Bundesbank reports increased profits

The Bundesbank reported a net profit of 2.86 bln eur in 2005 on Tuesday 21 March, up from 676 mln a year earlier.

Central bank president Axel Weber said the bank's net profits will be transferred to the finance ministry.

Weber also said the central bank will not sell gold from its own reserves this year.

"Gold is an essential component of currency reserves and functions as a stability and trust-building factor," Bundesbank President Axel Weber said.

Speaking to reporters at the bank's annual re