Central Bank loses €75m on its gold deposits

The Central Bank last year recorded a paper loss of €75m on its gold deposits, new figures show.

According to Minister for Finance, Michael Noonan, the value of the Central Bank’s gold deposits was €168m at the end of last year — a decrease of €75m on the €243m put on the value of gold at the end of 2012.

Last year’s reversal more than wiped out two years of gains by the Central Bank in its gold holding — with its value increasing from €203.79m at the start of 2011 to €234.96m at the end of that year. The holding further increased to €243.5m in 2012.