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Friday, December 15, 2017

Regulations issued for Latvian credit unions

The Bank of Latvia recently issued new regulations for credit unions submitting "Calculation of the Reserve Base and Reserve Requirement" reports to ensure compliance with European Central Bank rules.

A credit union must submit its report for the maintenance periods ending April 8, May 13 and June 10, 2014, based on the data of the Monthly Financial Position report of December 31, 2013, by January 10, 2014.

The credit union must also report liabilities to another financial institution as liabilities to MFIs are subject to reserve requirements.

The report must be submitted to the Bank of Latvia in electronic form, and the terms used must reflect the same meaning as defined in the ECB regulations.