Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Bundesbank Challenges Vicuna on ECB’s Greek Profit, Reuters Says

Feb. 20 (Bloomberg) -- The Bundesbank disputes the view of European Central Bank chief counsel Antonio Sainz de Vicuna that the ECB has a say in how national central banks use profits from Greek government bond holdings, Reuters reported, citing an unidentified Bundesbank official.

The ECB has no powers in that area and national central banks take those decisions independently, Reuters quoted the official as saying. Earlier, de Vicuna told Handelsblatt newspaper that there is “the option to mark such profits with an appropriation, according to which shareholders of national central banks use the profits” for example “for Greece’s debt consolidation.”

While that would be a political decision, the Eurosystem, comprising the ECB and the national central banks of the euro area, “might have to agree to ensure the procedure is in line with the law,” he said, according to the newspaper.

To contact the reporters on this story: Karin Matussek in Berlin at kmatussek@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@Bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.