The Bank for International Settlements, created to handle German reparations, is the oldest international financial institution

Background

Founded in 1930, the Bank for International Settlements (BIS) is the oldest international financial institution. It was created at the Hague Conference in the context of the Young Plan, adopted on 20 January 1930, which was meant to settle the reparation payments imposed on Germany after the First World War. A convention establishing the BIS in Switzerland was signed between Belgium, France, Germany, Italy, Japan and the United Kingdom on one side and Switzerland on the other. The BIS took over the functions of the Agent General for Reparations, and its name comes from this original role. Today it supports central banks' pursuit of monetary and financial stability through international cooperation and hosts the Basel Committee on Banking Supervision.