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Taxation
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A tax is an involuntary fee paid by individuals or businesses to a state, or to functional equivalents of a state, including tribes, secessionist movements or revolutionary movements. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        An income tax is a tax levied on the financial income... This article is the current Taxation Collaboration of the Month. ... For all other forms of taxation, see tax Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        A capital gains... 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BIS Headquarters in Basel

BIS building by Mario Botta, in Basel.

The Bank for International Settlements (or BIS) is an international organization of central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks." ^[1] The BIS carries out its work through subcommittees, the secretariats it hosts, and through its annual General Meeting of all members. It also provides banking services, but only to central banks, or to international organizations like itself. Based in Basel, Switzerland, the BIS was established by the Hague agreements of 1930. The name of the BIS in German: Bank für Internationalen Zahlungsausgleich (BIZ), in French: Banque des Reglements Internationaux (BRI), in Italian: Banca dei Regolamenti Internazionali (BRI), in Spanish (not an official BIS language): Banco de Pagos Internacionales (BPI). It has representative offices in Hong Kong (SAR) and Mexico City. Not to be confused with Political economy. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Monetary policy is the process by which the government, central bank... In macroeconomics, money supply (monetary aggregates, money stock) is the quantity of currency and money in bank accounts in the hands of the non-bank public available within the economy to purchase goods, services, and securities. ... For other uses, see Gold standard (disambiguation). ... Fiscal policy is the economic term that defines the set of principles and decisions of a government in setting the level of public expenditure and how that expenditure is funded. ... Government spending or government expenditure consists of government purchases, which can be financed by seigniorage (the creation of money for government funding, at a heavy price of high inflation and other possibly devastating consequences), taxes, or government borrowing. ... This article is about budget deficits. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Government debt (also known as public debt or national debt) is... This article does not cite any references or sources. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        For other uses of this word, see tariff (disambiguation). ... A trade pact is a wide ranging tax, tariff and trade pact that usually also includes investment guarantees. ... The field of finance refers to the concepts of time, money and risk and how they are interelated. ... This article does not cite any references or sources. ... There are two basic financial market participant catagories, Investor vs. ... Domestic credit to private sector in 2005 Corporate finance is an area of finance dealing with the financial decisions corporations make and the tools and analysis used to make these decisions. ... Personal finance is the application of the principles of finance to the monetary decisions of an individual or family unit. ... This article does not cite any references or sources. ... For other uses, see Bank (disambiguation). ... Fractional-reserve banking refers to a financial system in which some fraction of the deposits can be used to finance profitable but illiquid investments. ... Full-reserve banking is a theoretically conceivable banking practice in which all deposits, banknotes, and notes in a financial system would be backed up by assets with a store of value. ... Please wikify (format) this article or section as suggested in the Guide to layout and the Manual of Style. ... Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law (Sharia) principles and guided by Islamic economics. ... Image File history File links BankIntZahlungsausgleich. ... Image File history File links BankIntZahlungsausgleich. ... Mario Botta (born April 1, 1943) is a famous modern architect born in Mendrisio, Ticino canton, Switzerland. ... For other uses, see Basel (disambiguation). ... For the political science journal, see International Organization. ... A central bank is an entity responsible for monetary policy of its country (or in the case of the EU, group of member countries). ... For other uses, see Basel (disambiguation). ... Year 1930 (MCMXXX) was a common year starting on Wednesday (link will display 1930 calendar) of the Gregorian calendar. ...

Organization of central banks

As an organization of central banks, the BIS seeks to make monetary policy more predictable and transparent among its 55 member central banks. While monetary policy is determined by each sovereign nation, it is subject to central and private banking scrutiny and potentially to speculation that affects foreign exchange rates and especially the fate of export economies. Failures to keep monetary policy in line with reality and make monetary reforms in time, preferably as a simultaneous policy among all 55 member banks and also involving the International Monetary Fund, have historically led to losses in the billions as banks try to maintain a policy using open market methods that have proven to be unrealistic. Central banks do not unilaterally "set" rates, rather they set goals and intervene using their massive financial resources and regulatory powers to achieve monetary targets they set. One reason to coordinate policy closely is to ensure that this does not become too expensive and that opportunities for private arbitrage exploiting shifts in policy or difference in policy, are rare and quickly removed. Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Monetary policy is the process by which the government, central bank... The foreign exchange (currency or forex or FX) market exists wherever one currency is traded for another. ... Monetary Reform is accounting reform that reaches more deeply into banking central bank, money supply and monetary policy. ... Simultaneous policy requires governments in all jurisdictions at once, worldwide, to implement a policy shift at once, so that none is disadvantaged. ... IMF redirects here. ... In economics, the open market is the term used to refer to the environment in which bonds are bought and sold. ... In economics and finance, arbitrage is the practice of taking advantage of a price differential between two or more markets: a combination of matching deals are struck that capitalize upon the imbalance, the profit being the difference between the market prices. ...

