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
|
||
8 May |
Mandate of Sir Otto Niemeyer, Chairman of the BIS Board, expires; position remains vacant
|
||
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
|
||
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
|
||
1942 | |||
27 Oct |
BIS President McKittrick visits the United States until 7 May 1943
|
||
1 Dec |
Ernst Weber, President of the Swiss National Bank, takes office as Chairman of the BIS Board of Directors
|
||
1943 | |||
1 Jan |
McKittrick's mandate as BIS President renewed for three years
|
||
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
|
||
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
|
||
|
|
|
|
1944 | |||
22 Feb | Second Allied declaration on looted assets (and looted monetary gold)
|
||
20 Apr |
Part of the Bank of Italy gold reserves arrives in Switzerland (on behalf of BIS and Swiss National Bank)
|
||
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"
|
||
|
|
|
|
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
|
||
27 Dec | IMF's Articles of Agreement enter into force
|
||
|
|
|
|
1946 | |||
1 Jan | Bank of France nationalised
|
||
14 Jan | Paris Agreement on German reparations (Tripartite Commission on Looted Gold established)
|
||
14 Feb | Bank of England nationalisation bill
|
||
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
|
||
30 Jun |
End of mandate of BIS President McKittrick; Maurice Frère elected Chairman of the BIS Board
|
||
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 |
|
|
|
|
|
|
1947 | |||
5 Jun | European Recovery Programme (Marshall Plan) proposed
|
||
15 Jul | United Kingdom introduces sterling convertibility
|
||
20 Aug | United Kingdom suspends sterling convertibility
|
||
18 Nov | BIS asked to act as Agent for the Multilateral Monetary Compensation scheme (France, Italy, Benelux) | ||
|
|
|
|
1948 | |||
1 Mar | Bank deutscher Länder established in Frankfurt
|
||
Apr | European Recovery Programme (Marshall Plan) enacted by US Congress; Economic Cooperation Administration (ECA) begins operations
|
||
16 Apr | Organisation for European Economic Co-operation (OEEC) established in Paris
|
||
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)
|
||
Jun | German currency reform: deutsche mark introduced in West Germany
|
||
14 Jun |
Maurice Frère elected President of the BIS while remaining Chairman of the Board
|
||
16 Oct |
Intra-European Payments and Compensations Agreement for 1948-49: BIS appointed Agent
|
||
|
|
|
|
1949 | |||
Apr | Bank of Japan Law revised under US supervision; exchange rate of Japanese yen fixed
|
||
7 Sep |
Intra-European Payments and Compensations Agreement for 1949-50: BIS acts as Agent
|
||
18 Sep | Devaluation of the pound sterling by 30.5% starts wave of IMF-approved devaluations
|
||
|
|
|
![]() |
1950-1959![]() |