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1998-04-17 21:03:53


Unplugging Noncompliant Banks: The Dilemma



American bankers are threatening to cut Australian banks out of the international banking network if they don't fill out a questionaire.

This is the ultimate threat or ultimate bluff. I think it's the latter. There are no compliant banks. If there were a few, could they cut off all the other banks on earth? Obviously not.

But then what will happen to the data in the handful of compliant banks (if any)? Contamination.

This is a systemic problem. It cannot be solved. Either the compliant systems are re-corrupted or else they become so small through exclusion that the system collapses.

This is from the SYDNEY MORNING HERALD (April 17).

* * * * * * *

The Australian Securities Commission chairman Mr Alan Cameron yesterday called on Australia's financial institutions to tell the international business community about their preparations for the millennium bug - or face being cut off from the rest of the world. . . .

He said the results of a major survey of the world's top 1,000 banks presented to the conference showed that several Australian financial institutions had failed to respond to a questionnaire.

The message from American financial sector leaders was that if Australian banks did not send clear signals to the international financial sector about their millennium preparedness they would be disconnected from the international financial system, he said.


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