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Today the Council of Latvijas Banka has adopted several legal acts, thus updating the regulations concerning the Credit Register. The amendments specify information in order to ensure the compliance of the Credit Register data with the current European Central Bank's requirements for reporting to AnaCredit – a common granular analytical credit dataset shared between the Eurosystem members.

AnaCredit is the European Central Bank's analytical credit dataset that requires all national central banks of the euro area to provide granular data on loans granted to legal entities in accordance with the requirements of the European Central Bank. Thus, AnaCredit is a significant source of information for the statistical, financial stability and economic experts of the central banks of the European Union countries and the European Central Bank. Latvijas Banka was among the first nine national central banks of the euro area which started reporting data to AnaCredit in November 2018.

The Council of Latvijas Banka has adopted amendments to the "Regulation for the Credit Register", specifying details on some data required for AnaCredit. At the same time, the amendments enable natural and legal persons to receive the Credit Register data pertaining to them through electronic identification means also recognised by other European Union countries. Persons will be soon given an opportunity to receive the Credit Register data by using not only their identity card (eID card) for the purpose of proving their identity, but also the mobile application eParaksts Mobile; at the same time, a possibility to receive these data from mobile devices in a convenient manner will be ensured. The calculation for the monthly fee to be paid for the use of the Credit Register has been improved as per the number and amount of obligations of the customers entered in the Credit Register by the Credit Register participants, while leaving the total amount of the fees to be paid by the Credit Register participants unchanged.

Amendments have been introduced to the "Regulation on the Provision of Information on the Credit Institutions' Credit Exposures and the Persons Involved", with the requirements for the collection of the data required for AnaCredit being specified.

With regard to amendments to the "Regulation for the Credit Register" and the "Regulation on the Provision of Information on the Credit Institutions' Credit Exposures and the Persons Involved", the Council of Latvijas Banka has adopted amendments to the "Regulation for Electronic Information Exchange with Latvijas Banka", thus making the periodic reporting on credit exposures more convenient and stipulating a transition period for the introduction of the latest encryption algorithms in a quality manner.

The above legal amendments will take effect on 1 April 2019. Taking account of the market participants' interests, a transition period for several regulatory provisions has been set.

For reference

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's 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.