Amendments To The Law "on The Bank Of Latvia"

Original Language Title: Grozījumi likumā "Par Latvijas Banku"

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Read the untranslated law here: https://www.vestnesis.lv/op/2013/16.1


The Saeima has adopted and the President promulgated the following laws: the law "on amendments to the Bank of Latvia" make law "on the Bank of Latvia (Republic of Latvia Supreme Council and Government Informant, 1992, 22/23.nr.; The Saeima of the Republic of Latvia and the Cabinet of Ministers rapporteur, 1997, no. 15; in 1998, no. 23; 1999, no. 23; 2000, no. 13; 2001, no. 22; 2002, no. 14; 2006, nr. 1, 14; 2009, no. 22; Latvian journal, 2012, 70 no). the following amendments: 1. Express article 2, third paragraph as follows: "the Bank of Latvia shall operate in a law, the Treaty on the functioning of the European Union (hereinafter referred to as the agreement), as well as other national central banking control law, pursuant to the Treaty and its Protocol" 4 on the European system of central banks and of the European Central bank (hereinafter referred to as the Statute) ". 2. Make article 3 and 4 by the following: ' article 3. Latvijas Banka's main objective is to maintain price stability. Without prejudice to the primary objective, the Bank of Latvia supports the European Union's general economic policies according to article 127 of the Treaty (1). The Bank of Latvia to participate in the European system of central banks in the performance of tasks under the Treaty and the Statute. 4. article. The Bank of Latvia, pursuant to the Treaty, the Statute and the rules of this law shall have the right: 1) grant loans and borrowing; 2) to accept and deploy deposits; 3) do business with financial instruments and precious metals, as well as other activities in the financial markets; 4) open accounts, make and execute payment orders and carry out the payment order post (clearing); 5) to issue euro notes and coins they processed, change, remove from circulation, as well as to issue and accept it from credit institutions; 6) identify statistical data collection, statistical reporting and submission requirements. " 3. in article 5: make the first paragraph by the following: "the Bank of Latvia there and manage their own foreign reserves, subject to the provisions of the Statute." replace the second paragraph, the words "(gold) reserves" with the word "means". 4. Article 7 shall be expressed by the following: ' article 7. The Bank of Latvia shall cooperate with the European Central bank, the Member States of the European Union and foreign central banks and other financial institutions. The Bank of Latvia has the right, upon receiving the consent of the European Central bank, to participate in international monetary institutions in article 6.2 of the Statute. The Bank of Latvia may participate in other international financial institutions, to meet its goals and objectives, subject to the provisions of the Treaty and the Statute. " 5. Make article 9 as follows: "article 9. The Bank of Latvia contributed to the smooth operation of payment systems for the promotion of the Treaty and the Statute. " 6. Make article 13 the first subparagraph by the following: "the Bank of Latvia, its President, Vice-President and members of the Council do not require or accept instructions from Latvia and other Member States of the European Union, the European Union institutions and other national, foreign or international institutions and bodies and the Governments referred to in this article, the institutions and bodies are not entitled to give instructions to the Bank of Latvia President, Vice-President and members of the Council or otherwise try to influence them in connection with their duties under article 130 of the Treaty." 7. Express article 15 the following: ' article 15. The Bank of Latvia to prepare financial statements according to the European system of central banks the European Central bank law on accounting and financial reporting, and in accordance with the Council of the Bank of Latvia. The financial statements are approved by the Board of the Bank of Latvia. Latvijas Banka's Council approves the annual report. " 8. Turn off article 17. 9. Replace article 18, first paragraph, the words "and the number 25 million dollars" with a number and the words "100 million". 10. in article 18.1: consider the current text of article about the first part and add to its introductory paragraph, after the words "approved the annual report" with the words "and after previous years of accumulated losses incurred, if any; to supplement the article with the second part as follows: "the Bank of Latvia to the Council when approving the annual report, is entitled to take a decision on the payment referred to in this article about the reduction of the interest on the State capital, if necessary reserves of the Bank of Latvia capital increase in connection with the financial risks to which the Bank of Latvia subject to the fulfilment of its tasks. The Bank of Latvia for such a decision shall immediately inform the Parliament and the Ministry of Finance of the Republic of Latvia. " 11. in article 22: Add to the third paragraph after the words "new Member" with the words "to a six-year term; to make the fourth subparagraph by the following: "Before the third part of this article, the time limit laid down in the Latvian Saeima to release Bank President, his Deputy and Council members from Office only if: 1) was obtained from his application for resignation; 2) he has committed a serious infringement of article 14.2 of the Statute; 3) is the other statutes referred to in article 14.2, the case for dismissal. " to supplement the article with the fifth and sixth the following wording: "the fourth paragraph of this article, paragraph 2 in the case referred to in the Parliament can decide on the Bank of Latvia, Deputy of the President and the members of the Council's dismissal after the entry into force of the judgment of conviction. The President of the Bank of Latvia Saeima decision on dismissal may be appealed under article 14.2 of the Statute. The Deputy Governor of the Bank of Latvia and the Member of the Council, the Parliament's decision concerning the dismissal may be appealed to the Administrative Court of law. " 12. Express article 26, first paragraph as follows: "the Board of the Bank of Latvia, on behalf of the Bank of Latvia adopted the decisions necessary for the Latvian banking tasks, including participation in the European system of central banks in the performance of tasks." 