ECB sets aside 69 million euros after Steinhoff loss

The European Central Bank has set aside 68.9 million euros ($79.83 million) to cover the loss on a corporate bond bought as part of its stimulus programme, the Banque de France said on Wednesday. It was probably related to debt issued by Steinhoff, which the ECB decided to sell at a loss in January after the South African retailer became embroiled in an accounting scandal.
The ECB never disclosed the size of the loss, which had fuelled criticism of its Corporate Sector Purchase Programme - the second-largest component of a 2.6 trillion-euro money-printing programme aimed at boosting inflation.