The 12 leading industrialized nations adopted the Basle Agreement on Bank Capital Standards in July 1988 and pledged bank supervisory authorities in each nation to achieve a minimum overall bank capital-to-risk-adjusted-assets ratio of at least 8 percent.

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The Basle Agreement, also known as the Basel I Accord, was indeed adopted in July 1988 by the Group of Ten (G-10) countries' central bank governors under the auspices of the Bank for International Settlements (BIS). It aimed to strengthen the stability of the international banking system by recommending a minimum capital adequacy ratio of 8% to be implemented by the end of 1992, which was to be maintained by banks to cover credit risks.

The 12 Leading Industrialized Nations Adopted the Basle Agreement on Bank