The article below is translated from German language.
by Peter Boehringer, Goldseitenblog
A recent blog published on the occasion of today is very remarkable report of the Austrian Federal Court (ÖBRH) the Austrian State gold. For my readers I have summarized and commented on the 143-page document. See below. Much more about it then in my appearing by April 2015 book “Get our gold home” in which the gold Causa “Austria” is then only be one of over 80 subsections. However, a not unimportant, because many processes and conditions in Austria are typical of the way the central banks of the world with their state in Anglo-Saxon gold vaults! Read this article as a continuation of my blogs from December 13, 2014 on the same subject.
Just like in Germany in October 2012, the long-secret report of the ÖBHR was today, February 24, 2015 in Austria now published for the State of gold. The following is an excerpt from it long. Not only because these rates are loud resounding slaps the Court of Auditors for the OeNB. But because we unfortunately have to assume with high certainty that these states during the OeNB gold are exemplary for many central banks gold in foreign custody!
The ÖBRH is here writing notes that 22 percent of the state gold tonnage of the OeNB pure posting items – so-called “unallokiertes” (and possibly multiple “beeigentümertes”) gold! Exactly so, which suggests critical experts during the global gold fractional banking system, even for large parts of the population of the world’s central banks! Especially in the Anglo-Saxon vaults “fiduciary” under custody. In the OeNB these are about 82 percent of stocks (in London at the BoE). Here are excerpts of ÖBRH report of 24 February 2015:
“The OeNB superimposed [until the beginning of 2014, reporting period] around 82% of its physical gold holdings at a storage location in England [BOE] and was thus exposed to a high concentration risk. In the current bearings concept lacked adequate measures to reduce this risk. There was also a lack of development of the gold bearing sites contract with the bearing in England and the lack of audit measures in the stored abroad gold stocks. … The composition of the gold holdings of the OeNB in the years 2009 to 2013 changed greatly. Thus, the proportion fell to non-physical inventory of approx. 56% in 2009 to approx. 22% in 2013.
[Note .: 2009 was thus more than half of the Austrian State Golds not physically exist!] …
All currently existing gold loans ran out no later than 24 September 2014.
[NB .: The international pressure, at least officially terminate such transactions, grew dramatically between 2012 and 2014. – The OeNB apparently responded.] …
Transfer of gold holdings on a metal account in physical holdings in individual custody in January 2014
[Note .: ditto – exclusively due to public pressure!] …
The OeNB led … the first time in December 2012, an analysis of its current gold bearing points and -veranlagungen by.
[Note .: then raging public debate in Germany on the hottest – cf. Section III.2] …
The measures adopted by the Board on 17 January 2013. in terms of the management of gold stocks … should reduce the risk of asset losses of the OeNB.
[Note .: Just one day after the Teilheimholungs decision of the German Federal Bank on 16 January 2013!] …
Not the business partners of the OeNB submitted inventories of gold bearing points
routinely to the OeNB. Some of these ingredients lists of the OeNB were present only because they requested the auditor during the annual audit.
[Note .: Sic! Sorry, never called in Germany on a WP of the Bundesbank these lists and made reference to this a full physical audit!] …
The OeNB had hitherto made no documented verification of the existence and value of other than in the OeNB and in the coin Austria Aktiengesellschaft bearing stocks.
[Note: In other words, the OeNB had until 2013 never even an iota care of their overseas gold!] …
The OeNB was not an appropriate concept to perform the audit of the gold reserves. Such were the applicable test routines are no values for revision [Foreign overlapping] gold stocks. The lack of audit measures represented a [deliberate ?!] gap in the internal control procedures of the OeNB. The OeNB had until March 1, 2014, with the development of a values audit program, which included all the gold holdings of the OeNB started.
[Note .: Without words.] …
The make-believe that a Board member and head of department of the OeNB in 2011 first names in [foreign] gold depositories was poorly documented in terms of the audit procedures and findings, and the results were therefore not for the RH understandable.
[NB .: A slap in the face – but appropriate given the complete irresponsibility of the OeNB’s management] …
The Internal Audit Division is not checked in the period 2009 to 2013, the organizational structure of the management of gold reserves.
[Note: Without words.] …
Although the depository in England, the OeNB approx. Outsourced 82% of its physical gold holdings were missing in the agreement with the depository explicit rules to the standards of inspection and weighing of gold at admission, type of custody and property rights. [Sic!] A scheme for due diligence of the depositary and contestability in the OeNB bearing completely absent in the agreement. In two cases, the quality of the deposited gold and the type of custody was not explicitly regulated. In some cases, for example, were missing. Liability regimes acquisition, ownership rights to the OeNB and insurance stocks.
[Note .: In other words: purest dilettantism and shoddy – or even intent] …
[Conclusion] The 2009 and 2013, in force between the years agreements with foreign depositories on the custody of the gold holdings of the OeNB with regard to rules relating to the recoverability and ensuring the existence of the gold stocks were deficient in essential parts and inadequate.
[NB .: For billion dollar national wealth that would normally grounds for dismissal of the entire Management Board responsible!] ”
=> This is the most recent status of the topic. I also expect to felix Austria in the coming years with the State Gold “movement”. In the true sense of the term and conditions Viennese home! Anything else would be a permanent scandal given the conditions outlined here. But also in Austria Goldheimholung is unfortunately a marathon, not a sprint. This run is continued (there) …
