Question Number: 87
PDR Number: AET087
Date Submitted: 22/02/2022
Department or Body: Treasury
The Bank of England (BOE) provides a very secure and cost-effective storage location for central banks and other market participants. The Bank of England only accepts bars that comply with the London Bullion Market Association’s ‘Good Delivery’ standards. The Bank of England vault, handling procedures and tracking system have regular reviews, inspections and audits (conducted by external parties and internally) to ensure that they comply with industry standards and the Bank of England’s own policies and procedures. The RBA’s auditors periodically inspect the Bank of England’s vaults and physical security arrangements. These audits have also involved the physical verification of a sample of gold bars, including weight and ultrasound checks. The RBA reconciles its gold holding records against the custody statement from the Bank of England each month and following any gold transactions.
