Y2K: Banks respond

Max More (maxmore@primenet.com)
Thu, 09 Apr 1998 22:40:53 -0700

Banks Unite For Global Year 2000 Efforts
(04/09/98; 1:36 p.m. EST)
By Hakhi Alakhun El, InformationWeek

A group of major banking institutions announced Wednesday an initiative to
keep the year 2000 problem from severely impacting world financial markets.
The group, which includes Citicorp, Barclay's Bank, Deutsche Bank, Bank of
Tokyo, and Hong Kong Bank, said it is planning to organize common year 2000
guidelines to be shared throughout the industry by managers and regulators.

In a statement, the organization, called the Global 2000 Coordinating
Group, said it plans to compile the year 2000 status of countries, cities,
and businesses. It will also examine cash-payment systems, securities
clearance and custody systems, stocks, bond futures, commodity exchanges,
foreign currency exchanges, and derivative trading.

In addition, the group will look at the readiness of organizations and
industries that are linked to the economic infrastructure such as utilities
(electricity, water, and telecommunications companies) and transportation