Extracts from the Headquarters Agreement

Extracts from the Agreement between the Swiss Federal Council
and the Bank for International Settlements
to determine the Bank's legal status in Switzerland

The Swiss Federal Council of the one part, and The Bank for International Settlements of the other part

Having regard to the Convention of 20th January 1930 respecting the Bank for International Settlements, the Constituent Charter and Statutes of the Bank, and the Protocol of 30th July 1936 regarding the immunities of the Bank for International Settlements;
Desiring, in the light of the practice followed since 1930, to settle their mutual relationships in a Headquarters Agreement;
Have agreed upon the following provisions:

I. Status, privileges and immunities of the Bank

The Swiss Federal Council acknowledges the international legal personality and the legal capacity within Switzerland of the Bank for International Settlements (hereinafter referred to as "the Bank").

1. The Swiss Federal Council shall guarantee to the Bank the autonomy and freedom of action to which it is entitled as an international organisation.
2. In particular, it shall grant to the Bank, as well as to its member institutions in their relations with the Bank, absolute freedom to hold meetings, including freedom of discussion and decision.

1. The buildings or parts of buildings and surrounding land which, whoever may be the owner thereof, are used for the purposes of the Bank shall be inviolable. No agent of the Swiss public authorities may enter therein without the express consent of the Bank. Only the President, the General Manager of the Bank, or their duly authorised representative shall be competent to waive such inviolability.
2. The archives of the Bank and, in general, all documents and any data media belonging to the Bank or in its possession, shall be inviolable at all times and in all places.
3. The Bank shall exercise supervision of and police power over its premises.

1. The Bank shall enjoy immunity from criminal and administrative jurisdiction, save to the extent that such immunity is formally waived in individual cases by the President, the General Manager of the Bank, or their duly authorised representative.
2. Disputes arising in matters of employment relations between the Bank and its Officials or former Officials, or persons claiming through them, shall be settled by the Administrative Tribunal of the Bank. The Board of Directors of the Bank shall determine the constitution of the Administrative Tribunal, which shall have exclusive and final jurisdiction. Matters of employment relations shall be deemed to include all questions relating to the interpretation or application of contracts between the Bank and its Officials concerning their employment, of the regulations to which the said contracts refer, and in particular of the provisions governing the Bank's pension scheme and other welfare arrangements provided by the Bank.
3. In all other civil and commercial matters the Bank may be proceeded against in any court of competent jurisdiction, save in those cases in which provision for arbitration has been or shall have been made.
4. The assets of the Bank may be subject to measures of compulsory execution for enforcing monetary claims. On the other hand, all deposits entrusted to the Bank, all claims against the Bank and the shares issued by the Bank shall, without the prior agreement of the Bank, be immune from seizure or other measures of compulsory execution and sequestration, particularly of attachment within the meaning of Swiss law.

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1. The Bank may receive, hold, convert and transfer all funds, gold, currency, cash and other transferable securities, and dispose freely thereof, and generally carry out without any restriction all the operations permitted by its Statutes, both within Switzerland and in its relations with foreign countries.
2. As regards its operations on the Swiss market, the Bank shall nevertheless be obliged to confer with the Swiss National Bank in accordance with Article 19 of the Bank's Statutes.

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II. Privileges and immunities granted to persons who are called upon by the Bank in an official capacity

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III. Non-responsibility and security of Switzerland

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IV. Final provisions

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