ECB Almost Doubles Capital to Protect From Losses
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The European Central Bank will almost double its capital base to help protect it from losses as the institution buys bonds of governments from Portugal to Ireland to fight the sovereign-debt crisis.
The Frankfurt-based central bank will boost its capital by 5 billion euros ($6.6 billion) to 10.76 billion euros, it said in a statement today. The change will take effect from Dec. 29.