In a meeting in Basel, Switzerland in 1974, the Central Bank Governors of the world founded the Basel Committee to take many important decisions related to money management, loan conditions and risk criteria. These decisions, referred to as BASEL I, after being published in 1988, began to be applied in the countries’ banking systems. In 2002 the committee met in Basel once again to address the economic changes that had taken place in the world, and as a result, the BASEL II decisions came into force in 2007.