markets and the public at large:
– participates in the formulation and implementation of the euro area's monetary policy;
– issues cash in Latvia and participates in ensuring the cash circulation process in the euro area;
– discharges the function of the central national currency authentication centre;
– maintains the interbank payment systems' infrastructure (including the infrastructure for instant payments) and promotes their smooth operation;
– manages the foreign reserves and other financial investments;
– acts as the financial agent of Latvia's government and provides financial services to other market participants;
– compiles and publishes financial, monetary statistics and balance of payments statistics;
– maintains and develops the Credit Register;
– acts as an advisor to the Parliament and Cabinet of Ministers of the Republic of Latvia on monetary policy issues and other issues related to Latvijas Banka's operation.
Latvijas Banka promotes analysis and research of macroeconomic and financial issues, thereby laying a secure foundation for professional activities in these areas. The role of the leading industry expert helps Latvijas Banka raise public awareness of the development of the economy and the monetary system, the current situation and the economic policy being pursued. Latvijas Banka takes an active part in educating the general public on various economic topics.