2000-2009

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.

 

2000
1 Mar		The Bank of Thailand becomes a member of the BIS
23 Mar		Horst Köhler succeeds Michel Camdessus as IMF Managing Director and Chairman of the Executive Board
28 Mar		The Central Bank of the Argentine Republic becomes a member of the BIS
Sep		CPSS publishes "Clearing and Settlement Arrangements for Retail Payments in Selected Countries"
22 Sep		Joint action of ECB, Federal Reserve, and Bank of Japan to support euro
Oct		Regional treasury dealing room commences operations at the BIS Representative Office for Asia and the Pacific in Hong Kong SAR
6 Dec		IMF organises $10 billion facility to support Turkey
2001
1 Jan		Greece becomes the twelfth member of the euro zone
8 Jan		Extraordinary General Meeting of BIS limits right to hold BIS shares exclusively to central banks and approves a mandatory repurchase of the privately held shares; Arbitral Tribunal in the Hague reconstituted
15 Jan		CPSS publishes "Core Principles for Systemically Important Payment Systems"
16 Jan		Release of BCBS's second consultative paper on the "New Basel Capital Accord"
Mar		Establishment of the BIS Asian Consultative Council (ACC), as a forum for communication between the Asian central banks and the BIS Board and management
Mar		Release of the new-look BIS website: www.bis.org
Apr		Final report of the Multidisciplinary Working Group on Enhanced Disclosure at the BIS
Apr		CGFS publishes "A Survey of Stress Tests and Current Practice at the Major Financial Institutions"
11 Jun		Extraordinary General Meeting cancels the original Yugoslavian issue of shares and issues new shares for the central banks of Bosnia-Herzegovina, Croatia, Macedonia, Slovenia, and Yugoslavia
7 Sep		IMF approves of SDR 16.94 billion standby for Argentina
Nov		CPSS and IOSCO publish "Recommendations for Securities Settlement Systems"
Dec		Argentinean government suspends external debt payment
2002
1 Jan		Introduction of euro coins and banknotes in the twelve participating EU member states
Feb		CGFS publishes "IT Innovation and Financing Patterns: Implications for the Financial System"
4 Feb		IMF three-year standby credit for Turkey of SDR 12.8 billion
Mar		Nout H E M Wellink appointed President of the BIS
May		The International Association of Deposit Insurers (IADI) decides to locate its Secretariat at the BIS
May		The G10 Gold and Foreign Exchange Committee is renamed "Markets Committee" (MC)
6 Sep		IMF approves Brazil's request for a 15-month standby credit of SDR 22.8 billion
Nov		Opening of the BIS Representative Office for the Americas in Mexico City; Host Country Agreement with Mexico
Nov		CPSS and IOSCO release assessment methodology for "Recommendations for Securities Settlement Systems"
22 Nov		Hague Arbitral Tribunal confirms the legality of the withdrawal of privately held BIS shares
2003
Jan		CGFS publishes "Credit Risk Transfer"
Mar		CPSS publishes "Policy Issues for Central Banks in Retail Payments"
1 Apr		Malcolm D Knight succeeds Andrew D Crockett as BIS General Manager
1 Apr		The BIS changes its unit of account from the gold franc (in force since 1930) to the SDR (Special Drawing Right)
29 Apr		BCBS releases the third and final consultative paper on the New Basel Capital Accord
Jul		BIS entrusted with the management of $1 billion Asian Bond Fund (ABF) launched by the eleven members of EMEAP (Executives' Meeting of East Asia-Pacific Central Banks)
28 Jul		The Bank of Algeria becomes a member of the BIS
Aug		CPSS releases the report "The Role of Central Bank Money in Payment Systems"
13 Aug		BIS takes up the function of escrow Agent in connection with the settlement of litigation in the US related to the Lockerbie Pan Am flight disaster in 1988
15 Aug		The Reserve Bank of New Zealand becomes a member of the BIS
18 Sep		The Central Bank of the Philippines becomes a member of the BIS
26 Sep		The Central Bank of Chile becomes a member of the BIS
29 Sep		Bank Indonesia becomes a member of the BIS
30 Sep		The Bank of Israel becomes a member of the BIS
1 Nov		Jean-Claude Trichet succeeds Wim F Duisenberg as President of the ECB
2004
Mar		CGFS publishes "Foreign Direct Investment in the Financial Sector of Emerging Market Economies"
31 Mar		As a result of the entry of new members, BIS capital is increased to SDR 683.9 million
7 Jun		Rodrigo de Rato succeeds Horst Köhler as IMF Managing Director and Chairman of the Executive Board
26 Jun		G10 central bank governors and heads of supervision endorse the release of the "International Convergence of Capital Measurement and Capital Standards: a Revised Framework", better known as "Basel II", to be implemented by the end of 2006
30 Jun		Launch of FSI Connect, a web-based information and learning resource for bank supervisors (with particular emphasis on the new Basel Capital Adequacy Framework)
Nov		CPSS and IOSCO publish "Recommendations for Central Counterparties"
2005
15 Feb		The Joint Forum releases outsourcing guidance for financial services
28 Feb		IOSCO, BCBS, IAIS, World Bank, and FSF announce the formal establishment of the Public Interest Oversight Board (PIOB), to oversee the public interest activities of the International Federation of Accountants (IFAC)
1 Mar		Nout Wellink's mandate as BIS President renewed for three years
29 Apr		BCBS issues guidance on the compliance function in banks
