Ireland's central bank says its gold transactions are too 'sensitive' to disclose

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Thanks to GoldCore's Mark O'Byrne for publicizing this.

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Central Bank silent over plans for Irish gold in UK

By John Mulligan
Irish Independent, Dublin
Friday, December 7, 2018

Ireland's Central Bank has refused to say if it plans to move almost E200 million 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.

... Dispatch continues below ...



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"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.

Ireland's gold reserves are among the lowest in Europe.

The Central Bank is believed to have close to six tonnes of gold reserves, or more than 211,000 ounces.

An ounce of gold was selling yesterday for $1,238.

It's also not known if the bank has lease arrangements in relation to its gold reserves. ...

... For the remainder of the report:

https://www.independent.ie/business/brexit/central-bank-silent-over-plan...

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