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.
The head of the Bundesbank, Jens Weidmann, was trying to convice the leadership of the Christian Democratic Union and Christian Social Union to request such a requirement 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.