Make your own free website on
Recommended Resources Offshore havens, asset protection, global investing and other useful techniques.
The Year 2000 Bookshelf Books to help your evaluate the Y2K problems you face.

Gary North's Y2K Links and Forums - Mirror

Summary and Comments

(feel free to mail this page)




1997-10-30 08:50:14


Australian Banks Are Doing Very Little About Y2K



The AUSTRALIAN FINANCIAL REVIEW (Oct. 20) reports on the lack of action -- and vulnerability -- of Australian banks. They are exposed to currency risks. They don't know how much risk.

* * * * * * * *

Some banks had not finalised a strategy for dealing with the millennium bug problem and some non-information technology staff were living in "blissful ignorance" of the issue and the need for compliance by the end of 1998.

Of the $600 million that Australian banks had earmarked for year 2000 compliance spending, only 10 per cent had been outlaid so far, highlighting how much work was still to be done. At the same time, he said: "Many banks seem not to have a good feel for the size of their [foreign exchange] settlement risk. But it is clear that the magnitudes are huge."


Return to Category: Banking

Return to Main Categories

Return to Home Page