At the Bank of Lithuania — a symbolic visit from the former head of the Banque de France, who had returned Lithuania’s gold holdings

The former head of the Banque de France, Jacques de Larosière, who was visiting at the Bank of Lithuania, had been head of the French bank when in 1992 Lithuania’s pre-war gold-holdings were returned, which at the time had been held in France.

“Our country greatly appreciates the Banque de France’s responsibility and ability to preserve Lithuania’s gold holdings in the complicated vortex of history, which you returned to us when we regained our Independence. We will never forget and forever will be grateful that you, as head of the Banque of France, during those historical times, were able to make decisionscritical to Lithuania,” said VitasVasiliauskas, Chairman of the Board of the Bank of Lithuania, as he hosted the esteemed guest.

J. de Larosière visited the Money Museum of the Bank of Lithuania. The museum tells of the history of Lithuania’s gold holdings; the Banque de France’s role in helping regain it after the Soviet occupation is also described. In 1992 France (2.25 tonnes), Great Britain (2.95 tonnes) and the Bank for International Settlements (0.57 tonnes) returned to Lithuania all of the gold holdings. Sweden, in return for the gold holdings under its protection, at the request of our Government, paid compensation in German marks.

Jacques de Larosière and Vitas Vasiliauskas in the Money Museum of the Bank of Lithuania.  Photo of Andrius Ufartas (BFL)

Currently J. de Larosière is head of the European analytical centre EUROFI, which unites the most important global and European banking, insurance, assets management, credit rating and other financial sector undertakings, as well as representatives of high-level public sector and financial supervision institutions. In the past he used to be head of the International Monetary Fund and the European Bank for Reconstruction and Developments. A group of experts under his command played an important role in reforming the European Union’s financial sector and strengthening its regulation.

EUROFI, along with the Bank of Lithuania, the Ministry of Finance, and the Investment Forum, in Vilnius on 12–13 of September are preparing a financial forum. More than 500 participants shall take part in high-level discussions regarding Europe’s banking challenges and enhancement of the financial infrastructure; they will also assess progress achieved in implementation of the agreements reached by the twenty most influential countries in the world (G20).

International relations