Holocaust Assets Report

List of Agreements, Declarations, and Negotiations

Executive Order 8389 April 10, 1940 Froze Norwegian and Danish assets in the US; eventually every European country except UK was included, as well as China and Japan
Proclaimed List of Certain Blocked Nationals July 1942 Prohibited dealings with named individuals and firms in the Americas whose activities were deemed hostile to hemisphere defense
Inter-Allied Declaration Against Acts of Dispossession Committed in Territories Under Enemy Occupation or Control (London Declaration) January 5, 1943 Allies declared invalid transfers of property in occupied countries, even if they appeared to be legal
Declaration on Gold Purchases (Gold Declaration) February 22, 1944 Declared that US would not recognize transfer of looted gold from Axis and would not buy gold from any country which had not broken relations with Axis; UK and USSR made similar declarations
Cordell Hull speech April 9, 1944 Warned that US would no longer compromise with neutrals; warning to cease aiding enemy
Bretton Woods Resolution VI July-August 1944 Called on neutrals to take measures to prevent disposition or transfer of assets in enemy-occupied countries
Klaus Mission to European capitals August-October 1944 Fact-finding mission throughout Western Europe on German efforts to find safe havens abroad
US-UK-Swiss War Trade Agreement August 14, 1944 Switzerland reduced exports of strategic items to Germany (Agreement revised semi-annually)
US and UK instructions to diplomatic missions October 2, 1944 Instructed missions to request governments to adhere to Bretton Woods Resolution VI, to thwart Axis moves to hide loot in neutral countries
State Department circular instruction December 6, 1944 Organization and enforcement of Safehaven program
State Department paper: SC-15, "Current Policy Toward Switzerland" December 10, 1944

Advocated soft line toward Switzerland
Emphasized Switzerland's value as supplier for all belligerents and as intermediary for POWs
Noted Swiss humanitarian efforts on behalf of refugees
(OSS, Justice, Treasury, War, and Navy argued for harder line)
Yalta Conference February 1945

Agreed that reparations would be exacted from Germany, including external assets
Set up the Allied Reparations Commission
Currie Mission Agreement with Switzerland March 8, 1945 Switzerland agreed to

block assets of all European countries (except neutrals) and Japan
prevent cloaking of enemy assets
interrupt gold purchases from Germany
assist in restoration of looted property
conduct census of German assets in Switzerland
(Switzerland reneged on commitments)
Kilgore Subcommittee hearings June 1945 Warned that Swiss were continuing to deal with Axis
Potsdam Conference July 1945

Decided to use external German assets for reparations and for non-repatriables
Decided to restore looted monetary gold on a prorated basis to European countries
Soviets agreed to waive all claims to all external assets in Western Europe and to gold
Allied Control Council Law No. 5 October 30, 1945 ACC assumed control of all German assets abroad and the responsibility to divest the assets of German ownership
Paris Reparations Agreement January 1946

Disposition of external German assets
Restitution of looted gold
Establishment of the Gold Pool (see September 27, 1946 entry below)
Establishment of $25 million fund for assistance to non-repatriables from reparations, to come from proceeds of liquidated assets in neutrals
Allied-Swiss Accord (Washington Accord) May 1946

Switzerland to give 250 million SF ($58 million) to the Gold Pool
Switzerland to liquidate German assets in cooperation with a Joint Commission with Allied representatives
Liquidated assets to be split 50-50 with Allies
German owners of liquidated property to be compensated in German currency by authorities in Germany
US to unblock Swiss assets and Allies to discontinue black lists
Interpretation of the Accord could be referred to arbitration
Accord would be effective when ratified by Swiss Parliament
Annex to Washington Accord May 1946 Switzerland obligated to advance as a down payment up to 50 million SF ($11.6 million) of their share from liquidated assets for the $25 million Paris Reparations Fund
Letters with Washington Accord June 1946 Swiss committed to examine "sympathetically" making the proceeds of property in Switzerland of heirless victims at the disposal of the Allies for refugee relief (no action until 1962)
US and Allied Implementation of Allied-Swiss Accord May-November 1946

