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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Bobby Yellin who wrote (45710)	12/7/1999 1:32:00 PM
From: Dundee Maples	Read Replies (2) \| Respond to of 116763

Since there has been some interested in this area, I thought this might be food for thought. A friend pasted this on to me and from me to you. Enjoy. From the Financial Times, London Deutsche Bank hit by day-long computer shutdown By William Lewis in New York Deutsche Bank has been forced to apologise to many of the world's leading financial institutions after its worst-ever computer problem. Last Wednesday a systems problem at the German bank's central site outside Frankfurt meant it was unable to participate in the international clearing of interbank payments. Deutsche yesterday declined to give further details, but an executive said the unprecedented one-day halt to payments to major international counterparties was the most severe technology problem it had experienced. The system normally deals with about 100,000 transactions an hour, but the bank was unable to use its back-up system because it contained the same software problem. During the 10-hour shutdown on December 1 Deutsche tried to clear the largest payments manually, but the huge volume of transactions meant many could not be handled until the next day, when the system was functioning again. The bank has been forced to offer interest payments to banks to which it owed money. Executives say it cleared - or settled - all outstanding trades with counterparties by close of business on December 2. Deutsche Bank has been telling European and US banks that the problem was un-related to the Year 2000 computer issue. It has said the problem occurred after the installation of new software in an IBM operating system. Nevertheless, the system failure has heightened concerns at US and European banks about the possible impact of the millennium computer problem. Competitors were yesterday questioning why Deutsche would choose to install crucial new Y2K compliant software just a few weeks ahead of January 1. Competitor banks also point out that the problem comes as Deutsche is completing the full integration of Bankers Trust. Separately, Deutsche has confirmed that clearing operation of the Deutsche B”rse, the operator of the Frankfurt stock exchange, has been hit by computer problems. ft.com