BANK FOR INTERNATIONAL SETTLEMENTS, popularly known as the World Bank, an institution originally in stituted for the handling of all reparation transactions arising from the operation of the Young Plan (see REPARATIONS). It opened its doors for business May 20, 193o. Its statutes provided for a capital of five hundred million Swiss gold francs, and stipu lated that the three objects of the bank were : "to promote the co-operation of central banks and to provide additional facilities for international financial operations; and to act as trustee or agent in regard to international financial settlements entrusted to it." With the default of Germany in reparation payments, that portion of its business practically ended.