Operational Policies (OPs) are short, focused statements that follow from the Bank's Articles of Agreement, the general conditions, and policies approved by the Board. OPs establish the parameters for the conduct of operations; they also describe the circumstances under which exceptions to policy are admissible and spell out who authorizes exceptions.
Bank Procedures (BPs) explain how Bank staff carry out the policies set out in the OPs. They spell out the procedures and documentation required to ensure Bankwide consistency and quality.
Operational Memoranda (Op Memos) are interim instructions intended to elaborate on material in OPs/BPs or ODs. Once the instructions in OP Memos are incorporated into revisions of the pertinent OPs/BPs, the Op Memos are retired.