Short answers, pulled from the story.
The Basel Committee on Banking Supervision emerged from the wreckage of a banking crisis in 1974. Central bank governors from the Group of Ten nations met to address the collapse of Herstatt Bank, a German institution that failed during foreign exchange trading.
These governors created a new forum at the Bank for International Settlements in Switzerland to foster cooperation among themselves. They established the committee without signing a formal treaty or founding document.
The committee produces non-binding standards known as Basel I, II, and III to guide bank capital adequacy. These frameworks set high-level principles rather than enforceable laws for any specific country.
George Blunden served as the first Committee Chair from 1975 until 1977. Michael Dealtry held the role of Secretary General during those same early years.
Erik Thedéen began his tenure as Committee Chair in May 2024. Neil Esho has served as Secretary General since 2022, succeeding Carolyn Rogers.