Question discussed at the 2011 general meeting
The Bank has invested some of the gold assets in long-term guaranteed gold deposits.
Investment decisions depend on the market conditions and expectations. The quantity of gold lent therefore fluctuates with the terms for concluding the operations.
At the end of 2010, the Bank had lent 89 tons of gold, that is to say about 40% of the total quantity of gold.
As collateral, the Bank receives fixed-income securities with excellent credit quality. Haircuts are applied to this collateral, the value of which always covers the total value of the gold loans, taking due account of possible margin calls.