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Latvijas Banka: Annual Report 2013 Issn 1407–1800

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Latvijas Banka: Annual Report 2013 Issn 1407–1800 LATVIJAS BANKA: ANNUAL REPORT 2013 ISSN 1407–1800 LATVIJAS BANKA: ANNUAL REPORT 2013 In Charts, the dots indicate the actual data, and the lines reflect the smoothing approximation of the data. The smoothing approximation of the daily data is more distinguished than the curve of the actual data. Details may not add because of rounding-off. – no transactions or no outstanding amounts in the period. x no data available or no computation of indicators possible. 2 0 the indicator is below 0.5 but over 0, or the result of the computation of the indicator is 0. L REPORT 2013 REPORT L A NNU A : A NK A S B A LATVIJ © Latvijas Banka, 2014 The source is to be indicated when reproduced. Photos: Aivars Liepiņš and Andris Tenass. The cut-off date is 29 April 2014. CONTENTS Foreword of the Governor 5 3 Statements of Vision, Mission and Values of Latvijas Banka 9 Economic Environment 11 Global Economic Environment 12 Latvia's Economic Environment 16 Inflation and Prices 16 Gross Domestic Product 18 Labour Market 21 Foreign Trade, Balance of Payments and External Debt 22 Fiscal Developments 24 Credit Institution Developments 25 Money Supply 27 Monetary Base 31 Lending and Deposit Rates 32 Interbank Market 34 Foreign Exchange Market 35 Securities Market 37 LATVIJAS BANKA: ANNUAL REPORT 2013 REPORT ANNUAL BANKA: LATVIJAS Operations and Activities of Latvijas Banka 41 Legal Framework and Functions. Latvijas Banka in the European System of Central Banks and Institutions of the European Union 42 Development, Adoption and Implementation of Monetary Policy 43 Provision of Currency in Circulation 48 Payment and Settlement Systems 51 Financial Stability 55 Operation of the Credit Register 55 Statistics 56 Providing Financial Services to the Government 59 Advisory Activities and Information to the Public 59 Cooperation with International Organisations and Foreign Central Banks 65 Management and Organisation of Latvijas Banka 67 Organisational Structure of Latvijas Banka 68 Management Principles and Development 71 Resource Management 72 Risk Management 75 Internal and External Audit 76 Financial Statements of Latvijas Banka for the Year Ended 31 December 2013 79 Independent Auditors' Report 121 Appendices 123 1. Monetary Indicators in 2013 124 2. Month-End Balance Sheets of Latvijas Banka for 2013 125 3. Year-End Balance Sheets of Latvijas Banka for the Years 2009–2013 126 4. Profit and Loss Statements of Latvijas Banka for the Years 2009–2013 127 5. Year-End Statement of Total Recognised Gains and Losses of Latvijas Banka for the Years 2009–2013 127 6. Exchange Rates for the British Pound Sterling, the Japanese Yen and the US Dollar set by Latvijas Banka 128 7. Organisational Units of Latvijas Banka at the End of 2013 129 8. Participation of Latvijas Banka in the European System of Central Banks 131 9. Representation of Latvijas Banka in International Organisations 133 10. Latvijas Banka Publications and Major Publications by the Experts of Latvijas Banka in 2013 135 11. 2013 Highlights of Resolutions and Regulations Adopted in Pursuit of the Main Tasks of Latvijas Banka 136 12. Glossary 139 4 Abbreviations ATM Automated Teller Machine BIS Bank for International Settlements CPI Consumer Price Index CRD IV Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC Capital Requirements Directive L REPORT 2013 REPORT L A CSB Central Statistical Bureau of Latvia EBA European Banking Authority NNU A EC European Commission : A ECB European Central Bank NK EEA European Economic Area A EFC Economic and Financial Committee S B EKS Electronic Clearing System of Latvijas Banka A EMU Economic and Monetary Union ERM II Exchange Rate Mechanism II ESA 2010 European System of Accounts 2010 LATVIJ ESA 95 European System of Accounts 1995 ESCB European System of Central Banks ESFS European System of Financial Supervision ESRB European Systemic Risk Board EU European Union Eurostat Statistical Bureau of the European Union FCMC Financial and Capital Market Commission FRS US Federal Reserve System GDP gross domestic product HICP Harmonised Index of Consumer Prices IMF International Monetary Fund JSC joint stock company LCD Latvian Central Depository Ltd. limited liability company M0 monetary base M1 narrow monetary aggregate M2 intermediate monetary aggregate M3 broad monetary aggregate MFI monetary financial institution Ministry of Finance Ministry of Finance of the Republic of Latvia OECD Organisation for Economic Co-operation and Development OPEC Organisation of Petroleum Exporting Countries OTC over-the-counter trading RIGIBID Riga Interbank Bid Rate RIGIBOR Riga Interbank Offered Rate SAMS Interbank Automated Payment System of Latvijas Banka SDR Special Drawing Rights SEA State Employment Agency SEPA Single Euro Payments Area SEPA