here's your announcemnt (mon morn) Monday 13 September 8:10 AM
AUSTRALIA PRESS: Cost Blowout On NAB Accounting Changes
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DJ AUSTRALIA PRESS: Cost Blowout On NAB Accounting Changes
SYDNEY (Dow Jones)--National Australia Bank Ltd. (NAB) could face another A$100 million cost blowout on two key accounting compliance projects, the Australian Financial Review reports Monday.
The bank's preliminary budgets expect spending of A$175 million in shifting to the new Basel 2 global regulatory standard for financial services companies and A$120 million to implement new international financial reporting standards in fiscal 2006, the newspaper reported, without citing sources.
The latest estimates are at least A$100 million more than initial forecasts of A$200 million the bank expected to be spent on both projects over four years, the report says.
NAB's spending is far greater than that of its smaller rivals, with Westpac Banking Group (WBK) budgeting A$46 million for both Basel 2 and the international financial reporting standards and Australia & New Zealand Banking Group (ANZ) planning to spend around A$60 million, including some additional projects, the newspaper says.
Newspaper Web site: http://www.afr.com
-By Sydney bureau; 61-2-8235-2950; [email protected]
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