Banks cannot get 2000-compliant by themselves. They are heavily dependent on outside software vendors. If these vendors fail to get the revisions issued and installed on time, the banking system will collapse.
The U.S. government has no regulatory authority over these vendors.
Most banks are outside the U.S.
A January telephone poll by the American Bankers Association asked 172 institutions what degree of dependence on outside vendors for mission-crirtical data processing the banks were. Here are the results.
* * * * * * *
How dependent is your institution on outside vendors for mission-critical data processing services and software?
1. (Independent) The institution has almost no dependency on outside vendors for mission-critical data processing services. 0%
2. (Somewhat Dependent) The institution is dependent on outside vendors for some, but not all, mission-critical data processing. 0%
3. (Completely Dependent) The institution is completely reliant on outside vendors for all mission-critical data processing. 80% . . .
Does your institution's Year 2000 program have contingency plans in the event of a mission-critical system failure which may create a business disruption caused by the change in millennium?
(Note: Standard Disaster Recovery Plans cannot be considered contingency plans for the change in millennium unless they include specific provisions for the Year 2000 problem.)
1. (No) There are no Year 2000-specific contingency plans at the institution. The institution will be relying upon existing contingency plans for the bank. 1%
2. (Not Yet) The institution is aware of the need for Year 2000 specific contingency plans for mission-critical systems and for managing business disruption caused by the Year 2000 problem, but has not defined them yet. 99%
3. (Yes) The institution has Year 2000-specific contingency plans in place for mission-critical systems and for managing business disruption caused by the Year 2000 problem. 0%