May: US starts unfreezing assets in the US of Swiss Government and Swiss National Bank
July: Allies eliminated blacklists
October: Private Swiss assets in the US unfrozen
November: Agreement on deblocking measures
Five-Power Conference on Reparation of Non- Repatriables June 14, 1946 Provided plan for assistance to Intergovernmental Committee on Refugees (later International Refugee Organization) for non-repatriables
Allied Announcement September 27, 1946 Creation of the Tripartite Commission on the Restitution of Monetary Gold
Non-Monetary Gold Directive from Joint Chiefs of Staff to USFET, USFA, OMGUS (Cable WX-85682) November 16, 1946 Instructed US occupation authorities to make available to IGCR all looted valuables that were in the custody of US forces in Germany and Austria; defined non-monetary gold as "all valuable personal property" looted from Nazi persecutees
Swiss Partial Implementation of Allied-Swiss Accord June 1947 Switzerland turned over 51.5 metric tons of gold to the TGC ($58 million, 250 million SF)
Economic Cooperation Act adopted by US Congress April 3, 1948

Legislative implementation of the European Recovery Program (Marshall Plan) for the economic recovery of Europe
$4 billion appropriated for the first year
Swiss Membership in Organization for European Economic Cooperation April 1948 Switzerland declared that it did not want economic assistance from the United States and would not agree to participating in the ERP if it meant compromising Switzerland's traditional neutrality
Allied-Bank for International Settlements (BIS) Agreement May 13, 1948 BIS agreed to ship 3,740 kg of gold ($4.2 million) to Bank of England for TGC-looted gold that BIS had "inadvertently acquired"
Swiss Agreement July 27, 1948 Switzerland agreed to pay 20 million SF ($4.7 million) to Paris Reparations Fund for IRO in partial satisfaction of May 1946 obligation
Allied-Swiss talks, Washington May-June 1949 No agreement on exchange rate, compensation of Germans in Soviet zone, or intercustodial matters
Swiss-Polish Agreement June 1949 Allowed the Polish state to acquire the assets in Switzerland of deceased Polish citizens (mostly Holocaust victims) without heirs; these assets could be used to pay Swiss claims against Poland
Tripartite Brussels Conference on definition of monetary and non-monetary gold January 1950 Defined monetary gold: monetary gold "should be held to include gold which under German law and regulations was monetary gold"
Allied-Swiss talks, Bern March-April 1951 "April 20 Understanding" on compensation for liquidation (which Germany rejected)

Germany to pay owners of liquidated property in Switzerland 50% of value (remainder to come from bonds issued by German Government)
Germany to receive 25% of the proceeds to pay owners
Allies and Switzerland split the rest (75%)

NSC 119, "The Position of the United States With Respect to Switzerland" December 9, 1951 Established US policy to bring Switzerland into closer relationship with the European defense effort
German-Swiss Agreement on Financing German Debt to Switzerland August 26, 1952 Established procedures for financing 121.5 million SF ($28.3 million) that Germany would pay to Switzerland for reimbursement of Swiss lump sum payment to Allies

Unclaimed assets of Germans were liquidated and proceeds made available to German Government to finance 121.5 million SF payment to Switzerland
German owners of property in Switzerland could either "contribute" to the German Government 1/3 the value of property returned to them or receive from the Swiss proceeds from liquidation in marks
German Government would borrow 121.5 million SF from Swiss banks in order to pay immediately (collateral would be "contributions" from German property owners)

Agreement on German Settlement of Reich's Wartime Debts to the Swiss August 26, 1952 Switzerland renounced claim to payment for liquidated German assets under Allied-Swiss Accord so long as Germany agreed to recognize Reich's debt of 1.2 billion SF ($275 million) (Germany agreed to pay 650 million SF) Allied-Swiss Agreement on Liquidation of German Property (Revising 1946 Washington Accord) August 28, 1952

Switzerland to pay the Allies a lump sum of 121.5 SF ($28.3 million), minus 20 million SF ($4.7 million) advanced to the Allies for the IRO in 1948, or 101.5 million SF ($23.6 million), in lieu of Switzerland's liquidation of German assets in Switzerland
From the 101.5 million SF, Allies contributed 13 million SF ($3 million) to bring the Paris Reparations Fund up to $25 million

Source: The United States State Department
This document is in the public domain.

