Irish Central Bank Refuses To Discuss Gold Reserves In Bank of England Vaults

IMG Auteur
Published : December 07th, 2018
638 words - Reading time : 1 - 2 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : Today's Article

– As Brexit looms, the Central Bank of Ireland has refused to discuss the location and value of Irish gold reserves
– No date given for removal of “commercially sensitive” gold reserves from Bank of England vaults

– Bank of England vaults in London believed to hold almost €200 million of Irish gold
– Ireland’s financial system & economy is hugely exposed to a Brexit downturn

via Irish Independent:

IRELAND’S Central Bank has refused to say if it plans to move almost €200m worth of gold bars from the vaults of the Bank of England as a result of Brexit, insisting that any such move would be “commercially sensitive”.

The gold reserves have been held by its UK counterpart for a number of years, and the Central Bank has traditionally been coy on the precise details of the reserves, and the terms of the arrangement it has with the Bank of England.

It refused to be drawn yesterday on whether the reserves would be removed from the Bank of England either before or after the Brexit deadline of next March.

“It is for the Central Bank to determine how Ireland’s gold reserves ought to be managed,” a spokeswoman told the Irish Independent.

“The Central Bank’s portfolio is managed in line with approved parameters, which are kept under regular review and we report on key activities and developments in our annual report,” she added.

“The Central Bank’s transactions in gold are commercially sensitive and no further comment can be made at this time,” she said.

The latest Central Bank annual report shows that it had €209.3m worth of gold and gold receivables on its books at the end of 2017.

It’s believed that included €193.5m worth of fine gold held as gold bars with the Bank of England, and an additional amount of gold coins held at the Central Bank.

Editors note: This is an important story which we have covered quite frequently over the years and indeed have prompted politicians and journalists to ask questions about. Hopefully, on this occasion the story gets a bit of traction and there is a debate about the location, value and actual ownership of Irish gold reserves.

Ireland’s gold reserves and indeed the private ownership of gold by Irish investors, pension funds etc is important given the risks posed to Ireland today.

Ireland’s financial system and economy is hugely exposed to a Brexit downturn with more than a quarter of lending by main Irish banks to borrowers in the UK as reported by the Irish Independent today.

Institutional gold vaults are now available in Ireland for the first time via GoldCore and its storage partners. We will be giving the Central Bank of Ireland a call to see if we can assist them with repatriating the Irish gold reserves to where they belong – in secure vaults in Ireland.

Related Content

Secure Storage Ireland – Click here for information

News and Commentary


Source: Gold.org

Listen on  ,  & . Watch on YouTube below

Gold Prices (LBMA PM)

06 Dec: USD 1,236.45, GBP 971.48 & EUR 1,091.66 per ounce
05 Dec: USD 1,236.15, GBP 970.13 & EUR 1,090.16 per ounce
04 Dec: USD 1,239.25, GBP 966.74 & EUR 1,086.45 per ounce
03 Dec: USD 1,231.05, GBP 966.00 & EUR 1,084.92 per ounce
30 Nov: USD 1,220.45, GBP 956.95 & EUR 1,073.75 per ounce
29 Nov: USD 1,226.25, GBP 960.03 & EUR 1,077.87 per ounce

Silver Prices (LBMA)

06 Dec: USD 14.38, GBP 11.28 & EUR 12.68 per ounce
05 Dec: USD 14.48, GBP 11.34 & EUR 12.75 per ounce
04 Dec: USD 14.55, GBP 11.35 & EUR 12.77 per ounce
03 Dec: USD 14.39, GBP 11.31 & EUR 12.69 per ounce
30 Nov: USD 14.24, GBP 11.16 & EUR 12.52 per ounce
29 Nov: USD 14.26, GBP 11.17 & EUR 12.55 per ounce

<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
Mark O'Byrne is executive and research director of www.GoldCore.com which he founded in 2003. GoldCore have become one of the leading gold brokers in the world and have over 4,000 clients in over 40 countries and with over $200 million in assets under management and storage.We offer mass affluent, HNW, UHNW and institutional investors including family offices, gold, silver, platinum and palladium bullion in London, Zurich, Singapore, Hong Kong, Dubai and Perth.
WebsiteSubscribe to his services
Comment this article
>Follow all commentairies
You must be logged in to comment an article8000 characters max.
Log in or Sign up
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
“Collapse Of Civilisation Is On The Horizon” – Attenborough Warns W...
11 DecJ.0
The Climate, it's complicated. Look up the 100,000 year problem. Basically, the Earth has been in an Ice Age about 70 - 80 % of the last one m...
“Collapse Of Civilisation Is On The Horizon” – Attenborough Warns W...
06 DecS W.0
It is difficult to argue with a person like D Attenborough. Who doesn't like his shows? In saying that I am wondering if he, and probably 99% o...
Columbia University Promotes Letting Students Grade Themselves
03 Decvictoriashores
Really who cares
Scientists: The Globe’s Food Supply System Is Broken
04 DecJ.
People need to stop following academics as if they know everything. Science is about continuously evolving your knowledge based on a process of te...
Scientists: The Globe’s Food Supply System Is Broken
02 DecS W.
Oh no! Wheeze all doomed. It is not a matter of eating less meat it is simply a matter of eating less. and eating less of garbage food in part...
How Private Banks Create Bubbles — with the Help of Central Banks
02 Decsneezy67
It appears that we as consumers pay a price for convenience. It is very difficult to haul 10 acres to market on your back or cart. Pieces of gold a...
Why It's Important to Define Money Correctly
29 NovACarr
Great quote!! This is incredibly true. Too many people get so caught up in fiat currency, when it's all about gold if you really look at it. I've g...
Thanksgiving - And Deliver Us From Evil
23 NovBarnsey
Dear Jesse, As much as I admire your journeys down biblical roads, I consider you have missed the point of that mystical journey. Beyond...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS