In light of Latvijas Banka taking over the quarterly report 3-FAP "Financial assets and liabilities" survey from the Central Statistical Bureau of the Republic of Latvia, the Council of Latvijas Banka adopted "Regulation for Compiling the 'Quarterly Financial Report (1-FP)'".
This will ensure compliance of the statistical reporting with the requirements of the European Parliament and the Council Regulation on Community statistics concerning balance of payments, international trade in services and foreign direct investment as well as the Eurosystem's guidelines on the statistical reporting requirements in the field of external statistics, in the field of quarterly financial accounts and monetary and financial statistics.
The new regulation will govern the collection of information on the values reported by the respondents on their balance sheets and profit and loss statements as at the beginning and the end of the reporting quarter broken down by country, currency, counterparty sector etc., as well as information on changes within the reporting quarter.
Along with the adoption of the regulation for compiling 1-FP, amendments have been introduced to Latvijas Banka Regulation No. 110 "Regulation for Compiling the 'Quarterly Report on Foreign Assets and Liabilities (1–MB)'" of 11 July 2013 and Latvijas Banka Regulation No. 111 "Regulation for Compiling the 'Annual Report on Foreign Assets and Liabilities (1–MB)'" of 11 July 2013, thereby narrowing down the population of respondents. This means that the respondents submitting the report 1-FP will be exempt from submitting the report 1-MB.
The amendments will reduce the reporting burden on specific respondents.
Amendments have been introduced to Latvijas Banka Regulation No. 132 "Regulation for Compiling the 'Monthly Financial Position Report' of Monetary Financial Institutions" of 16 May 2014 to harmonise the requirements for disclosure of financial instruments with IFRS 9 Financial Instruments coming to effect on 1 January 2018, as well as to incorporate the European Central Bank's recommendations for statistical reporting of financial instruments.
Amendments have been introduced to Latvijas Banka Regulation No. 136 "Regulation for Compiling Reports on Securities" of 16 May 2014 to harmonise the requirements for disclosure of financial instruments with IFRS 9 Financial Instruments.
The legal acts adopted today will come to effect on 1 January 2018.
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 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 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.
One of the most important Latvijas Banka's tasks is collection, storage and processing of statistical data, as well as development, gathering, analysis and dissemination of statistical information pursuant to the Law on Latvijas Banka. Latvijas Banka compiles 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 gets actively involved in compilation of statistical data at the European level.