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The European Central Bank’s (ECB’s) audited financial statements for 2020 show that the profit for the year was €1,643 million (2019: €2,366 million). The €722 million decrease compared to the previous year was mainly due to lower net interest income on foreign reserve assets and on securities held for monetary policy purposes.
Following a decision by the Governing Council, there was also a transfer of €48 million to the ECB’s provision for financial risks, which reduced the ECB’s profit by an equivalent amount.
Net interest income totalled €2,017 million in 2020 (2019: €2,686 million). Net interest income on foreign reserve assets decreased to €474 million (2019: €1,052 million), owing to lower interest income earned on the US dollar portfolio. Net interest income arising from securities held for monetary policy purposes decreased to €1,337 million (2019: €1,447 million), mainly due to lower interest income on the Securities Markets Programme (SMP) as
MIL-OSI Economics: Financial statements of the ECB for 2020 foreignaffairs.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from foreignaffairs.co.nz Daily Mail and Mail on Sunday newspapers.
Annual Accounts 2020
The management report
[1] is an integral part of the ECB’s Annual Accounts and is designed to provide readers with contextual information related to the financial statements.
[2] Given that the ECB’s activities and operations are undertaken in support of its policy objectives, the ECB’s financial position and result should be viewed in conjunction with its policy actions.
To this end, the management report presents the ECB’s main tasks and activities, as well as their impact on its financial statements. Furthermore, it analyses the main developments in the Balance Sheet and the Profit and Loss Account during the year and includes information on the ECB’s financial resources. Finally, it describes the risk environment in which the ECB operates, providing information on the specific risks to which the ECB is exposed, and the risk management policies used to mitigate risks.
Financial statements of the ECB for 2020 ecb.europa.eu - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ecb.europa.eu Daily Mail and Mail on Sunday newspapers.