The amendments provide for improved digital service of persons: by authentication with an identification card, a natural person who is also a representative of a legal person may receive Credit Register data electronically at https://manidati.kreg.lv.
Latvijas Banka will ensure issuing such data electronically to those natural persons whose right to represent a company individually can be verified at the Commercial Register.
It has also been established that the Credit Register is available to customers on a continuous basis, i.e. 24/7/365, also on weekends and holidays. Thus Credit Register participants can easily plan their procedures of data entry in the Credit Register and Credit Register data request submission; persons may also receive any Credit Register data pertaining to them or their company electronically at any time.
The amendments will take effect on 31 August 2018.
The Credit Register is a national information system managed by Latvijas Banka. In the Credit Register, Latvijas Banka collects, accumulates and stores the data of the Credit Register participants and restricted Credit Register participants on their customers and customer guarantors, obligations of the customers and customer guarantors and the performance thereof.
The operation of the Credit Register is provided for by the Law on Credit Register and Latvijas Banka's Regulation for the Credit Register and Regulation for Electronic Information Exchange with Latvijas Banka.
The Credit Register started its operation on 1 January 2008. In mid-2018, the Credit Register comprised data on 4.72 million obligations (of them, 1.16 million or 24.5% were outstanding obligations and 3.56 million or 75.5% were expired obligations) and 1.19 million persons (of them, 0.714 million persons or 60.1% had outstanding obligations).
For reference
Latvijas Banka is the central bank of Latvia – an independent institution and a member of the Eurosystem. The primary objective of Latvijas Banka is the same as that of the central banks of other euro area countries and the European Central Bank: price stability (inflation rates below, but close to, 2% over the medium term). This is an essential precondition for a strong and growth-oriented economy. To achieve that, Latvijas Banka participates in the formulation of the Eurosystem's monetary policy, related decision-making and implementation.
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 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.
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);
– 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.