Bank for International Settlements

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Bank for International Settlements (BIS)
Bank for International Settlements (BIS)
Banque des règlements internationaux (BRI)
Banco de Pagos Internacionales
Banca dei Regolamenti Internazionali

Organization logo
Organization type International organization with its own legal status
Seat of the organs Basel , Switzerland (headquarters) (extra-territorial area)
Official and working languages

English , French , German , Italian, Spanish


May 17, 1930
BIZ headquarters: the 19-storey BIZ tower at the SBB train station in Basel
Today's second BIZ building on Aeschenplatz in Basel ; formerly the seat of UBS . Architect: Mario Botta

The Bank for International Settlements ( BIS ; English Bank for International Settlements , French Banque des règlements internationaux , Italian Banca dei Regolamenti Internazionali , Spanish Banco de Pagos Internacionales ) is an international organization of the financial system . Membership is reserved for central banks or comparable institutions. The BIS has 60  members , including the US Federal Reserve System , the Chinese People's Bank , the Bank of Japan , the Deutsche Bundesbank and the central banks of many other large economies.

The BIZ was founded on May 17, 1930 as part of a new regulation of the German reparation obligations after the First World War . It is the world's oldest international financial organization. It is known as the “ bank of the central banks” and has an important function in their cooperation with each other and with other institutions in the financial sector. It administers the currency reserves of the member banks and holds regular meetings of the central bank governors on issues relating to the economic and financial market situation as well as international currency and financial stability. The Secretariat of the Financial Stability Board (FSB) and the Basel Committee on Banking Supervision are also located at the BIS .

The BIS has been involved in many monetary and financial events and developments. She was z. B. during the time of the Bretton Woods system a forum where the presidents of the participating central banks exchanged ideas. Before founding the European Monetary Institute in 1994, she was involved in shaping the European Monetary Union .

The BIS is headquartered in Basel (Switzerland). The land, parts of buildings and BIS employees are only subject to Swiss sovereignty to a limited extent.

The BIS opened a representative office in Hong Kong in 1998 and one in Mexico City in 2002 . Members of the Board of Directors are (as of January 2019) u. a. ECB President Mario Draghi , Bundesbank President Jens Weidmann , Fed President Jerome Powell and the Deputy Governor of the Chinese People's Bank , Yi Gang .


Founding phase until 1933

BIS founding member Hjalmar Schacht

The foundation was contractually fixed in 1929/30 as part of the Young Plan , which re-regulated the reparation conditions, and was then known as the reparations bank. She initially took over the duties of the reparations agent . The Governor of the Bank of England, Montagu Norman , had already developed the idea of ​​such a cooperation center for the central banks in 1925: Since its renewed commitment to gold , which took place that year, the overvalued pound sterling has been under pressure, which has caused the economy in the United States Kingdom permanently burdened until 1931. In 1927, the governors of the four most important central banks met for an informal meeting in the USA for the first time.

The German Reich had to transfer its annuities to the newly created bank, which distributed them to Germany's various reparation creditors. In addition, the bank should strengthen cooperation between central banks, promote world trade and the international exchange of capital, and stabilize exchange rates . Young predicted in June 1929 that the bank would lubricate the machinery of world capitalism, preventing the spread of Bolshevism .

After an international conference in The Hague in August 1929 had approved the experts' plan in principle, another commission of experts met in Baden-Baden in October to establish the new financial institution. The committee included the partner of the Hamburg bank MMWarburg & CO , Carl Melchior , the American banker J. P. Morgan, Jr. and his partner Thomas W. Lamont. They had already worked on the Dawes and Young plans. The head of the German delegation was the President of the Reichsbank, Hjalmar Schacht , who had also been a member of the Young Committee, but considered the result to be fundamentally impossible. Schacht repeatedly clashed with the French representative Pierre Quesnay and his Belgian colleagues Franck and van Zeeland. The differences of opinion revolved around the appointment of the director's posts, the seat of the new institute and, last but not least, its character: while the French, Belgian and Italian experts wanted to institutionalize the BIS as a World Bank, also to remove reparations from the political sphere and thus against all attempts at revision Schacht strove to make it a pure reparations bank and not to grant it any further tasks. He had the British and American delegates on his side. In its statute, the competencies of the new bank were therefore strictly limited. Schacht also had success in the dispute over the seat of the BIS: he vehemently rejected Brussels as long as Eupen-Malmedy was not returned to Germany, which had been given to Belgium by the Treaty of Versailles in 1920. The Belgian experts left in protest, whereupon the other delegates were able to easily agree on Basel. On November 13, 1929, the remaining experts signed the statute for the new bank for international settlement.

