Short piece today on Bobsguide about banks underestimating the costs of Basel II implementation. This has been endemic across the industry and is fairly typical of any regulatory project. Is anyone aware of a major bank (or other institution) who has got the cost of a major regulatory project right at any stage, short of the end of the project? I think the article is SAS trying to explain to its clients why this has cost more that originally estimated.

It is a fair call from them, I should add. Banks are always difficult to pri

ce things for.