The German parliament, the Bundestag, is looking at the accounting of German gold reserves at the Bundesbank. Parliament’s Budget Committee has requested, in opposition to the Bundesbank, a critical report by the Federal Audit Office.

By Lars Schall

The following translation was first published at the website of the Gold Anti-Trust Action Committee under:

http://www.gata.org/node/11362

German Bundestag Examines Assesment of Gold Reserves

From Reuters
via Die Welt, Berlin
Monday, May 14, 2012

http://www.welt.de/finanzen/article106305876/Bundestag-prueft-Bewertung-deutscher-Goldreserven.html

Translation by Lars Schall

The German parliament, the Bundestag, is looking at the accounting of German gold reserves at the Bundesbank. Parliament’s Budget Committee has requested, in opposition to the Bundesbank, a critical report by the Federal Audit Office, the newspaper Bild reports.

„The decision has been unanimous,“ the paper quoted the Christian Social Union budget expert Herbert Frankenhauser. The newspaper report alleged „account cheating“ regarding the German gold reserves.

According to the Bild report, the federal auditing office complained of „inadequate dilegence of the accounting of the gold reserves, which are stored in some foreign countries. Repatriation of the gold reserves is encouraged. The German gold reserves are in part held at foreign central banks.

The federal audit office wants to weaken the report in regard to the security of other countries and provide to the parliament a shorter summary that could be read only in the secret shelter of the Bundestag.

Bundesbank president Jens Weidman was trying to convince the leadership of the Union parliamentary group to prevent the demand for the report.

Germany has with 3,400 tons of gold, the world’s second largest gold reserves. They are managed by the Bundesbank and are part of the country’s currency reserves.

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„Repatriate our Gold“ http://www.gold-action.de/campaign.html