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Summary and Comments

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1997-09-09 16:57:16


The Bank of International Settlements Issues Y2K Warning



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.


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