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Summary and Comments

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Category: 

Banking

Date: 

1998-05-23 15:44:05

Subject: 

27 Philippine Banks Are Now Compliant . . . Soon

  Link:

http://www.portalinc.com/manilatimes/business052398b.html

Comment: 

Good news, reports the Philippine press: 27 banks are compliant.

Then you read the story: they will be compliant later in 1998.

Notice the compliant banks: Citicorp, Chase Manhattan, Bank of America, etc. Odd; they aren't compliant in the U.S. But in the Philippines, they're compliant.

My recommendation: If you're going to count your y2k-compliant chickens before they're hatched, better use pencil and paper.

* * * * * * * * *

THE Central Bank said yesterday that the computer systems in 27 banks have fixed the so-called millennium-bug problem and are now "year-2000 compliant".

"Based on a report made by the Supervision and Examination Sector (SES), 27 banks will be able to finish work on their systems and will be fully compliant within 1998," said central bank managing director Teresita Hatta. . . .

Hatta said the central bank sent a memorandum on the compliance issue last September to all banks including thrift, rural and quasi-banks.

"We asked the banks to submit their compliance schedule. Every month, the SES does an audit to find out if the banks are on schedule," Hatta said.

Most of the banks that fixed the computer problem were foreign banks. They were ING Bank, Korea Exchange Bank, ANZ Bank, Fuji Bank, Bank of Tokyo, Global Bank, Deutsche Bank, Citibank, Standard Chartered Bank, TA Bank, Chinatrust Bank, Bangkok Bank, HongkongBank, Chase Manhattan Bank, Bank of America and Asia United. . . .

Hatta said most of the banks that were yet to expel the millennium bug promised to do so by the middle of next year. But some said it would take them up to the third or fourth quarter of 1999 to expel the bug.

Link: 

http://www.portalinc.com/manilatimes/business052398b.html

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