Basel II related IT spending to increase at European banks, says Celent
NEW YORK - Spending on IT for compliance with the Basel II capital accord in European Union (EU) banks is set to rise to more than €600 million in 2006 from just over €300 million in 2002, according to an analyst at US research and consultancy company Celent.
In an earlier study in August on financial institution compliance with Basel II, Celent predicted that global spending on operational risk activities would approach $12 billion by 2005. This figure includes in-house and external costs, which are
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