The Bank for International Settlements says it has coped well with the coronavirus pandemic, but it has chosen not to pay a dividend for the first time since 1950.

The Covid-19 crisis has tested the BIS’s innovation strategy and put severe pressure on its banking department, it says in its annual report. The pandemic reached the BIS’s Hong Kong office first, where workers moved to split teams in late January. Staff in Basel and Mexico moved to split teams in March, but soon the majority of