The Bank for International Settlements (BIS) is a club of central banks. That isn’t a pejorative label, just a straight factual description. 63 central banks (including the RBNZ) are the shareholders and the institution exists primarily to generate material for, and host meetings of, central bankers. They collate statistics and generate research with a central banking focus. They still provide some financial services to central banks. The chief executive (“General Manager”) is chosen from the ranks of highly-regarded senior central bankers (the current incumbent, Agustin Carstens was (among other things) formerly Governor of the Bank of Mexico and Deputy Managing Director of the International Monetary Fund).
As I mentioned in yesterday’s post, Adrian Orr had been citing material published recently by the BIS in defence of his suggestion that central bank losses from discretionary interventions really don’t matter and are more of an “accounting issue” than an economic one. When…
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Utopia, you are standing in it! 
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