After a second Hague Conference approved the committee's findings in January 1930, the BIS was formally established on February 27, 1930. It had a share capital of 500 million Swiss gold francs , most of which came from the central banks involved. The German Reichsbank, the Bank of England , the Banque de France , the Banca d'Italia , the Belgian National Bank , the Industrial Bank of Japan at the head of a group consisting of 14 Japanese banks, and the American Wall Street banking group JPMorgan & Co . , Rockefeller's First National Bank of New York, and First National Bank of Chicago (now part of Chase Manhattan Bank ) each subscribed 16,000 shares. American interests were de facto represented by the Morgan bank .

Until the move to the new tower in 1977, the Grand Hotel and the Hotel Savoy Univers on Centralbahnplatz in Basel served as the headquarters . When the Young Plan came into effect on May 17, 1930, the BIS began its work as a reparations bank.

The first president of the BIS was a member of the Deutsche Reichsbank , former director general of Rockefellers Chase National Bank and Gates White McGarrah, who until 1930 was director of the FED New York . On April 22, 1930, Pierre Quesnay , Director of the Bank of France, was elected by the Administrative Council as the first General Director of the BIS, against the votes of the German representatives. Carl Melchior was appointed by Schacht's successor when Hans Luther, President of the Reichsbank, was appointed Deputy Chairman of the BIS Board of Directors.

As early as 1931, when the German reparations were discontinued due to the global economic crisis , the actual task of the BIS to secure the reparation payments to the victorious powers of the First World War was largely eliminated .

By June 1931, 24 national central banks had already subscribed to the BIS. In addition to the central banks, the BIS included the leading Wall Street financial institutions mentioned above, which had a keen interest in doing business with Germany.


BIS board member Hermann Schmitz
BIS board member Kurt von Schröder
BIS attorney John Foster Dulles
Director of the CIA Allen W. Dulles

On the basis of the Third German Standstill Agreement signed in Berlin on February 17, 1933, the Bank for International Settlements appointed Marcus Wallenberg and Thomas McKittrick as members of the Arbitration Committee, as well as deputies and a. Robert Pferdmenges , partner in the private bank Sal. Oppenheim jr. & Cie. from Cologne .

In the time of National Socialism from 1933 to 1945 the BIS was considered to be very "Nazi-friendly" with an influential "German group" within the organization. Emil Puhl , executive vice-president of the Reichsbank , had become a deputy member ("alternate") of the BIS board of directors. The BIZ took over the Austrian gold in 1938 after the “Anschluss” of Austria, and in 1939, after the Nazi occupation of what was known as the rest of the Czech Republic, it also helped to transfer part of the Czech gold to the Nazi side. Lord Montagu Norman , one of the presidents of the BIS and also head of the Bank of England , did not prevent the transfer. From April 1939, the American Wall Street attorney Thomas McKittrick , who primarily represented the interests of Rockefeller, was appointed president of the BIS. During the war between 1939 and 1945, the BIS processed all necessary foreign exchange transactions for the German Reich. It therefore came later to the open criticism of the trade in looted gold (looted gold) taken over by the German National Central Banks. At the same time, the bank served as a meeting place for leading German representatives such as Hjalmar Schacht with bankers and the head of the American secret service in Switzerland, Allen W. Dulles , who was also director of Schroders Bank in New York and president of the private US foreign policy think tank and the Network's Council on Foreign Relations acted. Allen W. Dulles' brother, later Secretary of State John Foster Dulles , was an American lawyer for the BIS at the time.

German representatives on BIS governing bodies between 1933 and 1945
International representatives on BIS governing bodies between 1933 and 1945

Since 1945

After the Second World War, the BIS resumed its work and its statutes were changed so that all European central banks, including those of the socialist countries (with the exception of the Soviet Union and the GDR ) became members. Between 1962 and 1971, her work focused on coordinating responses to currency crises , in close collaboration with the Group of Ten ( G10 ). The central banks of the nine most important members of the International Monetary Fund were represented in the G10, as well as Switzerland , which was not yet a member of the IMF at the time. Since 1971, with the end of the fixed exchange rate system ( Bretton Woods system ), new issues have come to the fore, such as euro currency markets, payment systems, banking supervision and financial stability in general.

