Level 9 of 10: The IMF, World Bank and global finance

Basel Committee on Banking Supervision (BCBS)

The Basel Committee on Banking Supervision is the primary global standard setter for the prudential regulation of banks, according to its charter. Its 45 members are central banks and bank supervisors from 28 jurisdictions, and its Secretariat is hosted by the Bank for International Settlements in Basel. G10 central bank governors established it in 1974 after the failure of Bankhaus Herstatt. It issued the Basel Capital Accord in 1988, the Basel II framework in 2004 and the Basel III standards in 2010, completed in 2017. The charter states that the Committee has no formal supranational authority and its decisions do not have legal force; it relies on members' commitments to implement standards. It reports to the Group of Central Bank Governors and Heads of Supervision, and decides by consensus.

Who leads it

• Chair: Erik Thedeen (Governor, Sveriges Riksbank) (bis.org)
• Secretary General: Ben Gully (since 2026-08-14) (bis.org)
• Chair of the Group of Central Bank Governors and Heads of Supervision (GHOS): Tiff Macklem (Governor, Bank of Canada) (bis.org)
• Co-chair, Policy and Standards Group: David Bailey (UK Prudential Regulation Authority) (bis.org)

The UK and the BCBS

The UK is represented on the Committee by the Bank of England and the Prudential Regulation Authority, according to the Committee's organisation page. David Bailey of the UK PRA co-chairs the Policy and Standards Group. In September 2026 the Committee approved a Regulatory Consistency Assessment report on UK leverage ratio implementation, among reports on six jurisdictions.

Key figures

What it decides

• The Committee sets minimum global standards for bank capital, liquidity and supervision, such as Basel III.
• It decides by consensus as the ultimate decision-making body, seeking GHOS endorsement for major decisions.
• It monitors members' implementation through the Regulatory Consistency Assessment Programme.
• It approves the annual assessment results for global systemically important banks, which go to the Financial Stability Board.
• It reviews prudential treatment of new risks, for example a targeted review of the cryptoasset standard.
• It issues supervisory guidance, including interest rate risk in the banking book and liquidity risk principles.
• It publishes consultations on draft standards, normally open for 90 days.

Timeline

• 1974: G10 central bank governors establish the Committee after the failure of Bankhaus Herstatt. (bis.org)
• 1988: The Basel Capital Accord (Basel I) is released. (bis.org)
• 2004: The revised framework (Basel II) is released. (bis.org)
• 2010: The Basel III capital and liquidity standards are issued. (bis.org)
• 2012: GHOS endorses the Regulatory Consistency Assessment Programme. (bis.org)
• 2017: The Committee completes its Basel III post-crisis reforms. (bis.org)
• 2026-03-17: Ben Gully is named Secretary General. (bis.org)
• 2026-09-28: The Committee meets in Indonesia and approves further Basel III implementation reports. (bis.org)

How it is held to account

• The Committee reports to the Group of Central Bank Governors and Heads of Supervision, which approves its charter and appoints its Chair (BCBS organisation page).
• The charter commits the Committee to communicate public-interest decisions on its website.
• Draft standards go to public consultation, normally for 90 days, and responses are published unless confidentiality is requested.
• Members must take part in reviews of their rules and practices; the Regulatory Consistency Assessment Programme publishes assessment reports on member jurisdictions.
• The Chair serves a three-year term, renewable once.
• The Committee publishes a meeting press release after each meeting.

Records you can check

• Basel Committee overview
  Mandate, membership and the searchable Basel Framework
• Organisation and governance
  Chair, Secretary General, groups, members and observers
• Basel Committee Charter
  Mandate, status of standards and accountability
• History of the Basel Committee
  Milestones from 1974 to 2017
• Committee meeting press release, 1 October 2026
  Decisions of the September 2026 meeting
• Secretary General appointment
  Ben Gully named 17 March 2026

Common questions

What is the Basel Committee on Banking Supervision?

It is the primary global standard setter for bank prudential regulation, according to its charter, with 45 members from 28 jurisdictions. It provides a forum for supervisory cooperation and monitors implementation of its standards. Its Secretariat is hosted by the Bank for International Settlements in Basel.

What are the Basel III rules?

Basel III is the set of capital and liquidity standards the Committee issued in December 2010, after the GHOS announced higher minimum capital standards that September. The Committee completed its post-crisis Basel III reforms in 2017. Its history page says members agree to implement the Basel standards fully for internationally active banks.

Are Basel Committee standards legally binding?

The charter says the Committee has no formal supranational authority and that its decisions do not have legal force. It relies on members' commitments, expects them to implement standards within set timeframes, and checks implementation through the Regulatory Consistency Assessment Programme, which GHOS endorsed in 2012.

Who chairs the Basel Committee?

Erik Thedeen, Governor of Sveriges Riksbank, according to the Committee. The Group of Central Bank Governors and Heads of Supervision appoints the Chair for three years, renewable once. Ben Gully has been Secretary General since 14 August 2026, succeeding Neil Esho, who retired on 31 March 2026.

How does the UK take part in the Basel Committee?

The Bank of England and the Prudential Regulation Authority represent the UK, according to the Committee's organisation page. David Bailey of the PRA co-chairs the Policy and Standards Group. In September 2026 the Committee approved an assessment report on UK leverage ratio implementation.

Who oversees the Basel Committee?

The Group of Central Bank Governors and Heads of Supervision, chaired by Tiff Macklem of the Bank of Canada, oversees it. The charter says the Committee reports to GHOS and seeks its endorsement for major decisions, and that GHOS approves charter amendments and appoints the Chair.

When was the Basel Committee created?

G10 central bank governors established it in 1974 after the failure of Bankhaus Herstatt in West Germany, initially as the Committee on Banking Regulations and Supervisory Practices. It held its first meeting in 1975 and issued the Basel Capital Accord in 1988.

Other bodies at level 9

• African Development Bank
• Asian Development Bank
• Asian Infrastructure Investment Bank
• Bank for International Settlements
• European Bank for Reconstruction and Development
• European Investment Bank
• Financial Stability Board
• International Monetary Fund
• Paris Club
• World Bank Group

Sources

• Basel Committee on Banking Supervision, read 23 October 2026
• Basel Committee organisation and governance, read 23 October 2026
• Basel Committee Charter, read 23 October 2026
• BCBS history, read 23 October 2026
• Basel Committee meets, 1 October 2026, read 23 October 2026
• Ben Gully appointed Secretary General, read 23 October 2026