Two aspects of monetary policy have proven to be particularly sensitive, and the BIS therefore has two specific goals: to regulate capital adequacy and make reserve requirements transparent. Tier 1 capital is the core measure of a banks financial strength from a regulators point of view. ... The reserve requirement (or required reserve ratio) is a bank regulation that sets the minimum reserves each bank must hold to customer deposits and notes. ...

Regulates capital adequacy

Capital adequacy policy applies to equity and capital assets. These can be overvalued in many circumstances. Accordingly the BIS requires bank capital/asset ratio to be above a prescribed minimum international standard, for the protection of all central banks involved. The BIS' main role is in setting capital adequacy requirements. From an international point of view, ensuring capital adequacy is the most important problem between central banks, as speculative lending based on inadequate underlying capital and widely varying liability rules causes economic crises as "bad money drives out good" (Gresham's Law). Specific policies are explained below. For other uses, see Stock (disambiguation). ... In accounting, a capital asset is an asset that is recorded as capital - that is, property that creates more property, e. ... Greshams law is commonly stated as: When there is a legal tender currency, bad money drives good money out of circulation. or more accurately Money overvalued by the State will drive money undervalued by the State out of circulation. ...

Encourages reserve transparency

Reserve policy is also important, especially to consumers and the domestic economy. To insure liquidity and limit liability to the larger economy, banks cannot create money in specific industries or regions without limit. To make bank depositing and borrowing safer for customers and reduce risk of bank runs, banks are required to set aside or "reserve". Market liquidity is a business or economics term that refers to the ability to quickly buy or sell a particular item without causing a significant movement in the price. ... In the most general sense, a liability is anything that is a hindrance, or puts individuals at a disadvantage. ...

Reserve policy is harder to standardize as it depends on local conditions and is often fine-tuned to make industry-specific or region-specific changes, especially within large developing nations. For instance, the People's Bank of China requires urban banks to hold 7% reserves while letting rural banks continue to hold only 6%, and simultaneously telling all banks that reserve requirements on certain overheated industries would rise sharply or penalties would be laid if investments in them did not stop completely. The PBoC is thus unusual in acting as a national bank, focused on the country not on the currency, but its desire to control asset inflation is increasingly shared among BIS members who fear "bubbles", and among exporting countries that find it difficult to manage the diverse requirements of the domestic economy, especially rural agriculture, and an export economy, especially in manufactured goods. Effectively, the PBoC sets different reserve levels for domestic and export styles of development. Historically, the US also did this, by dividing federal monetary management into nine regions, in which the less-developed Western US had looser policies. A developing country is a country with low average income compared to the world average. ... The Peoples Bank of China (PBC) (Simplified Chinese: 中国人民银行; Traditional Chinese: 中國人民銀行; pinyin: Zhōngguó Rénmín Yínháng ) (not to be confused with the Bank of China or the Central Bank of China) is the central bank of the Peoples Republic of China with the power to... The term national bank has several meanings: especially in developing countries, a bank owned by the state an ordinary private bank which operates nationally (as opposed to regionally or locally or even internationally) In the past, the term national bank has been used synonymously with central bank, but it is... Assets inflation is an economic phenomenon denoting a rise in price of assets, as opposed to ordinary goods and services. ... bubbles are things that you make out of soap. ...

For various reasons it has become quite difficult to accurately assess reserves on more than simple loan instruments, and this plus the regional differences has tended to discourage standardizing any reserve rules at the global BIS scale. Historically, the BIS did set some standards which favoured lending money to private landowners (at about 5 to 1) and for-profit corporations (at about 2 to 1) over loans to individuals. These distinctions reflecting classical economics were superseded by policies relying on undifferentiated market values - more in line with neoclassical economics. Classical economics is widely regarded as the first modern school of economic thought. ... Neoclassical economics refers to a general approach (a metatheory) to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. ...