May-Jun		75th anniversary celebration of the BIS. Publication of "Central Bank Cooperation at the Bank for International Settlements, 1930-1973" by Gianni Toniolo
9 May		CPSS issues "Central Bank Oversight of Payment and Settlement Systems" and "New Developments in Large-Value Payment System"
27 Jun		At the Extraordinary General Meeting of the BIS, the position of President is abolished
Jul		The FSI publishes "Potentially Endogenous Borrowing and Developing Country Sovereign Credit Ratings"
29 Jul		BCBS issues "Enhancing Corporate Governance for Banking Organisations"
2006
9 Jan		CPSS publishes "Cross-Border Collateral Arrangements" and "General Guidance for National Payment System Development"
17 Jan		CGFS publishes "Housing Finance in the Global Financial Market"
1 Feb		Ben Bernanke succeeds Alan Greenspan as Chairman of the Board of Governors of the Federal Reserve System
1 Mar		Jean-Pierre Roth is appointed Chairman of the BIS Board of Directors
3 May		The Joint Forum issues paper on regulatory and market differences
2 Jun		BCBS issues principles on home-host information sharing for effective Basel II implementation
14 Jun		BCBS issues guidance on the use of the fair value option for financial instruments by banks, and on sound credit risk assessment and valuation for loans
29 Aug		The Joint Forum issues paper on business continuity
6 Oct		Global community of banking supervisors enhances the Basel Core Principles
13 Oct		BCBS issues paper on range of practice in Advanced Measurement Approaches
2007
1 Jan		Bulgaria and Romania join the European Union; Slovenia adopts the euro as its official currency, replacing the tolar
23 Jan		CPSS publishes "General principles for international remittance services"
28 Feb		CGFS publishes "Institutional Investors, Global Savings and Asset Allocation"
16 Mar		CPSS publishes "New Developments in Clearing and Settlement Arrangements for OTC Derivatives"
2 Apr		First major casualty of the subprime mortgage crisis: New Century Financial Co., the second largest subprime mortgage lender in the US, files for Chapter 11 bankruptcy protection
May		Malcolm D Knight's term as General Manager of the BIS is extended until 30 June 2009
9 Jul		CGFS publishes "Financial Stability and Local Currency Bond Markets"
1 Nov		Dominique Strauss-Kahn succeeds Rodrigo de Rato as IMF Managing Director
12 Dec		In view of the credit crisis, several central banks (Fed, ECB, BoE, BoC, BoJ, SNB, and Riksbank) jointly announce coordinated measures designed to make turn of the year funding available directly to a larger number of institutions and against a broader set of eligible collateral
2008
1 Jan		Cyprus and Malta adopt the euro as their official currency, replacing the Cypriot pound and the Maltese lira
21 Feb		BCBS releases "Liquidity Risk: Management and Supervisory Challenges"
11 Mar		Several central banks (Fed, ECB, BoE, BoC, BoJ, SNB, and Riksbank) jointly announce specific measures to address liquidity pressures
7 Apr		FSF publishes "Enhancing Market and Institutional Resilience"
13 May		CPSS publishes "Progress in Reducing Foreign Exchange Settlement Risk"
4 Jun		CPSS publishes "The Interdependencies of Payment and Settlement Systems"
17 Jun		BCBS issues "Principles for Sound Liquidity Risk Management and Supervision"
1 Jul		Stephen G Cecchetti is appointed Economic Adviser and Head of Monetary and Economic Department of the BIS
4 Jul		CGFS publishes "Central Bank Operations in Response to the Financial Turmoil" and "Private Equity and Leveraged Finance Markets"
29 Aug		BCBS publishes "Range of Practices and Issues in Economic Capital Modelling"
15 Sep		Financial-services firm Lehman Brothers files for Chapter 11 bankruptcy protection, plunging already distressed financial markets into a period of extreme volatility
30 Sep		BIS General Manager Knight resigns to take up a position at Deutsche Bank; Hervé Hannoun is appointed acting General Manager
20 Nov		BCBS announces a comprehensive strategy to address the lessons of the banking crisis
2 Dec		BCBS publishes "External Audit Quality and Banking Supervision"
2009
1 Jan		Slovakia adopts the euro as its official currency, replacing the Slovak koruna
8 Jan		BCBS takes steps to strengthen implementation of supervisory standards and guidance
16 Jan		BCBS announces "Enhancements to the Basel II Capital Framework"
Mar		FSF and BCBS issue the joint report "Bank Capital Issues - Reducing Procyclicality Arising from the Bank Capital Framework"
5 Mar		IAIS publishes "Issues Paper on Group-Wide Solvency Assessment and Supervision"
12 Mar		BCBS and IADI issue for consultation purposes the document "Core Principles for Effective Deposit Insurance Systems"
13 Mar		Banking supervision authorities from Australia, Brazil, China, India, Mexico, Russia, and South Korea become members of BCBS
1 Apr		Jaime Caruana takes up his position as BIS General Manager
2 Apr		FSF publishes "Principles for Sound Compensation Practices", "Principles for Cross-border Co-operation on Crisis Management", and "Addressing Procyclicality in the Financial System"
2 Apr		G20 creates a new Financial Stability Board (FSB) from the previous FSF, with a new macro-prudential supervision mandate and a membership including the G20 countries, the previous FSF members, Spain, and the European Commission. The FSB secretariat in based at the BIS in Basel
2 Apr		G20 frees up $1.1 trillion for IMF, thus allowing it greater capability to act as lender for national governments running into insolvency

1990-1999