BIS and Bank of England Helped Nazis Sell Stolen Gold

BIS and Bank of England Helped Nazis Sell Stolen Gold

Posted by on July 31, 2013   /   Comments Off

    Category: Truth   Tags: , , ,

A still from one of the many Nazi Propaganda films sent to Pathe in the 30's but never actually edited into the newsreel. Adolf Hitler The UK central bank also sold gold in June 1939 on behalf of the Nazis - without waiting for approval from Westminster Photo: PA

Stephen: And another truth slips into the public arena… This one involving the Bank of International Settlements (BIS) and the Bank of England (BoE), possibly showing the origins of some of the funding for the German war effort.

By Steve Hawkes, The Telegraph, UK – July 30, 2013

The Bank of England has admitted its role in one of the most controversial episodes in its history – helping the Nazis sell gold plundered from Czechoslovakia months before the outbreak of the Second World War.

An official history, written in 1950 but posted online for the first time on Tuesday, detailed how the “Old Lady” transfered gold held in its vaults to the Germans despite the UK Government of the day placing a freeze on all Czech assets held in London.

In the history, the Bank of England insists its role in the episode was “widely misunderstood”, even though it “still rankled for some time”.

To view the document online click here:

To download the document as a pdf click here:

The Nazis invaded Czechoslovakia in September 1938. In March the following year, the Bank of International Settlements (BIS) asked the Bank of England to switch £5.6m-worth of gold from an account for the Czech national bank to one belonging to the Reichsbank.

Much of the gold – nearly 2,000 gold bars – was then “disposed” of in Belgium, Holland and London. The BIS was chaired at the time by Bank of England director, German Otto Niemeyer.

The UK central bank also sold gold for the Nazis in June 1939, without waiting for approval from Westminster.

The history reveals: “There was a further gold transaction on the 1st June 1939 when there were sales of gold (£440,000) and gold shipments to New York (£420,000) from the No.19 account of the BIS.

“This represented gold which had been shipped to London by the Reichsbank.

“This time, before acting, the Bank of England referred the matter to the Chancellor, who said that he would like the opinion of the law officers of the Crown.

“On the BIS enquiring, however, what was causing delay and saying that inconvenience would be caused because of payments the next day, the Bank of England acted on the instructions referring to the Law Officers, who, however, subsequently upheld their action.”

Just three months later the Government declared war on Germany, following its invasion of Poland.