Only 7 banks bugged by Y2k, regulators saygreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Only 7 banks bugged by Y2K, regulators say
By RICHARD BURNETT Web-posted: 9:52 p.m. Nov. 2, 1999
Now in its final stages, America's massive Y2K bank audit has homed in on only seven remaining financial institutions still wrestling with the so-called millennium bug, top banking regulators said Tuesday. After a three-year probe of more than 22,400 financial institutions nationwide, a tiny number remain unprepared for the year 2000 computer problem, officials said at a conference in Orlando. One Florida financial institution, First Bank of Jacksonville, is among those whose efforts to solve Y2K have rated as deficient. Federal regulators have issued a formal order mandating First Bank become Y2K-compliant or face regulatory sanctions. Bank officials say the order is unnecessary because their computer systems are ready for Y2K. Regulators declined to release the names of the other banks, citing confidentiality rules of bank examinations. Examiners are continuing to work with the delinquent banks to help them reach Y2K-readiness, regulators said. "The good news is that we can now say more than 99.9 percent of the FDIC-insured institutions are prepared for Y2K," said Donna Tanoue, chairwoman of the Federal Deposit Insurance Corp. "We are more confident than ever that no glitch will disrupt our banks, thrifts and credit unions on Jan. 1." Tanoue's remarks came at an annual business conference sponsored by America's Community Bankers, a trade group of smaller financial institutions, at the Walt Disney World Dolphin. More than 2,000 attended the event, which ends today. In the government's Y2K audit, FDIC examiners visited every bank in America twice while the Office of Thrift Supervision audited every savings-and-loan three times. Financial institutions made major strides during the process, Tanoue said. "We're now looking at seven with a less-than-satisfactory rating, down from 774 approximately 16 months ago," she said. "This kind of progress is very encouraging. But we will continue to closely follow those that are still lagging to make sure everyone will be ready." Florida bank examiners have worked with their federal counterparts to audit more than 360 banks, thrifts and credit unions, said Alex Hager, Florida's Y2K bank exam coordinator and chief of the Bureau of Financial Institutions. With only one bank still Y2K-delinquent, the statewide audit is virtually finished, he said. While the vast majority of financial institutions passed the Y2K test without incident, it proved to be too expensive for some, Hager said.
-- Homer Beanfang (Bats@inbellfry.com), November 03, 1999
We can solve any problems that come our way. How great thou are (mankind)!!!
-- Larry (firstname.lastname@example.org), November 03, 1999.
whenever i see these bank related articles i think if this quote i found. i laugh every time i see 99.9%.
"My friends," began the easy Rooseveltian voice in countless homes, "...when you deposit money in a bank, the bank does not put the money into a safe deposit vault. It invests your money, puts it to work...What, then, happened? There was a general rush, so great that the soundest banks could not get enough currency to meet the demand...It was then that I issued the proclamation providing for the nationwide bank holiday...
"There is no occasion for worry. The banks will take care of all needs--except of course the hysterical demands of hoarders. When people find they can get their money, the phantom of fear will soon be laid. I can assure you it is safer to keep your money in a reopened bank than under the mattress." Time, March 20, 1933
well... at least he had a lovely wife/cousin
-- clayton (email@example.com), November 03, 1999.