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BCBS Full form: BCBS stands for Basel Committee on Banking Supervision. The Basel Committee on Banking Supervision (BCBS) is an international committee established to define banking regulation guidelines. It has 45 members as of 2022 and is made up of Central Banks and other banking regulatory authorities from 28 jurisdictions.
BCBS History
The Basel Committee on Banking Supervision was established in 1974 by central bankers from the Group of Ten (G10) countries who were working at the time to create new international financial arrangements to replace the recently defunct Bretton Woods system. The committee is based at the Bank for International Settlements (BIS) in Basel, Switzerland.
‘The Committee on Banking Regulations and Supervisory Practises’ was its initial name. The major goal of establishing this committee was to provide a shared platform for all participating countries to enhance cooperation on banking supervisory issues. The Basel Committee issues a collection of standards/agreements known as the Basel norms or the Basel Accord.
Goals of BCBS
As the name implies, the Basel Committee on Banking Supervision was established with the goal of fostering and supporting coordination and collaboration among all participating nations in the pursuit of resolving banking supervision issues.
- Its main goal is to develop guidelines and standards in numerous areas to help improve the quality of banking supervision.
- One of the primary goals of the Basel Committee is to promote financial stability.
- BCBS ensures that no banking organisation escapes scrutiny.
- The Basel Committee also ensures that banking organisations have enough financial aid to cover all unexpected losses and meet their obligations.
- The BCBS develops guidelines for bank capital, funding, and liquidity that member countries must agree on.
Members of BCBS
The Basel Committee now consists of 45 members from 28 jurisdictions, all of which are central banks or bodies tasked with overseeing banking activity. Some of the countries involved are:
| Argentina | Germany | Luxembourg |
| Australia | Hong Kong | Mexico |
| Belgium | India | The Netherlands |
| Brazil | Indonesia | Russia |
| Canada | Italy | Saudi Arabia |
| China | Japan | Singapore |
| France | Korea | South Africa |
| Spain | Sweden | Switzerland |
| Turkey | The United Kingdom | The United States |
The committee also includes 9 observers from central banks, supervisory bodies, international organisations, and others.
BCBS Areas of Work
The BCBS is charged with several significant responsibilities connected to the supervision of banking organisations, as well as maintaining financial stability and overseeing the implementation of suggested measures to improve banking supervision. BCBS operates on four levels via four groups:
- The Standards Implementation Group strives to ensure that the Basel Committee’s basic standards and principles are followed.
- The Policy Development Group is in charge of overseeing emerging concerns linked to supervision as well as developing policies to improve banking systems and supervision standards.
- The Accounting Task Force: This group maintains the safety of the banking system by establishing high-quality auditing and accounting standards.
- The Basel Consultative Group is in charge of ensuring improved coordination among banking supervisors. This involves promoting a seamless and equitable interaction with non-member countries.
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