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Technology Stocks : Discuss Year 2000 Issues
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To: John Mansfield who wrote (1195)3/15/1998 12:25:00 PM
From: John Mansfield  Read Replies (2) of 9818
 
'Banks are having a very hard time of assessing the Y2K readiness ... of their customers'

'Keynote speaker William McDonough, CEO of the Federal Reserve Bank of New York identified four major areas of concern:

A.Y2K readiness of vendors and service providers to the financial industry. In large part, they have been very slow to get involved with Y2K preparedness.

B.Heavy dependence on the telecommunications and electrical power industries. Without power and telephones, of course, the securities industry collapses.

C.Foreign financial institutions. They are seriously lagging in their Y2K preparations. The EMU conversion and the Asian Banking crisis are drastically affecting Y2K work.

D.Customer risk. Banks are having a very hard time of assessing the Y2K readiness (and therefore credit risk) of their customers.

This last point is a very serious problem because if the banks can't perform this with confidence, they may have to clamp down severely on credit and raise interest rates. '

y2ktimebomb.com
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