The Bank of France published a balanced net result for 2023 on Friday, but announced that it had used 12.4 billion euros of its reserves to fill an operational hole of the same order dug by its own rate hike policy. The increase in rates, decided by the European Central Bank (ECB) to counter inflation which had accelerated after the outbreak of the war in Ukraine at the end of February 2022, forces the Banque de France to pay more for commercial bank deposits.
The net result ultimately is identical in 2022 (the bank having then filled its reserves) and 2023: zero.