Central Banks
Austrian National Bank Suffers First Ever Loss on ECB Hikes
- Loss due to rate increases exceeded €2 billion in 2023
- ECB’s Austrian delegate Holzmann lobbied for steps to cut loss
The Austrian National Bank suffered its first ever annual operating loss in 2023 after stomaching a €2 billion ($2.16 billion) hit from higher borrowing costs.
The central bank booked interest expenditure in excess of €6 billion, according to a presentation on Friday in Vienna. That outweighed about €4 billion of revenue from long-term refinancing operations and banknote income.