Séamus Kirk (Louth, Fianna Fail)
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Question 103: To ask the Minister for Finance if the suggestion that gold profits in the European Union central banks should be used to tackle the debt crisis in the peripheral countries in the eurozone, like Greece, Portugal and Ireland; and if he will make a statement on the matter. [15892/11]

Michael Noonan (Limerick City, Fine Gael)
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I am informed by the Central Bank that the value of gold and gold receivables held by the Bank at the end of 2010 was some €203.792 million (€147.975 million at end-2009). Gold is valued at the closing market price and securities at mid-market closing prices at year-end. The increase in the balance sheet entry for the value of the Bank's gold holdings at end-2010 is due to the change in the market value of gold during the year.

The Central Bank is required by legislation to remit annually to the Exchequer its surplus income arising in the previous year. The Bank is expected to pay €671.029 million to the Exchequer in 2011 in respect of its surplus income arising in 2010. This would not include the valuation adjustment on the gold assets.

Under the European Treaties and the Statue of the European Central Bank, the ECB and the European System of Central Banks are independent in the exercise of the powers and carrying out the tasks and duties conferred on them.