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 ?
Ahmad Aweidah, CEO of the Palestine Exchange said: "This upgrade corresponds to the PEX performance within best international practices and the recommendations of the International Organization of Securities Commissions (IOSCO) and the Bank for International Settlement (BIS)." Aweidah hoped that this step will enhance investor's confidence in the Palestine Exchange and attract more investments.
12 The Lamfalussy standards specify the minimum criteria any private net settlement system must meet to be acceptable to a G-10 central bank (Bank for International Settlement, 1990).
However, the Bank for International Settlement's (BIS) 'locational banking statistics', showed a greater fall of 11 percent in 2018.
The agreement was concluded in the Global Economic Meeting, a part of the annual meeting of the Bank for International Settlement (BIS) in Basel, Switzerland, on June 26.
Bank for International Settlements (BIS) has announced plans to establish an international hub for financial technology.
Data from the Bank for International Settlements show that $23bn from Turkmenistan has accumulated in accounts in Germany, although the data do not reveal who the account-holders are, The Economist reports.
It recommends that national important payment system operators be compliant with the standard developed by the Committee on Payments and Market Infrastructures of the Bank for International Settlements jointly with the International Organization of Securities Commissions.
He also served as the Vice-Chairman at the Bank for International Settlements. Another person that could be a candidate for the post is Indian-origin Baroness Shriti Vadera.
Among them are Benoit Coeure, one of the six permanent members of the European Central Bank, Tao Zhang, Deputy Managing Director of the International Monetary Fund, and Luiz Awazu Pereira da Silva, Deputy Managing Director of the Bank for International Settlements. The governor of Iceland's central bank and the vice governors of the central banks of the Czech Republic and Lithuania as well as representatives of the world's largest asset manager, BlackRock, are also expected to be in attendance.
9 on the list due to a "significant expansion" in offshore trading, the Bank for International Settlements said in a report Thursday.
Summary: TEHRAN (FNA)- The Bank for International Settlements announced that Iran's deposits with 39 world banks reached $15.44 billion at the end of March 2012 showing a $1.09 billion increase in a three-month period.