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A Teacher's Guide to the Holocaust
Produced by the Florida Center for Instructional Technology,
College of Education, University of South Florida © 2005.

Executive Order 8389	April 10, 1940	Froze Norwegian and Danish assets in the US; eventually every European country except UK was included, as well as China and Japan
Proclaimed List of Certain Blocked Nationals	July 1942	Prohibited dealings with named individuals and firms in the Americas whose activities were deemed hostile to hemisphere defense
Inter-Allied Declaration Against Acts of Dispossession Committed in Territories Under Enemy Occupation or Control (London Declaration)	January 5, 1943	Allies declared invalid transfers of property in occupied countries, even if they appeared to be legal
Declaration on Gold Purchases (Gold Declaration)	February 22, 1944	Declared that US would not recognize transfer of looted gold from Axis and would not buy gold from any country which had not broken relations with Axis; UK and USSR made similar declarations
Cordell Hull speech	April 9, 1944	Warned that US would no longer compromise with neutrals; warning to cease aiding enemy
Bretton Woods Resolution VI	July-August 1944	Called on neutrals to take measures to prevent disposition or transfer of assets in enemy-occupied countries
Klaus Mission to European capitals	August-October 1944	Fact-finding mission throughout Western Europe on German efforts to find safe havens abroad
US-UK-Swiss War Trade Agreement	August 14, 1944	Switzerland reduced exports of strategic items to Germany (Agreement revised semi-annually)
US and UK instructions to diplomatic missions	October 2, 1944	Instructed missions to request governments to adhere to Bretton Woods Resolution VI, to thwart Axis moves to hide loot in neutral countries
State Department circular instruction	December 6, 1944	Organization and enforcement of Safehaven program
State Department paper: SC-15, "Current Policy Toward Switzerland"	December 10, 1944	Advocated soft line toward Switzerland Emphasized Switzerland's value as supplier for all belligerents and as intermediary for POWs Noted Swiss humanitarian efforts on behalf of refugees (OSS, Justice, Treasury, War, and Navy argued for harder line)
Yalta Conference	February 1945	Agreed that reparations would be exacted from Germany, including external assets Set up the Allied Reparations Commission
Currie Mission Agreement with Switzerland	March 8, 1945	Switzerland agreed to block assets of all European countries (except neutrals) and Japan prevent cloaking of enemy assets interrupt gold purchases from Germany assist in restoration of looted property conduct census of German assets in Switzerland (Switzerland reneged on commitments)
Kilgore Subcommittee hearings	June 1945	Warned that Swiss were continuing to deal with Axis
Potsdam Conference	July 1945	Decided to use external German assets for reparations and for non-repatriables Decided to restore looted monetary gold on a prorated basis to European countries Soviets agreed to waive all claims to all external assets in Western Europe and to gold
Allied Control Council Law No. 5	October 30, 1945	ACC assumed control of all German assets abroad and the responsibility to divest the assets of German ownership
Paris Reparations Agreement	January 1946	Disposition of external German assets Restitution of looted gold Establishment of the Gold Pool (see September 27, 1946 entry below) Establishment of $25 million fund for assistance to non-repatriables from reparations, to come from proceeds of liquidated assets in neutrals
Allied-Swiss Accord (Washington Accord)	May 1946	Switzerland to give 250 million SF ($58 million) to the Gold Pool Switzerland to liquidate German assets in cooperation with a Joint Commission with Allied representatives Liquidated assets to be split 50-50 with Allies German owners of liquidated property to be compensated in German currency by authorities in Germany US to unblock Swiss assets and Allies to discontinue black lists Interpretation of the Accord could be referred to arbitration Accord would be effective when ratified by Swiss Parliament
Annex to Washington Accord	May 1946	Switzerland obligated to advance as a down payment up to 50 million SF ($11.6 million) of their share from liquidated assets for the $25 million Paris Reparations Fund
Letters with Washington Accord	June 1946	Swiss committed to examine "sympathetically" making the proceeds of property in Switzerland of heirless victims at the disposal of the Allies for refugee relief (no action until 1962)
