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1998-04-07 08:45:35


Australian Banks: Many Have Barely Begun the Repairs



This is standard stuff: small and medium sized banks are way behind, warn large (noncompliant) banks.

Banking is a system. If the little guys are not compliant, they will threaten the survival of the big guys, which are also not compliant. All of which is to say, the banking system is not compliant.

This is from the AUSTRALIAN FINANCIAL REVIEW (March 30).

* * * * * * *

The banking industry is sounding the alarm on the 2000 bug, with new research showing a major revenue stream remains at risk and out of reach of the banks' own $600 million-plus remediation efforts.

The Australian Bankers Association is expected this week to release details of a survey showing that small and medium-sized businesses are ill-prepared for the millennium bug. . . .

One senior banking executive said the results "confirmed some of our worst fears".

While the four major banks have set aside $602 million to ensure their own houses are in order come January 1, 2000, there is growing concern about the possible knock-on effect from suppliers and customers which are not as prepared.

Much of the concern centres on smaller organisations which remain unaware of the problem's possible impact and mistakenly believe it is limited to the "big end of the town".

The Commonwealth Bank of Australia's millennium program director, Mr Ken Pritchard, told a Sydney seminar on Friday that the survey results demonstrated an "astounding lack of appreciation of the issue".


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