Watchdog Warns Some Banks Not Ready For Y2K Bug : LUSENET : TimeBomb 2000 (Y2000) : One Thread

relevant quote:

"The committee said some banking supervisors, including most of those in major financial markets, were developing strategies for dealing with institutions unprepared for the event.

``However, more than half of the supervisors responding to the survey have not yet focused on developing such contingency plans, which suggests that more attention is needed on this aspect of the issue,'' it said.

The Basle Committee said it was proposing to organize and lead a series of intensive workshops for regional groups of supervisors in the emerging markets in April and May to help ensure adequate preparation for the Year 2000.

``Nonetheless, it is the banks themselves that must do the work, and much work remains to be done,'' the committee said.

``Financial institutions need to recognize that not only must they address the Year 2000 challenge effectively, but their counterparties, service providers and customers must also meet the Year 2000 challenge if business disruptions are to be avoided,'' it said."

-- Arlin H. Adams (, April 01, 1999

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