Tuesday, 10. December 2013
22. 11. 12. - 13:00
There is heated debate in Austria after it was revealed that the country's National bank (OeNB) is storing its gold reserves in England.
In response to a parliamentary question the bank said that 224. 4 tonnes (around 80%) of Austrian gold reserves were in the United Kingdom, around 6.9 tonnes (around 3%) are in Switzerland and around 48.7 tonnes (around 17%) are in Austria itself.
The OeNB said that the reason to store gold abroad was that because in a time of crisis it could be speedily traded. Since 2007 Austria's National bank had had a constant reserve of around 280 tons of gold. Through leasing of its gold the Austrian National Bank has in the last 10 years earned around 300,000,000 euros.
The bank's governor Wolfgang Duchatczek revealed the statistics after a question by social Democrat MP Matznetter who wanted to know why Great Britain was regarded as the best place to store Austrian gold .
Duchatczek said: "The bank has always made it clear that our gold reserves are stored at the main gold trading centres."
Currently that would be London and Switzerland - specifically Basel, he said. The gold that the bank has in Austria itself is stored at the Austrian Mint in Vienna.
Austrian Vice-Chancellor expresses condolences to Mandelas family
Austrian Vice-Chancellor and Foreign Minister Michael Spindelegger has expressed his deepest condolences to Nelson Mandela's family and the nation of South Africa after the Nobel Peace Prize laureate passed away last Thursday evening.
American wins right to sue Austrian OBB train company in the US
An American woman whose legs were crushed by a train in Austria has won her appeal to take the Austrian railroad to court in the US.
Austrian provinces could suffer if Hypo Alpe losses pass to bondholders
Allowing lender Hypo Alpe-Adria-Bank to force losses onto bondholders or go solvent could impact widely on borrowing within Austria, the central bank governor Ewald Nowotny has warned.
Mayor resigns after anti-Semitic remarks
A mayor in Austria who called for journalists to be hanged because 'they are like the Jews' has resigned from his post running the village of Gfohl.
OVP push for further privatisation in coalition talks
The last leg of coalition talks between the Social Democrats (SPO) and The People's Party (OVP) are being held up by disagreements over the sale of state-owned shares in large Austrian companies.
Students Create See Through Wood Technology
The Austrian Institute for Wood Technology claims to have come up with a new technique for making wood see-through thanks to an idea by two 18-year-old students.
Media Insider: Does Somebody Actually get Paid to Write UNIS Releases?
More proof if proof was needed of how incredibly pointless the United Nations Information Service (UNIS) in Vienna really is.
Austrias SPO disappointed over financial tax
The failure to implement a European tax on financial transactions for next year is disappointing, according to Austrian Chancellor and SPO party leader Werner Faymann.
Ex Wife Loses battle to Claw Back Fortune
The ex-wife of Austrian gun maker Gaston Glock has lost a battle to claim a share of her husband's company, Austria’s highest court (OGH) has ruled.
Final chance to see Elisabeth musical in Vienna
It's the last chance for musical fans to catch the renowned Austrian musical about the story of 19th century Empress Sisi as it enters the final few months of performances in Vienna.
The most popular stories –
last 7 days
|Austria sees biggest increase in property prices in Europe|
|Campaign to Save Salzburg Airport Steps Up|
|Talks with China begin on high-speed railway from Vienna to Black Sea|
|A scary week for children as Krampus goes on the hunt|
|Ex Wife Loses battle to Claw Back Fortune|
Why suffer in silence. Let off steam by letting our readers share your troubles. File your complaints about anything and everything here.
Our ombudsman David Rogers will try and help solve some of the problems from lazy civil servants through to incompetent companies – and at the very least the worst transgressors will end up in our weekly special report.