The financial crisis has been a cash cow for central banks.
central banks are in a unique financial position. They can print money, which means they can never be illiquid even when they’re insolvent. Guaranteed future profits from money-printing—known as seigniorage—mean they can usually dig themselves out of a capital hole: bank notes cost little to produce but can be used to buy interest-bearing securities.
For the Federal Reserve, that future income is worth nearly $5.5 trillion, assuming currency in circulation grows at the same rate as the economy and the Fed earns 2% on its assets.
The trouble is, not everyone appreciates that. Politicians may regard large losses as evidence of policy failure. If investors worry central banks might resort to printing money to cover losses, or turn to the government for support, it undermines the public’s belief in their inflation targets, which makes the targets harder to hit.
http://www.msn.com/en-us/money/markets/windfall-for-central-banks-fuels-political-pressure/ar-BBsMlLy?ocid=spartanntp