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1998-06-09 15:59:51


Analyst Says Y2K No Threat to Banks or Stock Market



I did not know whether to post this here or in "No Big Problem."

This lady says that y2k will not affect banks or stocks. That's what she says.

This is from the CINCINNATI ENQUIRER (June 9).

* * * * * * * * *

The stock value of the nation's largest banks -- including those in Ohio -- should not suffer from costs and changes of preparing computer systems for the next millennium, a banking analyst says.

Ruchi Madan of Paine Webber in New York said banks' stocks are likely to overcome concerns about converting software to solve the Year 2000 problem. Some analysts have estimated that the conversion process will cost U.S. banks hundreds of billions of dollars.

While the Year 2000 issue is serious, Ms. Madan predicted that the computer problem will not hurt bank profits or stock valuations. She said banks with good technological disciplines and solid management face the lowest risk from problems that could be discovered later.


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