The BIS Chronology chronicles the main events relevant to the history of the Bank for International Settlements since it was created in 1929-30. Major financial, monetary and world events that are not directly related to the BIS, but that have had an impact on it, are listed in italics.
| 1940 | |||
| Jan |
BIS President Thomas McKittrick visits Berlin, Rome, Brussels, and Paris
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| 8 May |
Mandate of Sir Otto Niemeyer, Chairman of the BIS Board, expires; position remains vacant
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| 20 May | BIS seat temporarily moved from Basel to Château-d'Œx, following outbreak of hostilities between Germany and France | ||
| Jul |
BIS freezes accounts held by the central banks of the Baltic States, following Soviet invasion
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| 7 Oct | BIS headquarters moved back to Basel | ||
| 1941 | |||
| 23 Jun | US Treasury imposes obligation on BIS to apply for licenses for each banking transaction conducted on the US market | ||
| Dec |
Per Jacobsson, BIS Economic Adviser, visits the United States
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| 1942 | |||
| 27 Oct |
BIS President McKittrick visits the United States until 7 May 1943
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| 1 Dec |
Ernst Weber, President of the Swiss National Bank, takes office as Chairman of the BIS Board of Directors
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| 1943 | |||
| 1 Jan |
McKittrick's mandate as BIS President renewed for three years
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| Aug |
Bank of France Governor Bréart de Boisanger visits BIS and Swiss
National Bank, warning that Germans have requisitioned the National Bank
of Belgium's gold reserves
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| 20 Oct |
US Treasury General Ruling No. 17 blocks most transactions on
accounts held in the US by or on behalf of residents to enemy and
neutral countries (incl. Switzerland); BIS application for exemption is
denied
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| 1944 | |||
| 22 Feb | Second Allied declaration on looted assets (and looted monetary gold)
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| 20 Apr |
Part of the Bank of Italy gold reserves arrives in Switzerland (on behalf of BIS and Swiss National Bank)
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| Jul |
United Nations Bretton Woods Conference agrees the creation of
the IMF and World Bank; it also adopts Resolution V, calling for the
liquidation of the BIS "at the earliest possible moment"
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| 1945 | |||
| 2 May |
BIS President McKittrick sends out to central banks and allied
governments a letter explaining the BIS position and rights, and offers
full co-operation regarding the restitution of looted assets
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| 27 Dec | IMF's Articles of Agreement enter into force
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| 1946 | |||
| 1 Jan | Bank of France nationalised
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| 14 Jan | Paris Agreement on German reparations (Tripartite Commission on Looted Gold established)
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| 14 Feb | Bank of England nationalisation bill
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| 8-18 Mar | Inaugural meeting of the IMF at Savannah | ||
| 14 Jun |
Report by Bank of France experts on looted Belgian gold in BIS possession
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| 30 Jun |
End of mandate of BIS President McKittrick; Maurice Frère elected Chairman of the BIS Board
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| Dec | German and Japanese participation in the BIS Board of Directors declared "in suspense" | ||
| 9 Dec | First post-war meeting of the BIS Board of Directors |
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| 1947 | |||
| 5 Jun | European Recovery Programme (Marshall Plan) proposed
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| 15 Jul | United Kingdom introduces sterling convertibility
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| 20 Aug | United Kingdom suspends sterling convertibility
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| 18 Nov | BIS asked to act as Agent for the Multilateral Monetary Compensation scheme (France, Italy, Benelux) | ||
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| 1948 | |||
| 1 Mar | Bank deutscher Länder established in Frankfurt
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| Apr | European Recovery Programme (Marshall Plan) enacted by US Congress; Economic Cooperation Administration (ECA) begins operations
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| 16 Apr | Organisation for European Economic Co-operation (OEEC) established in Paris
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| 13 May |
Washington Agreement: BIS reimburses gold looted by Germany to
Tripartite Commission; BIS assets in United States unblocked (see 23
June 1941 and 20 October 1943)
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| Jun | German currency reform: deutsche mark introduced in West Germany
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| 14 Jun |
Maurice Frère elected President of the BIS while remaining Chairman of the Board
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| 16 Oct |
Intra-European Payments and Compensations Agreement for 1948-49: BIS appointed Agent
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| 1949 | |||
| Apr | Bank of Japan Law revised under US supervision; exchange rate of Japanese yen fixed
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| 7 Sep |
Intra-European Payments and Compensations Agreement for 1949-50: BIS acts as Agent
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| 18 Sep | Devaluation of the pound sterling by 30.5% starts wave of IMF-approved devaluations
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1929-1939
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1950-1959
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