Jens Weidmann, president of the Deutsche Bundesbank, today explained the reasons for the large drop in profits for 2011 compared with the year before.
The central bank posted a profit of €600 million ($790 million) in 2011 compared with €2.2 billion in 2010.
"The main reason for the decline in profit is the increase in risk provisioning," said Weidmann at the Bundesbank's annual balance-sheet press conference. The Bundesbank upped its provisions for general risks by €4.1 billion to reach €7.7 bi
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