Banks start to announce readiness. What about other sectors of the economy? : LUSENET : TimeBomb 2000 (Y2000) : One Thread

I've noticed in the past two weeks or so some good news: U.S. banks are starting to announce Y2K readiness. I've probably seen five different banks recently announce this news. Here's a link to the most recent announcement I came across:

"BancorpSouth announces Y2K readiness"

Although I still have concerns about data exchanges and about the potential exposure of banks to bad loans, I do sincerely take this as good news. I've thought for awhile now that almost every U.S. bank would be internally compliant by the end of this year.

But what does this say about other sectors of the U.S. economy and about foreign countries? The banking and financial sector is the best prepared of all. Many banks began their Y2K efforts in 1996 or even before that. They were supposed to have testing substantially completed by December 31, 1998.

Many non-financial businesses in the U.S. did not begin their Y2K efforts until 1998. Many foreign countries are said to be anywhere from months to a year or more behind the overall U.S. level of remediation. Countries such as Japan and Germany seem to be reaching a level of Y2K awareness this month that the U.S. reached in November 1998.

The bottom line is: a number of (non-financial) Y2K projects will not get done in time--here and abroad. A certain level of personal preparedness is still prudent. Prepare not only for possible shorter-term utility problems, but also shortages that could last months longer than any utility interruptions.

-- Kevin (, April 30, 1999

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