Known as the Basel Capital Accord. Policy agreement on the supervision of banks, developed in 1988 by the Basel Committee on Banking Supervision (BCBS). The Accord aims to achieve international convergence in the measurement of capital adequacy of banks and to establish minimum capital standards. In June 2004, the BCBS published a revised framework (known as Basel II), which is structured around three "pillars":

In September 2010, the BCBS oversight body, the Group of Governors and Heads of Supervision, agreed on amendments to Basel II (known as Basel III) intended to strengthen existing capital requirements. For information on Basel III, see Practice note, Basel III: an overview.