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To: Hawkmoon who wrote (218)	12/12/1997 6:00:00 AM
From: Charles A. King	Read Replies (1) of 1316

Central bankers at the BIS have described the issue as "potentially the biggest challenge ever faced by the financial industry" and called on financial institutions to draw up detailed plans and take action. "What we are seeking to achieve is that everyone be ready as of the end of 1998, and then all of 1999 be available for testing systems," McDonough said. While the "millennium bug" could strike anything that uses computer chips -- such as elevators or air conditioning systems -- its impact on banks could disrupt financial markets. This concern has prompted proposals that markets should remain closed on Monday, January 3, 2000 to give computer specialists a chance to solve any unforeseen troubles. "I don't think declaring a special bank holiday would be a good idea as it would merely increase volume. On the first day of the opening you would have a significant higher volume than you normally would just because of the existence of a holiday," McDonough said. He noted that large financial institutions in major countries are very aware of the problem and pushing for solutions. In the U.S., for example, the Year 2000 issue is now a standard part of any bank examination, McDonough said. "I think what one has to be concerned about is that people are not only aware of the obvious situations, like in bank clearing systems but to what degree computers and computer chips are embedded in elevator operating systems in high rise buildings, in air control systems," McDonough said. By PETER NIELSEN, Reuters Regards, Charles

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