In case you guys were wondering what BASEL stands for It has been mentioned frequently in Greenspan speech http://www.bis.org/bcbs/aboutbcbs.htm
Basel is a city, in Switzerland I think, where the Basel Committee on Banking Supervision meets http://www.bis.org/bcbs/aboutbcbs.htm
Basel is a city nestled in the Three Countries of Germany, France and Switzerland. But that's not what i meant by Definition Basel1 and Basel 2 have been mentioned in Greenspan's speech so I gave a link so everyone could understand what they mean when BASEL is mentioned not the location