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1997-10-21 17:13:17


Hong Kong Bank Issues Warning: No Compliance, No Loan



The Hong Kong Shanghai Bank will no longer make loans to non-y2k compliant companies.

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PC Week (Australia) In their issue of 21 May, 1997, front page :

The Australian subsidiary of HongkongBank has confirmed it will adopt a global policy in implementing strict Year 2000 (Y2K) compliance rules for all customers and business partners.

From next year, the bank will refuse to lend money or have business dealings with organisations or individuals running computer systems that are not Y2K-compliant, bank officials said.

While stopping short of conducting tests, the bank will require all loan applicants and business partners to sign contracts confirming their compliance and will take legal action against those who try to mislead it.


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