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To: Gary Ng who wrote (83376)	6/13/1999 11:52:00 PM
From: puborectalis	Respond to of 186894

What Y2K problem?.....Banks defeat Year 2000 bug in simulation By PAUL CARREL FRANKFURT, SUNDAY Banks in 19 countries around the world took a virtual step into the future yesterday as they simulated the first day of business in 2000 to test if their computer systems could keep the Millennium Bug at bay. ''Everything has gone very well for us so far,'' said Deutsche Bank's vice-president and millennium expert, Mr Gerhard Singer. The global exercise, involving at least 190 banks, was intended to ensure that whatever else happens, the backbone of international payment systems worldwide will function normally as the world's clocks tick past midnight on 31 December 1999. Concern centres on older computers and software that are only able to recognise the last two digits of the year and could read 2000 as 1900 and crash. The test was designed to see whether computer upgrades - in which banks have invested billions of dollars - are ''understood'' by the computers operated by banks on the opposite end of global transactions. Deutsche's Mr Singer and Commerzbank's millennium expert, Mr Detlev Kirchner, said they had tested their financial messaging and clearing systems and they had worked smoothly. In the simulated environment, yesterday became Monday, 3 January 2000 and today was Tuesday, 4January. In the United States, the New York Clearing House, which initiated the test, reported that payment settlements were processed without any problems. ''I think this will go a long way to show the world that the world payment system is intact and ready to go for 2000,'' said New York Clearing House's senior vice-president and director of information clearing systems, Mr George Thomas. The New York Clearing House and major banks in Germany and other countries have already carried out extensive simulations within their national boundaries to test their systems, but this weekend's drill was the first worldwide exercise. Mr Thomas said the New York Clearing House, which is connected to 82 US and international banks, had successfully made the ''international handshake'' - the connection to other financial institutions around the world. ''Virtual'' business at other clearing houses around the world was also running smoothly. ''We've had reports from the European Bankers Association, Australia, CHAPS in Great Britain, TARGET (the European Central Bank's payment system), France, Germany, Hong Kong, Italy, Japan, Korea and Poland - and they are all excellent,'' Mr Thomas said. He said the New York Clearing House had first rolled over the dates on its computers to 1 January and then 2 January 2000 to check they could cope with the switch to the new millennium, before winding them on to 3 January and beginning simulated business. Deutsche, Commerzbank and Dresdner Bank each estimate their compliance costs at 400 million to 700 million marks ($214.5 million to $375.3 million).