The Bank for International Settlements (BIS), based in Basel Switzerland, is an international organization which fosters international monetary and financial cooperation and serves as a bank for central banks. It was originally formed by the Hague Agreements of 20 January, 1930, with the purpose of facilitating Germany’s payment of reparations following World War I. At the close of World War II, the Bank for International Settlements narrowly avoided being dissolved when it came to light that the bank had been heavily involved with Nazi interests. Today, the BIS is a focal point for research and cooperation in international banking regulation. It sponsors the Basel Committee on Banking Supervision.