Basel III is a set of global rules for banks to have enough money and be ready for tough times. It was made after the 2008 financial crisis to make banks safer. Basel III makes banks have more money saved up and follow new rules about how much they can borrow. In the past, banks relied too much on outside companies to decide if loans were risky, which caused big problems. Now, Basel III makes banks do more careful planning and think about worst-case scenarios to avoid bad loans.