Banks Prepare To Revamp Systems And Operations For EMU Compliance

EUROPEAN financial institutions are launching major IT projects to handle the operational implications of European Monetary Union (EMU).

David Hennah, head of the euro programme office at Barclays Bank says the bank has allocated nearly £200 million towards making essential systems EMU compliant. He declines to comment further on Barclays' EMU project, however.

Paribas Capital Markets is also making major IT efforts in preparation for EMU. The Paris-based bank recently completed an investigation