You are here
ECB gives cautious approval to League's bill on Bank of Italy gold reserves
By Gavin Jones and Giuseppe Fonte
Tuesday, June 25, 2019
ROME -- The European Central Bank on Tuesday gave a substantial green light to a bill by Italy's ruling League party which seeks to spell out that gold reserves held by the Bank of Italy belong to the state, and not the bank itself.
The bill, tabled in February by the League's economics chief, Claudio Borghi, was strongly criticized by the opposition who said its aim was to allow the ruling coalition to potentially sell the gold to fix Italy's public finance problems.
... Dispatch continues below ...
The Safest and Most Efficient Way to Own
Gold and Silver in the United Kingdom
GoldCore's mission statement since 2003 has been to protect and grow the wealth of our clients, and given the growing risks in the United Kingdom and internationally, we have put together for clients who are tax-resident in the United Kingdom an exclusive gold and silver offer free of capital gains tax.
On all lump-sum and pension investments worth more than GBP 10,000 in gold and or silver (capital gains tax-free gold and silver Britannias and gold Sovereigns) stored in Zurich you will benefit from free secure storage for six months. We also will send you one British legal-tender silver bullion coin, a beautiful 1-ounce silver Britannia.
Please visit GoldCore here for more information about this offer:
GoldCore does not report transactions to any authority. Safety, privacy, and confidentiality are paramount when we are entrusted with storage of our clients' precious metals.
Email the GoldCore team at email@example.com or call our trading desk:
UK: +44(0)203-086-9200. U.S.: +1-302-635-1160. International: +353(0)1-632-5010.
Visit us at:
Borghi denied this, saying he wanted to clarify the legal ownership of the gold, establish a question of principle and bring Italy's situation in line with those of other EU states.
In an official opinion published on the ECB's website, the bank said EU treaties do not use the concept of ownership with regard to official gold reserves but deal only with the question of their "exclusive holding and management."
The opinion, signed by ECB President Mario Draghi, asked the government to consult with the Bank of Italy if it planned to push ahead with the legislation, in order that the central bank's independence be "fully respected." ...
... For the remainder of the report:
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit: