Sources
Help build the largest human-edited directory on the web.
Submit a site - Become an editor
Wikipedia. Licensed under the GNU Free Documentation License.
Are you an expert in this subject? Join the discussion and share your knowledge at Wikipedia.org.
Basel Committee on Banking Supervision
From Wikipedia, the free encyclopedia
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, 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.
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) [1]
The present Chairman of the Committee is Nout Wellink, President of the Netherlands Bank[citation needed], who succeeded Jaime Caruana of the Bank of Spain on 1 July 2006.[citation needed]
- ^ Kerwer, Dieter (Oct 2005). "Rules that many use : standards and global regulation". Governance 18 (4): 611-632.
- 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.