• Austria's news in English

Austria to repatriate gold reserves from Britain

The Local/AFP · 28 May 2015, 15:00

Published: 28 May 2015 15:00 GMT+02:00

Facebook Twitter Google+ reddit

Until now the Austrian National Bank has kept 80 percent of its 280 tonnes of gold, worth around €8.6 million ($9.3 million), in London.

But by 2020, the Bank of England's stock of the precious metal will be reduced to 30 percent, while Austria will hold 50 percent and Switzerland 20 percent.

The central bank said it took the decision after recommendations made by the Austrian Court of Audit in February, which warned of a "heightened concentration risk" linked to storing the majority of its reserves in Britain.

At the time, the bank had argued the policy was warranted because London was a major international centre for the gold trade.

However, the bank changed its mind after reviewing the court's advice to diversify storage locations.

Vienna confirmed it would begin to gradually repatriate 92.4 tonnes this summer. A further 47.6 tonnes will be transferred from Britain to Switzerland.

Austria's move echoes an announcement by Germany in 2013, which said it would repatriate all of its gold stocked in France as well as some of the reserves held in the United States, to ensure at least 50 percent was kept on German soil by 2020.

Story continues below…

Meanwhile, Swiss voters rejected a proposal in late 2014 to force the central bank to bring back gold reserves from Britain and Canada.

For more news from Austria, join us on Facebook and Twitter.

The Local/AFP (news.austria@thelocal.com)

Facebook Twitter Google+ reddit

Your comments about this article

Today's headlines
Radioactive uranium rocks on display in Austrian schools
Uraninite crystals. Photo: Rob Lavinsky, iRocks.com/Wikimedia

Education officials have carried out urgent checks in schools across the country after one of the stones on display in a classroom turned out to be radioactive.

Austrian churches slam far-right's 'God' slogan
Campaign poster for Norbert Hofer. Photo: Paul Gillingwater

Austrian church officials have denounced far-right presidential candidate Norbert Hofer for "instrumentalising" God in a new slogan.

'Scary clown' pushes 14-year-old off his bike in Salzburg
Generic photo: Graeme Maclean/Flick

A 14-year-old boy in Salzburg has been injured after being pushed off his bike by an individual dressed as a scary clown.

Police puzzled by random stabbing of teenager in Vienna
Photo: Paul Gillingwater

A 15-year-old boy who was stabbed near his home in the Vienna district of Liesing on Friday morning by a complete stranger has spoken to the police.

'Sensational' 300-year-old Madonna found in Burgenland
The head of the statue was found beside the body. Photo: ORF

A 300-year-old statue of the Virgin Mary has been found hidden in a chapel next to a Catholic church in Loretto, Burgenland.

Baumgartner 'failed to mention Red Bull' before jumping to Earth
Felix Baumgartner. Photo: Red Bull Stratos

Felix Baumgartner has been accused of cheating his Red Bull sponsors after he failed to mention the energy drink just before he jumped to Earth.

Verdict on swimming pool rape case overturned
The Theresienbad swimming pool in Vienna. Photo: Wikimedia

An Iraqi refugee who was jailed after claiming it was a sexual emergency when he raped a boy in a swimming pool has had the sentence overturned.

Vienna Comic Con promises to be 'bigger and more galactic'
Cosplay star Yaya Han. Copyright: Yaya Han/Bryan Humphrey

Comic Con returns to the Austrian capital on November 19th-20th at the Messe Wien.

Three refugees arrested on drugs charges
Cannabis plants. Photo: J. Patrick Bedell/Wikimedia

A gang of three Afghani drug dealers has been busted in Vienna.

Hungarian woman crushed by snowcat piste machine
Snowcat machine. Photo: Melensdad/Wikimedia

A young Hungarian woman has died after being crushed by a snowcat piste machine on the Dobratsch mountain in Carinthia.

12 brilliant German words you won't find in English
Sponsored Article
Last chance to vote absentee in the US elections
Five films which will change your mind about Austrian cinema
Those surprising Austrians!
100 years since the last emperor's death
Afghani family's new home in Austria
Der you learn Deutsch?
Delighted by the light
Beware these passport scams
Of course we skipped Oarsch
Foodies rejoice at the choice!
Travel & Tourism
10 years after her escape from captivity
Surviving the Brexit for British expats
Day 2 of the World Bodypainting Festival 2016
Is Islam hostile to Western society?
Bodypainting festival in southern Austria
Europe's ice cream capital
Best Austrian beauty spots
Travel & Tourism
Three days in Vienna as a tourist
How to make friends in Austria
jobs available