This greater level of risk provisioning is the main reason why the Bundesbank is posting a balanced annual result for 2020 and – for the ﬁrst time since 1979 – will not distribute any proﬁt. 12/13  Mr Beermann will now discuss individual items of the annual accounts in more detail. Footnotes: 1.
Deutsche Bundesbank, A weekly activity index for the German economy, Monthly Report, May 2020, pp. 68 ff. 2. Deutsche Bundesbank, Economic observation in times of COVID-19: increased need for timely and higher-frequency indicators, Annual Report 2020, pp. 15-17. 3. Deutsche Bundesbank, Outlook for the German economy for 2021 to 2023, Monthly Report, December 2020, pp. 15-35. 4.