Published: 03.02.2011 Updated: 20.03.2023

Latvijas Banka's tasks and rights in the field of statistics are laid down in legal acts of the Republic of Latvia and the European Union (hereinafter, EU).

Republic of Latvia legal acts

The Law on Latvijas Banka (Paragraph 1 of Section 63) stipulates that the Bank collects, stores and processes statistical data, and develops, compiles, analyses and distributes statistics to ensure the fulfilment of its tasks, including the task of assisting the European Central Bank in producing the statistics required for the execution of the tasks of the European System of Central Banks and for the supervision of credit institutions and assisting the authorities of the European Union, including the collegial authorities and institutional units established thereby, in the production of statistical information necessary for the fulfilment of their tasks where their area of competence is the supervision of the financial market participants, the financial markets and infrastructure, the application of resolution, and provision of compensation disbursement schemes, or the contribution to the stability of the financial system

Pursuant to Paragraph 2 of Section 63, Latvijas Banka established the requirements and procedures for the production and submission of statistical data, the submission deadline thereof as well as the persons having the obligation to submit statistical data in relation to the monetary and financial statistics, banknotes and coins statistics, payments and payment systems statistics, external statistics, including balance of payments and international investment position, financial accounts statistics, resolution and compensation disbursement schemes statistics, financial stability statistics, and supervisory statistics as well as other statistics which are necessary for ensuring the performance of the tasks of Latvijas Banka.

EU legal acts

In the EU, responsibility for the production of statistics is shared by the European System of Central Banks, which is formed of the European Central Bank and the national central banks, and the European Statistical System, which is comprised of the Eurostat and the national statistical institutes. Activities of these two systems in the field of statistics are respectively regulated by the following two regulations: (i) Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank, and (ii) Regulation (EC) No 223/2009 of the European Parliament and of the Council of 11 March 2009 on European statistics and repealing Regulation (EC, Euratom) No 1101/2008 of the European Parliament and of the Council on the transmission of data subject to statistical confidentiality to the Statistical Office of the European Communities, Council Regulation (EC) No 322/97 on Community Statistics, and Council Decision 89/382/EEC, Euratom establishing a Committee on the Statistical Programmes of the European Communities.

The tasks of the European System of Central Banks in the area of statistics are formulated in Protocol No 4 "On the Statute of the European System of Central Banks and of the European Central Bank" to the Treaty on Functioning of the European Union (hereinafter, the Statute). Article 5.1 of the Statute stipulates that in order to undertake the tasks of the ESCB, the ECB, assisted by the national central banks, shall collect the necessary statistical information either from the competent national authorities or directly from economic agents. Article 5.2 of the Statute provides for the national central banks to carry out, to the extent possible, the tasks described in Article 5.1.