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ECB Profit Declines as Interest Rates Drop, Staff Costs Surge

The European Central Bank’s profits fell by almost a third in 2014 as interest rates declined, bond holdings matured and creating a new regulatory unit boosted costs.

Earnings slid to 989 million euros ($1.13 billion) from 1.44 billion euros the previous year, the ECB said in a statement on Thursday. The Governing Council decided to transfer 841 million euros to national central banks at the end of January and will distribute the remainder on Friday.