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Europe Daily Bulletin No. 8670

20 March 2004
Contents Publication in full By article 17 / 38
GENERAL NEWS / (eu) eu/ecb
Net loss of 477 million euros in 2003 due to the euro

Brussels, 19/03/2004 (Agence Europe) - The European Central Bank (ECB) made a net loss of 477 million euros in 2003 due to the drop in the dollar against the euro and worldwide low interest rates. This is the second loss in its short existence, following a hole of 247.3 million euros in 1999. In 2002, the ECB made a profit of 1,22 billion euros. "This loss is essentially due to the evolution of exchange rates which adversely affected the value, expressed in euro, of the bank's holdings of US...

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