Sabine Mauderer: Presentation of the Deutsche Bundesbank's Annual Report 2025

Statement by Dr Sabine Mauderer, First Deputy Governor of the Deutsche Bundesbank, at the press conference presenting the Annual Report 2025, Frankfurt am Main, 5 March 2026.

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 today's annual accounts press conference from me as well.

Before I delve into the 2025 annual accounts in detail, I would like to convey three important messages:

1. Net equity has climbed to €363 billion.
2. There is a revaluation reserve of €387 billion for the gold.
3. The loss for the year has more than halved, and it is likely to decline further in the years to come.

This all means that the Bundesbank is in sound financial shape and remains able to fully discharge its tasks even with an accumulated loss.

Now let's take a closer look at developments in the annual accounts for 2025.

The views expressed in this speech are those of the speaker and do not necessarily reflect those of the BIS.