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Technology Stocks : COMS & the Ghost of USRX w/ other STUFF

COMS 0.00130

-87.0%

Nov 7 11:47 AM EST

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To: jhild who wrote (14807)	4/15/1998 12:26:00 PM
From: Moonray	of 22053

U.K. Businesses May Lose Credit If Year 2000 Bug Not Addressed London, April 15 (Bloomberg) -- U.K. banks may in the next 20 months withdraw lines of credit from businesses that fail to make sufficient preparation for the Year 2000 problem, said Tim Sweeney, director general of the British Bankers' Association. Sweeney told a journalists' briefing that bankers already include businesses' Year 2000 preparation as a factor in assessing credit risk and failure to address the problem could be the deciding factor that cancels a line of credit. ''If bankers get the view that their ability to repay the debt is reduced . . . then some lines would be withdrawn,'' said Sweeney. The Year 2000 bug threatens to cripple some of the world's largest companies and government agencies. Many computer programs, unless they are updated, will read ''00'' in dates occurring from midnight Jan. 1, 2000 as the year 1900. That could erase essential data and shut down other systems that use computer-driven calendars to monitor their internal operations. Sweeney said banks overall are proceeding on adjusting their systems to avert problems in January 2000, and the main concern is with their medium-sized corporate customers. He said large businesses have the resources to address the problems and small businesses often don't even have information technology systems. But a company with 50 or so employees may have a small system and lack the expertise to see that it is updated. The association is also studying what industry sectors are the least prepared for the Year 2000 problem, although the study is not yet complete. John Thirlwell, a director with the association, said U.K. banks have enough staff to update their systems for the creation of the European single currency next year and the Year 2000 bug. However, he added the banks are putting some new initiatives on hold because they do not want to overload their information technology staffs. The association has asked the British government not to pass any legislation that might add to banks' information technology workload. o~~~ O

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