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 ?
Bank of International Settlement (BIS) has appointed a head for its office in the Americas.
The Bank of International Settlement Triennial Central Bank Survey (September 2013) showed that the RMB is now the ninth most traded currency, and accounts for 2.2 per cent of global trading - up from 17th place with 0.9 per cent of volumes three years ago.
According to the Bank of International Settlement (BIS), banks across the world would face significant shortfalls in capital and liquidity.
Bank of International Settlement reported that Iran's foreign deposits in the first quarter of 2009 reached $$39.8 billion showing $1.7 billion fall over the last quarter of 2008.
The Bank of International Settlement (BIS) has issued a warning about the value of the US dollar.
The Bank of International Settlement, which acts as the secretariat for the committee, said, 'The countercyclical buffer would be imposed when, in the view of national authorities, excess aggregate credit growth is judged to be associated with a build-up of system-wide risk.'
"Attracting Raghuram Rajan, the highly respected Chicago-based economist and former Reserve Bank of India Governor, would be a coup, as would securing Agustn Carstens, Mexico's central bank chief and the new general manager of the Bank of International Settlements," stated the article on Sunday.
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 Reserve Bank today announced that it would be investing USD 25 million in the newly created EMEAP Bank of International Settlements Asian Bond Fund.
The Bank of International Settlements (BIS) has said that the banking system could see a tough time ahead because of tightening monetary conditions and future instabilities.
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 head of Bank of International Settlements (BIS) has opined that large Internet firms are an existential threat to international banks.