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.

A senior analyst at the firm, Michael Haney, was commenting to Operational Risk on a Celent report in October on IT spending at European banks, which said that total IT spending by commercial banks based in the EU would reach €45.8 billion

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