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Summary and Comments

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Category: 

Banking

Date: 

1998-02-23 21:00:12

Subject: 

Saudi Bank Conference on Y2K

  Link:

http://www.arabicnews.com/ansub/Daily/Day/980220/1998022008.html

Comment: 

It seems to me that this conference is late in the process.

If Arab banks are not compliant, the world banking community faces a big problem. And vice versa.

This is from ARABICNEWS.COM (Feb. 20).

* * * * * * * *

The American - Saudi bank is sponsoring a regional conference to deal with a software problem that will cause some computers to mulfunction when the year 2000 is reached.

The conference, is being held in Beirut today to discuss the probable effects on corporations, banks, and the Arab states' economy as a whole. . .

These kind of errors threaten to paralyze computer systems that control millions of transactions and accounts in governments, companies, banks, payment systems and general services that rely on accurate date and time representation for accurate calculations.

Isah Al-Isah, the bank manager, said Arab states are faced with a severe shortage of technically qualified personal and computer software programmers with the needed expertise to deal with this problem. Al-Isah called this crisis "the bomb of the year 2000," referring to the dramatic increase in the cost of solving this problem the longer companies and governments wait to address this issue.

Link: 

http://www.arabicnews.com/ansub/Daily/Day/980220/1998022008.html

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