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Brief History of OGBS |
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Following the First International Conference of Banking Supervisors held in London in 1979, the Basel Committee on Banking Supervision decided that there would be virtue in initiating a meeting of banking supervisors representing offshore centres. The end of the 1970's had seen considerable expansion of international loan activity with many loans being booked through Offshore centres for tax reasons. The Basel Committee member countries were concerned that the banks for which they were responsible were at risk because it was feared their subsidiaries or branches in offshore centres, through which loans were booked, were not subject to a sufficient standard of supervision.
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