Encyclopedia > Basel Committee on Banking Supervision
Basel Committee on Banking Supervision is an institution created by the central bank Governors of the Group of Ten nations (see G-10). It was created in 1974 and meets regularly four times a year. The Group of Ten or G10 is a group of industrially advanced countries. ... 1974 is a common year starting on Tuesday (click on link for calendar). ...
The Basel Committee formulates broad supervisory standards and guidelines and recommends statements of best practice in banking supervision (see bank regulation) in the expectation that member authorities will take steps to implement them through their own national systems, whether in statutory form or otherwise. The banking industry are under certain regulations and requirements that aim to uphold the soundness and integrity of the financial system. ... Financial supervision is government supervision of financial institutions by regulators. ...
The purpose of the committee is to encourage convergence toward common approaches and standards.
Website: Basel Committee on Banking Supervision [1]
The BaselCommittee's plenary meetings, of which there are four each year, are also attended by representatives of the national supervisory authority when this authority is not the central bank.
In 1999 the BaselCommittee issued an initial proposal for a new capital adequacy agreement to replace the 1988 Accord, which was revised in January 2001 and in April 2003.
Basel II aims to align the calculation of bank capital requirements with the best and most advanced risk management practices and thus contribute to improving the stability of the international financial system.
The BaselCommittee on BankingSupervision is an institution created by the central bank Governors of the Group of Ten nations.
Its membership is now composed of senior representatives of bank supervisory authorities and central banks from the G-10 countries (Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States), and representatives from Luxembourg and Spain.
The BaselCommittee formulates broad supervisory standards and guidelines and recommends statements of best practice in bankingsupervision (see bank regulation or Basel II, for example) in the expectation that member authorities and other nation's authorities will take steps to implement them through their own national systems, whether in statutory form or otherwise.
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