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Summary and Comments

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Category: 

Banking

Date: 

1998-01-13 21:44:17

Subject: 

"What's Going On?" Asks Bank for International Settlements

Comment: 

The BIS is the central bankers' central bank. It is calling for information on y2k's effect on bank payments systems.

The request was described as an "awareness-raising exercise." Awareness is the first stage of a y2k repair -- the first 1%. If the BIS thinks international banks are in need of more awareness, then we are all in very deep trouble.

This is a Reuter's report (Jan. 13).

* * * * * * * *

BIS seeks input on millenium preparations

BASLE, Switzerland, Jan 13 (Reuters) - The Bank for International Settlements (BIS) said it was seeking information about the impact of the millennium on technology used to run the world's financial systems and networks.

In a statement released on Tuesday, BIS said it was asking operators to provide information via its Internet website as an ``awareness-raising exercise.'' The site is accessible from the BIS homepage at http://www.bis.org.

The information was needed to determine how well prepared payment and settlement systems are for 2000, the year which is expected to cause problems for some computer systems.

System operators were asked to ``indicate the state of internal testing as well as testing with external participants for the key components of their IT (information technology) infrastructure,'' BIS said. . . .

The information was being sought by the BIS's Committee on Payment and Settlement Systems (CPSS).


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