One of a series of both published and planned studies of the history of European reparations following World War II. This paper narrates the history of the first period of that era, from 1945 to approximately 1952. This period is marked by the disappointment of the expectations of former Allies, especially those that had been under German occupation, to obtain adequate reparations through multilateral arrangements; a frustration that led to later bilateral reparations treaties with the Federal Republic of Germany. It also marks the beginning of the era in which individual subjects who had suffered persecution struggled to establish their own agency - efforts that contributed to the establishment of international human rights in later decades.