NEWS Release - Bundesbank completes transfer of gold from New York
© Deutsche Bundesbank
Last year, the Deutsche Bundesbank successfully completed the transfer of its gold stocks from New York. "The transfers were carried out without any disruptions or irregularities," said Carl-Ludwig Thiele, Member of the Bundesbank’s Executive Board, at a press conference in Frankfurt am Main.
"The storage plan for New York, which envisaged the relocation of 300 tonnes of gold from New York to Frankfurt, was fully completed in 2016," Mr Thiele noted. In 2017, the Bundesbank will relocate to Frankfurt all of the gold reserves still held in custodian storage in Paris, he added.
Last year, the Bundesbank transferred a total of over 216 tonnes of gold to Germany from storage locations abroad: 111 tonnes from New York and 105 tonnes from Paris. This means that since 2013, the Bundesbank has successively relocated just short of 283 tonnes of gold from Paris and 300 tonnes of gold from New York to Frankfurt am Main. As at 31 December 2016, 47.9 percent of Germany's gold holdings were in storage in Frankfurt, 36.6 percent in New York, 12.8 percent in London and the remaining 2.7 percent in Paris.
Storage plan for Germany’s gold reserves
This means that the Bundesbank will consequently hold half of Germany's gold reserves in its own vaults in Frankfurt am Main well ahead of schedule. According to the gold storage plan unveiled in 2013, the Bundesbank intended to store half of Germany’s gold reserves in Germany from 2020 onwards. The other half will remain in custodian storage at the partner central banks: 37 percent at the Federal Reserve Bank in New York and the remaining 13 percent at the Bank of England in London.
page source http://www.bundesbank.de/
