Latvijas Banka collects and compiles a wide range of statistical information in pursuit of its tasks. Latvijas Banka uses statistical information for performing financial and macroeconomic analyses, assessing financial stability, supervising financial market participants, and raising public awareness of developments in the financial sector and economy. The ECB also uses statistical information produced by Latvijas Banka to compile the Eurosystem's monetary statistics and other euro area statistical data, to support its broader functions. To provide transparent information on the activities planned in statistics, Latvijas Banka publishes its annual statistical programme as well as its implementation report, along with a medium-term statistical work programme covering three years.
In 2024, Latvijas Banka made organisational changes. The compilation and dissemination of supervisory statistics and payment statistics were integrated into the Statistics Department, thereby centralising the provision of similar processes within a single structural unit and improving the efficiency of the required resources. Along with the further strengthening of data management (see the subsection Data Management), the Statistics Department was renamed the Data and Statistics Department.
Data management
In 2024, Latvijas Banka approved the data strategy by setting out priority data management elements and key action areas for 2024–2026.
As part of the development of centralised solutions under the data strategy, Latvijas Banka has selected an open-source tool (DataHub) for the implementation of its data catalogue. In addition, information on supervised market participants and other merchants relevant to Latvijas Banka’s tasks, including the provision of statistics, monitoring, and record-keeping, has been integrated into a single register of institutional units. In 2025, information from this register is also intended to be used for maintaining the lists of market segments published on Latvijas Banka’s website.
In 2024, in cooperation with supervised market participants, Latvijas Banka started the transition to a centralised collection of regulated, regular, and structured data via the advanced security system and the non-bank statistics system. This transition is expected to be completed in 2025.
Development of statistical regulatory framework
Within the ESCB framework, Latvijas Banka continued its work on the establishment of the Integrated Reporting Framework (IReF), conducting its investigation phase. After summarising and publishing the results of the complementary cost-benefit assessment on the ECB's website, the ESCB has begun a comprehensive cost-benefit analysis, which will serve as the foundation for drafting the IReF Regulation in 2025. At the same time, the first reporting deadlines were reviewed during the investigation phase of the IReF. The initial reporting under the IReF is planned to start in the fourth quarter of 2029.
Taking into account the ESCB's needs for broader and more frequent statistical data on investment funds, the ECB Regulation on investment fund statistics was substantially amended and a new version was approved in 2024. The new requirements of the ECB are also included in Latvijas Banka's regulations governing the compilation and submission of reports by alternative investment fund managers and investment management companies (specifically, Latvijas Banka's Regulations No 355 and No 356, taking effect with data for December 2025).
Publication of statistical information
To comply with the common European revision policy agreed upon by the ESCB and the European Statistical System, and providing for a benchmark revision of national accounts statistics, including financial accounts statistics and external statistics, every five years, Latvijas Banka conducted a revision of the time series for financial accounts statistics and external statistics in the second half of 2024.
During the reporting year, the data on foreign exchange transactions published in Latvijas Banka's internet statistical database INTS were supplemented with data on cash transactions conducted by foreign exchange companies. Supervisory statistics data on insurers' activities were published in this database for the first time in 2024, marking the beginning of the gradual transfer of supervisory statistics data to the internet statistical database INTS. The lists of financial institutions published on Latvijas Banka's website for the purpose of producing statistics were supplemented with a list of insurance companies.
Credit Register
Latvijas Banka ensures the operation of the Credit Register, accumulating data on the loans and guarantees provided to natural and legal persons. The Credit Register provides the information needed for Latvijas Banka to perform its tasks, including the ESCB tasks, and gives public institutions an additional way to receive the information that they need for their legally mandated tasks.
In 2024, Latvijas Banka started transmitting the data included in the Credit Register on the current credit obligations of resident natural persons to the State Revenue Service for analysing the conformity of expenditure and income of natural persons and verifying the declarations of public officials.
Latvijas Banka completed the transition of user authentication for the Credit Register participants and the Credit Register participants with a restricted status (jointly referred to as Register participants) from the Entrust system to the state-level advanced security system, using eID, eParaksts mobile, and Smart-ID. This reduced the costs for the Register participants (it is not necessary to purchase and maintain the Entrust system user licences) and made access to the Credit Register simpler, more modern, and more efficient.
The possibility was introduced for credit institutions registered in Latvia and Latvian branches of foreign credit institutions to receive data from the Credit Register regarding the customers of their subsidiaries, customers' guarantors, potential customers, and potential customers' guarantors, thereby enabling creditworthiness assessment and credit risk management at the level of banking groups. The Register participants were given the opportunity to verify the creditworthiness of a person with whom the Register participant has entered into a transaction in a financial derivative or who has submitted an application for entering into such a transaction.
As of 2024, Latvijas Banka became obliged to update the data in the Credit Register if a Register participant is excluded from the Commercial Register due to the termination of its operation but has not updated the Credit Register data on the obligations of the customer or the customer’s guarantor until the day of exclusion.
New provisions were included in the Law on the Credit Register, granting sworn notaries the right to obtain data on natural persons from the Credit Register in the context of ongoing inheritance cases, and authorising the Consumer Rights Protection Centre to obtain data on non-performing obligations from the Credit Register for the fulfilment of the tasks laid down in the Law on Extrajudicial Recovery of Debt. The practical implementation of these changes is planned for 2025.
At the end of 2024, the Credit Register held data on 1.9 million obligations, covering outstanding obligations and those that have been fulfilled, and the actual outstanding amount of the obligations totalled 22.65 billion euro and the off-balance sheet amount of the obligations totalled 4.87 billion euro. These obligations covered 1.2 million borrowers and guarantors for borrowers from 81 participants. The Credit Register data are used for the purpose of assessing creditworthiness, Loans granted to legal persons are also provided to the ECB within the framework of AnaCredit statistics.
Latvijas Banka allows anybody to obtain a copy of the information held on them in the Credit Register, including on the electronic service website https://manidati.kreg.lv, free of charge. It also provides information about individuals to state institutions for the fulfilment of their tasks set out in regulatory enactments, for example, to the pre-trial investigation authority, the court, and the Orphan's and Custody Court.
Chart 1. Dynamics of the requests received by the Credit Register (number)
In 2024, the Credit Register participants submitted 14.38 million requests to the Credit Register to use data from the Credit Register for assessing the creditworthiness of current or potential borrowers and guarantors for borrowers.
Chart 2. Dynamics of the requests made by Credit Register participants (number; millions)
