INDEPENDENT VIEWPOINT

Dutch Treasury Secretary dodges questions on gold reserves

Seemingly in line with other official entities the Dutch Secretary of the Treasury gives few straight answers on questions from Vrijspreker on the country's gold reserves.

Posted: Monday , 10 Oct 2011

NETHERLANDS (vrijspreker.com) - 

September 18 we published these questions and here are the first answers.

We repeat the questions of the Dutch Socialistic Party with the answers of the Secretary, and follow up with first comments of the Vrijspreker. We think further questions are justified!

Question -Answer-Comment

1
Did the Dutch Central Bank (DNB) loan part of their gold?
If yes, how much and to whom?

No. DNB has informed me that they have stopped loaning out gold as of 2008.

 Comments Vrijspreker: if so, why doesn't DNB make that clear in the annual report? Why hide such crucial information.

2
Why are gold and gold loans stated as one line item in the annual report 2010 instead of mentioned as 2 separate items?

DNB follows the rules for valuation, determination of result and balance sheet presentation of the European system of Central Banks. The asset ‘Gold and Gold Receivables' reflects the physical gold inventory.

 Comments Vrijspreker: good international accounting standards oblige companies to separate cash from receivables, as they're clearly different. Why wouldn't these standards apply to central banks? In times of increasing civil unrest because of opaque financial schemes being set up by governments, central and commercial banks and the demand for more transparency, how would you justify these special rules for central banks? Are they above the law? ......

To read full article which includes a number of further questions click on Source