Overview

This paper develops a conceptual framework for assessing the major reorientation in bank capital adequacy regulation proposed in the Basel Committee's New Capital Framework (NCF) consultative document.2 The NCF document outlines a series of measures which, taken collectively, amount to a fundamental revision to the Committee's 1988 Capital Accord ( Accord ). Intended only to apply to internationally active banks, and representing an informal agreement between the central banks and bank supervisory agencies of the G-10 countries, the Accord has since become accepted as the de facto universal international standard for assessing banks' capital adequacy. Thus, a proposal to revise the Accord is a matter of immense significance for the international financial system.

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