OREANDA-NEWS. March 16, 2010. The Bank of Latvia Council adopted amendments to the "System Rules for Participation in TARGET2-Latvija" (to take effect on 01.07.2010.), making editorial changes to Appendix 1.7 "Providing Intraday Credit". From now on, the Bank of Latvia will only accept euro-denominated securities as collateral for TARGET2-Latvija intraday credit, reported the press-centre of Bank of Latvia.

The euro payment system TARGET2 is a real time payment system used by the national central banks of the Member States of the European Union, participants in the Economic and Monetary Union, together with the European Central Bank to implement the single monetary policy and promote smooth operation of the euro payment system. EU banks use this system for financial market settlements as well as large value and urgent customer payments. TARGET2-Latvija started its operation on 19 November 2007, and the Latvian commercial banks, the Bank of Latvia and the Treasury have joined it as the direct participants. TARGET2-Latvija provides its participants with an efficient, fast and reliable infrastructure for payments in euro, using the deposits with the Bank of Latvia for settlement.

The above Regulations will be available to all interested parties in the Legal section of the Bank of Latvia's website www.bank.lv.