Tier 1 vs. Total capital

The BIS sets "requirements on two categories of capital, Tier 1 capital and Total capital. Tier 1 capital is the book value of its stock plus retained earnings. Tier 2 capital is loan-loss reserves plus subordinated debt. Total capital is the sum of Tier 1 and Tier 2 capital. Tier 1 capital must be at least 4% of total risk-weighted assets. Total capital must be at least 8% of total risk-weighted assets. When a bank creates a deposit to fund a loan, its assets and liabilities increase equally, with no increase in equity. That causes its capital ratio to drop. Thus the capital requirement limits the total amount of credit that a bank may issue. It is important to note that the capital requirement applies to assets while the bank reserve requirement applies to liabilities." - from an extremely detailed and robust account of the use of reserve policy and other central bank powers in China by Henry C.K. Liu. Tier 1 capital is the core measure of a banks financial strength from a regulators point of view. ... Tier 2 capital is a measure of a banks financial strength with regard to the second most reliable form of financial capital, from a regulators point of view. ...

Goal: a financial safety net

The relatively narrow role the BIS plays today does not reflect its ambitions or historical role.

A "well-designed financial safety net, supported by strong prudential regulation and supervision, effective laws that are enforced, and sound accounting and disclosure regimes," are among the Bank's goals. In fact they have been in its mandate since its founding in 1930 as a means to enforce the Treaty of Versailles. See history below. Accounting reform is an expansion to accounting rules that goes beyond the realm of financial measures for both individual economic entities and national economies. ... This article is about the Treaty of Versailles of June 28, 1919, which ended World War I. For other uses, see Treaty of Versailles (disambiguation) . The Treaty of Versailles (1919) was a peace treaty that officially ended World War I between the Allied and Associated Powers and Germany. ...

The BIS has historically had less power to enforce this "safety net" than it deems necessary. Recent head Andrew Crocket has bemoaned its inability to "hardwire the credit culture," despite many specific attempts to address specific concerns such as the growth of Offshore Financial Centres (OFCs), Highly Leveraged Institutions (HLIs), Large and Complex Financial Institutions (LCFIs), deposit insurance and especially the spread of money laundering and accounting scandals. Andrew Crockett is the former head of the Bank for International Settlements. ... An offshore financial centre (or OFC), although not precisely defined, is usually a low-tax, lightly regulated jurisdiction which specialises in providing the corporate and commercial infrastructure to facilitate the use of that jurisdiction for the formation of offshore companies and for the investment of offshore funds. ... Large and Complex Financial Institutions, or LCFI, is a polite term for the Bulge Bracket banks. ... Explicit Deposit insurance is a measure introduced by policy makers in many countries to protect deposits, in full or in part, in the event of a run on a bank or banks. ... Money laundering is the practice of engaging in financial transactions in order to conceal the identity, source and destination of the money in question. ... ...

History

Despite its recent history of taking a narrow central bank mediation role, the BIS was originally formed to facilitate money transfers arising from settling an obligation arising from a peace treaty. After World War I, the need for the bank was suggested in 1929 by the Young Committee, as a means of transfer for German reparations payments - see Treaty of Versailles. The plan was agreed in August of that year at a conference at the Hague, and a charter for the bank was drafted at the International Bankers Conference at Baden Baden in November. The charter was adopted at a second Hague Conference on January 20, 1930. “The Great War ” redirects here. ... The Young Plan was a program for settlement of German reparations debts after World War I. It was presented by the committee headed (1929-30) by Owen D. Young. ... This article is about the Treaty of Versailles of June 28, 1919, which ended World War I. For other uses, see Treaty of Versailles (disambiguation) . The Treaty of Versailles (1919) was a peace treaty that officially ended World War I between the Allied and Associated Powers and Germany. ... , Baden-Baden is a town in Baden-Württemberg, Germany. ... is the 20th day of the year in the Gregorian calendar. ... Year 1930 (MCMXXX) was a common year starting on Wednesday (link will display 1930 calendar) of the Gregorian calendar. ...

The BIS was originally owned by both the governments and private individuals, since the United States and France had decided to sell some of their shares to private investors. BIS shares traded on stock markets, which made the bank a unique organisation: an international organisation (in the technical sense of public international law), yet with private shareholders. Many central banks had similarly started as such private institutions, for example the Bank of England was privately owned until 1946. In more recent years the BIS has forcibly bought back all shares held by private investors, and is now wholly owned by its member central banks. See stock (disambiguation) for other meanings of the term stock A stock, also referred to as a share, is commonly a share of ownership in a corporation. ... Providing a constitution for public international law, the United Nations was conceived during World War II International law is the term commonly used for referring to the system of implicit and explicit agreements that binds together nation-states in adherence to recognized values and standards, differing from other legal systems... Headquarters Coordinates , , Governor Mervyn King Central Bank of United Kingdom Currency Pound sterling ISO 4217 Code GBP Base borrowing rate 5. ...

