Perhaps you have never heard of the Bank for International Settlements (BIS) located in Basel, Switzerland. Perhaps you have never heard of the Basel Committee on Banking Supervision (BCBS), a separate legal entity with headquarters at the BIS. But these two regulatory bodies play a considerably important role in the development of international banking supervisory standards. And, as it happens, they also put forward propositions on how gold is to be seen by the banks.
The BIS was set up in 1930, its goals and means have changed throughout the years and today its main scope of activity is to provide central banks with credit when necessary and to help in achievingmonetary and financial stability on an international level. The BCBS was established in 1974 and is primarily concerned with coordinating banking supervisory activities. Both BIS and BCBS are organizations with history but neither of them have legal power to enforce any changes in the law of its members.
On the other hand ...
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