WRITTEN QUESTION No. 3357/98 by Georges BERTHU to the Commission. Transfer of national central bank gold reserves to the ECB
Date: 1998-10-30
Institutions: BERTHU, European Parliament
Subjects: European Central Bank, European System of Central Banks, capital transfer, central bank, foreign-exchange reserves, gold, reserves, third stage of EMU

15.10.1999

EN

Official Journal of the European Communities

C 297/67

Answer given by Mr Bangemann on behalf of the Commission

(21 December 1998)

The Commission is collecting the information it needs to answer the question. It will communicate its findings
as soon as possible.

(1999/C 297/088)

WRITTEN QUESTION P-3357/98

by Georges Berthu (NI) to the Commission

(30 October 1998)

Subject: Transfer of national central bank gold reserves to the ECB

On 21 October 1998, when the report on foreign currency reserves in the third stage of EMU was being
considered in plenary sitting, I asked Commission Member Mr de Silguy if foreign currency reserves in gold
currently held by national central banks would be physically transferred, in whole or in part, to Frankfurt. The
different statements made at European level hitherto have remained ambiguous on that point. Nor was the
question answered in the debate that followed. Can the Commission issue a formal answer?

Answer given by Mr de Silguy on behalf of the Commission

(15 December 1998)

According to Article 3 of the Statute of the European System of Central Banks (ESCB) and of the European
Central Bank (ECB), the official foreign reserves of the Member States are held and managed by the ESCB.

Article 30 of the ESCB/ECB Statute specifies the conditions under which the ECB shall be provided with foreign
reserve assets by the national central banks. It states that the ECB shall have the full right to hold and manage
the foreign reserves that are transferred to it and to use them for the purpose set out in the Statute.

However, there are no plans for the physical transfer of gold reserves from the national central banks to the
ECB.

(1999/C 297/089)

WRITTEN QUESTION P-3358/98

by Manuel Escolá Hernando (ARE) to the Commission

(4 November 1998)

Subject: Project for water supplies to Zaragoza and the surrounding area

In the Spanish region of Aragon plans exist for a large-scale ‘Project for water supplies to Zaragoza and the
surrounding area’.

This project, which has now been approved, has been described as the largest of all those eligible for Cohesion
Fund money in the Spanish state. It is intended to provide the city of Zaragoza and some fifty municipalities in
the surrounding area with a high-quality water supply.

A total of PTA 22 000 million has been allocated to fund this project, with over half this sum (approximately
PTA 12 000 million) being contributed by the EU. A physical link of over 100 km will be created to transport
the water from its point of origin at the Yesa reservoir to its final destination (Zaragoza and surrounding area).

In view of the large sum involved and the input from the Union’s coffers, and given that lack of time is the
biggest problem, since a decision will have to be made on tendering no later than 31 December 1999 if the EU
contribution is actually to take effect: Is the Commission fully informed of the state of progress on the project?