BERLIN (AP) — Germany's central bank will repatriate some $200 billion worth of gold reserves it has stored in the United States and in France, a business daily reported Tuesday.
The Bundesbank plans to bring back to Germany some of its 1,500 tons of gold stored in the vaults of the Federal Reserve in New York, and all of the 450 tons currently stashed with the Bank of France in Paris, according to Handelsblatt.
The central bank declined to comment on the report but on Wednesday will present a new plan to manage the gold reserves, which total about 3,400 tons, or 270,000 gold bars.
Most of Germany's massive reserves have been stored abroad since the Cold War over fears of a Soviet invasion.
But the central bank came under pressure last year when Germany's independent Federal Auditors' Office last year concluded it failed to properly oversee its gold reserves. The auditor suggested the central bank should carry out regular inspections of the gold held abroad to verify its book value or change the reserves' management.
The auditors' report stunned Germany, where the Bundesbank routinely tops polls of the nation's most trusted institutions. The central bank was taken aback and maintained it didn't see the need for more scrutiny in overseeing the reserves, saying "there is no doubt about the integrity of the foreign storage sites."
But the debate on the gold reserves, most of which are held by foreign authorities, caused some inevitable conspiracy theories questioning their very existence. Several politicians then jumped on the issue and called for some of the reserves to be repatriated.
Since the postwar days, when Germany worried about a possible land war with the Soviet bloc, most of the reserves have been kept in the vaults abroad. Just under half of them are now stored in New York, a little more than 10 percent each in London and Paris, with the remaining third kept in vaults at the Bundesbank's headquarters in Frankfurt.
Friday, May 24 2013 9:15 PM EDT2013-05-25 01:15:35 GMT
When workers installed one of the much-heralded bike-sharing stations on West 22nd Street near 10th Avenue, they put it right in front of the brownstones.
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Friday, May 24 2013 9:09 PM EDT2013-05-25 01:09:32 GMT
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Friday, May 24 2013 8:10 PM EDT2013-05-25 00:10:09 GMT
AP photo
Resorts held a grand opening Thursday for Margaritaville, the $35 million restaurant, bar, and gambling complex that's part of a $70 million expansion and renovation.
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Friday, May 24 2013 6:09 PM EDT2013-05-24 22:09:59 GMT
New York State has 17,000 highway bridges. There are some bad ones. The Tappan Zee Bridge, for example, is set to be replaced because of aging infrastructure.
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Friday, May 24 2013 5:33 PM EDT2013-05-24 21:33:47 GMT
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Authorities say police divers will be back in the Hudson River to resume the search for a man who went into the water while fishing from an Albany-area dock.
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Connecticut is making $5 million available immediately to cities and towns to help reimburse them for school safety and security upgrades following the massacre at Sandy Hook Elementary School in Newtown.
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Friday, May 24 2013 4:02 PM EDT2013-05-24 20:02:22 GMT
WCS photo
Coney Island's famed New York Aquarium, devastated by Superstorm Sandy, will partially reopen Saturday, May 25, 2013. The Wildlife Conservation Society on Friday showed members of the media parts of
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