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The BIS: Mission, Activities, Governance and Financial Results

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The BIS: Mission, Activities, Governance and Financial Results Organisation of the BIS as at 31 March 2017 Board of Directors Chairman of the Board Audit Banking & Risk Management Administrative Nomination Committee Committee Board Committee Committee Secretariat General Manager Legal Internal Service Audit Deputy General Manager Monetary & Banking General Financial Financial Secretariat Economic Department Department Stability Institute Stability Board Secretariat Risk Treasury Communications Economic Analysis Management International Asset Basel Committee Management Association Corporate Facility on Banking of Deposit Management Financial Stability Policy Supervision Insurers Banking Compliance* Operational Services Corporate Statistics & International Security Research Committee on the Association of Support Global Financial Insurance Financial System Supervisors Analysis Human Finance Resources Representative Office for the Committee on Americas Payments and Information Market Management Infrastructures Services Representative Office for Asia and the Pacific** Meeting Services Markets Committee Central Bank Governance Group Irving Fisher Committee * Direct access to the Audit Committee. *** AlsoDirect provides access banking to the services Audit to Committee. the region’s monetary authorities. ** Also provides banking services to the region’s monetary authorities. 136 BIS 87th Annual Report The BIS: mission, activities, governance and financial results The Bank for International Settlements (BIS) serves central banks in their pursuit of monetary and financial stability, fosters international cooperation in those areas and acts as a bank for central banks. In outline, the BIS pursues this mission by: • facilitating dialogue and collaboration among central banks and other authorities that are responsible for promoting financial stability; • conducting research on policy issues confronting central banks and financial supervisory authorities; • acting as a prime counterparty for central banks in their financial transactions; and • serving as an agent or trustee in connection with international financial operations. The BIS has its head office in Basel, Switzerland, and representative offices in the Hong Kong Special Administrative Region of the People’s Republic of China (Hong Kong SAR) and in Mexico City. In the light of the above aims, this chapter reviews the BIS’s activities, and those of the groups it hosts, for the financial year 2016/17; describes the institutional framework that supports their work; and presents the year’s financial results. The Basel Process The Basel Process refers to the way in which the BIS promotes international cooperation among monetary authorities and financial supervisory officials. By offering a forum for discussion among central banks and other financial authorities, and by hosting and supporting international groups, the BIS, through the Basel Process, plays a key role in helping to strengthen the stability and resilience of the global financial system. Bimonthly meetings and other regular consultations Governors and other senior officials of BIS member central banks hold bimonthly meetings, normally in Basel, to discuss current developments and the outlook for the world economy and financial markets. They also exchange views and experiences on issues of interest to central banks. Global Economy Meeting The Global Economy Meeting (GEM) comprises the Governors of 30 BIS member central banks in major advanced and emerging market economies (EMEs) that account for about four fifths of global GDP. The Governors of another 19 central banks attend the GEM as observers.1 Chaired by Agustín Carstens, Governor of the 1 The members of the GEM are from the central banks of Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong SAR, India, Indonesia, Italy, Japan, Korea, Malaysia, Mexico, the Netherlands, Poland, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey, the United Kingdom and the United States and also the ECB. The observers are from the central banks of Algeria, Austria, Chile, Colombia, the Czech Republic, Denmark, Finland, Greece, Hungary, Ireland, Israel, Luxembourg, New Zealand, Norway, Peru, the Philippines, Portugal, Romania and the United Arab Emirates. BIS 87th Annual Report 137 Bank of Mexico, the GEM has two main roles: (i) monitoring and assessing developments, risks and opportunities in the world economy and the global financial system; and (ii) providing guidance to three BIS-based central bank committees – the Committee on the Global Financial System, the Committee on Payments and Market Infrastructures and the Markets Committee. The GEM’s economic discussions focus on current macroeconomic and financial developments in major advanced and emerging market economies. Specific topics discussed by the GEM over the past year included: snapback risks in core bond markets; inflation targets; consumption-led expansion; and the mix of monetary, fiscal and structural policies. Economic Consultative Committee The Economic Consultative Committee (ECC) is an 18-member group that supports the work of the GEM. Also led by the GEM Chairman and comprising all Governors participating in the BIS Board meeting, and the BIS General Manager, the ECC conducts analyses and prepares proposals for the GEM’s consideration. In addition, the ECC Chairman makes recommendations to the GEM on the appointment of Chairs of the three central bank committees mentioned above and on the composition and organisation of those committees. All Governors’ Meeting The All Governors’ Meeting comprises the Governors of the 60 BIS member central banks and is chaired by the Chairman of the Board. It convenes to discuss selected topics of general interest to its members. In 2016/17, the topics discussed were foreign exchange market intervention; the issues arising from cyber risk for central banks; promoting economic resilience; the macroeconomic implications of global value chains; and global dollar intermediation: patterns and risks. By agreement with the GEM and the BIS Board, the All Governors’ Meeting is responsible for overseeing the work of two other groups that have a broader network or membership than the GEM. These are the Central Bank Governance Group, which also meets during the bimonthly meetings, and the Irving Fisher Committee on Central Bank Statistics. Central Bank Governors and Heads of Supervision The Group of Central Bank Governors and Heads of Supervision (GHOS) is a high- level forum responsible for international collaboration on banking supervision. Chaired by Mario Draghi, President of the ECB, the GHOS meets periodically to decide on global banking regulations and oversee the work of the Basel Committee on Banking Supervision (see page 140). Other meetings of Governors The central bank Governors of major EMEs meet three times a year – during the January, May and September bimonthly meetings – to discuss issues of importance to their economies. The topics discussed in 2016/17 included inflationary and deflationary pressures, challenges facing banks in EMEs, and the implications of political events on the outlook for EMEs. Regular meetings were also held for the Governors of central banks in small open economies. 138 BIS 87th Annual Report Other consultations In addition, the Bank regularly organises various meetings that bring together senior central bank officials and, occasionally, representatives from other financial authorities, the private financial sector and the academic community to discuss topics of shared interest. Some of these meetings are organised by the BIS’s representative offices in Hong Kong SAR and Mexico City. During the past year, these events included: • the annual meetings of the working parties on monetary policy, held in Basel but also hosted at a regional level by central banks in Asia, central and eastern Europe, and Latin America; • a meeting of Deputy Governors of EMEs on macroprudential frameworks; and • the high-level meetings organised by the Financial Stability Institute in various regions of the world for senior officials of central banks and supervisory authorities. BIS-hosted committees and associations The BIS hosts and supports a set of international groups – six committees and three associations – engaged in standard setting and the pursuit of financial stability. Co- location at the BIS facilitates communication and collaboration among these groups as well as their interaction with central bank Governors and other senior officials in the context of the BIS’s regular meetings programme. The limited size of these groups is conducive to flexibility and openness in the exchange of information, thereby facilitating coordination and preventing overlaps and gaps in their work programmes. The BIS also supports the work of these committees and associations with its expertise in economic research and statistics and its practical experience in banking. The hosted committees, whose agendas are guided by various sets of central banks and supervisory authorities, are as follows: • the Basel Committee on Banking Supervision (BCBS): develops global regulatory standards for banks and seeks to strengthen micro- and macroprudential supervision; • the Committee on the Global Financial System (CGFS): monitors and analyses issues relating to financial markets and systems; • the Committee on Payments and Market Infrastructures (CPMI): analyses and sets standards for payment, clearing and settlement infrastructures; • the Markets Committee: monitors developments in financial
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