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The Committee's members come from
Belgium, Canada, France, Germany, Italy, Japan, Luxembourg, the Netherlands,
Spain, Sweden, Switzerland, United Kingdom and United States. Countries are
represented by their central bank and also by the authority with formal
responsibility for the prudential supervision of banking business where this is
not the central bank. The present Chairman of the Committee is Mr Jaime Caruana,
Governor of the Bank of Spain, who succeeded Mr William J McDonough on 1 May
2003.
The Committee does not possess any
formal supranational supervisory authority, and its conclusions do not, and were
never intended to, have legal force. Rather, it formulates broad supervisory
standards and guidelines and recommends statements of best practice in the
expectation that individual authorities will take steps to implement them
through detailed arrangements - statutory or otherwise - which are best suited
to their own national systems. In this way, the Committee encourages convergence
towards common approaches and common standards without attempting detailed
harmonisation of member countries' supervisory techniques.
The Committee reports to the central
bank Governors of the Group of Ten countries and seeks the Governors'
endorsement for its major initiatives. In addition, however, since the Committee
contains representatives from institutions which are not central banks, the
decisions it takes carry the commitment of many national authorities outside the
central banking fraternity.
These decisions cover a very wide
range of financial issues. One important objective of the Committee's work has
been to close gaps in international supervisory coverage in pursuit of two basic
principles: that no foreign banking establishment should escape supervision; and
that supervision should be adequate. To achieve this, the Committee has issued a
long series of documents since 1975.
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