European Central Bank Accounts - First Meeting Notes 20th February 2015

Feb. 20, 2015 - PRLog -- Hexagon Capital Management is a privately held wealth management company that manages hundreds of client assets in a wide range of products and services with a non biased, client orientated program that is tailored to each individual or corporate requirement.

European Central Bank Accounts - First Meeting Notes 20th February 2015

Yesterday marked the first time that the European Central Bank released minutes of its meeting held at the beginning of January.

The move was set to emulate other Central Banks in an effort to give clear and concise information after each meeting instead of press releases and announcements.

In its first reporting the notes suggested that economist Peter Praet had warned of the dangers of delaying the ECB's QE program, which ultimately was released last month.

The €1.1tn fund was created to inject cash into the failing EU economy. With a budget of €60bn per month to buy bank bonds the scheme is scheduled to run until September 2016 but it has been confirmed that should it be required, the program could run far longer as it did in the US.

The bank also reported a loss in profits for 2014. They had fallen almost a third to €989m from €1.44tn the year before. The main reason for the reduction was placed on additional expenses raised after they became the Eurozone banking supervisor and its associated costs.

Greece is the main cause of concern for the ECB at the moment and the fact that they are unable to secure either an extension or new terms from the European Union finance ministers will no doubt have repercussions with the ECB's take on the situation.

The Central Bank has already increased the ELA fund allocated to the Central Bank of Greece and there are still fears that should the run on Greek banks continue they could run low on reserves in as little as 14 weeks.

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