Basel Committee on Banking Supervision
- Basel Committee on Banking Supervision
The Basel Committee on Banking Supervision is an institution created by the central bank Governors of the "Group of Ten" nations . It was created in 1974 and meets regularly four times a year.
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. It usually meets at the Bank for International Settlements in Basel, where its 12 member permanent Secretariat is located.
The Basel Committee formulates broad supervisory standards and guidelines and recommends statements of best practice in banking supervision (see bank regulation or Basel II Accord, for example) in the expectation that member authorities and other nations' authorities will take steps to implement them through their own national systems, whether in statutory form or otherwise.
The purpose of the committee is to encourage convergence toward common approaches and standards. Dieter Kerwer reports that "the BCBS is not a classical multilateral organization. It has no founding treaty, and it does not issue binding regulation. Rather, its main function is to act as an informal forum to find policy solutions and to promulgate standards." (pp 619) [cite journal |author=Kerwer, Dieter |title=Rules that many use : standards and global regulation |journal=Governance |year=2005 |pages=611–632 |volume=18 |issue=4 |date=October 2005 |doi=10.1111/j.1468-0491.2005.00294.x]
The present Chairman of the Committee is Nout Wellink, President of the Netherlands BankFact|date=February 2007, who succeeded Jaime Caruana of the Bank of Spain on 1 July 2006.Fact|date=February 2007
References
External links
* [http://www.bis.org/bcbs/index.htm Basel Committee on Banking Supervision] at the Bank for International Settlements website
*http://bis2information.org: Practical articles, on BIS2 and risk modelling, submitted by professionals to help create an industry standard.
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