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Basel Accords
Financial standards and codes,drafted by the Bank
for International Settlements led (BIS) Basel
Committee on Banking Supervision(BCBS),has
evolved over time as one of the key responses to the
challenges faced by the prevailing international
financial architecture which has met with the
recurrent financial crisis since the early 1980’s.In
June 1974,a large number of banks in the OECD had
released Deutsche Marks to Bank Herstart in
Frankfurt against payments in the US dollars,to be
delivered in New York.Because of a difference in the
time zones,there was a delay (in dollar payments to
counter-party banks in the US) over which the Bank
Herstart was liquidated.This incident prompted the G-
10(G-13) countries to form the Basel Committee on
Banking Supervision,under the auspices of the
BIS.Formed in the end of 1974,the committee
included experts from the Central bank of the BIS
member-countries and other officials at the BIS.
To address the above issues,the recently drafted
Basel II Accord by the BCBS seems to address the
following goals:
• A comprehensive coverage of credit risks,market
risks and operationals risks.
• A Three-Pillar approach with due recognition of
the role of supervisory review and market
discipline.
• A menu of options,both for estimating regulatory
capital and to bridge the gap between regulatory
and economic capital.