In 1977, the headquarters of the BIZ moved into a 70 m high round tower ( BIZ tower ) in Basel near the SBB train station, designed by the architect Martin Burckhardt .

On January 1, 1994, the second stage of monetary union began with the establishment of the European Monetary Institute. The tasks of this institute were to strengthen the cooperation of the national central banks, to coordinate their monetary policy more closely and to carry out the preparatory work for the establishment of the European System of Central Banks (ESCB), for the implementation of a single monetary policy and for the creation of the single currency. The institute served as a forum for monetary policy consultations, while interventions in the foreign exchange market continued to be the responsibility of the national central banks. As a result (and later with the introduction of the euro as book money (January 1, 1999) ) the BIS lost some of its importance.

In the course of the euro crisis , the activities of the BIS are attracting more public attention than before. On June 23, 2012, the BIS published its 2012 annual report. In it, it warns of the continued loose monetary policy of the most important central banks (in plain language: especially the ECB , the Fed (USA) and the Bank of Japan ). The ECB's crisis policy has prevented the financial system from collapsing; but this policy is now reaching its limits. Further extraordinary monetary policy impulses would become more and more of a danger, because the cost-benefit ratio was beginning to shift.



The BIS is a private international organization and has the legal status of a special-law stock corporation . It has its headquarters in Basel and a representative office in Hong Kong and Mexico City . Their authorized share capital was originally 1.5 billion gold francs . Since 2001 the capital of the BIS amounts to 6 billion special drawing rights, divided into 600,000 shares with 5,000 special drawing rights each. Following the amendment to the Articles of Association in 2001, these can only be held by central banks. One gold franc corresponds to a little more than 0.29 g of fine gold , which was the gold parity of the Swiss franc when the BIS was founded in 1930. Nowadays the annual accounts are drawn up in special drawing rights . Although it is formally a Swiss stock corporation, the BIS is an international organization according to the Hague Treaty and is therefore subject to international law. Until the amendment to the Articles of Association in 2001, there were also private shareholders; until 2003 some of them resisted being forcibly compensated. Since April 1, 2003, the BIS's currency of account has been the Special Drawing Right (see 73rd Annual Report).

General Assembly

The highest body of the BIS is the annual general assembly. At the beginning of 2012, 60 central banks had a seat and vote in the General Assembly. In addition to the countries in the Group of Ten, since 1999 these have also been the European Central Bank , the central banks of all Western European countries, most of the transition countries in Eastern Europe, the most important emerging Asian countries, the largest Latin American economies, as well as the People's Republic of China , India , Saudi Arabia and South Africa . The general meeting can decide on the dividend distribution and the appropriation of profits, approve the annual report and financial statements of the bank, adjust the remuneration of the board members and appoint the bank's independent auditors.

Board of Directors

Management is the responsibility of the board of directors. He is elected for three years and is supported by the four committees (auditing, banking and risk management, administration, nomination) during his business activities. According to the statutes of the BIS, this ex officio includes the presidents of the central banks of the founding members Belgium, France, Germany, Italy, Great Britain and the chairman of the Board of Governors of the US Federal Reserve , who has only held this office since 1994. Up to eleven additional governors of other central banks can be elected to the board of directors. The board of directors elects its chairman. He used to elect the President of the BIS, with the two offices being in personal union from 1948 to June 27, 2005, when the President's office was abolished. It also appoints the general manager and the other members of management.

The current board of directors

On January 9, 2012, in the wake of the Hildebrand affair , Philipp Hildebrand resigned as President of the Board of Directors of the Swiss National Bank and resigned from the BIS Board of Directors as both a member and chairman of the Administrative Committee. In a meeting on May 7, 2012, the Board of Directors elected Thomas Jordan , Hildebrand's successor as Chairman of the Board of Directors of the Swiss National Bank, as a member of the Board of Directors for the remainder of the term of office, i.e. H. until March 31, 2013.

General Director

The Mexican Agustín Carstens has headed the BIS since December 1, 2017 in the role of General Director, Luiz Awazu Pereira da Silva is the Vice General Director. Monica Ellis heads the general secretariat. The basic salary of the General Manager was CHF 696,100 in 2018 and that of the Vice General Manager was CHF 589,008.

