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Summary and Comments

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Category: 

Banking

Date: 

1997-09-23 13:24:56

Subject: 

Coordinating the Repairs of Every Bank

  Link:

http://www.homeoffice.gov.uk/y2k5.htm

Comment: 

I argue that y2k cannot be fixed. I also argue that fractional reserve banking is at the heart of the world's economy. The banks face two problems: (1) coordinating their repairs with each other's computers and then with all other financial institutions; (2) an international bank run.

The Home Office -- police -- of Great Britain has a y2k site. I have placed a link to its May, 1997, report, "Year 2000 Compliance: A Guide for the Police."

The report says that it is not good enough to get one computer fixed. The entire system must be fixed so that the repairs are coordinated. This system may comprise one company's operations or an entire industry, such as international banking.

This brief description is my answer to those who say that y2k can be fixed. Apply this requirement -- especially testing in advance of 2000 -- to all of the world's banks:

* * * * * * *

It must be recognised that when two or more systems are interfaced, it will not be enough simply to test the compliance of each separately. In many cases, the interface(s) will have been built as a separate exercise (by a supplier or internally). The software standards/ structures used may well differ from both (or all) the systems interfaced. If any date-related data is passed between the systems, the interface may have been constructed to include a translation function, changing between different date formats in the different systems.

Link: 

http://www.homeoffice.gov.uk/y2k5.htm

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