Committee of banking supervisory authorities that coordinates banking supervision in the individual member countries. The Basel Committee on Banking Supervision was founded in 1974 by the governors of the central banks of the Group of Ten. It is made up of high-ranking representatives of the banking supervisory authorities and central banks of a range of European and non-European countries. The committee generally convenes at the Bank for International Settlements in Basel, where it has its permanent secretariat. The guidelines on the Capital Accord (Basel I and Basel II) were drawn up by the Basel Committee on Banking Supervision. The committee does not, however, have any legislative powers.