Basel II principles and its importance in education of banking sektor

After realizing the results of the globalization in the last two decades, setting international standards for capital which is one of the main resources of the financial institutions become more necessary in order to decrease the adverse effects of capital movements between the financial markets and to secure the rights of the individuals who are putting their money to the financial sector. In 1998, the first study called as Basel Accord which was about capital adequacy was prepared by the Bank of International Settlement Basel Committee which has new standards for the financial sector.Basel I was primarily applied in EU and G-10 countires and has been adopted by more than 100 countries after putting into practice. Although it was not compulsory for all countries to apply this accord, due to the rapid globalization which causes one country?s economy to be affected from the others economy, it has become almost compulsory for all countries to adopt these new standards. With this know how, Basel Committee has amended Basel I entirely and named it as Basel II in order to cover the gaps in Basel Accord and prepared the last regulation which was announced to be live after 2006 and was postponed in some countries until 2009.When we come to our country, Turkey, the standards were tried to be adpoted from the beginning of 2008 but were postponed to 2009 due to some changes in Turkish Commerce Law on transparancy requirements about financial figures of the enterprises.With this scope of information, Basel II is standing as indispensible not only for our country but also for all world countries. Therefore, the process should be completed by the help of our government and our banks and should be put live as soon as possible.