Forex news: ECB profit rises in 2008

The ECB made EUR 2.6 bln in 2008, far in excess of EUR 286 mln in 2007. A rising EUR versus the dollar and yen, and rising gold values were the main drivers, Trichet said. Half that profit was set aside as a provision for future losses.

In aggregate, the Eurosystem central banks ran a surplus of EUR 16.8 bln. 5 banks defaulted on obligations in the wake of the Lehman collapse, Trichet said. If the ECB suffers losses, they will be shared among the members of the eurosystem.