In September 1997 the Basle Committee on Banking Supervision (a committee of banking supervisory authorities established by the central bank governors of the Group of Ten countries) published a set of Core Principles for Banking Supervision. These Core Principles are intended to provide a set of minimum requirements for effective banking supervision and to serve as a basic reference for supervisory and other public authorities in all countries and internationally. The Committee believes that achieving consistency with the Core Principles by every country will be a significant step in the process of improving financial stability domestically and internationally.