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Summary and Comments

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Category: 

Banking

Date: 

1997-10-22 14:46:33

Subject: 

Greek Banks Say, No Problem!

  Link:

http://www.comlinks.com/news/itaa238.htm

Comment: 

This report indicates that Greek banks are not concerned anout y2k or the required conversion to the new Euro currency.

International banking is a system. If any banks are noncompliant, those that share data with them will also be noncompliant.

We may not be able to test this theory. There is no compliant money center bank.

* * * * * * *

Greek banks, like banks elsewhere in Europe, must also accommodate the virtually simultaneous change to the European Monetary Unit. Along with many other European nations, Greece is striving to meet the economic requirements of the Maastricht Treaty by the Year 2000, forcing stringent fiscal controls. . . .

Are Greek banks worried? Apparently not. While several vendor representatives attending this week’s event were quietly shaking their heads, the banking crowd seemed sanguine. Some of this tranquillity comes from trashing the old. One state-owned bank, handling more than 1 million transactions per day, intends to pull the plug on its Y2K woes by pulling the plug on old systems. This three year project will attempt to address the Euro and Y2K conversions while delivering new functionality and services. Others are looking to the equipment vendors themselves to fix their equipment and are unwilling to talk to independent solution providers.

Link: 

http://www.comlinks.com/news/itaa238.htm

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