Bank of France confirms 2003 operating loss

9th April 2004, Comments 0 comments

PARIS, April 8 (AFP) - The Bank of France confirmed Thursday it made an operating loss of EUR 163 million (USD 197.4 million) in 2003, but that the transfer of profits held back from the previous year helped it post a EUR 19 million net profit.

PARIS, April 8 (AFP) - The Bank of France confirmed Thursday it made an operating loss of EUR 163 million (USD 197.4 million) in 2003, but that the transfer of profits held back from the previous year helped it post a EUR 19 million net profit.

The FO union reported Monday the central bank's operating loss, the first in its history, and said restructuring charges, low interest rates and the weak dollar were to blame.

The central bank president, Christian Noyer, said the "weak result" was due "to a combination of historically low interest rates and the appreciation of the euro."

The bank, to protect its "credibility" should balance its accounts, "even in a period of low interest rates and currency appreciation," he said at a news conference presenting the results.

The Bank of France had already announced a provision of EUR 260 millionto be taken in 2003 for restructuring costs between 2004-2006.

© AFP
       
                                                                 Subject: French news

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