Sabine Mauderer: Presentation of the Deutsche Bundesbank's Annual Report 2024
Statement by Dr Sabine Mauderer, Member of the Executive Board of the Deutsche Bundesbank, at the press conference presenting the Annual Report 2024, Frankfurt am Main, 25 February 2025.
The views expressed in this speech are those of the speaker and not the view of the BIS.
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1 Introduction
Ladies and gentlemen,
A warm welcome to you from me as well.
Before we start looking at the 2024 annual accounts together in a few minutes, allow me to make a few introductory remarks.
The President has already said it: the monetary policy measures of the past few years are still having an effect. They are also reflected on central banks' balance sheets.
As you know, the Bundesbank started making provision for the increased financial risks early on, in the annual accounts for 2016. These risks materialised yet again in 2024.
On balance, the Bundesbank posted losses of around €19.8 billion in 2024, after a loss of €21.6 billion in the previous year. In 2023, however, we recorded a net distributable profit of zero because we used all of our provision for general risk and some of our reserves to offset losses. For 2024, remaining reserves totalling €0.7 billion were still available to offset some of the loss. The Bank is thus reporting an accumulated loss of €19.2 billion for 2024.
Let me share three important messages:
- We have reached the peak of the losses.
- Net equity has climbed to more than €250 billion.
- There is a revaluation reserve of over €260 billion for the gold.