What is the definition of a Basel Accord in finance?

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DefinitionThe Basel Accords are formed by the three-part banking regulations, namely Basel I, Basel II, and Basel III, set up by the Basel Committee on Bank Supervision (BCBS). They function as a global banking regulatory framework which ensures that banks and other financial institutes are able to sustain enough capital on account to fulfill all obligations and cover sudden losses.Understanding Basel AccordsIn 1974, the Basel Committee on Banking Supervision (BCBS) was created by its member countries as a means of regulating its international banking system. By 1988, the first series of the Basel Accord was formed and it has since…
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