The Basel Committee on Banking Supervision announced that it is broadening the mandate of its Basel II implementation subcommittee to include the task of implementing all of its various guidance and standards.

The Accord Implementation Group will be renamed the Standards Implementation Group and will concentrate on implementation of Basel Committee guidance and standards more generally, widening from the current focus on implementation of the Basel II framework. The group will continue to be chaired by José María Roldán, director general of banking regulation at the Bank of Spain.

The new group will continue to work on Basel II implementation issues, supervisory colleges and home-host issues, it notes.

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.”

IE