The sub-committee was to be chaired by Mr George Bennett, former KPMG  BIS central bankers’ speeches  3  managing partner and independent member of the Reserve Bank’s Audit Committee. Other members were Mr Warburton, a non-executive director of NPA and former Reserve Bank Board member, and Mr Campbell.
In this manner, Basel II represents a major step forward in banking regulation. While the existing Basel I capital regime was a significant advance when introduced in 1988, it has become outdated for large, internationally active banking organizations. Retaining Basel I for these institutions would have widened the gap between their regulatory capital requirements and their actual risk profiles.