Chief economist

Claudio Borio and Hyun Song Shin have been Chief Economists at the BIS since May 1, 2014 .

BIS committees, bodies and institutes

  • Banking department
  • General Secretariat
  • Currency and Economic Department
    • Basel Committee on Banking Supervision (BCBS)
    • Committee on the Global Financial System (CGFS)
    • Committee on Payments and Market Infrastructures (CPMI)
    • Markets Committee
    • Central Bank Governance Group
    • Irving Fisher Committee (IFC)
  • Institute for Financial Stability (FSI)
  • Financial Stability Board (FSB)
  • International Association of Deposit Insurance (IADI)
  • International Association of Insurance Supervisors (IAIS)


According to its own information, the main task of the BIS is to support central banks in their pursuit of currency and financial stability, to promote international cooperation in this area and to serve the central banks as a bank.

Trustee function in international payment transactions

In its function as the bank of the central banks, the BIS manages parts of the currency reserves of numerous countries and international financial institutions. At the end of 2000, the money deposited with the BIS accounted for around 7% of the world's currency reserves; around 120 central banks were among their customers. The deposits are held as highly liquid investments and are therefore quickly available.

Coordinating and dealing with problems of monetary and currency policy

Cooperation between central banks

At the same time, in accordance with its statutes, the BIS is a forum for international cooperation on monetary and financial issues. This takes place in the context of informal meetings on the occasion of the general assemblies and the meetings of the Board of Directors.

Promote the stability of the international financial system

However, the BIS has also been given a number of specific tasks over the years. For example, when the first tensions in the fixed exchange rate system ( Bretton Woods ) arose in the course of the 1960s , it was involved in numerous support actions for European currencies. Numerous committees and working groups have been set up to deal with technical issues. Against the background of the globalization of the financial markets and the rapidly growing cross-border capital flows, the BIS gained importance as a supervisory body for financial market institutions.

Banking supervision and working papers

In the banking sector, this is the Basel Committee on Banking Supervision, which was set up in 1974 in response to a series of bank failures. The “Basel Concordat” on banking supervision resulted from the work of the committee. Minimum requirements for the capital adequacy of internationally active banks have been in force since 1988, with the various regulations that had previously been in force in the individual countries were harmonized. Equity capital was required that made up at least 8% of the assets. The rules are only minimum requirements that the individual countries implement into national law. In Basel II from 2007 binding in the European Union are minimum capital requirements laid down. The USA will gradually implement the regulations from 2008 onwards. With Basel III the set of rules will be further supplemented, e.g. a. with liquidity requirements.

The International Association of Insurance Supervisors (IAIS ), whose secretariat has been at the BIS since January 1998, deals with the insurance sector . The association was founded in 1994 and aims to formulate internationally recognized principles and standards for effective insurance supervision in its more than 100 member countries. However, it is not affiliated or subordinate to the BIS.

Finally, the BIS also conducts research in the field of monetary policy and theory, which it publishes in working papers and contributions to scientific journals, and general economic analyzes, which appear in its quarterly reports. It also collects a great deal of data from its members and compiles them into international banking statistics, which are published quarterly. The data on the international debt of the countries, the results of which are published in cooperation with the OECD , the International Monetary Fund and the World Bank , are of particular importance for the assessment of country risks and the early detection of financial crises .


The following 60 central banks and financial organizations are members of the BIS and sit in the annual general assembly:

