Steps to strengthen implementation of supervisory standards and guidance taken by the Basel Committee
8 January 2009
The Basel Committee on Banking Supervision today announced that it is broadening the mandate of its Accord Implementation Group (AIG) from the current focus on implementation of the Basel II framework. The AIG will be renamed the Standards Implementation Group (SIG) and will concentrate on implementation of Basel Committee guidance and standards more generally. The group will continue to be chaired by José María Roldán, Director General of Banking Regulation at the Bank of Spain.
Nout Wellink, Chairman of the Basel Committee and President of the Netherlands Bank, said that "the financial crisis has highlighted the importance of prudent, well-informed standards and supervisory guidance. The SIG will work to promote implementation of all Basel Committee standards in an internationally coordinated and consistent manner."
As the Basel II framework and its implementation remain top priorities for the Basel Committee, the new group will continue to work on Basel II implementation issues, supervisory colleges and home-host issues.