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&#39Half of European banks have no budget for Basel II&#39

Half of all European banks, building societies and lenders have no budget set aside to meet the capital requirements of Basel II which are set to be compulsory from 2007.

This warning comes from credit risk management consultantcy Scorex following its survey of 55 heads of retail credit with some of Europe&#39s biggest lenders, including 11 in the UK, which predicts that medium or smaller banks will struggle to meet the deadline.

Scorex says it will cost a medium-sized UK lender between £5m and £20m to have its internal rating-based approach in place to allow its risk to be assessed by the Basel II capital accord.

But the longer that lenders delay on planning and implementing the initiative, the higher the cost and the more pressure on resources, including technology and staff.

The company says that 71 per cent of those questioned say they plan to have an internal rating-based approach in place, but most have not dedicated the necessary funds.

Scorex head of sales Keith Hale says: “It seems that a large proportion of organisations have not yet considered how they are going to meet compliance by 2007 and the longer that organisations leave putting such strategies in place, the more expensive it is likely to become.”


Income crisis is looming as the state steps back

Reform of state pensions must take place as a priority if the UK is to avoid tomorrow&#39s pensioners being worse off than today&#39s pensioners, warns the Pensions Policy Institute.The warning came at the PPI conference in London last week after reports that there is no indication that future pensioners will be any better off despite […]

&#39Flat-rate second pension to close gap&#39

The ABI is calling for urgent reform to the state pension by introducing a flat-rate second pension that it claims would lift state provision above the minimum income guarantee.It warns that without fundamental change, the gap between basic state pension and the pension credit will increase, leaving up to 82 per cent of pensioners on […]

Cavendish says pension savers have their heads in the sand

Forty two per cent of consumers believe their occupational pension scheme is all they need for retirement, according to research by Cavendish Asset Management. Despite the closure of many schemes, 52 per cent of people under 30 are putting all their trust in an occupational pension. However only 18 per cent of those questioned believe […]

Fidelity continues supermarket sweep

Fidelity increased its stranglehold on fund supermarket Skandia&#39s list of best-selling Isas last month, accounting for three of the top six funds on the platform.The US giant&#39s special situations, moneybuilder income and European funds came in first, second and sixth respectively. Jupiter&#39s flagship income fund, which was second in January, dropped back to third place. […]

Naming a reward programme

Six tips to get your reward programme name right

by Debra Corey, group reward director  Choosing a name isn’t easy. Whether it’s for your new puppy, a bundle of joy or your reward programme, a name determines a first impression – and often a lasting memory. When it comes to your reward programme, the name will determine how your employees feel about it even before […]


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