UK banks are collectively investing more than #1 billion to safeguard their IT systems against the perils of the millennium bug, said a report in 'The Times' today.
Barclays has set aside the largest budget - #250 million - to deal with the Y2K problem, followed by Lloyds TSB, Natwest and Standard Chartered, at #150 million each.
At the lower end of the scale, Northern Rock has estimated that it needs to spend a mere #5 million on its systems, while Woolwich estimates Y2K costs at just #25 million. Alliance & Leicester expects to spend rather more, at #40 million.
According to a survey by financial advisory firm City Consultants, about 90 per cent of securities houses have developed a program to ensure their external and internal systems will work after the date change. However, nearly 70 per cent of respondents admitted not all their current systems are ready for the next millennium.
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