Objectives and Business Areas
The BCBS, established in 1974 in accordance with the resolution of the central bank Governors of the G10, is an international organization to set standards for bank regulation and supervision and promote international cooperation. Its members have increased to include 27 countries now. Member institutions are central banks and supervisory authorities of each country. The member institutions representing Korea are the Bank of Korea and the Financial Supervisory Service entrusted by the Financial Services Commission.
BCBS's activities focus on bank regulation, and major issues for discussion in 2014 include policy reform, with the primary goal of completing the crisis-initiated reforms, monitoring and assessing implementation of the Basel framework, further examining the balance between simplicity, comparability and risk-sensitivity and improving the effectiveness of supervision. The BCBS is also in charge of assessing the compliance of individual jurisdiction's domestic regulations with the international minimum requirements defined by the Basel Committee through the Regulatory Consistency Assessment Programme (RCAP).
BCBS consists of the Meeting of Governors and Heads of Supervision (GHOS), the Basel Committee on Banking Supervision and a number of working groups including the Policy Development Group (PDG), the Supervision and Implementation Group (SIG) and the Macroprudential Supervision Group (MPG).
Group of Governors and Heads of Supervision(Chair: Mario Draghi, President of the European Central Bank)
- Basel Committee on Banking Supervision - hair:Stefan Ingves, Governor of Sveriges Riksbank
- Accounting Experts Group
- Supervision and Implementation Group
- Policy Development Group
- Macroprudential Supervision Group
- Basel Consultative Group
- Joint Forum(BCBS, IOSCO, IAIS)
The Bank of Korea's Activities
The Bank of Korea joined the BCBS in March 2009 when it was expanding its members from 13 nations to 27. The start of the Bank’s membership coincided with the nascent discussion of a new set of bank regulation standards, the ‘Basel III’ in order to overcome the global financial crisis and prevent another one from occurring. Therefore, the Bank actively participated not only in the GHOS Meeting and the BCBS Meeting but also in working groups such as the PDG, the SIG and the MPG contributing considerably to the success of each group. In October 2010, the Bank hosted the BCBS Meeting with the Financial Supervisory Service (FSS). Moreover, the Bank has hosted numerous working group meetings.
List of Member Institutions
BCBS Member Institutions
|Italy||Bank of Italy|
|Luxembourg||Surveillance Commission for the Financial Sector|
|Spain||Bank of Spain|
|Argentina||Central Bank of Argentina|
|Brazil||Central Bank of Brazil|
|Hong Kong||Hong Kong Monetary Authority|
|India||Reserve Bank of India|
|Russia||Central Bank of the Russian Federation|
|Saudi Arabia||Saudi Arabian Monetary Agency|
|Singapore||Monetary Authority of Singapore|
|South Africa||South African Reserve Bank|