Austrian central bank confirms repatriation of 15 tonnes of gold

The National Bank of Austria (OeNB) on Friday confirmed it has repatriated 15 tonnes of gold as part of a plan to have half its total gold reserves in Austria by the year 2020.

The first shipment, made of 1,200 bars weighing 12.5kg each and valued at 480 million euros (528 million U.S. dollars), had arrived via plane from London several weeks ago, and has recently been moved to the central bank's own vault.

OeNB governor Ewald Nowotny said the move was a "Christmas present for Austria," given that gold is something "one likes to give," and represents the beginning of OeNB plans to repatriate half of its 280 tonnes of gold reserves, with 84 tonnes to remain in London and 56 tonnes in Zurich.

"Gold has the function of an iron or golden reserve," Nowotny said of the decision to bring the gold that does not need to be located at international gold trading centers back home, noting that this half-and-half measure is also an international trend.

He added that it serves as a non-performing currency reserve, with the function of a buffer in the event of any global catastrophes such as a complete collapse of world trade, though he acknowledged these would be "apocalyptic conditions."

Nowotny also said the OeNB intends to keep its reserves constant at 280 tonnes, with no current plans to either buy or sell. Endit