Commerzbank's pensions freeze caused outrage in Germany

The figure for 2003 was mainly caused by the bank making massive stock write downs during the year, but that is only one part of Commerzbank's problems.

Struggling to find a rival bank with which to merge, German Commerzbank was also fiercely criticised for deciding to freeze staff pension schemes.

For the fourth quarter of 2003 it made a loss of 88m euros, which it said was caused by a 139m euros tax charge.

The fourth quarter loss figure is however less than the 243m euros reported for the same period in 2002.

Commerzbank chief executive Klaus-Peter Mueller is due to lay out his plans for 2004 at a press conference on Wednesday.