Basel Committee Welcomes New Members
The Basel Committee on Banking Supervision (BCBS) decided to broaden its membership and to invite as new members representatives from the G20 countries that are not currently in the Basel Committee. These are Argentina, Indonesia, Saudi Arabia, South Africa and Turkey. In addition, Hong Kong SAR and Singapore have also been invited to become members. The Basel Committee’s governing body will likewise be expanded to include central bank governors and heads of supervision from these new member organisations.
With its current expanded membership, the BCBS is now comprised of representatives from Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong SAR, India, Indonesia, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States.
The newly expanded membership will enhance the BCBS’ ability to carry out its core mission to strengthen global supervisory practices and standards. It will also help to more effectively implement the necessary reforms of the international financial system.