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
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Jim Cook Interviews Ted Butler: JPM, Silver Investors More
08:31S W.
850 ounces ?? that's nothing. typo As for manipulation..read keith weiner. Silver still in downtrend that's been going for 8 years so ...
Crisis? What Crisis?
11 Maycarlomar-1
This is an excellent article, it deserves 5 STARS, your rating system is failing. I wanted to give it 5 STARS and the system marked obly one. M...
Crisis? What Crisis?
13 MayJ.-1
Yes! A return to constitutional government is what is in order.
More Trouble in Mexico: Second Largest Silver Mine Suspended Operat...
06 Mayrokdok25
I thank you for outing a thoroughly rapacious operation which not only harms the environment and its local communities, but which damages the reput...
Body Armor: Because If You’re Shooting Down Range, You Can Bet Some...
04 Mayprljr-1
Ah, sympathy for the triggered child. how sweet
Tom Petty was Right
01 Maywalkingdead1
The always insightful Mr Kunstler had me captured with his opening sentence: "anxious, fearful, and stressed-out", which pretty much describes my o...
Boeing 737 Max Unsafe to Fly: New Scathing Report by Pilot and Soft...
30 Aprsneezy671
The "Anything to save a few bucks" routine and we the passengers lose big time. Replacing costly intense pilot training for particular aircraft wit...
Body Armor: Because If You’re Shooting Down Range, You Can Bet Some...
27 AprWatchdoctor0
Hey, I love ya, and so do a lot of the other guys. You hang in there ! https://www.youtube.com/watch?v=msn-mDaJInA
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS