In 2021, the improvements introduced by Latvijas Banka in the domain of financial and general economic statistics were related to:

  • the statistical reporting requirements;
  • the compilation and publication of statistics;
  • the published lists of data providers.

Substantial changes were observed in the field of payments statistics as Latvijas Banka introduced new statistical reporting requirements and optimised the process of reporting payments data in Latvia. According to the new requirements, data on fraudulent payment transactions will also be reported to Latvijas Banka, while Latvijas Banka will transfer the data required for the supervisory purposes to the FCMC.

In 2021, Latvijas Banka started the collection of weekly data on cardbased payment transactions from the largest Latvian credit institutions without identifying the card holder. The collection of data on card-based payment transactions from a wider range of data providers is based on Latvijas Banka's Regulation No. 196 "Regulation for Compiling the Payments Statistics Reports on Card-Based Payment Transactions" of 11 June 2021 (in effect as of 1 August 2021). These data are required by Latvijas Banka for compiling balance of payments statistics, in particular, to assess travel and e-commerce, compiling payments statistics, analysing financial stability and dynamic changes in the economy, as well as for economic forecasting. Likewise, these data are used to ensure the implementation of the new requirements of the ECB. Data on household spending behaviour also help anyone interested to better and more efficiently analyse and understand the economic developments in Latvia.

At the same time, Latvijas Banka's new recast Regulation No. 195 "Regulation for Compiling the Payments Statistics Reports on Customer Payments" of 11 June 2021 (in effect as of 1 August 2021) establishing the requirements for reporting statistical data on the payments made by the customers of payment service providers will allow for obtaining the statistical data in a more detailed breakdown (e.g. by payment initiation channel and authentication method, and payment instrument scheme), as well as on the new types of payment services and innovative payment opportunities (e.g. payment initiation services, mobile payment solutions and contactless payments). Data on instant payments executed via internet banking applications, ATMs or other terminals and mobile payment solutions will also be available. These data are necessary to carry out the supervision and oversight of the payment instruments used in Latvia, to analyse fraudulent payment transactions as well as to meet the requirements of the ECB.

Due to changes in several EU legal acts applicable to MFI statistics, it was necessary to introduce corresponding amendments to Latvijas Banka's Regulations by incorporating the amendment made to the definition of the term "credit institution" which envisages that systemic investment firms may become credit institutions, as well as by expanding the range of the statistical data collected from MFIs and by ensuring EU-harmonised statistical data for the purposes of monetary and finan- cial analysis. Latvijas Banka's Regulation No. 132 "Regulation for Compiling the Monthly Financial Position Report of Monetary Financial Institutions" of 16 May 2014 was amended accordingly (in effect as of 26 June 2021) and a new version of Latvijas Banka's Regulation No.192 "Regulation for Compiling the Monthly Financial Position Report" of 4 June 2021 was approved (in effect as of 1 January 2022).

In light of improving regular compilation and publication of statistical data, revised monetary aggregate time series of Latvijas Banka and the banking system, starting from data of 1 January 2015, were published to ensure that the securities purchased under the APP are classified according to harmonised issuer classification broken down by their country of registration. The publication of money market statistics in Latvijas Banka's internet statistical database INTS was also started, thereby expanding the opportunities for anyone interested to analyse Latvia's money market developments.

A fact-finding survey of insurance corporations and the branches of foreign insurance corporations in Latvia was also conducted in relation to the revision of the statistical requirements for insurance corporations and changes thereto planned by the ECB.

In 2021, Latvijas Banka expanded the range of the lists of data providers published on its website and maintained in consistency with the statistical domains falling within the competence of Latvijas Banka by publishing for the first time the List of Pension Funds containing private pension plans and investment plans of the state-funded pension schemes.

Latvijas Banka also started to include the Legal Entity Identifier assigned by the institutions accredited by the Global Legal Entity Identifier Foundation in the lists of data providers published on the website, thus enhancing the identification of data providers and taking into account the Recommendation of the European Systemic Risk Board of 24 September 2020 on identifying legal entities (ESRB/2020/12).

The first financial vehicle corporation in Latvia – SIA DN Funding Alpha – was identified at the end of 2021.