Central Bank delivers €1.7bn State windfall

The Central Bank is to swell the coffers of the State by €1.7bn after achieving an unprecedented level of profitability last year.

Profits soared to €2.1bn on the back of several factors stemming from the financial crisis as well as the manner in which the bank has conducted its business and the improved economic backdrop against which the results were achieved, according to its annual report published yesterday.

More than 80% of that profit will be paid to the exchequer in what constitutes a substantial windfall, in excess of expected levels.