Basel: The chief of South Korea's financial watchdog attended a Basel committee meeting earlier this week to discuss pending issues, such as the Basel III implementation, his office said Tuesday. Lee Bok-hyun, governor of the Financial Supervisory Service (FSS), participated in the Governors and Heads of Supervision (GHOS) meeting in the Swiss city of Basel on Monday. This meeting serves as the top decision-making body of the Basel Committee on Banking Supervision.
According to Yonhap News Agency, the meeting was attended by chiefs of financial watchdogs from major economies and top central bankers. During the meeting, participants reviewed the progress in the implementation of the Basel III standards and examined the impacts of climate change on the banking sector.
The Basel III rules, including revisions to calculation systems for capital requirements and credit risks, were established in response to the 2008-09 global financial crisis and have been adopted by major economies.