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Established by the Central Bank Governors of the Group of Ten (G-10) countries at the end of 1974, the Basel Committee on Banking Supervision (BCBS) formulates broad supervisory standards and guidelines. It also recommends statements of best practice in the expectation that individual authorities will take steps to implement them through detailed arrangements—statutory or otherwise—which are best suited to their own national systems.

It encourages convergence toward common approaches and common standards without attempting detailed harmonization of member countries' supervisory techniques. One of its major objectives is to close gaps in international supervisory coverage in pursuit of the two following basic principles:

(1) no foreign banking establishment should escape supervision; and

(2) supervision should be adequate.

Source Publication:
IMF, 2004, Compilation Guide on Financial Soundness Indicators, IMF, Washington DC, Appendix VII, Glossary.

Cross References:
Basel Capital Accords (Basel I, Basel II, Basel III)
G10 countries

Statistical Theme: Financial statistics

Created on Thursday, August 26, 2004

Last updated on Wednesday, March 27, 2013