The Past and the Today of the Basel II Criteria and the Urgency of a new Version for Future

The Global crisis that has emerged in the USA and spreading throughout the world in full flood went beyond the ordinary and lead to questioning the settled systems. The background of the foundation of the Basel Committee is trying to enlarge the quality of audit used in the banking sector after the world oil crisis of 1974. With this way; they aimed at taking measures to increase the resistance level against especially the crisis and the stabile position. The critical viewpoint regarding the deficiency of the Capital Adequacy Ratio predicted by the Basel I caused the emerging of trinity and the Basel Criteria and in addition to the developed Capital Adequacy Ratio, the following issues were added to the current system; providing the supervisory review and transparency, public information, market discipline. But the emerging crucial critic is that the Basel II system that runs during the stabile periods does not run efficiently during the global crisis period. The Basel Committee considers the increasing critics and underlines that they are interested in taking the extra measures in order to increase the resistance level to prevent the system against the crisis in addition to the current system. Particularly in Turkey the Basel I Criteria were carried out gradually and the full transition date of January 1, 2009 of the Basel II Criteria was suspended to the following dates by the Banking Regulation and Supervision Agency. Principally during the following periods of November 2000 crisis and February crisis of 2001, the Turkish Banking Sector, successfully overcame the crisis and turned it to an opportunity, completed all of the transition processes and ready for the new version of the Basel Criteria for eliminating the defaults after the global crisis.