The Bank of England’s relationship with the Bank for International Settlements based in Basel, Switzerland

Freedom of Information rules mean that, as a public authority, the Bank of England is obliged to disclose certain types of information, both proactively and on request.

Date: 23 June 2020

Disclosure:

  1. Any shareholdings that the Bank of England (the ‘Bank’) has with the Bank for International Settlements (‘BIS’)’

    The Bank publishes information on the shareholdings it has with the BIS in its Annual Report in the ‘Investments, capital management, funding and liquidity’ section. For the year to end February 2019, this information is on page 107 of the Annual Report.
  2. Any appointments that any senior member (defined as scale A – B, per Bank staff handbook) of the Bank may hold at the BIS, be it a director, advisor, or any other form of appointment, in the last 5 years‘

    As at 1 March 2020, Mark Carney as the Governor of the Bank was a Director at BIS.  Each Governor of the Bank is automatically appointed to the Board of Directors of BIS. Sir Jon Cunliffe (Deputy Governor for Financial Stability) was also a member of the Board of Directors at BIS from his appointment as Deputy Governor in November 2013 until 2018. Membership of the BIS Board of Directors can be found here.

    Sir Jon Cunliffe was also recently appointed Chair of the Committee on Payments and Markets Infrastructure at BIS. His three year term started on 1 January please see the Press Release regarding this appointment.
  3. Any appointments that any senior member of the BIS (defined as bands G,H,I,J or higher per BIS’ banding) may hold at the BoE, be it a director, advisor, or any other form of appointment, in the last 5 years.’

    There have been no secondments or appointments to the Bank of BIS employees at the levels detailed above in the last 5 years.
  4. Any fees (or compensation for services) that the Bank has paid to the BIS in the last 5 years.’

    The Bank has made no payments to BIS in the last five years.
  5. Any fees (or compensation for services) that the Bank has received from the BIS in the last 5 years.’

    In the last five years up to 1 March 2020, BIS has paid the Bank £718,194.45 in relation to the remuneration of BIS Directors.  All remuneration payments made by BIS are paid into the Bank’s accounts; Mark Carney and Sir Jon Cunliffe did not themselves receive the payments.
  6. Details of any fees, salaries, pensions, any other form of compensation that any senior member of the BoE received from the Bank for International Settlements or any organisation associated with the Bank for International Settlements in the last 5 years.’ 

    In addition to the remuneration received by the Bank highlighted in our response to question (5) above, no other fees, salaries, pensions or any other form of compensation were received by any senior member of the Bank from the BIS. However, in the last five years to 1 March 2020, the Bank has received £155,112.93 in relation to the BIS Directors’ travel expenses. Again, all travel expenses are paid into the Bank’s accounts and individuals do not receive payments.

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