Basel I

Basel I is the round of deliberations by central bankers from around the world, and in 1988, the Basel Committee on Banking Supervision (BCBS) in Basel, Switzerland, published a set of minimum capital requirements for banks. This is also known as the 1988 Basel Accord, and was enforced by law in the Group of Ten (G-10) countries in 1992. A new set of rules known as Basel II was later developed with the intent to supersede the Basel I accords. However they were criticized by some for allowing banks to take on additional types of risk, which was considered part of the cause of the US subprime financial crisis that started in 2008. In fact, bank regulators in the United States took the position of requiring a bank to follow the set of rules (Basel I or Basel II) giving the more conservative approach for the bank. Because of this it was anticipated that only the few very largest US Banks would operate under the Basel II rules, the others being regulated under the Basel I framework. Basel III was developed in response to the financial crisis; it does not supersede either Basel I or II, but focuses on different issues primarily related to the risk of a bank run.

Basel

Basel (/ˈbɑːzəl/ or /ˈbɑːl/; or less often used Basle;German: Basel pronounced [ˈbaːzəl]; French: Bâle [bɑl]; Italian: Basilea [baziˈlɛːa]; Romansh: Basilea  [baziˈlɛːa] ) is Switzerland's third most populous city (behind Zürich and Geneva) with about 195,000 inhabitants. Located where the Swiss, French and German borders meet, Basel also has suburbs in France and Germany. In 2014, the Basel agglomeration was the third largest in Switzerland with a population of 537,100 in 74 municipalities in Switzerland and an additional 53 in neighboring countries (municipal count as of 2000). The tri-national Basel metropolitan area has around 830,000 inhabitants in 226 municipalities.

Located in northwest Switzerland on the river Rhine, Basel functions as a major industrial centre for the chemical and pharmaceutical industry. The Basel region, culturally extending into German Baden-Württemberg and French Alsace, reflects the heritage of its three states in the modern Latin name: "Regio TriRhena". It has the oldest university of the Swiss Confederation (1460).

Canton of Basel

Basel was a canton of Switzerland that was in existence between 1501 and 1833, when it was split into the two present-day 'half-cantons' of Basel-City and Basel-Country.

Background

The town of Basel was called "Basilia" in Latin, this from the Greek Βασιλεία, Basileía, "royal" (fem.). The name is documented from the year 374 . From 999 until the Protestant Reformation, Basel was ruled by prince-bishops (see Bishop of Basel, whose memory is preserved in the crosier shown on the Basel coat of arms, as above). In 1019, the construction of the cathedral of Basel (known locally as the Münster) began under Henry II, Holy Roman Emperor. In 1225–26, the bridge over the Rhine was constructed by Bishop Heinrich von Thun and lesser Basel (Kleinbasel) founded as a bridgehead to protect the bridge.

Basel became the focal point of western Christendom during the 15th century Council of Basel (1431–49), including the 1439 election of antipope Felix V. In 1459, Pope Pius II endowed the University of Basel where such notables as Erasmus of Rotterdam, Paracelsus and Hans Holbein the Younger taught. At the same time the new craft of printing was introduced to Basel by apprentices of Gutenberg; the Schwabe publishing house was founded 1488 by Johannes Petri and is the oldest publishing house still in business. Johann Froben also operated his printing house in Basel and was notable for publishing works by Erasmus.

Basel (disambiguation)

Basel may refer to: