ECB sees profits slide by 0.6 bn euros for 2002

On Thursday the European Central Bank revealed that profits fell by 33% in the year ended 2002 to €1,220 million, after payment of €1,141 million to the national central banks on their claims in respect of the foreign reserve assets transferred by them to the ECB.

The regular income of the ECB is derived mainly from earnings on its holdings of foreign reserve assets and its paid-up capital of €4.1 bn and from interest income on its 8% share of euro banknotes in circulation. The ECB earned net

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