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Summary and Comments

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Category: 

Banking

Date: 

1997-09-09 16:57:16

Subject: 

The Bank of International Settlements Issues Y2K Warning

  Link:

http://www.bis.org/publ/bcbs31.htm

Comment: 

The BIS is the central banks' central bank. This report is not in HTML. It has to be read with Adobe Acrobat.

It warns that y2k is a very difficult problem to solve, yet it must be solved.

The question is: How?

The report begin with a warning of bankruptcy.

* * * * * * *

The Year 2000 poses a significant challenge for financial institutions because many automated applications will cease to function normally as a result of the way date fields have been handled historically. Failure to address this issue in a timely manner would cause banking institutions to experience operational problems or even bankruptcy and could cause the disruption of financial markets. As a result, banking institutions must take the necessary steps to ensure that problems and disruptions are minimised.

Link: 

http://www.bis.org/publ/bcbs31.htm

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