Euro zone banks should consider using profits to fix IT, says ECB

Euro zone banks should consider using their current, high profits to fix issues such as shortcomings in their digital infrastructure, the European Central Bank’s chief supervisor Claudia Buch said on Tuesday.

“With the higher profits that we’re seeing now, it is also [a] very good opportunity (for banks) to consider — given the uncertainties we are facing, given some of the issues that we have, let’s say with IT systems and operational infrastructure — whether this could also be a good opportunity to gain more resilience,” Buch said at an event in London.

via Reuters