10/24/2022
Private Banks Get Billions From the ECB and European Taxpayers Will Foot the Bill
“In September, the president of the Dutch central bank wrote what may have been the most remarkable letter of his career: it said that the ECB’s interest rate hikes will lead to losses for De Nederlandsche Bank (DNB) for the first time since 1932.
Several countries throughout the eurozone are facing a similar problem.
To absorb the losses of their central banks, European taxpayers risk having to pay tens or even hundreds of billions of euros a year.
Meanwhile private banks get that same amount of money without having to do anything in return.
The ECB now stands ready to make a crucial policy decision to determine whether billions in taxpayer money will again flow to the banking sector.
On 20th September 2022, the board of the Nationale Bank van België (NBB) went into a panic. The Belgian central bank is owned half by the state and half by private shareholders.”
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