"Since their adoption in 2006, Directives 2006/48 and 2006/49 have been amended numerous times. Some of the amendments were already in contemplation prior to the initial adoption, and formed part of the routine legislative program of the European Commission. A significant portion of the amendments were introduced as responses to the financial crisis which has unfolded since summer 2007. The two Directives are increasingly together referred to as the Capital Requirements Directive, or ""CRD"". The CRD is the most significant piece of European legislation adopting Basel II, the capital accord for banks established in 2004 by the Basel Committee on Banking Supervision (BCBS)"