Bank of England helped Nazis sell plundered goldSubmitted by Bob-45 on Thu, 08/01/2013 - 19:43
The Telegraph, UK
Wed, 31 Jul 2013 05:29 CDT
The Bank of England has admitted its role in one of the most controversial episodes in its history - helping the Nazis sell gold plundered from Czechoslovakia months before the outbreak of the Second World War.
An official history, written in 1950 but posted online for the first time on Tuesday, detailed how the "Old Lady" transfered gold held in its vaults to the Germans despite the UK Government of the day placing a freeze on all Czech assets held in London.
In the history, the Bank of England insists its role in the episode was "widely misunderstood", even though it "still rankled for some time".
The Nazis invaded Czechoslovakia in September 1938. In March the following year, the Bank of International Settlements (BIS) asked the Bank of England to switch £5.6m-worth of gold from an account for the Czech national bank to one belonging to the Reichsbank.