The reserves of the Bundesbank will not fund the EFSF

The German government Saturday denied press reports saying that the reserves of the Bundesbank would be used to replenish the European Financial Stability Fund (EFSF), the emergency fund in the euro area.

The Frankfurter Allgemeine Sonntagszeitung reported that the reserves of the German central bank - made ​​of gold and foreign exchange - will be used to increase the contribution of Germany to EFSF over 15 billion euros.

The Welt am Sonntag said the same thing in its columns.

"The foreign exchange reserves and gold in Germany, managed by the Bundesbank, have never been in discussions at the G20 summit in Cannes," said the spokesman of the German government.

G20 leaders met Thursday and Friday in Cannes discussed the idea of ​​the European System of Central Banks gather their foreign exchange reserves totaling 50 to 60 billion to a kind of EFSF funds in the form of special drawing rights (SDR) of the International Monetary Fund (IMF).

"We know this plan and we reject it," said a spokesman for the Bundesbank.