 On May 3rd 1948 the Allies and Spain reached an agreement over the liquidation of German property assets in Spain which became known as the Allied- Spanish Safehaven accord .This accord specified that Spain agreed to turn over 101.6 kilograms of looted Nazi gold in exchange for the allies publicly acknowledging that Spain had not been aware of their acquisition of looted gold .On November 3rd 1948, in compliance with the Gold Declaration of February 22nd 1944, the American embassy in Madrid reported that the gold had been deposited in the Foreign Exchange Institute, demonstrating Spain’s commitment to the Safehaven accord.