The Frankfurter Allgemeine Sonntagszeitung reported that Bundesbank reserves -- including foreign currency and gold -- would be used to increase Germany's contribution to the crisis fund, the European Financial Stability Facility (EFSF) by more than 15 billion euros ($20 billion).

The European Central Bank (ECB) would own the reserves, according to the paper, citing sources at the G20 meeting held in Cannes this week.

The Welt am Sonntag newspaper, citing similar plans, said 15 billion euros -- part of a euro zone-wide effort to raise 60 billion from central bank reserves -- would come from special drawing rights (SDR) that the Bundesbank holds.

G20 leaders in Cannes discussed the idea that the European System of Central Banks could pawn their total foreign exchange reserves of 50-60 billion euros to a trust of the European crisis fund in the form of special drawing rights from the International Monetary Fund (IMF), Welt am Sonntag said.

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

The issue was taken off the G20 agenda following opposition from the Bundesbank but the newspapers said it would be debated on Monday at a Eurogroup meeting of euro zone finance ministers.