proposal from president ECB: close all european banks on 31/12 : LUSENET : TimeBomb 2000 (Y2000) : One Thread

some news from todays major dutch newspaper (link: Text is in Dutch but here's a short translation:

Mr. Duisenberg, president of the European Central Bank (the European Al Greenspan) wants to close all European banks on 31/12 because of possible Y2K problems. The ECB itself will shut down its international payment system called "Target"on that day.This means there will be no no international transactions. He suggested to all Euro countries to close all banks because there will be no transactions anyway because of the shutdown of "Target".

One response from the Dutch secretary of finance: at this moment we do not have the authorization as governement to force the banks to close but ofcouse we (the government) can get this authorization in near future.

Nothing was said about when all European banks will re-open.

I think I'm gonna get me some more cash....

Robert from The Netherlands

-- robert (, March 16, 1999


Touche' Robert. I've been getting any "sitting cash" (over $50.00 balance) out or cashed immediately since Jan. Rather be in the front of the line instead of at the back...

Mr. K

PS - some of our local bank officials have pointed out that in our county, part of the contingency plan is to close main bank doors if there are "operational difficulties that cannot be overcome". That certainly has been described to me to include "running out of cash to give to customers, civil unrest, technical difficulties, etc". We would not know when this policy would be put into motion, until the doors were locked. It wouldn't be something announced on the news so we could get there before they close.

Mr. K ***who doesn't like leaving obvious things to chance***

-- Mr. Kennedy (, March 16, 1999.

Our bank, a very large bank, isn't going to have any problems. I asked the lady who was doing a wire transfer for me. She said "almost no one" has even asked if our bank is compliant, but not to worry. "They came in about two months ago and checked everything, and they didn't find any problems."

Her manner of speaking was hesitant.

-- Helen (, March 16, 1999.

Robert, Hartelijke bedankt voor deze nota.

Please keep us posted up to date on this one about Nederlandse banks.

Beste wensen,

-- Watchful (, March 16, 1999.

Helen: Ask your bank lady how the bank will be able to do business if it cannot accept data from other banks because the other banks are not fully compliant? Ask her how your bank will be able to receive loan payments when the payer's bank data cannot be accepted by your bank. Then ask her why you should keep your money in a bank that is not able to stay in business in 2000.

-- cody varian (, March 16, 1999.

Here's the summary of an article from the Wall Street Journal, as posted to "Sanger's Review."

ECB Wants Dec. 31 Holiday to Limit Yr 2000 Risks: Duisenberg (Jonathan Stearns and Peter Goldstein, Dow Jones Newswires -- requires paid registration)

"The European Central Bank wants European Union countries to declare Dec. 31, 1999 a non-business day to limit risks to the E.U. banking system posed by the 'millennium bug' computer problem. In a letter to the German government, which holds the rotating E.U. presidency, ECB President Wim Duisenberg said the European System of Central Banks (ESCB) will be closed Dec. 31 - a Friday - to ensure that its information systems are fully prepared for any problems. The ESCB comprises the ECB plus the national central banks of the 11 euro-zone member countries"

Coincidentally, today we find out that the

Entire European Union Panel Resigns Amid Harsh Criticism New York Times)

"The executive leadership of the European Union in Brussels resigned early Tuesday morning after a panel accused the group of corruption."

Unrelated, certainly, but still not a good sign...

-- pshannon (, March 16, 1999.


I would have been ROTFLMAO! Are you REALLY that naive?

-- EYE ON Y2K (, March 16, 1999.

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