BoE helped sell looted Nazi riches

Sam Cordon

August 1, 2013

The document from 1950 was made public following the first stage of the digitalisation of the banks archives.

It reveals that the Bank of International Settlements asked the BoE to move £5.6m of Czech gold from a Czech National Bank account to a Reichsbank account that they also held.

Some £4m of the gold then went to banks in Belgium and Holland and the rest was sold in London.

The bank also went on to sell a further load of looted gold for the Nazis just three months before the outbreak of war in September 1939.

In the document the BoE said: “At the outbreak of war and for some time afterwards the Czech gold incident still rankled.

“Outside the bank and the government the bank’s position has probably never been thoroughly appreciated and their action at the time was widely misunderstood.”

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