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Summary and Comments

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Category: 

Banking

Date: 

1997-10-27 13:30:11

Subject: 

Bank for International Settlements' Warning (Sept. 1997)

  Link:

http://www.bis.org/wnew.htm

Comment: 

The BIS is the central banks' central bank. It has posted this warning on its Web site. Click the September posting: "The Year 2000 -- A Challenge. . . ."

* * * * * * *

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/wnew.htm

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