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National Party's gold bars worth €400,000 in secure location - gardaí

The National Party says it keeps gold reserves in case of a currency collapse (stock image)
The National Party says it keeps gold reserves in case of a currency collapse (stock image)

Gardaí have identified the location of a large amount of gold reserves which National Party leader Justin Barrett claims has been stolen.

They are satisfied the gold bars, estimated to be worth around €400,000, are in a secure location and can only be accessed appropriately.

They are also satisfied they will be made aware of any moves to withdraw or transfer the gold while their inquiries into its origin and ownership continue.

Gardaí have also confirmed they have received a complaint alleging theft of the gold from a premises in Dublin but have not established that a crime has been committed and have not commenced a criminal investigation.

Mr Barrett, leader of the National Party, which has no elected TDs or Senators, has claimed that "a considerable quantity in gold" has been removed…"from the party's safe vault in Dublin" and has gone missing.

Mr Barrett said the gold "formed the main part of the party’s reserves in case of a mishap in general or more particularly a collapse in the value of fiat currency".

National Party leader Justin Barrett (file photo)

Fiat money is issued by governments usually through a semi-independent entity like a central bank. It is not backed by anything other than the authority of the central bank.

Gardaí are conducting inquiries to establish who had the authority to move or transfer the gold to another location.

The investigation is being carried out by a district detective unit.

In a statement Garda Headquarters said: "An Garda Síochána does not comment on third party statements or on named individuals."

It also said that "An Garda Síochána is carrying out enquiries into an allegation of theft from a premises in Dublin 4".

The National Party was found to be non-compliant with the 1997 Electoral Act last year.

In its report on political parties' annual statements of accounts for 2021, the Standards in Public Office Commission stated that the the National Party had not furnished accounts.

This meant it was not compliant with the requirements of the act.

The legislation requires political parties to disclose accounts and to keep accounting records.

During the General Election campaign of 2020 the National Party spent €29,513.

This figure was contained in an election expenses statement which was published by SIPO in November 2021.

Additional reporting Mícheál Lehane