The document discusses the Basel Committee on Banking Supervision and the Basel Accords. It provides background on the BIS and establishes that the Basel Committee published Basel I in 1988 to establish minimum capital requirements for banks. Basel I focused on credit risk and classified assets into risk weight categories. It aimed to strengthen stability in international banking and decrease competitive inequality. However, Basel I had limitations like simplistic risk differentiation and a static view of default risk. This led to the development of Basel II.