Decision on the Immunity of the Bank for International Settlements (BIS) against Attachment Measures

Facts

NML Capital Ltd. and EM Limited obtained attachment orders from the attachment judge of Basel-Stadt against the Republic of Argentina in order to enforce claims from US court judgments against Argentina. The assets and accounts of the Republic of Argentina held at the BIS in Basel were designated as the objects of the attachment. The BIS pointed out that as an international organization in Switzerland, it enjoys immunity from enforcement measures. The cantonal supervisory authority declared the attachment orders null and void, as the BIS cannot be subjected to attachment without its express prior consent.

Considerations

The Federal Supreme Court upheld the decision of the supervisory authority. According to the Headquarters Agreement between Switzerland and the BIS, the BIS enjoys jurisdictional and enforcement immunity. The assets and accounts entrusted to the BIS, in particular those of the Argentine central bank, cannot be subjected to attachment without the express…