A BIS embarrassed

The Bank for International Settlements (BIS), owned by 50 of the world's leading central banks, is the world's oldest and most powerful financial institution. After more than 70 years of working behind the scenes it is not used to having its decisions questioned - let alone being proven hopelessly wrong.

However, last November a little-known tribunal in the Hague ruled that the BIS had badly miscalculated the price of BIS shares in a compulsory share buyback. It ordered the BIS to increase the

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