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ECB profits fall as it digests costs of new bank watchdog

February 19, 2015 1:56 PM
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ECB profits fall as it digests costs of new bank watchdog

FRANKFURT (Reuters) - The European Central Bank reported a steep rise in costs on Thursday, as it digested the expense of hiring hundreds of supervisors to watch the euro zone's banks.

Laying out its annual accounts for 2014, the ECB said the jump in wages and costs and the squeeze on income from its record low interest rates meant profits fell by almost a third to 989 million euros ($1.1 billion) from 1.440 billion euros.

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