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Dutch Central Bank Suffers Loss Of $3.7B In 2023
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23.02.2024 17:57
Negative result caused by European Central Bank interest rate hikes, says De Nederlandsche Bank.
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The Netherlands' central bank announced that it suffered from a $3.7 billion loss in 2023, related to the European Central Bank's (ECB) persistently high interest rates to combat inflation.
"As interest rates were raised, our interest expense went up, whereas interest income barely increased," according to a de Nederlandsche Bank report released on Friday.
"From 2029 onwards, however, we expect to return to profitability. We will then initially seek to restore our buffers in the first few years, before distributing dividends to the Dutch State," it said.
"However, our expectations about restoring our buffers are subject to considerable uncertainty," it said. "
This is because our cumulative losses are highly dependent on interest rate developments, and they could still exceed our capital and reserves, as previous projections have shown."
The ECB raised its interest rates by 450 basis points since July 2022, as bank officials kept interest rates at restrictive levels to dial back inflation to the 2% target.
These hikes lead to increased interest expenses for central banks, while interest income from bonds remained stagnant, resulting in reported losses. -
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Cübbeli Ahmet Hoca was attacked.
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Ahmet Mahmut Ünlü, also known as Cübbeli Ahmet Hoca, was attacked after a conversation in Istanbul Ikitelli. A person from the crowd grabbed Ünlü by the throat and cursed at him, but the security guards intervened immediately. The moments were captured on a mobile phone camera.
21 minutes ago...
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Ümit Özdağ clarified his statements about Engin Polat: A figure was mentioned in the negotiation between the two politicians.
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Zafer Party leader Ümit Özdağ, who previously stated "I know how Engin Polat got released from prison. Unfortunately, I cannot write about it," has made a new statement regarding his release in the money laundering case. Özdağ, during a live broadcast, said, "Before this decision was made, a friend of mine coincidentally overheard a conversation between two politicians and the content of the conversation. There was a discussion between two individuals, a negotiation took place, and an amount was mentioned. I know what they talked about."
41 minutes ago...
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Bolu Mountain Tunnel has been opened for service in the Ankara-Istanbul direction.
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Bolu Mountain Tunnel has reopened in the Ankara-Istanbul direction after the completion of the extension works for both tubes. Minister of Transportation and Infrastructure, Abdulkadir Uraloğlu, stated, "We have extended the Ankara-Istanbul direction by 67 meters and opened it for service today, 12 days ahead of schedule. Our country's busiest highway is now much safer against potential landslides in Bolu Mountain."
31 minutes ago...
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AK Party Spokesperson Çelik's new statement regarding lieutenants: If there is intention and indiscipline, necessary actions will be taken.
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After President Erdogan's remark "Who are you drawing these swords against?" during the swearing-in ceremony of lieutenants at the military academy, AK Party Spokesperson Omer Celik made a new statement. Celik, in a live broadcast he participated in, said, "Intention, negligence, and indiscipline will be examined in this context, and necessary actions will be taken." AK Party Spokesperson had also stated in a previous statement, "It is unhealthy to approach the respect shown to Ataturk in a way that is directed towards our president. If there is indiscipline, it will be investigated."
41 minutes ago...
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