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Category: 

Banking

Date: 

1998-03-11 11:45:20

Subject: 

British Bankers Warn of Breakdown in Payments

  Link:

http://www.news.com/News/Item/0,4,19776,00.html

Comment: 

The British Bankers Associaion has warned that Britain's banks cannot complete both the y2k fixes and Euro currency revisions by Jan. 1, 2000.

It went beyond this. It warned of a breakdown in payments of key welfare systems, as well as corporate bankruptcies.

Nothing like this has been forthcoming from the US banking establishment.

This Reuters report is from C/NET (March 6).

* * * * * * *

LONDON--Britain's banks will not be able to prepare for a switch to a single European currency at the same time as they work to prevent a rash of damaging computer crashes on January 1, 2000, the British Bankers' Association said.

"In terms of the United Kingdom, you could not do the two together," director-general Tim Sweeney told an inquiry by parliament's science and technology committee on the millennium bug problem. . .

Sweeney said the cost to Britain's banks of tackling this problem would be $1.65 billion.

He said he was confident that new millennium compliant computers would be installed in the banks in time.

If action was not taken, most British salaries and pensions would go unpaid, standing order payments for regular services would lapse, and businesses would go bust because payments were not received, the association said in earlier written evidence to the committee.

Link: 

http://www.news.com/News/Item/0,4,19776,00.html

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