FED/BANKING: Worth Repeating ... I added something
FED May Bar Transactions with Foreign Banks in 2000
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Foreign banks may neglect Y2K By Reuters November 19, 1997,
MIAMI-- The Fed's central bankers fear regional economic issues may distract European and Asian banks from dealing with a "millennium time bomb" threatening the world banking system, a Federal Reserve official said yesterday.
"It's number one on my agenda every day," William Ryback, associate director for banking supervision at the Fed, said at a Latin American bankers conference. "We at the Fed are terribly worried."
[...]
Ryback told reporters that European bankers were working hard on adapting their information equipment for the arrival of a common European currency and had not fully focused on the millennium bug.
Asian bankers, he said, were facing economic turmoil and were unlikely to devote much time to a computer problem, regardless of its importance.
"We have been told that the Europeans are preoccupied with Ecu conversion," he said.
techstocks.com
[...]
A key task for the Fed, he said, is to insulate the U.S. banking system from "a contagion effect," if non-U.S. banks do not fix their millennium bugs.
Ryback said, in response to a question at the annual general meeting of the Federation of Latin American Banks, that the Fed was working up contingency plans in case banks in Latin America countries or others had not fixed their millennium bugs.
Ryback gave no details but told reporters later that the Fed might bar transactions between U.S. institutions and banks outside the United States if they had not overhauled their computers.
Excerpt from the article:
news.com
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CK HOUSTON SIDEBAR: Guess what the fallout is to all world markets if this (likely scenario) happens. Found this at Gary North's site garynorth.com. |
