Bank for International Settlements

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Bank for International Settlements

(BIS), international financial institution est. (1930) in Basel, Switzerland, by bankers and diplomats from Europe, the United States, and Japan. It was originally set up to facilitate Germany's World War I reparation payments (a purpose that was soon abandoned). After World War II, BIS directors were accused of having helped to sell assests obtained illegally by the Nazis from occupied countries, but efforts to scrap the bank failed. The BIS later facilitated Marshall PlanMarshall Plan
or European Recovery Program,
project instituted at the Paris Economic Conference (July, 1947) to foster economic recovery in certain European countries after World War II. The Marshall Plan took form when U.S. Secretary of State George C.
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 payments (1947 on), acted for the Organization for European Economic Cooperation (1950–58), and helped establish the European monetary union (1960s on). Today its purpose is to serve central banks in their search for financial and monetary stability, to foster international monetary and financial cooperation, and to act as a bank for its members, which consist of 60 central banks and monetary authorities (including the European Central Bank). The BIS is a limited-share company and an international organization, not accountable to any nation but answerable to international law. The BIS promotes discussion and collaboration among central banks, conducts research on matters relating to central banks, acts as a counterparty for central banks in their financial operations, and serves as an agent or trustee in matters related to international finance.

Bibliography

See A. LeBor, Tower of Basel (2013).

References in periodicals archive ?
The Bank of International Settlements (BIS) has announced the finding that there is only a weak connection between economic growth and shrinking prices.
According to a report by the Bank of International Settlements, Iran`s deposits in foreign banks has reached $35 billion due to high oil prices.
The Bank of International Settlements shows sterling now accounts for 12% of foreign bank deposits held by world governments making sterling third in the rankings after the dollar and euro.
The Bank enjoys strong solvency ratios, with total capital as measured by the standards of the Bank of International Settlements (B.
com/bancware), will help Bank of America achieve compliance with the Internal Ratings Based approach of the Basel II Accord from the Bank of International Settlements.
The Bank of International Settlements has said that there is no scope for collateral scarcity, an apprehension that has been raised by some people in the banking industry.
The Bank enjoys strong solvency ratios, with total capital exceeding 21 percent as measured by the standards of the Bank of International Settlements (B.
Chinese banks are stepping in to take over the markets of Euro and Swiss banks, which are pulling out of Asia-Pacific, according to the Bank of International Settlements (BIS).