The Bank for International Settlements (BIS) was established in Basel on 17 May 1930. It currently has 60 member central banks. The BIS fosters monetary and financial cooperation between central banks and other institutions. It is a research centre and a major discussion platform for authorities responsible for promoting financial stability. The BIS also provides central banks with services related to the management of foreign reserves and is a renowned institution for economic research and analysis.
The BIS governors meet regularly to discuss current global economic and financial developments and issues relating to monetary and financial stability, financial market supervision and central bank governance. In addition, the BIS arranges regular and ad hoc meetings and informal discussions of other senior central bank officials.
The BIS hosts numerous committees and professional forums:
- The Basel Committee on Banking Supervision (BCBS) is a forum for a regular cooperation on banking supervisory matters. The BCBS contributes to the creation of international supervisory standards in order to enhance macro-prudential stability.
- The Committee on the Global Financial System (CGFS) monitors the global financial system and, based on analyses, elaborates strategic recommendations to enhance the functioning of financial markets and the global financial system.
- The Committee on Payment and Settlement Systems (CPSS) monitors and analyses developments in payment and settlement systems and prepares standards in this area.
- The Markets Committee (MP) monitors and analyses the activities of financial markets.
- The Central Bank Governance Group (CBGG) focuses on issues relating to central banks’ organisational structures and operations.
- The Irving Fisher Committee on Central Bank Statistics (IFC) focuses on statistical issues relating to central banks.
The BIS also provides organisational support to other institutions:
- The Financial Stability Board (FSB)
- The International Association of Deposit Insurers (IADI)
- The International Association of Insurance Supervisors (IAIS)
The CNB and the BIS
The National Bank of Czechoslovakia (later the State Bank of Czechoslovakia) was a founding member of the BIS. On the division of the Czech and Slovak Federal Republic, the membership quota was divided between the successor central banks – the CNB and the NBS.
The CNB Governor attends regular meeting of BIS member states’ governors. The CNB is also represented at the annual meeting of Deputy Governors and the meeting of the Working Party on Monetary Policy in Central and Eastern Europe. The CNB is actively involved in the activities of the Basel Consultative Group (BCG), which is part of the BCBS.
The CNB also has a representative in the FSB Regional Consultative Group for Europe.