Citicorp has budgeted $600 million; Chase Manhattan, $300 million. Japan has 49 banks that plan to spend $249 million. Total. That's $5 million each.
Japan's largest banks dwarf Citicorp and Chase in terms of assets. If they go down, the world's banking system goes down.
I feel like Clubber Lane (Mr. T) in "Rocky III." He kept saying, before the first fight, "You're going down!" In this thrilling sequel, there will be no second match.
This is an Associated Press story from the WASHINGTON POST (May 20).
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TOKYO (AP) -- Japanese banks have not been as diligent as they should be in preparing against possible computer glitches in the year 2000, Moody's Investors Service said Wednesday. . . .
Without naming any, Moody's said Japanese banks had not allotted as much money as their Western counterparts to deal with the problem. . . .
Of American banks, Chase plans to spend $300 million and Citicorp $600 million to address the problem, Moody's said. But one major Japanese bank has allotted only $60 million to protect against the millennium bug, it added.
Moody's also said that a recent survey of 49 Japanese banks showed they planned to spend $249 million.
``It seems reasonable to ask, is that enough?'' the report said.