61340 Vorabseiten_e - Unabhängige Expertenkommission Schweiz

Figure 4: Gold purchases by the SNB from the Reichsbank, 1939–1945, per quarter
(in million francs)
160
140
120
100
80
60
40
20
0
- 20
- 40
1939 1940 1941 1942 1943 1944 1945
The descending bar refers to sales by the SNB to the Reichsbank in the third quarter of 1940.
Source: SNB Archives, Gold transactions for its own account 1939–1945, 4 March 1997.
declined significantly, although they continued until the last month of the war
in Europe.
From the beginning of 1943, Switzerland came under increasing pressure from
the Allies to curtail the gold transactions with Germany. Due to the Allies’
knowledge about the gold’s origin, the British and Americans, in their declarations,
raised the prospect of full restitution of the purchased gold after the end
of the war. Although these warnings increasingly preoccupied the SNB
Governing Board and prompted the adoption of various safeguards, it was not
until the Agreement of 8 March 1945 with the Western Allies’ mission, headed
by Laughlin Currie, that the Swiss National Bank halted its purchases of gold
from the Reichsbank, with the exception of consignments intended to cover
German diplomatic expenses, payments for prisoners of war, and contributions
for the International Committee of the Red Cross. Nevertheless, an agreement
with the Reichsbank on 11 April 1945 – known as the «Puhl Agreement»
established a far broader framework for German gold sales, partly as a result of
pressure from the insurance industry which insisted on obtaining payment for
insurance services to Germany. Reichsbank gold therefore continued to be
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