Newsletter Jul/Aug 2005: Basel II compliance costs UK banks £2.5 billion

LONDON – Complying with the new Basel capital rules will easily have cost banks across the United Kingdom some £2.5 billion, according to estimates made by Accenture, the management consulting and technology services group. The figures are derived from a survey of 20 banks in the UK and Ireland undertaken in April and May, and published in late July. This was part of a wider survey covering a further 43 banks elsewhere in Europe and the US.