Monday, September 14, 2009

ECB earned the credit crisis almost a billion euros

During the crisis, the European Central Bank has earned 900 million euros in emergency lending to eurozone banks, the newspaper Financial Times referring to the estimates of analysts Goldman Sachs.

As of the estimates, approximately 300 million euros the European Central Bank has earned since the beginning of June, when the annual European banks provided loans totaling 442 billion euros.

It is noteworthy that the "crisis" the ECB's income exceeds the rate of profit from ordinary operations of the regulator. Despite the lowest interest rates in the 11-year history of the ECB - 1% - of its revenues remains very high "because of the amount of liquidity that banks prefer to hide," said Natasha Valla, a specialist in euro-zone economy of the Paris branch Goldman Sachs.

The ECB declined to comment on the level of profits, saying that publish an annual report in March next year.

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