European Central Bank posts first annual loss in decades


Rain falls over the finance district and the European Central Bank (ECB) in Frankfurt, Germany.

Thomas Lohnes | Getty Images News | Getty Images

The European Central Bank on Thursday reported its first annual loss since 2004, following hefty payouts because of higher interest rates.

It reported losses of 1.3 billion euros ($1.4 billion), which would have been steeper, had the bank not released 6.6 billion euros — its entire provision for financial risks, built up over a number of years.

The ECB said that it expected further losses for the following few years that would not impact “its ability to conduct effective monetary policy,” before returning to sustained profits.

The central bank…

Source cnbc.com

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