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December 5, 2022

Bundesbank, higher profit for 2013 to EUR 4.6 billion

Germany’s Bundesbank kept its risk provisions unchanged in 2013, as the potential for losses due to the sovereign debt crisis eased, euronews.com informs. The Frankfurt-based central bank kept provisions for general risks at EUR 14.4 billion (USD 20.1 billion) after almost doubling them the year before, it said in an e-mailed statement today when releasing its 2013 annual report. The Bundesbank’s profit increased to EUR 4.6 billion from EUR 664 million in 2012.  “Despite interest income being lower, the Bundesbank has recorded a higher profit for 2013 than for 2012 as it has not been necessary to transfer any more funds to the risk provisions,” said Bundesbank President Jens Weidmann, who also sits on the European Central Bank’s Governing Council. “The risk situation has eased to some extend because of the decline in the volume of refinancing loans and the reduced holdings of government bonds.”

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