Feb 9 (Reuters) - Bank of Queensland Ltd BOQ.AX :
* Boq refines operating model BOQ.AX
* Expect this investment in fine-tuning our operating model will help accelerate our path towards a cost to income ratio in low 40% range in years ahead"
* Uncertainty in the global economic outlook over recent months has resulted in a significant increase in volatility in funding market"
* Says an investment in the order of $15M (pre-tax) is anticipated to be incurred over the course of FY 2016
* Says expense will not be excluded from cash earnings in FY 2016
* Investment required to implement the change initiatives should deliver 100% payback through cost savings within 12 months
* Source text for Eikon ID:nASX4J7HL4