ECB record loss of €477m

THE European Central Bank said it had a loss last year, compared with a profit in 2002, as the dollar’s drop against the euro reduced the value of its dollar assets and after it pared interest rates to a half-century low.

The ECB suffered a loss of €477 million ($584.7 million, compared with a profit of €1.22 billion in 2002.

Net interest income was €715 million after €995 million in the previous year.