Swiss Handled 76% Of Nazi Gold Deals

On the eve of a 41-nation conference looking at compensation for those who had gold taken by the Nazis, a study released Monday offered new ammunition about the role of Swiss banks in handling the confiscated money.

The study, by a panel of Swiss experts, found that Switzerland took part in 76 percent of all worldwide gold transactions by Nazi Germany’s Reichbank.

It said that Swiss banks handled $450 million in Nazi gold, some of which had been looted by Hitler’s regime.

The study is likely to encourage those calling for further compensation for Holocaust victims whose gold was taken by the Nazis.

In that regard, the United States announced plans Monday to give up to $29 million to a new fund designed to help needy victims of wartime Nazi persecution.

Undersecretary of State Stuart Eizenstat said he hoped the U.S. contribution would encourage other nations to do the same.

The World War II Allies still hold 5.5 tons of gold appropriated by the Nazis in the countries they occupied. The United States and Britain want that gold donated to a fund - to be officially unveiled today by British Foreign Secretary Robin Cook - so it can be returned to its rightful owners.

Elan Steinberg, executive director of the World Jewish Congress, said at a press conference Monday that Swiss banks actually handled 85 percent of gold confiscated by the Nazis - not the 76 percent cited in the Swiss study.

Among other findings of the Swiss study:

Nazi Germany plundered $146 million in gold from Holocaust victims and other individuals, which is valued today at $1.3 billion.

Swiss commercial banks took in three times as much Nazi gold as previously believed, or about $550 million at today’s value.

The Swiss National Bank accepted six times as much Nazi gold as did the Swiss commercial banks.