Recent initiatives by Basel-based committees and the Financial Stability Forum

For most of 2004, the endorsement of the new capital adequacy framework (Basel II) and issues related to its implementation were the dominant themes. The first quarter of 2005, however, was characterised by more diverse releases by the various Basel-based committees and the Financial Stability Forum. The formal establishment in February 2005 of the Public Interest Oversight Board (PIOB) – a result of multilateral efforts in the oversight of international accountancy standard setting – represents a special highlight of the period under review. Table 1 provides a selective overview of the most recent initiatives.