De Volkskrant, 1 September, 2009

At ECB, interest grows in the crisis

Published on 1 September 2009 at 14:13
De Volkskrant, 1 September, 2009

Cover

The Dutch daily Volkskrantcalculates that the European Central Bank (ECB) has earned €17 billion since the crisis set in. “After the crisis broke out in Europe in September 2008, the ECB granted close to €14,000 billion in loans, on which it made €19.2bn in interest. During the same period, several banks invested these loans with the ECB, so the latter has had to pay them close to €2bn in interest. The difference is what ECB president Jean-Claude Trichet once called ‘our profits’. Outside times of crisis, these profits average €12bn.” De Volkskrant reassures its readers, however, by reminding them that “these profits only exist on paper: the ECB is not going to invest or spend that money” on anything but combating the effects of the crisis. “Europeans can rest assured: their tax monies used to save the banks have not vanished into thin air.”

Tags

Was this article useful? If so we are delighted!

It is freely available because we believe that the right to free and independent information is essential for democracy. But this right is not guaranteed forever, and independence comes at a cost. We need your support in order to continue publishing independent, multilingual news for all Europeans.

Discover our subscription offers and their exclusive benefits and become a member of our community now!

Are you a news organisation, a business, an association or a foundation? Check out our bespoke editorial and translation services.

Support independent European journalism

European democracy needs independent media. Join our community!

On the same topic