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The bonus caps are being introduced as part of EU legislation to ensure banks carry adequate capital cushions in line with the so-called Basel accords agreed in the Swiss city by international banking supervisors.
WSJ: EU Reaches Deal to Curb Bank Bonuses
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Finally, it may try to design a new system of global regulation of finance, but it would first have to reach a consensus on what the principles of regulation should be, and whether these should override existing rules, such as the Basel Accords, which regulate banking.
BBC: Q&A: The G20 summit
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These new rules which are far stricter on capital and liquidity come from the Basel Committee on Banking Supervision (BCBS), and are known as the Basel III accords.
FORBES: Basel Barriers: How capital requirements would impede progress in the sovereign debt crisis
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The Mittelstand's trade association complains that even the friendliest savings banks are tightening their purse strings as a result of the Basel 2 accords on bank capital, which compel them to hold extra reserves against loans to small firms.
ECONOMIST: The fabled Mittelstand is feeling the pinch more than most
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Begun in 1988 with Basel I and periodically revised since, the Basel international capital accords are an attempt to have uniform capital requirements for international banks.
FORBES: Slay the Basel Accord Beast
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Although the new Basel 3 global accords on capital adequacy are tough enough to have saved almost all banks during the crisis, a handful of firms worldwide, including HBOS, were outliers that lost far more than the average.
ECONOMIST: British banks
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There are currently three accords, Basel I, Basel II, and Basel III being the most recent and pertinent, the latter being agreed upon following the financial crisis of 2007-2008.
FORBES: Basel Barriers: How capital requirements would impede progress in the sovereign debt crisis
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Generally speaking the accords refer to recommendations on sundry banking regulations issued by BCBS which is located in Basel, Switzerland.
FORBES: Basel Barriers: How capital requirements would impede progress in the sovereign debt crisis