To ask the Chancellor of the Exchequer if the adoption of the euro would involve the physical movement of any proportion of UK gold reserves to the European Central Bank. [77543]

In accordance with Article 30 of the ESCB Statute and paragraph 10(b) of Protocol No.11 to the EC Treaty, if the UK joined the single currency, the Bank of England would be required to contribute to the foreign reserve assets of the ECB. The Bank of England would be credited by the ECB with a claim equivalent to its contribution, which would be remunerated. The ECB has the right to hold and manage the foreign reserve assets that are transferred to it, but physical movements is not necessary for these purposes.