Since they have spent the most to "achieve" compliance I thought that this was worth a post. Not much of a disclaimer but still informitive. The disclosures that are comming out now will be the last ones. I don't know if they are continuing past the rollover. These are the ones the lawyers will be looking at if there are problems.

 CHASE MANHATTAN CORP /DE/ - Quarterly Report (SEC form 10-Q)

YEAR 2000: Chase's Year 2000 efforts are discussed on pages 41-42 of Chase's 1998 Annual Report, on pages 32-33 of Chase's Quarterly Report on Form 10-Q for the quarter ended March 31, 1999 ("First Quarter 10-Q") and on pages 33-34 of Chase's Quarterly Report on Form 10-Q for the quarter ended June 30, 1999 ("Second Quarter 10-Q"). The information below updates Chase's Year 2000 disclosures.

As of September 30, 1999, Chase's computer systems applications currently in operation have been remediated and tested for Year 2000 compliance. Chase's information technology teams are now managing systems changes to ensure that Chase's computer systems applications remain Year 2000 compliant. Chase has also imposed a "freeze" on technology changes from October 1, 1999 through the end of January 2000. The freeze is intended to ensure that Chase's technology environment will be highly stable at year-end.

Due diligence efforts of external Year 2000 risks are continuing. This includes due diligence on settlement counterparties, business partners (such as correspondents, sub custodians, and investment advisors), and customers. In addition, stress testing, on at least a monthly basis, of Chase's market-sensitive portfolios is being performed. The stress test scenarios continue to be updated as more information about worldwide Year 2000 readiness becomes available. Chase continues to evaluate potential Year 2000 impacts upon its funding capability and has taken actions to incorporate such risks into its capital and liquidity planning in order to meet anticipated funding needs at year end.

The results of Chase's due diligence and other assessment efforts are utilized by Chase to help it manage its Year 2000 business risks. Under the auspices of Chase's Year 2000 Business Risk Council, contingency plans have been developed, refined and tested. Approximately 250 different risk scenarios have been identified across all geographies and Chase businesses, resulting in the development of approximately 1,400 individual Year 2000 contingency plans. These plans include identification of possible alternative methods by which to provide service, alternative locations for operations, increased staff support to service customers, as well as ways for Chase to maintain critical services in the event of environmental infrastructure outages.

Chase's Year 2000 program is now focused almost entirely on final preparations for the event. Year 2000 command centers have been created; problem tracking and reporting tools designed; key operational and service performance measures identified for tracking; "wellness checks" of facilities, services, and systems have been planned; and training of "rapid response teams" is in process. Three dress rehearsals have been scheduled during the fourth quarter of 1999. The first dress rehearsal, scheduled for October 15, 1999, tested command center connectivity and processes. The second dress rehearsal, scheduled for October 29 and 30, 1999, tested Chase's Year 2000 tracking, monitoring and communications processes. These dress rehearsals were successful in identifying areas for improved communication and more efficient decision making at the event. The third dress rehearsal, scheduled for early December 1999, is intended to refine business status reporting and test back-up command center infrastructure and processes. The Year 2000 command center structure will become operational in late December and will continue in place until a stable operating environment is achieved.

Chase continues to estimate that full year 1999 Year 2000 costs will be approximately $158 million.

-- Brian (imager@home.com), November 08, 1999

Answers

These dress rehearsals were successful in identifying areas for improved communication and more efficient decision making at the event.

I like this part a lot. Sadly, it is the first time I can recall a company talking (somewhat) about the fact that things didn't work the first time. I also wonder where any statement about impact upon earnings and the like went? Are we meant to refer back to the previous statements? Cheers, AGF

-- drac (greenspanisgod@frb.giov), November 08, 1999.

I liked this one -

Chase's information technology teams are now managing systems changes to ensure that Chase's computer systems applications remain Year 2000 compliant. Chase has also imposed a "freeze" on technology changes from October 1, 1999 through the end of January 2000.

Is this a left and right hand thing ????

-- BH (bh_slientvoice@hotmail.com), November 08, 1999.

BH:

Sounds like they're both keeping a very close eye on daily maintenance and troubleshooting (there are *always* bugs), and not adding anything new for several months. Sounds very aware and cautious to me. The intensive testing is also reassuring. So are the 1,400 *tested* contingency plans.

-- Flint (flintc@mindspring.com), November 08, 1999.

..."The year 2000 command center structure will become operational in late December and will continue in place until a stable operating environment is achieved."...This is an admission that they know the shit is gonna hit the fan...

-- Vern (bacon17@ibm.net), November 08, 1999.