Wednesday 11 December 2019

Euro has bled our gold reserves

Madam – Ruaidhri Giblin wants more transparency about Ireland's gold reserves and where they are currently stored, 'UK bank sits on a pot of €235m in Irish gold' (Sunday Independent, January 13, 2013).

Perhaps they are stored with the European Central Bank rather than the Bank of England? Ireland held 14 tonnes of gold in 1998 and this dropped to 5.5 tonnes in 1999 when Ireland joined the eurozone. Prior to the setting up of the Central Bank in 1943, the Bank of Ireland maintained Ireland's gold reserves which were held at the Bank of England.

Ireland's highest level of gold reserves was in 1968 when it held 70.4 tonnes of gold. Prior to Ireland joining the eurozone it held substantial gold reserves. During the Fifties Ireland held 17 tonnes of gold. The euro has truly been a disaster for Ireland and its gold reserves.

Bernard O'Grady,

Muswell Hill, London

Sunday Independent

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