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Technology Stocks : Discuss Year 2000 Issues -- Ignore unavailable to you. Want to Upgrade?

To: Bill Ounce who wrote (663)	12/12/1997 9:48:00 AM
From: Bill Ounce	Read Replies (1) \| Respond to of 9818

Fed's McDonough braces for January 2000 hangover BASLE, Switzerland (December 11, 1997 11:07 p.m. EST nando.net) - While many people nurse their hangovers on Jan. 1, 2000, the president of the New York Federal Reserve will be in his office to prevent a financial meltdown if the "millennium bug" strikes. William McDonough has already asked his colleagues at the New York Fed to cancel all vacations and avoid any travel during the month, illustrating the depth of his concern over the havoc that computers may cause in the Year 2000.<P> "It is either going to be enormously exciting or very boring in January 2000. These are the two extremes and we hope it will be on the boring side," McDonough told Reuters in an interview. "But we are obviously very concerned," he told Reuters on Wednesday. He was speaking during a break in a conference on payments systems with representatives of more than 80 central banks at the Bank for International Settlements (BIS). [...] In April the BIS will host a conference dedicated to the problem, bringing together payments and settlements specialists from central banks and financial institutions, systems suppliers and banking and securities supervisors. McDonough, who is chairman of the Group of 10's (G10) Committee on Payment and Settlement Systems (CPSS), said the New York Fed also would host a conference in January as part of efforts to raise awareness of the Millennium challenge. "Frankly, if one has not started to prepare for year 2000 now it won't be too late. But if one starts right now and runs very fast one may make it," he added. 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. [...]