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Top related persons:
Joachim Nagel - 2 Alex Kraus - 1 Central Bank policymaker Joachim Nagel - 1 Germany's Bundesbank - 1 Karen Tso - 1 " Nagel - 1 — - 1 Mario Centeno - 1
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Deutsche Bundesbank - 2 Bloomberg Television - 1 Bloomberg - 1 Getty - 1 Central Bank - 1 ECB - 1 REUTERS - 1 Thomson - 1

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4 mentions found


☆ ECB June rate cut looks increasingly likely — but there are 'still some caveats,' German central bank chief says
  + stars: | 2024-04-17 | by ( Matt Clinch Sophie Kiderlin | Matt Clinch | Sophie Kiderlin | ) www.cnbc.com   time to read: +4 min
Alex Kraus | Bloomberg | Getty ImagesEuropean Central Bank policymaker Joachim Nagel said Wednesday that a rate cut for the institution looks increasingly likely for June, but added that certain parts of the incoming inflation data still look higher than desired. watch nowEarlier Wednesday, Mario Centeno, governor of Portugal's central bank, said it was "about time to change this monetary policy cycle." The ECB's June interest rate decision would be "very important," he said. Markets are widely pricing in the first rate cut from the ECB to take place in June. watch nowEarlier this week, ECB President Christine Lagarde said that unless there were any major shocks, the ECB was on track to cut interest rates soon.
Persons: Joachim Nagel, Alex Kraus, Central Bank policymaker Joachim Nagel, Germany's Bundesbank, Karen Tso, " Nagel, —, Mario Centeno, CNBC's Tso, Christine Lagarde, disinflation, CNBC's Sara Eisen, Robert Holzmann, Holzmann, wasn't Organizations: Deutsche Bundesbank, Bloomberg Television, Bloomberg, Getty, Central Bank, ECB Locations: Frankfurt, Germany, Washington ,, Europe, Portugal's, Austrian, East
☆ German central bank losses soar, wiping out risk provisions
  + stars: | 2024-02-23 | by ( Jenni Reid | ) www.cnbc.com   time to read: +1 min
Losses incurred by the German central bank rocketed into the tens of billions in 2023 due to higher interest rates, requiring it to draw on the entirety of its provisions to break even. That leaves it with just under 700 million euros in reserves, the central bank said. Net interest income was negative for the first time in its 57-year history, declining by 17.9 billion euros year-on-year to -13.9 billion euros. They are likely to exceed the remaining reserves," Bundesbank President Joachim Nagel said in a press conference. The central bank will report a loss carryforward that will be offset through future profits, he said.
Persons: Joachim Nagel, Nagel Organizations: Deutsche Bundesbank Locations: Frankfurt, Germany, German, rocketed
☆ Germany financial sector facing dark clouds, Bundesbank warns
  + stars: | 2023-11-23 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Kai Pfaffenbach/File Photo Acquire Licensing RightsCompanies Deutsche Bundesbank FollowFRANKFURT, Nov 23 (Reuters) - Germany's financial firms may be well capitalised now but face challenges ranging from rising interest expenditure and weak loan demand to unrealised losses, Bundesbank Vice President Claudia Buch said on Wednesday. "Almost two-thirds of savings banks and credit cooperatives now have unrealised losses throughout their banking book, which comprises loans as well as securities," Buch said in a statement. Buch warned that interest rate expenditure was likely to rise in the future, which will compress margins and weigh on earnings. Banks will struggle to offset higher costs via rising loan volumes since corporate demand is weak amid a recessionary environment. "Even in adverse scenarios, financial institutions should have sufficient levels of capital and liquidity to be able to absorb shocks on their own," Buch added.
Persons: Kai Pfaffenbach, Claudia Buch, Buch, Banks, Balazs Koranyi, Bernadette Baum Organizations: REUTERS, Thomson Locations: Frankfurt, Germany, FRANKFURT
☆ At G7, a warning about economic outlook as US debt crisis looms
  + stars: | 2023-05-13 | by ( Christian Kraemer Leika Kihara | Christian Kraemer | Leika Kihara | ) www.reuters.com   time to read: +5 min
While the communique made no mention of the U.S. debt ceiling stalemate, it figured constantly in discussions. "We need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook," they added in the communique after the meeting. G7 central bank chiefs vowed to combat "elevated" inflation and ensure expectations on future price moves remained well-anchored, a sign many of them will not let their guard down against stubbornly high inflation. CHINA AND SUPPLY CHAINSSeeking to reassure investors after recent U.S. bank failures, the G7 finance chiefs retained an April assessment that the global financial system was "resilient". In the communique, the finance leaders set a year-end deadline for launching a new scheme to diversify global supply chains.
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