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Released on January 16, 2001, the New Basel Capital Accord, from BIS's Basel Committee on Banking Supervision, is a revision of the 1988 Accord. The New Basel Accord offers a flexible framework for capital adequacy which should be able to accommodate changes in the financial system. According to Chairman of the Basel Committee William J. McDonough, "the new framework is intended to align regulatory capital requirements more closely with underlying risks, and to provide banks and their supervisors with several options for the assessment of capital adequacy." The Website for the Accord includes the text of the document itself, as well as a host of accompanying resources such as a press release, explanatory note, and seven supporting documents. The Committee is seeking comments from interested parties until May 31, 2001 and plans to publish the final version of the Accord at the end of 2001, to be implemented in 2004.
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