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Summary and Comments

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Category: 

Banking

Date: 

1997-05-17 00:00:00

Subject: 

The Magnitude of the Repair Task: Step One

  Link:

http://www.ffiec.gov/y2k/yr2000.htm

Comment: 

This document is complex. As you read it, bear in mind that it deals with only stage one of the y2k repair. This does not tell banks what must be done to make the corrections, let alone test them. It only tells them what must be done to assess their problem by September 30, 1998. This leaves only three months to make the correction. Then they must test the fix for one year. On this point, see my posting of the the FFIEC's press release of May 5, which I have posted as "Regulators Are Quietly Beginning to Panic." The FFIEC regulates all U.S. financial institutions.

You will not want to read all of this, but you should be aware of it. This document was released on May 5, 1997. Anyone who thinks that the y2k problem is some minor problem to solve has not looked at this document. Anyone who proposes a quick fix, such as rolling back the computers' clocks by 28 years, is totally uninformed. If the problem could be solved this easily, would the government have released this document? Would Chase Manhattan Bank have set aside $200,000,000 to repair its code?

Read at least some of this document. How can a system with 200,000,000 lines of code (Chase Manhattan) or 400,000,000 lines (Citicorp) be repaired, tested, and integrated with all other banks on earth by Jan. 1, 2000?

You need to come to a conclusion about this long before Jan. 1, 2000.

Link: 

http://www.ffiec.gov/y2k/yr2000.htm

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