The Bank for International Settlements (BIS) was established in Basel, Switzerland, in 1930 and hence its formation predates that of the IMF and the World Bank. The BIS is owned exclusively by the world’s central banks. Its primar y functions are to coordinate and facilitate banking and settlement ser vices between the world’s central banks. It is probably best known for helping to bring about the Basel Accord that established capital adequacy requirements for OECD banks. These are rules that define how much capital a bank should maintain relative to its asset size and risks under taken to comply with minimum international norms.
In common with the IMF and the World Bank the BIS conducts economic and monetary research, although it has a different focus. This diversity is probably positive as it results in a range of views. It also gives a lot of post-doctoral economists jobs. The BIS also under takes research and provides advice and training on reducing risks in settlement systems, both domestic and cross-border.