European banks benefit from weaker euro
EUROPE – The euro weakened over the first quarter of the year, bringing benefits to eurozone banks, which reported improved balance sheets as their foreign-currency assets appreciated in euro terms. Over the quarter, the euro weakened from €0.70 to the US dollar on December 31 to €0.74 three months later.
ING reported a €4.4 billion increase in shareholders' equity, of which €2.1 billion represented improvements in the value of non-euro-denominated assets due to the change in exchange rates. Of
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