Conti 2024 in red for the ECBwhich closes the income statement with one Loss of 7,944 million euroscompared to a loss of 7,886 million euros recorded in 2023 before the use of the risks. In 2023 the entire use of the financial risks fund, equal to 6,620 million euros, had reduced the loss of operating to 1,266 million euros. The discounts The impact of monetary policy interventions (rates and purchasing cuts) and will be replaced by the profits produced over the next few years to 6,620 million euros, had reduced the loss of operating to 1,266 million euros, while in 2024 it was not possible to resort to this fund To cover the loss as its amount was zero. The loss of 2024, such as that of the previous year, will be laughed with the profits of future exercises.
Monetary policy underlying loss
The losses, which occurred after several years of considerable profits, derive from Eurotower monetary policy interventions, in particular from the purchases of activities with the plans of Quantitative Easing (Paa) and Pandemic (Pepp)while the rates of the rates operated last year increased the cost of the interest paid on the liabilities more than proportionally compared to active interests.
In 2024, the interest expense were higher than active interestsdue to the effect ofIncrease in interest rate on the main refinancing operations (rate on the Orp) at an average level higher than the previous year (4.1% compared to 3.8% in 2023).
The devaluations, equal to 269 million euros (38 million in 2023), are mainly attributable to the decrease in the market value of some securities held in the US dollar portfolio and the depreciation of the Japanese Yen, which has led to a reduction in the value of the relative consistencies in currency.
The Total expenses for staff increased to 844 million euros (676 million in 2023), while the other administration expenses grew to 626 million euros (596 million in 2023), mainly following the higher costs for computer science connected to digital transformation.
Expected a return to the profit
The ECB considers that it could still undergo losses In the coming years, but these losses should be of a smaller entity compared to those recorded in 2023 and 2024. Subsequently, a Return of profits.
Beyond the losses, the financial solidity of the ECB It is also confirmed by the capital and by the substantial revaluation accounts, which overall amount to 59 billion euros at the end of 2024, an amount of 13 billion compared to the end of 2023.
At the end of 2024 the total of the balance sheet of the Eurosystem, which includes the activities and liabilities held by the BCN of the countries of the euro area and the ECB towards third parties, amounts to 6,428 billion euros (6,887 billion in 2023).