Regulation Regulation (EU) No. 260/2012 of the European Parliament and of the Council of 14 March regarding the end- 2012 establishing technical and business requirements for credit transfers and direct debits date for migration in euro and amending Regulation (EC) No. 924/2009 SJSC state joint stock company UK United Kingdom UN United Nations US United States of America WTO World Trade Organisation VAT Value Added Tax FOREWORD OF THE GOVERNOR 5 LATVIJAS BANKA: ANNUAL REPORT 2013 REPORT ANNUAL BANKA: LATVIJAS 6 L REPORT 2013 REPORT L A NNU A : A NK A S B A LATVIJ When I think about what Latvia as a country and Latvijas Banka as an institution, with personal contribution of each and every employee, accomplished in 2013, I feel immense pride. We have fulfilled a historic mission of whose importance we may become fully cognisant only by looking back from the perspective of years. 1 January 2014 was one of the landmark dates in the history of the restored Republic of Latvia. On this day, we concluded a journey of over ten years to full membership in the European monetary union, and Latvijas Banka became a member of the Eurosystem. This is not just a monetary or economic measure but much more: we joined the European Union on 1 May 2004 and now are equal partners to those European Union countries that decide the most important matters related to the future of the monetary union. Moreover, Latvia and Latvijas Banka will actively participate with a firm attitude towards carrying out prudent economic policies and solutions with regard to challenges faced by the European Union. We have passed important tests on our way towards euro introduction, and this process was filled with difficult decisions and choices. For the fact that we did not manage to introduce the euro as early as 2008, we can blame no one but ourselves, and namely, for the short-sighted economic policy, loss of competitiveness of both our country and our producers, and too liberal fiscal policy while the real estate price bubble formed. We can only hope that this will serve as a good lesson to other countries and, above all, to ourselves, particularly at this globally stressful time. Despite worries among the Latvian public, the changeover to the single European currency – in cash circulation, non-cash transactions, and ensuring public awareness – took place smoothly and without significant problems. Various surveys indicate that the Latvian public considers the transition to have been comfortable and easy to understand in all main aspects. For that I would like to thank our partners in the government, the Ministry of Finance of the Republic of Latvia, the European Central Bank (ECB), the European Commission and central banks of the euro area countries as well as the employees of Latvijas Banka. Cautious optimism – this is how we can characterise the development of Latvian economy in 2013 and expectations for 2014. In 2013, our country managed to maintain one of the fastest rates of growth in the EU. Yet the main engine of growth has changed from exports to domestic demand, and the external economic environment will hardly prove to be a powerful engine in 2014 either. In January 2014, the International Monetary Fund raised its global economic growth forecast for 2014, including also the US. Of Latvia's 7 main trading partners, growth forecast was substantially reduced for Russia, whereas the euro area outlook for 2014 did not change. For goods and services exports, a drop in the growth rate was observed in the second half of 2013; even though the competitiveness of exporters was still high, the weak external demand continued to limit export volumes. Yet the Latvian export shares in global markets kept on growing, albeit slower than the year before. With the economy recovering from crisis, labour costs increased in 2013, yet their dynamics was compensated by a rise in productivity, which ensured that the competitiveness of Latvian entrepreneurs was maintained. Moreover, certain diversification of production and markets was observed, and the purchasing power of population grew. In the pursuit of its monetary policy in 2013, Latvijas Banka took into account the development of the Latvian economy and financial market as well as the preparations for joining the euro area. Monetary policy decisions were also influenced by low inflation in Latvia determined by the tight fiscal policy of previous years, and a slower growth rate LATVIJAS BANKA: ANNUAL REPORT 2013 REPORT ANNUAL BANKA: LATVIJAS of the world economy which dampened the rises in raw material costs. In the medium term, a low risk for price stability in Latvia persisted. The economic growth rate, on the other hand, was among the fastest in Europe, albeit unemployment indicators and the rate of lending growth were not in line with expectations. In view of this, Latvijas Banka used the opportunity to gradually reduce its interest rates.
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