Reported about 14 hours ago
The Bank of France has announced a significant increase in its losses for 2024, rising to €17.9 billion from €12.4 billion the previous year. This change is attributed to the heightened costs of servicing deposits due to high interest rates from the European Central Bank (ECB) and minimal income from low-yield bond investments. Despite implementing cost-cutting measures, the bank plans to address losses by utilizing reserve funds, while projections suggest a gradual return to profitability in the coming years as ECB rates decrease.
Source: YAHOO