Since 2004, the BIS has published its accounts in terms of Special Drawing Rights, or SDRs, replacing the Gold Franc as the bank's unit of account. As of March 31, 2007, the bank had total assets of U.S. $409.15 billion, given a dollar/SDR exchange rate of 1.51 for March 30, 2007. Included in that total were 150 tonnes of fine gold. Special Drawing Rights (SDRs) is a potential claim on the freely usable currencies of International Monetary Fund members. ... The Gold Franc was the unit of account for the Bank for International Settlements from 1930 until April 1, 2003. ... A unit of account is a standard numerical unit of measurement for the market value of goods, services, and other transactions. ... is the 90th day of the year (91st in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... is the 89th day of the year (90th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ...

Role in banking supervision

The BIS provides the Basel Committee on Banking Supervision with its twelve-member secretariat, and with it has played a central role in establishing the Basel Capital Accords of 1988 and 2004. There remain significant differences between US, EU and UN officials regarding the degree of capital adequacy and reserve controls that global banking now requires. Put extremely simply, the US as of 2006 favoured strong strict central controls in the spirit of the original 1988 accords, the EU was more inclined to a distributed system managed collectively with a committee able to approve some exceptions. The UN agencies especially ICLEI are firmly committed to fundamental risk measures: the so-called triple bottom line and were becoming critical of central banking as an institutional structure for ignoring fundamental risks in favour of technical risk management. Basel Committee on Banking Supervision is an institution created by the central bank Governors of the Group of Ten nations (see G-10). ... The Basel Capital Accords are a series of discussion papers issued by the Basel Committee on Banking Supervision. ... The triple bottom line, measuring organizational (and societal) success; economic, environmental and social. ... For non-business risks, see risk or the disambiguation page risk analysis. ...

Criticism

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The UN agencies are echoing a broader complaint. It has been argued by numerous critics of capitalism^[who?], including George Soros, that there is no current will to enforce any significant regulation in the present competitive financial industry. In this situation nations effectively compete to offer less regulation. For other uses, see Capitalism (disambiguation). ... Soros redirects here. ...

Asserting that a stronger role for the BIS is a necessary hedge against the ideology prevailing at the International Monetary Fund, stick reserve and capital discipline are based on a non-ideological analysis of fundamental liabilities. To prevent disastrous cases like the IMF, the BIS must rationally and scientifically assess risk in oder to prevent load disbursement from passing development policy trends. IMF redirects here. ...

Other doubts about the BIS's mandate, its program, its effectiveness, and the desirability of any existing institution taking the lead role in accounting reform, especially in light of serious failures of money-laundering law enforcement, major breaches of prudence and supervision in the United States (e.g. Enron), have led to some minor critique of the BIS in the anti-capitalism and anti-globalization movements^[who?]. This is incidental usually to critiques of the IMF and World Bank, whose role is far more visible, and which have far more discretion in their policy. Accounting reform is an expansion to accounting rules that goes beyond the realm of financial measures for both individual economic entities and national economies. ... Enron Creditors Recovery Corporation (formerly Enron Corporation) (former NYSE ticker symbol: ENE) was an American energy company based in Houston, Texas. ... This article lists ideologies opposed to capitalism and describes them briefly. ... Anti-WEF grafiti in Lausanne. ... The World Bank logo The World Bank (the Bank) is a part of the World Bank Group (WBG), is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty. ...

The BIS is also a frequent target of allegations by conspiracy theorists,^[who?] many of whom portray it as a front organization through which a wealthy elite controls the world. Some argue that the bank has not helped matters through a culture of secretiveness, and that lack of information always encourages some people to imagine what they do not know. A conspiracy theory is a theory that defies common historical or current understanding of events, under the claim that those events are the result of manipulations by two or more individuals or various secretive powers or conspiracies. ...

