Germany repatriates 300 tons of gold bars from US Federal Reserve Bank

Various gold bars, are displayed in the German central bank’s headquarters in Frankfurt, Germany, Thursday, Feb. 9, 2017. (AP Photo)

Germany has finished repatriation of 300 tons of gold bars from the United States..

Germany’s central bank has established the return of its gold reserves to domestic vaults by the end of 2017, three years ahead of schedule.

Earlier this week, the Associated Press reported that the Bundesbank had completed relocation of 300 tons of gold from the Federal Reserve Bank of New York.

“The transfers were carried out without any disruptions or irregularities,” Carl-Ludwig Thiele, a member of the Bundesbank’s Executive Board, was quoted as saying by Bloomberg.

According to the bank, 111 tons of gold were repatriated from the US in 2013. It also returned 105 tons from Paris.

According to data from Marketwatch, by the end of 2016 47.9 percent of Germany’s gold reserves had already been stashed in vaults in Frankfurt, with 36.6 percent remaining in New York, 12.8 percent at the Bank of England in London and 2.7 percent at the Banque de France in Paris.

In January 2013 Berlin announced that it was planning to store half of Germany’s 3,378 tons of gold reserves in its own vaults, with the other half remaining in New York and London. According to the original plan, the Bundesbank would transfer 300 tons of the precious metal from New York and 374 tons from Paris to a facility in Frankfurt by 2020.

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