AlgeriaAlgeria Banque d'Algérie ArgentinaArgentina Banco Central de la República Argentina AustraliaAustralia Reserve Bank of Australia BelgiumBelgium Banque Nationale de Belgique Bosnia and HerzegovinaBosnia and Herzegovina Centralna banka Bosne i Hercegovine
BrazilBrazil Banco Central do Brasil BulgariaBulgaria Balgarska Narodna Banka ChileChile Banco Central de Chile China People's RepublicPeople's Republic of China Chinese People's Bank DenmarkDenmark Danmarks National Bank
GermanyGermany German Bundesbank EstoniaEstonia Eesti Pank Flag of Europe.svg European Central Bank FinlandFinland Suomen Pankki FranceFrance Banque de France
GreeceGreece Bank of Greece Hong KongHong Kong Hong Kong Monetary Authority IndiaIndia Reserve Bank of India IndonesiaIndonesia Bank Sentral Republic of Indonesia IrelandIreland Central Bank of Ireland
IcelandIceland Seðlabanki Íslands IsraelIsrael Bank of Israel ItalyItaly Banca d'Italia JapanJapan Bank of Japan CanadaCanada Bank of Canada
ColombiaColombia Banco de la República Korea SouthSouth Korea Bank of Korea CroatiaCroatia Hrvatska narodna banka LithuaniaLithuania Latvijas Banka LatviaLatvia Lietuvos bankas
LuxembourgLuxembourg Banque centrale du Luxembourg MalaysiaMalaysia Bank Negara Malaysia North MacedoniaNorth Macedonia Narodna Banka na Republika Severna Makedonija MexicoMexico Banco de México NetherlandsNetherlands De Nederlandsche Bank
New ZealandNew Zealand Reserve Bank of New Zealand NorwayNorway Norges Bank AustriaAustria National Bank of Austria PeruPeru Banco Central de Reserva del Perú PhilippinesPhilippines Bangko Sentral ng Pilipinas
PolandPoland Narodowy Bank Polski PortugalPortugal Banco de Portugal RomaniaRomania Banca Naţională a României RussiaRussia Bank Rossii Saudi ArabiaSaudi Arabia Saudi Arabian Monetary Authority
SwedenSweden Sveriges Riksbank SwitzerlandSwitzerland Swiss National Bank SerbiaSerbia Narodna banka Srbije SingaporeSingapore Monetary Authority of Singapore SlovakiaSlovakia Národná banka Slovenska
SloveniaSlovenia Banka Slovenije SpainSpain Banco de España South AfricaSouth Africa South African Reserve Bank ThailandThailand Bank of Thailand Czech RepublicCzech Republic Česká národní banka
TurkeyTurkey Türkiye Cumhuriyet Merkez Bankası HungaryHungary Magyar Nemzeti Bank United StatesUnited States Board of Governors of the Federal Reserve System United Arab EmiratesUnited Arab Emirates Central Bank of the United Arab Emirates United KingdomUnited Kingdom Bank of England


  • Günther Beitzke: The legal status of the bank for international settlement, especially in international law. Noske, Borna-Leipzig 1932, also dissertation at the Christian-Albrechts-Universität zu Kiel.
  • The mysterious BIS. The Bank for International Settlements turns 75. In: analyze & kritik . No. 498 of September 16, 2005.
  • James Calvin Baker: The Bank for International Settlements: Evolution and Evaluation. Quorum Books, Westport (Connecticut) 2002, ISBN 1-56720-518-6 .
  • Adam LeBor : The Basel Tower . BIS-The bank of banks and its dark history. 1st edition. Rotpunktverlag, 2014, ISBN 978-3-85869-589-5 (English: Tower of Basel: The Shadowy History of the Secret Bank that Runs the World . New York 2013. Translated by Peter Stäuber).
  • Gianni Toniolo (Ed.): Central Bank Cooperation at the Bank for International Settlements, 1930–1978. Cambridge University Press, New York 2005, ISBN 978-0-521-84551-9 .
BIZ at the time of National Socialism (1933–1945)

Web links

Commons : Bank for International Settlements  - collection of images, videos and audio files


