Basel Committee ready for new members

The Basel Committee on Banking Supervision is set to confirm the appointment of seven new members within the next fortnight, according to a senior committee official.

At its meeting on March 10-11, the committee voted to expand its membership, inviting representatives from Australia, Brazil, China, India, Korea, Mexico and Russia. The enlarged Basel Committee will include representatives of 20 countries in total.

Brazil, China and India will be represented by members of the Central Bank of Brazil, the Reserve Bank of India and the Bank of China, but discussions are continuing with the other countries to decide whether they should be represented through the relevant central bank or the national regulator.

"In some countries, it is straightforward because bank supervision is conducted by the central bank, but in the other countries there is a supervisory authority and a central bank," said Bill Coen, deputy secretary general of the Basel Committee. "We are working with the newly invited countries and we should have a clear idea regarding the organisations in the next two weeks."

The move comes as the Financial Stability Forum, yesterday renamed the Financial Stability Board, adds 13 new members, including Brazil, China, Russia, Spain and South Africa.

See also: New members will boost surveillance, FSF says