13. Express article 28 the fifth subparagraph by the following: "If the President of the Bank of Latvia released or finished his term of Office until the new President of the Bank of Latvia for approval by the Bank of Latvia President's duties to his Deputy. The Governor of the Bank of Latvia in the absence of the President of the Bank of Latvia's duties to his Deputy. The Governor of the Bank of Latvia and in the absence of the Deputy Governor of the Bank of Latvia's duties (including cord Bank of Latvia Board) of the President of the Bank of Latvia Latvijas Banka's appointed member of the Council. " 14. Article 34 be expressed as follows: "article 34. The Bank of Latvia issued euro banknotes and pursuant to the Statute of the European Central bank law. The Bank of Latvia organized and implemented Euro circulation coins and commemorative euro coins and collections in design, manufacture and delivery, as well as issued pursuant to the European Central bank's euro coin issuance approved by and under the laws of the European Union. The Bank of Latvia to euro banknotes and coins withdrawn from circulation in the process, and replaces the damaged banknotes with valid according to the European Union, including the European Central bank, legislation. The Bank of Latvia, subject to the legislation of the European Union, lays down the requirements for the euro cash handling equipment and handling of euro banknotes the quality requirements, as well as registration and reporting requirements for merchants dealing in cash handling and placing a secondary circulation. The Bank of Latvia is entitled to this part of the first sentence, that the operator to prevent cash handling and placing second in circulation, if it does not comply with the European Union, including the European Central bank and the Bank of Latvia law requirements euro cash processing. " 15. Express article 36 as follows: "article 36. In order to achieve the goals and tasks of the Bank of Latvia has the right to adequate support to carry out credit operations with credit institutions and other financial market participants. The Bank of Latvia do not have the right to grant loans and buy debt securities according to article 123 of the Treaty and article 21 of the Statute. " 16. off article 37. 17. Article 38 be expressed as follows: "article 38. Financial market participants, to which the European Central bank minimum reserve requirements on account of the Bank of Latvia hold minimum reserves according to the Statute, the rules and the European Central bank and the amount of the order. The Bank of Latvia in accordance with the Statute and the European Central bank law paid financial market participants the fee for the keeping of accounts of required reserves in the Bank of Latvia, followed by minimum reserve requirements and to implement measures necessary for minimum reserve requirements to ensure compliance, including the implementation of the decisions on the imposition of sanctions or other sanctions-related activities. " 18. the title of chapter V be expressed by the following: "chapter V statistics and analytical tasks". 19. Express 39, 40 and 41 article as follows: "article 39. The German Bank, stored and processed statistical data, as well as develop, collect, analyse and disseminate statistical information to ensure the execution of the tasks of the Bank of Latvia, including the support of the European Central bank of the European system of central banks the task to complete the collection of statistical information in the European Union, including the European Central bank, the requirements of the law. The Bank of Latvia determines the statistical reporting and submission procedures, deadlines, as well as persons who are obliged to submit statistical reports relating to monetary and financial statistics, banknote statistics, payment systems and balance of payments statistics, financial stability statistics, balance of payments and international investment position statistics, as well as other statistics required under the first paragraph of this article of the tasks. 40. article. The Bank of Latvia statistical information collected for statistical purposes only, distributed in a way that does not allow direct or indirect identification of the statistical reports submitted or any other physical or legal person. The Bank of Latvia, within the European Union, including the European Central bank, legislation, have the right to exchange confidential statistical information with the following institutions: 1) the European Central bank and the European Union central banks of the Member States, where such information is necessary for the European system of central banks the task; 2) the European systemic risk Board and the other institutions of the European Union, where such information is necessary to the performance of the tasks and have received a reasonable request; 3) financial and capital market Commission, if such information is required by the Bank of Latvia, the European system of central banks or the financial and capital market Commission's tasks; 4) Republic of Latvia Central Statistical Bureau of the European Union and the central banks of the Member States for the statistical authorities where such information is required for the European system of central banks or the European Union's statistics office Eurostat in the competence of European statistics pursuant to the Statute of the European system of central banks and of the European Union's statistics office Eurostat requirements of confidential statistical information. Article 41. According to article 127 of the Treaty, paragraph 5, of the Statute and article 3.3 the Bank of Latvia to help the competent authorities successfully implement policies relating to the prudential supervision of credit institutions and the stability of the financial system. In order to achieve the goals and tasks of the Bank of Latvia explores and analyses the financial market and economic development in Latvia, other Member States of the European Union and foreign countries. " 20. Replace article 42, the words "newspaper" with the words "Official Gazette". 21. the express article 43 second paragraph as follows: "the Bank's annual financial statements audited by the European Central bank Council recommended and approved by the Council of the European Union of independent external auditors. The legality and effectiveness of the audit carried out at the Bank of Latvia State control pursuant to article 13 of this law. State control does not make the European system of central banks the task of the audit, as well as in this article do not restrict the independent audit as the external auditor of the Bank of Latvia. " 22. To supplement the law with the transitional provisions for the following: "1. the transitional provisions in order to ensure the Bank's legal integration into the Eurosystem, the amendments to this law, 3., 4., 5., 7., 8., and article 15, article 18, first paragraph in article 18.1, article 26, first paragraph 34, 38, 39 and 40, article 41, article in the first paragraph and the second paragraph of article 43 shall enter into force on the date on which the Council of the European Union in accordance with article 140 (2) of the Republic of Latvia derogations. 2. Within three working days after the date on which the Council of the European Union in accordance with article 140 (2) of the Republic of Latvia derogations, part of the Bank's capital reserves including share capital, increasing it to 18 of this law in the first part of article about fixed. " The Parliament adopted the law of 10 January 2013. The President a. Smith in 2013 on January 23.