  1. Entry of the Bank for International Settlements in the Commercial Register of the Canton of Basel-Stadt ( Memento from December 11, 2015 in the Internet Archive )
  2. 82nd Annual Report of the BIS, 2012 (PDF; 7 MB)
  3. a b c d e Official BIS archive (PDF)
  4. See also the Brussels Protocol of July 30, 1936 on the Immunities of the Bank for International Settlements . Switzerland joined this in 1936 , the Federal Republic in March 1956 ( Federal Law Gazette Part II No. 7 of March 26, 1956 (pdf))
  5. About the Representative Offices
  6. Headquarters Agreement, Article 3 (PDF)
  7. a b [1]
  8. ^ Hans Gestrich: The Young Plan. Leipzig 1930.
  9. ^ Alfred Lansburgh (Ed.): The Reparationsbank. Critical considerations by L. Albert Hahn, Alfred Lansburgh, Wilhelm Lautenbach, Hans Neisser, Melchior Palyi, Walter Sulzbach, Erich Welter. 1929.
  10. ^ A b Gianni Toniolo: Central Bank Cooperation at the Bank for International Settlements. Cambridge University Press, Cambridge 2007, p. 30.
  11. Bruce Kent: The Spoils of War. The Politics, Economics, and Diplomacy of Reparations 1918–1932. Clarendon, Oxford 1989, pp. 303 and 325.
  12. ^ Franz Knipping: Germany, France and the end of the Locarno era 1928–1931. Studies on international politics in the early stages of the Great Depression. Oldenbourg, Munich 1987, p. 100 f .; Doris Pfleiderer: Germany and the Youngplan. The role of the Reich government, Reichsbank and economy in the creation of the Young Plan. Dissertation, Stuttgart 2002, p. 259 f. ( online (PDF; 1.1 MB), accessed on September 13, 2012.)
  13. Carola Stern , Thilo Vogelsang , Erhard Klöss and Albert Graff (eds.): Dtv-Lexicon on history and politics in the 20th century. dtv, Munich 1974, p. 70.
  14. James C. Baker: The Bank for International Settlements: Evolution and Evaluation , Praeger, 2002, ISBN 1-56720-518-6 , p. 6
  15. Federal Archives. Files of the Reich Chancellery: "... Bankhaus Morgan represented."
  16. BIS Official Annual Report 1930/31 (PDF; 1 MB)
  17. 9th Annual Report of the BIS, 1939 (PDF; 5.6 MB), p. 148.
  18. Federal Archives. Reich Chancellery files: McGarrah, Gates White
  19. ^ Peter Freimark:  Melchior, Carl. In: New German Biography (NDB). Volume 17, Duncker & Humblot, Berlin 1994, ISBN 3-428-00198-2 , p. 11 f. ( Digitized version ).
  20. Official history of the BIS (PDF; 50 kB)
  21. 3rd Annual Report of the BIS, p. 30, 1933 (PDF; 2.8 MB)
  22. a b Werner Rings: Raubgold from Germany. Switzerland's “gold hub” in World War II. Munich 2nd ed. 1997, here pp. 47–85; see. Ralf Banken: precious metal shortage and large-scale robbery. The development of the German precious metal sector in the "Third Reich" 1933-1945. Berlin 2009; as well as Switzerland and the gold transactions in World War II. Publications of the UEK, Volume 16, ISBN 978-3-0340-0616-3
  23. DER SPIEGEL 12/1997: SWITZERLAND: Hitler's zealous fence
  24. Wirtschaftswoche , Vol. 50/1996, p. 121
  25. ^ Economic Archives of the State of North Rhine-Westphalia: Director of the Reichsbank from 1935–1939 Ernst Hülse
  26. [2]
  27. ^ Vita of Leon Fraser (PDF; 679 kB)
  28. cf. z. B. Otmar Emminger : D-Mark, dollar, currency crises - a former Bundesbank president remembers (1986)
  29. Overview of the economic chapters
  30. FAZ: BIS sees the limit of loose monetary policy reached
  31. The BIS in profile (PDF; 43 kB)
  32. Partial Award on the lawfulness of the recall of the privately held shares on January 8, 2001 and the applicable standards for valuation of those shares. (PDF.-Doc. 1.34 MB) Arbitration decision between the former private shareholders and the BIS regarding the legality of the share buyback. Permanent Court of Arbitration, November 22, 2002, accessed September 12, 2012 .
  33. Final Award on the Claims for compensation for the shares formerly held by the claimants, interest due thereon and costs of the arbitration and on the counterclaim of the Bank against First Eagle SoGen Funds, Inc. (PDF-doc. 917 kB) Arbitration decision between former private shareholders and the BIS regarding the value of the repurchased shares. Permanent Court of Arbitration, September 19, 2003, accessed September 12, 2012 .
  34. ^ Official member gallery of the Group of Thirty: Mark J. Carney ( Memento of August 6, 2013 in the Internet Archive )
  35. Official member gallery of the Group of Thirty: Mario Draghi ( Memento from August 6, 2013 in the Internet Archive )
  36. BIS Annual Report 2018/19. (PDF; 7.7 MB) BIS, p. 85 , accessed on July 4, 2019 (English, German BIS Annual Report 2018/19 ).
  37. Bank for International Settlements, June 23, 2013: 83rd Annual Report , p. 99.
  38. 83rd Annual Report of the BIS, 2013

Coordinates: 47 ° 32 '53.2 "  N , 7 ° 35' 30.3"  E ; CH1903:  611527  /  two hundred and sixty-six thousand three hundred eighty-eight