The legislation provides for: •  Quarterly Reporting by the Central Bank to the Board;  •  Quarterly and Annual Reporting by the Board to the Minister of Finance;  •  Annual Reporting by the Minister of Finance to the Parliament;  •  Annual auditing by the Auditor General.
It is remarkable to note that, while the Basel rules are backed by no formal legislation, nor has the Basel Committee any law-making mandate, its recommendations have greater acceptance and force than many treaty-based agreements. Of course many issues remain.