Bank for International Settlements

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Bank for International Settlements

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 Plan 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).

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References in periodicals archive ?
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.
"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.
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 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 head of Bank of International Settlements (BIS) has opined that large Internet firms are an existential threat to international banks.
The Bank of International Settlements (BIS) has said that banks could be using techniques similar to the ones used by Lehman Brothers to hide debts.
The Bank of International Settlements (BIS) has opined that cryptocurrencies are not scalable, meaning their efficiency would drop proportional to the number of people using them.
The Bank of International Settlements (BIS) has warned that risks are building up in the Australian credit markets.
Carstens said, 'I hope that everything is in place by the time I begin working in the Bank of International Settlements.' Carstens is to take over as head of the Basel-based Bank of International Settlements after he quits the central bank.
The Bank of International Settlements has opined that nations such as Australia, which escaped the financial crisis, could be under risk of high household debts.