Y2K Poses Multi-Trillion Dollar Threat To Banks - Report September 30, 1999: 2:23 p.m. ET

LONDON, ENGLAND (NB) -- By Steve Gold, Newsbytes. Research just published by International Monitoring suggests that the Y2K information technology (IT) issue - now under 90 days away - poses a massive threat to the world's banks. Nick Gogerty, a spokesperson for the Y2K research firm, told Newsbytes that the risk potential runs into the order of trillions of dollars. http://www.cnnfn.com/news/technology/newsbytes/137094.html (full article)

-- Tom (Y2KOhno!@Yikes!.com), September 30, 1999

Answers

like craig says--nuthin but blue sky,s headed my way.

-- your kiddin?? (dogs@zianet.com), September 30, 1999.

Gee. "A massive threat to the world's banks". Who'da thunk it?

-- (@ .), September 30, 1999.

Here is the definition you need to understand this article:

Cross-Currency Settlement (Herstatt) Risk

Risk that any party that is required to perform first in a foreign exchange transaction will not be able to recover the principal amount of the currency delivered if its counterparty defaults on its payment obligation. Sometimes called "Herstatt risk" because risk of this type occurred in connection with the failure of Bankhaus Herstatt in 1974. It may be impossible to settle both sides of a foreign exchange transaction simultaneously because of differences in the physical location, processing cycles, and time zones of the various national payment systems.

-- Count Vronsky (vronsky@anna.com), September 30, 1999.

Here are two of International Monitoring's links about this:

http://www.intl-monitoring.com/banking.htm

http://www.intl-monitoring.com/Institutionalbanking.pdf

-- Linkmeister (link@librarian.edu), September 30, 1999.

Al, little buddy, I challenge you to point out where I ever said that!!

Lying is a no-no.......cut it out.

There will be plenty of problems.....as well as plenty of solutions.

It's called life.

-- Craig (craig@ccinet.ab.ca), September 30, 1999.

Paging Hoff, paging hoff, paging hoff. You told us there WAS no danger of cascading bank defaults. You ARE the expert. Who are these dummies that CNN/FN are talking about? Would you PLEASE straighten them out for us ASAP?

Sheesh. These Gary North types at CNN/FN are Scary.

-- BigDog (BigDog@duffer.com), September 30, 1999.

Sure am glad I don't own a bank.

-- Tom Carey (tomcarey@mindspring.com), September 30, 1999.

Good point BD, it will good to hear Hoff's "reassurances".

SAP sap, ASAP!

-- a (a@a.a), September 30, 1999.

Where is SUPERSAP when we need him...

OK, what about it Flint?

Banks = Toast

Got cash?

Got gold???

-- Andy (2000EOD@prodigy.net), October 01, 1999.

This is one of those "aha" notes from International Monitoring. Whether it is called cascading faults, gridlock or the Herstat whatever, this could be as much a problem for the global market as the supply chain or fuel.

Naively, I was hoping to feel better about whay lays ahead in 91 days, not worse. Fasten your seat belts, it is gonna be a bumpy ride.

-- Nancy (wellsnl@hotmail.com), October 01, 1999.

Bye-bye, Life As We've Known It.

-- Ashton & Leska in Cascadia (allaha@earthlink.net), October 01, 1999.

From http://www.intl-monitoring.com

"International Monitoring is a specialist consultancy based in London. They assess countries technology infrastructure, efficiency of Y2K fixes, and estimates of the lateness of certain fixes."

A consultant says weve found some bad news about Y2K and then oh, by the way, we can sell you some of our consulting advice .....

You gotta look at the perspective from which a source is speaking.

-- Johnny Canuck (j_canuck@hotamil.com), October 01, 1999.

<< SAP sap, ASAP! >>

ROFL!!!!!!!

-- David Palm (djpalm64@yahoo.com), October 01, 1999.