European Central Bank has denied that it has suffered billions in losses due to loans to banks guaranteed with toxic assets.

European Central Bank has denied that it has suffered billions in losses due to loans to banks guaranteed with toxic assets. In a message from the ECB, they reacted to indiscretions published today by economic daily "Financial Times Deutschland" (Ftd), stating that "in 2008 substantially positive results have been attained" and added that "no losses were registered as the result of transactions with the Eurozone". The German daily wrote, citing the ECB, that the sum of credit that they must recover from transactions that have already arrived at their deadline, totals 10.2 billion euros. The actual total of the losses, added FTD, will be assessed only when the assets given as collateral to the ECB by the banks are sold. The causes of these deficiencies are found, according to the daily, in the failure of some of the largest banks, like American Lehman Brothers in 2008. FTD also wrote that only on Thursday, when the ECB presents its annual balance, will it be possible to evaluate the entity of the collateral deposited by banks at the ECB. It was underlined that a hurried sale of these assets could hit the ECB with even higher losses, as well as worsen the financial market situation.