Bundesbank rejects claims of missed staff targets

The Bundesbank, Germany's central bank, has refuted newspaper reports this week stating that it will miss its planned staff reduction targets by a significant amount.

A German news magazine reported last week that the Bundesbank would not meet its target, announced in 2002, of cutting staff numbers by around 30 per cent to 11,100 people. The report stated that, by the end of 2007, the Bundesbank would be 1,000 jobs short of its target, costing the finance ministry 90m euros each year.

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