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  "documentTitle": "IFRS 9 Impairment Banking Survey",
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      "text": "Few banks have already transitioned to BAU on day one. Banks have typically spent a significant portion of the 2017 fiscal year testing the IFRS 9 processes and generation of the ECL results for the implementation date. This proved to be a great challenge for a number of banks and we observed delays to the parallel run test cycles. This resulted in limited time available for transition activities to a business-as-usual (BAU) function. Only two banks in the survey have fully transitioned to BAU on day one of IFRS 9 implementation at the time the data was collected. Half of respondents expect the duration of the implementation project to last over six months from day one. Half of the large banks (over €500b in assets) expect the implementation project to last a further 9-12 months from day one. This remains a critical challenge for banks in 2018 as the budget for 2018 would not have incorporated the need for ongoing transition activities. As a result, we have observed a higher implementation cost in 2018 than previously anticipated. We expect there to be a significant amount of senior management focus in this area to minimise the ongoing cost spend on IFRS 9 in 2019 onwards.",
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