Published: 03.02.2011 Updated: 18.03.2015

The Bank of Latvia'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 the Bank of Latvia (Paragraph 1 of Article 39) 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 that of assisting the European Central Bank (hereinafter, ECB) in producing the statistics required for the execution of the tasks of the ESCB in accordance with the requirements of the legal acts of the EU, including those of the ECB. Pursuant to Paragraph 2 of Article 39, the Bank of Latvia establishes the procedure for the compilation and submission of statistical reports, the submission deadline, as well as groups of reporting agents having the obligation of submitting statistical reports for the purposes of monetary and financial statistics, banknote statistics, payment and payment system statistics, financial stability statistics, balance of payments and international investment position statistics, as well as other statistics required for carrying out the tasks mentioned in Paragraph 1 of Article 39.

EU legal acts

In the EU, responsibility for the production of statistics is shared by the ESCB, which is formed of the ECB 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 ESCB 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.