What does Basel Committee mean?

Basel Committee meaning in Finance Dictionary

The regarding the Bank of Overseas Settlements determines the broad standards for best banking training and supervision, including establishing the minimal capital levels required by financial institutions. It was as soon as known as the Cooke Committee, after a former chairman. Established in 1974 it satisfies four times a-year in the Bank for Overseas Settlements in Basel , Switzerland. 12 countries are users (united states of america, uk, Belgium, holland, Germany, Spain, France , Luxembourg, Japan, Italy, Sweden, and Canada). Member nations tend to be represented by their central lender and also because of the authority with formal obligation when it comes to supervision of financial business where this is simply not the main lender.