The European Central Bank (ECB) and the Deutsche Bundesbank lended their support to a concert promoting peace organised by the Berlin State Opera together with its orchestra and choir under the musical direction of Daniel Barenboim. The concert, attended by  Bundesbank President Joachim Nagel and the entire Executive Board, took place in Berlin on Sunday, 6 March 2022. The ECB, the Bundesbank and other Eurosystem central banks are supporting the charity campaign with their own donations.

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As in 2021, the Bundesbank is unable to transfer any profit to the Federal budget this year. One key reason for this was the need to further increase the Bank’s risk provisions, Bundesbank President Joachim Nagel explained. “In the years 2020 and 2021, the risks on our balance sheet increased substantially overall compared with the pre-pandemic period,” he said. Commenting on the war in Ukraine, the Bundesbank President expressed his shock. “Our thoughts are with the people in Ukraine and the suffering they are enduring under this aggression.”