Wednesday, November 07, 2012

International Banking Supervision

With headquarters in Basel, Switzerland, the Basel Committee, an international committee associated with the Bank for International Settlements (BIS) aims to improve the quality of banking supervision worldwide. It holds an International Conference of Banking Supervisors (ICBS) every two years. On November 6, 2012 Mr. Wayne Byres, an Executive General Manager of the Australian Prudential Regulation Authority (APRA) who presently serves as Secretary General of the Basel Committee, gave the keynote address at its 6th Biennial Conference on Risk Management and Supervision. In his speech Mr. Byres discusses why the Basel III plan proposed by the committee is essential but not sufficient to secure a healthy banking system for the future. He stressed that "Basel III needs to be complemented by other measures to deliver the sort of financial stability outcomes" that the G20 Finance Ministers and Central Bank Governors desire.