"... it is likely that one or more events may disrupt the Corporation's normal business operations."
BANK OF AMERICA'S LATEST SEC 10-Q FILING (August 16)
Y2K Disclosure begins on page 30.
RISKS
Although the Corporation's remediation efforts are directed at reducing its Year 2000 exposure, there can be no assurance that these efforts will fully mitigate the effect of Year 2000 issues and it is likely that one or more events may disrupt the Corporation's normal business operations.
In the event the Corporation fails to identify or correct a material Year 2000 problem, there could be disruptions in normal business operations, which could have a material adverse effect on the Corporation's results of operations, liquidity or financial condition.
In addition, there can be no assurance that significant foreign and domestic third parties will adequately address their Year 2000 issues.
Further, there may be some parties, such as governmental agencies, utilities, telecommunication companies, financial services vendors and other providers, for which alternative arrangements or resources are not available.
Also, risks associated with some foreign third parties may be greater than those of domestic parties since there is general concern that some third parties operating outside the United States are not addressing Year 2000 issues on a timely basis.
In addition to the foregoing, the Corporation is subject to CREDIT RISK to the extent borrowers fail to adequately address Year 2000 issues, to FIDUCIARY RISK to the extent fiduciary assets fail to adequately address Year 2000 issues, and to LIQUIDITY RISK to the extent of deposit withdrawals and to the extent its lenders are unable to provide the Corporation with funds due to Year 2000 issues.
Although it is not possible to quantify the potential impact of these risks at this time, there may be increases in future years in problem loans, credit losses, losses in the fiduciary business and liquidity problems, as well as the risk of litigation and potential losses from litigation related to the foregoing [...]
sec.gov
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FDIC STATEMENT - September 17, 1999 Excerpt
Communicating about the Year 2000 readiness of financial institutions is all-important.
Financial institutions need to communicate with their customers and business partners about their Year 2000 readiness efforts.
In addition, the federal financial institution regulatory agencies are communicating with consumers to help ensure their confidence in the nation's banking system.
We have formed an interagency team of senior level PUBLIC RELATIONS staff to coordinate communications efforts on an interagency basis.
We have developed printed educational materials and announcements, such as "The Year 2000 Date Change" brochure, a financial institution Year 2000 "Statement Stuffer," and a "Year 2000 Customer Checklist" for consumers. These materials are made available to the public at no charge by the regulatory agencies and are provided to financial institutions for further distribution to their customers.
Millions of copies have been distributed.
And senior officials - Comptroller of the Currency Jerry Hawke, Office of Thrift Supervision Director Ellen Seidman, Credit Union National Administration Chairman Norman D'Amours, Federal Reserve Board Governor Mike Kelly, and myself - are meeting with the media and the public across the country to make sure that people get the information they need on the preparedness of the institutions we regulate . . .
Information they need to make rational decisions ...
The Internet will provide a fertile ground for spreading unfounded rumors ...
We're telling the public to check out rumors before taking them seriously.
And to contact a trusted source, such as their financial institution or a financial industry regulator, to help sort fact from fiction. In conclusion, the financial services industry is regarded as one of the best-prepared industries
for the Year 2000 date change. The financial industry will be prepared for Y2K.
And I am completely confident that bank, thrift and credit union customers will be able to conduct business as usual before, on, and after January 1, 2000 [...]
greenspun.com
Cheryl
103 days until 2000 |
