to the lack of profit distribution from the ecb. the negative impact of the net result of pooling of monetary income ( column 4 ) increased by €1. 0 billion to - €2. 2 billion, mainly owing to the low remuneration on the monetary policy holdings of supranational securities, which the bundesbank itself does not hold. other income ( column 5 ) decreased by €1. 4 billion owing to a one - off effect in the previous year when other income increased by €1. 3 billion owing to the partial derecognition of deutsche mark banknotes of the bbk iii / iiia series. administrative expenditure, which is summarised in the next column, i. e. the bundesbank's staff costs and administrative expenses as well as the remaining expense items ( column 6 ), is virtually unchanged on the year. to offset the accumulated losses, the provisions for general risks ( column 7 ) were reduced by €972 million ( 2021 : increased by €1, 346 million ) to €19. 2 billion. the yearon - year change of €2. 3 billion shown on this slide is a net figure combining the increase in the previous year and the release in 2022. as in the previous year, the profit and loss account for financial year 2022 closed with a balanced result – in other words, there was zero distributable profit ( column 8 ), as in 2021. 3 / 4 bis - central bankers'speeches 4 / 4 bis - central bankers'speeches

joachim wuermeling : presentation of the deutsche bundesbank's annual accounts 2022 speech by prof joachim wuermeling, member of the executive board of the deutsche bundesbank, at the press conference presenting the annual report 2022, frankfurt am main, 1 march 2023. * * * accompanying slides in german of the speech president nagel, ladies and gentlemen, i would now like to take this opportunity to provide a few more details on the bundesbank's annual accounts for 2022. all the figures can also be found in the annual report, copies of which are provided. and as ever, we will be happy to field any other questions you may have after our remarks today. with that in mind, i would like to focus my attention on a small number of standout points in our annual accounts. 1 balance sheet first, a look at the bundesbank's 2022 balance sheet ( slide 13 ) : in a reflection of the bank's monetary and foreign exchange policy operations, total assets did not grow any further in 2022, but declined instead by just over €108 billion. that leaves total assets at around €2, 904 billion, 4 % down on the record level of €3, 011 billion recorded in the previous year. however, looking at longer - term developments over the past three years, the bundesbank's total assets are currently still up by €1. 1 trillion, or just over 60 %, compared with the end of 2019 – that is, compared with their pre - pandemic level. main reason for the current decline in total assets on the assets side of the balance sheet : lending related to monetary policy operations, which declined by €184 billion primarily due to the repayment of the tltro iii longer - term refinancing operations, which had particularly favourable interest rates for credit institutions during the pandemic. by contrast, euro - denominated securities under the monetary policy purchase programmes grew again, by €45 billion, particularly on account of the pspp and pepp government bond purchases in the first half of the year. another factor driving balance sheet growth in the two previous years was liquidity inflows from other european countries. in 2022, growth in the target2 claim on the ecb came almost to a standstill. the increase amounts to €8 billion, and the claim as at the reporting date came to a total of €1,