Core Principles for Effective Banking Supervision: An Enforceable International Financial Standard?

Boston College International & Comparative Law Review, Spring 2005

52 Pages Posted: 1 Feb 2010

See all articles by Duncan Alford

Duncan Alford

University of South Carolina School of Law; University of South Carolina - Coleman Karesh Law Library

Date Written: October 1, 2006

Abstract

The Basel Committee on Banking Supervision serves as an international forum to discuss international bank supervision issues. Because of the gravity and frequency of banking crises since the demise of the Bretton Woods System in the early 1970s, international financial standards have emerged as a method to minimize these crises. In 1998, the Basel Committee issued a comprehensive standard on bank super vision that built upon its work over the previous two and a half decades. In this Article, the author analyzes this comprehensive standard the Core Principles for Effective Banking Supervision-and assesses its implementation in the European Union, the United Kingdom, France, the United States, and the Hong Kong SAR. The author then analyzes the options available to enforce this "soft law" and comments on the effectiveness of these options, including the surveillance programs of the World Bank and the International Monetary Fund and certain provisions of the Revised Capital Accord of 2004. Despite the improvements represented by the Core Principles, the author suggests future changes in the international bank supervisory regime.

Keywords: international banking, Basel Committee, Core Principles, banking

Suggested Citation

Alford, Duncan and Alford, Duncan, Core Principles for Effective Banking Supervision: An Enforceable International Financial Standard? (October 1, 2006). Boston College International & Comparative Law Review, Spring 2005, Available at SSRN: https://ssrn.com/abstract=1345482

Duncan Alford (Contact Author)

University of South Carolina - Coleman Karesh Law Library ( email )

1525 Senate Street
Columbia, SC 29208
United States

University of South Carolina School of Law ( email )

701 Main Street
Columbia, SC 29208
United States

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