US and Allied Implementation of Allied-Swiss Accord	May-November 1946	May: US starts unfreezing assets in the US of Swiss Government and Swiss National Bank July: Allies eliminated blacklists October: Private Swiss assets in the US unfrozen November: Agreement on deblocking measures
Five-Power Conference on Reparation of Non- Repatriables	June 14, 1946	Provided plan for assistance to Intergovernmental Committee on Refugees (later International Refugee Organization) for non-repatriables
Allied Announcement	September 27, 1946	Creation of the Tripartite Commission on the Restitution of Monetary Gold
Non-Monetary Gold Directive from Joint Chiefs of Staff to USFET, USFA, OMGUS (Cable WX-85682)	November 16, 1946	Instructed US occupation authorities to make available to IGCR all looted valuables that were in the custody of US forces in Germany and Austria; defined non-monetary gold as "all valuable personal property" looted from Nazi persecutees
Swiss Partial Implementation of Allied-Swiss Accord	June 1947	Switzerland turned over 51.5 metric tons of gold to the TGC ($58 million, 250 million SF)
Economic Cooperation Act adopted by US Congress	April 3, 1948	Legislative implementation of the European Recovery Program (Marshall Plan) for the economic recovery of Europe $4 billion appropriated for the first year
Swiss Membership in Organization for European Economic Cooperation	April 1948	Switzerland declared that it did not want economic assistance from the United States and would not agree to participating in the ERP if it meant compromising Switzerland's traditional neutrality
Allied-Bank for International Settlements (BIS) Agreement	May 13, 1948	BIS agreed to ship 3,740 kg of gold ($4.2 million) to Bank of England for TGC-looted gold that BIS had "inadvertently acquired"
Swiss Agreement	July 27, 1948	Switzerland agreed to pay 20 million SF ($4.7 million) to Paris Reparations Fund for IRO in partial satisfaction of May 1946 obligation
Allied-Swiss talks, Washington	May-June 1949	No agreement on exchange rate, compensation of Germans in Soviet zone, or intercustodial matters
Swiss-Polish Agreement	June 1949	Allowed the Polish state to acquire the assets in Switzerland of deceased Polish citizens (mostly Holocaust victims) without heirs; these assets could be used to pay Swiss claims against Poland
Tripartite Brussels Conference on definition of monetary and non-monetary gold	January 1950	Defined monetary gold: monetary gold "should be held to include gold which under German law and regulations was monetary gold"
Allied-Swiss talks, Bern	March-April 1951	"April 20 Understanding" on compensation for liquidation (which Germany rejected) Germany to pay owners of liquidated property in Switzerland 50% of value (remainder to come from bonds issued by German Government) Germany to receive 25% of the proceeds to pay owners Allies and Switzerland split the rest (75%)
NSC 119, "The Position of the United States With Respect to Switzerland"	December 9, 1951	Established US policy to bring Switzerland into closer relationship with the European defense effort
German-Swiss Agreement on Financing German Debt to Switzerland	August 26, 1952	Established procedures for financing 121.5 million SF ($28.3 million) that Germany would pay to Switzerland for reimbursement of Swiss lump sum payment to Allies Unclaimed assets of Germans were liquidated and proceeds made available to German Government to finance 121.5 million SF payment to Switzerland German owners of property in Switzerland could either "contribute" to the German Government 1/3 the value of property returned to them or receive from the Swiss proceeds from liquidation in marks German Government would borrow 121.5 million SF from Swiss banks in order to pay immediately (collateral would be "contributions" from German property owners)
Agreement on German Settlement of Reich's Wartime Debts to the Swiss	August 26, 1952	Switzerland renounced claim to payment for liquidated German assets under Allied-Swiss Accord so long as Germany agreed to recognize Reich's debt of 1.2 billion SF ($275 million) (Germany agreed to pay 650 million SF) Allied-Swiss Agreement on Liquidation of German Property (Revising 1946 Washington Accord) August 28, 1952 Switzerland to pay the Allies a lump sum of 121.5 SF ($28.3 million), minus 20 million SF ($4.7 million) advanced to the Allies for the IRO in 1948, or 101.5 million SF ($23.6 million), in lieu of Switzerland's liquidation of German assets in Switzerland From the 101.5 million SF, Allies contributed 13 million SF ($3 million) to bring the Paris Reparations Fund up to $25 million