Institute of International Finance

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The Institute of International Finance, Inc. (IIF) is the only global association of financial institutions . It was founded in 1983 by 38 banks from the leading industrial nations and serves as a lobby organization for the financial industry. 200 of the 260 experts of the European Commission work for the major banks of the IIF. The IIF is currently run by HSBC boss Douglas Flint . Charles Dallara is the "legally responsible person for the organization". As of 2010, the IIF has over 450 members among the leading banks and employs 100 people. The IIF's strategy is to influence decision-makers at the highest level (US President, Federal Chancellor).

IIF and the financial crisis in the euro area

According to the Wall Street Journal, a document from the IIF was used by politicians as a guide ( roadmap ) to decide how large the involvement of private banks should be in a debt relief for Greece. The IIF therefore demanded “additional resources from European taxpayers” to save Greece. The IIF proposes three different models:

  1. Exchange of bonds : Outstanding bonds are to be replaced by new bonds with lower interest rates and longer terms. This is secured by a fund financed by Greece or the EFSF (European Financial Stability Facility), i.e. European taxpayers. As a result, the private banks have no direct losses and, moreover, have a low risk of loss.
  2. Exchange at a discount : Banks could take back outstanding bonds at prices well below their value and replace them with new bonds with longer terms. The interest on the bonds is based on the market interest rate. This is also secured by the EFSF, which is borne by European taxpayers.
  3. Buyback : Greece is buying back Greek bonds from the market through an agency to be set up. This is to be financed by the EFSF or by loans from other countries.

The chairman of the IIF Josef Ackermann took part in the summit, at which the conditions for the rescue of Greece were decided. The economist and economist Peter Bofinger stated: The banks and insurance companies contribute zero percent to the rescue of Greece. You are the winner of the summit negotiations. Bofinger concluded: The bank lobby was well represented at the summit. They asserted their interests very well.

Previous chair

  • Axel A. Weber (since 2017)
  • Douglas Flint (2012-2016)
  • Josef Ackermann (2003–2012)
  • John Bond (1998-2003)
  • Georges Blum (1997-1998)
  • Toyoo Gyohten (1994–1997)
  • William R. Rhodes (April - October 1994)
  • Antoine Jeancourt-Galignani (1991-1994)
  • Barry F. Sullivan (1986-1991)
  • Richard D. Hill (1984–1986)
  • William S. Ogden (1983)

Web links

Remarks

  1. ↑ http://www.wdr.de/tv/monitor//sendung/2011/0825/pdf/bruessel.pdf ( Memento from August 28, 2012 in the Internet Archive )
  2. ↑ Archived copy ( Memento of the original dated December 8, 2011 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / ec.europa.eu
  3. ↑ http://www.iif.com/membership/members/
  4. ↑ http://www.handelszeitung.ch/invest/der-maechtigste-herrenklub
  5. ↑ http://online.wsj.com/article/SB10001424052702303812104576441853016246930.html
  6. ↑ http://www.ftd.de/politik/europa/:schuldenkrise-bruessel-sucht-nach-der-grossen-loesung/60078699.html ( Memento from December 7, 2011 in the Internet Archive )
  7. ↑ http://www.wiwo.de/politik-weltwirtschaft/banken-beteiligen-sich-null-prozent-an-der-griechen-rettung-474476/print//
  8. ↑ http://www.makro.wiwi.uni-due.de/fileadmin/fileupload/VWL-MAKRO/Presse/2011/OEkonomen_schuetteln_den_Kopf_ueber_Banken-Beteiligung_-_WirtschaftsWoche.pdf