Nazi Gold controversy

It is still yet undetermined who was exactly responsible for the movement ₤6,000,000 of Czechoslovak gold from the Bank of England to the German Reichsbank, in 1939.^[2]

Board of Directors

• Jean-Pierre Roth, Zürich (Chairman of the Board of Directors)
• Hans Tietmeyer, Frankfurt am Main (Vice-Chairman)
• Nout H E M Wellink, Amsterdam
• Axel Weber, Frankfurt am Main
• Mario Draghi, Rome
• Fabrizio Saccomanni, Rome
• Mark Carney, Ottawa
• Toshihiko Fukui, Tokyo
• Timothy F Geithner, Federal Reserve Bank of New York
• Ben Bernanke, Federal Reserve Chairman, Washington DC
• Lord George, London
• Jean-Pierre Landau, Paris
• Christian Noyer, Paris
• Stefan Ingves, Stockholm
• Mervyn King, London
• Guy Quaden, Brussels
• Alfons Vicomte Verplaetse, Brussels
• Guillermo Ortiz Martínez, Mexico City
• Zhou Xiaochuan, Beijing
• Jean-Claude Trichet, Frankfurt am Main

Dr Hans Tietmeyer is a German European economist and regarded as one of the foremost experts on international financial matters. ... Mario Draghi, born September 3, 1947, was nominated to be the new governor of the Bank of Italy on December 29, 2005. ... Mark J. Carney (born March 16, 1965 in Fort Smith, Northwest Territories[1]) is expected to succeed David A. Dodge as the Governor of the Bank of Canada on February 1, 2008. ... Toshihiko Fukui Toshihiko Fukui (福井俊彦 Fukui Toshihiko, b. ... The Federal Reserve Bank of New York is the most important of the twelve Federal Reserve Banks of the United States. ... Ben Shalom Bernanke[1] is an American economist and current Chairman of the Board of Governors of the United States Federal Reserve. ... The Federal Reserve System is headquartered in the Eccles Building on Constitution Avenue in Washington, DC. The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. ... Christian Noyer (born 6 October 1950 in Soisy-sous-Montmorency, Val-dOise) is a French higher civil servant, current governor of the Bank of France (since 2003), and former vice-president of the Executive Board of the European Central Bank (1998-2002). ... Mervyn Allister King (born 1948) is Governor of the Bank of England. ... Guy Quaden (Liège, Belgium, 5 August 1945) is a Belgian economist and since 1 March 1999 Governor of the National Bank of Belgium. ... Zhou Xiaochuan. ... Order: 2nd President Nationality: French Vice President: Lucas Papademos Term of office: November 1, 2003 – Present Preceded by: Wim Duisenberg Succeeded by: Incumbent Jean-Claude Trichet (born December 20, 1942) is a French banker. ...

Management

• General Manager: Malcolm D. Knight ([1]) (1 April 2003 -). Andrew Crockett (- 1 April 2003).

Andrew Crockett is the former head of the Bank for International Settlements. ...

Quotes

"...the powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basle, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations."

Carroll Quigley, Tragedy and Hope: A History of the World in Our Time (1966) This article or section does not cite its references or sources. ...

See also

• Bank regulation
• Enron

Bank regulations are a form of government regulation which subject banks to certain requirements, restrictions and guidelines, aiming to uphold the soundness and integrity of the financial system. ... Enron Creditors Recovery Corporation (formerly Enron Corporation) (former NYSE ticker symbol: ENE) was an American energy company based in Houston, Texas. ...

References

2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 137th day of the year (138th in leap years) in the Gregorian calendar. ...

External links

• BIS website
• Global Banking: The Bank For International Settlements An analysis of the origins and functions of the BIS.
• Bank for International Settlements Address by John Percival Day to the Empire Club of Canada, January 9, 1930.
• The Money Club By Edward Jay Epstein, Harpers, 1983.
• Andrew Crockett statement to the IMF.
• An account of the use of reserve policy and other central bank powers in China By Henry C K Liu in the Asia Times.
• http://bis2information.org: Practical articles, on BIS2 and risk modelling, submitted by professionals to help create an industry standard.
• A video documentary about the BIS role in financing Nazi Germany by British Television (HI QUALITY) (LOW QUALITY)

Coordinates: 47°32′53″N, 7°35′31″E The Empire Club of Canada, established in 1903, is a Canadian speakers forums. ... Edward Jay Epstein, born in 1935, is an American investigative journalist. ... Harpers redirects here. ... Asia Times Online is an Internet-only publication that reports and examines geopolitical, political, economic and business issues, looking at these from an Asian perspective. ... Map of Earth showing lines of latitude (horizontally) and longitude (vertically), Eckert VI projection; large version (pdf, 1. ...