2024-03-20 14:58:28
The course of ultra-loose monetary policy that the European Central Bank (ECB) has pursued in recent years has caused the Oesterreichische Nationalbank (OeNB) a hefty loss in 2023, namely around three billion euros. Just like other central banks did, the OeNB has bought a lot of government bonds in recent years; In the previous year it had a portfolio of 80 billion euros on its books, the securities had an average interest rate of 0.6 percent, and interest income amounted to around 500 million euros. In contrast, the banks that had around 100 billion in deposits with the OeNB were paid interest of around 3.8 percent on average – which meant a total interest expense of 3.8 billion euros. The loss from the monetary policy-motivated measures alone amounted to around 2.9 billion euros, as DER STANDARD has learned.
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