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Bank For International Settlements

Volume 437: debated on Tuesday 20 May 1947

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49.

asked the Chancellor of the Exchequer to whom the shares in the Bank for International Settlements, formerly held by Axis or Axis satellite central banks, have been transferred; and whether such transfer was approved by His Majesty's Government.

No such transfers have been made so far. German and Japanese owned shares in the bank will be dealt with under the reparation settlements for these countries in-the same way as other external assets.

Can the Chancellor of the Exchequer say what will be the procedure with regard to the Axis satellite States?

I think the Germans and the Japanese were the two principal criminals in the war. The other people were rather minor offenders, and hold rather minor stakes. I think these two cases will cover the point.

50.

asked the Chancellor of the Exchequer if he will state the policy of His Majesty's Government in regard to the continuance of the Bank for International Settlements.

I have been in consultation with the United States Government on this question, but have no further statement to make at present.