Business • Economy
2021-03-04T02:00:02+00:00

German Bundesbank without profit for the first time since 1979

German Bundesbank without profit for the first time since 1979
Bundesbank President Jens Weidmann Credit: Twitter (Reproduction)

For the first time since 1979, the German Bundesbank does not distribute profits. This was reported by Bundesbank President Jens Weidmann at the central bank's annual press conference on Wednesday.

The monetary crisis measures in the Corona pandemic have had a significant impact on the Bundesbank's balance sheet, the institution reported. In light of the associated risks, the bank is increasing its risk provisioning, it said

"The increased risk provisioning is the main reason why the Bundesbank is reporting a balanced annual result for 2020 and is not distributing a profit for the first time since 1979," Weidmann said at the presentation of the annual financial statements. In the previous year, the profit distribution had amounted to 5.9 billion euros.

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