The European Central Bank has announced its first annual loss for almost two decades, prompting policymakers to carry forward an annual deficit to offset against future profits for the first time.
The €1.3bn loss for 2023 reflects the impact of higher interest rates paid to national central banks, which the ECB has raised to a record level in response to the biggest surge in inflation in its history.
The central bank would have made a much bigger loss last year if it had not drawn on the remaining €6.6bn of provisions it built up in recent years to cover financial risks.
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