Institute of International Finance

For other uses of "IIF", see IIF (disambiguation).

File:Institute of International Finance logo.svg

210px

The Institute of International Finance, Inc. (IIF) is a global association or trade group of financial institutions. It was created by 38 banks of leading industrialized countries in 1983 in response to the international debt crisis of the early 1980s. See the arguments in support of this in. The IIF serves its membership in three ways:

• Providing analysis and research to its members on emerging markets and other issues in global finance.
• Developing and advancing views and proposals that influence the public debate on policies, including those of multilateral agencies, and on themes of common interest to participants in global financial markets.
• Coordinating a network for members to exchange views and offer opportunities for dialogue among policy-makers, regulators, and private sector financial institutions.

The Institute's Board of Directors numbers 35, led by Chairman Douglas Flint; Vice Chairmen Roberto Setúbal, Walter Kielholz, Richard E. Waugh, and Marcus Wallenberg (also Treasurer of the IIF). The IIF's President and Chief Executive Officer is Timothy D. Adams, who has held the position since February 1, 2013. The Institute is headquartered in Washington, D.C., and opened its Asia Representative Office in Beijing in November 2010 and Middle East and Africa Representative Office in Dubai in 2014.

Membership

IIF members include most of the world's largest commercial banks and investment banks, a growing number of insurance companies and investment management firms. Associate members include multinational corporations, trading companies, export credit agencies, and multilateral agencies.

Approximately half of the Institute's members are European-based, while representation from leading financial institutions in emerging market countries is increasing steadily. By 2010, the Institute's members included over 450 of the world's leading banks and finance houses, headquartered in more than 70 countries.

Former chairmen

• William S. Ogden (Chairman of the formation committee and Interim Board, 1983)
• Richard D. Hill (1984–1986)
• Barry F. Sullivan (1986–1991)
• Antoine Jeancourt-Galignani (1991–1994)
• William R. Rhodes, Acting Chairman (April - October 1994)
• Toyoo Gyohten (1994–1997)
• Georges Blum (1997–1998)
• Sir John R.H. Bond (1998–2003)
• Josef Ackermann (2003–2012)

Key events

Acting on behalf of private creditors, the IIF has played a role in the global financial crisis of 2008 by advocating to relax subsequent attempts of self-regulation, as in the Basel III rules, the debt crises of Latin American, Asia, and the Euro zone.

Greek debt crisis

Further information: Greek government-debt crisis

In 2011 the IIF was the main negotiating partner of the EU government, acting on behalf of the private creditors of Greece, on its debt restructuring. In the second bailout plan in July, some academics raised issues about its communication about "haircuts" on Greece's debt (estimates biased upward), and, more generally, the IIF's undue influence in favor of banks, at the expense of Greece's future. Felix Salmon said in January 2012 that "the real negotiations are the ones which are certainly going on behind the scenes, between the troika (the EU, the ECB, and the IMF) and the Greeks" (as opposed to between the troika and the IIF), because, ultimately, it is in Greece's power to default, and may do so in March when €14.4 billion are due for reimbursement.

External links

• IIF Website
• List of members
• IIF press releases