Amendments to the Regulation for the Credit Register

  • 2020-01-20
  • LB/TBT Staff

RIGA - Today, the Council of Latvijas Banka approved amendments to the Regulation for the Credit Register to harmonise it with the new Regulation for Granting Study Loans and Student Loans, as well as to commence the implementation of the recommendation of the European Systemic Risk Board (ESRB) and continue the provision of data to AnaCredit, Eurosystem's analytical credit dataset, based on the harmonised statistical reporting requirements of the European Central Bank.

Amendments to the Regulation for the Credit Register have been approved to facilitate cooperation among credit institutions, VAS Attīstības finanšu institūcija Altum and the Republic of Latvia Ministry of Education and Science in implementing the new Regulation for Granting Study Loans and Student Loans. The Code list of the types of the customer's obligations provided in the Regulation for the Credit Register has been supplemented with obligation types "Study loan" and "Student loan" (state-guaranteed loans), and a new purpose "Education" has been introduced. Moreover, the exchange of information between Credit Register participants and VAS Attīstības finanšu institūcija Altum, the institution implementing the state support programme for study and student loans, has been enhanced and improved.

To begin the implementation of the requirements of the ESRB recommendation of 31 October 2016 on closing real estate data gaps (ESRB/2016/14), the Code list of the purpose of the customer's obligations provided in the Regulation for the Credit Register has been substantially expanded to include new detailed types of purpose associated with real estate.

The Regulation for the Credit Register has also been amended to harmonise the contents of individual sets of data provided by Latvijas Banka under AnaCredit.

The preparatory period for the commencement of data reporting to the Credit Register has been extended for new Credit Register participants, and the reporting process itself has been simplified.

The amendments will take effect on 1 April 2020.

The Credit Register is a national information system managed by Latvijas Banka. In the Credit Register, Latvijas Banka collects, accumulates and stores 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.