Today, the Council of Latvijas Banka approved amendments to two regulations: Regulation for the Credit Register and Regulation for Electronic Information Exchange with Latvijas Banka (hereinafter, the amendments) establishing that data on support measures to address the economic effects caused by the coronavirus Covid-19 pandemic shall be entered in the Credit Register. The amendments will take effect on 6 May 2020.
The purpose of the amendments is to make available more comprehensive information to Credit Register participants and the Treasury for assessing creditworthiness of persons, and the necessary information on the impact of the Covid-19 pandemic on lending and performance of credit obligations in general – to Latvijas Banka and the Financial and Capital Market Commission.
The new data to be entered in the Credit Register is as follows: a reference to Covid-19-related support measures (types of support measures: individual, sectoral or public moratorium) and the start date of applying support measures. New codes of collateral types for additional guarantee and portfolio guarantee programmes have also been introduced in the Credit Register whereby central government guaranties have been provided to economic operators in relation to the Covid-19 outbreak.
It will be possible to enter the new data in the Credit Register as of the moment the amendments take effect, at the same time establishing a transition period until 31 July to enable Credit Register participants to fully prepare for the above changes.
As per the proposal by AS Attīstības finanšu institūcija Altum, Credit Register participants now have a more efficient way of submitting data related to state guarantee programmes to AS Attīstības finanšu institūcija Altum. This will be an option rather than a duty for Credit Register participants.
The Credit Register is a national information system developed and managed by Latvijas Banka. Latvijas Banka uses the Credit Register to collect, accumulate and store 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. For more details on the Credit Register, please see https://www.bank.lv/en/tasks/credit-register/about-credit-register.