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Technology Stocks : Y2K (Year 2000) Stocks: An Investment Discussion -- Ignore unavailable to you. Want to Upgrade?

To: Risky Business who wrote (9229)	1/29/1998 12:29:00 AM
From: Risky Business	Respond to of 13949

Fed says banks do not need Dec. 31, 1999 holiday WASHINGTON, Jan 28 (Reuters) - The Federal Reserve Board said on Wednesday that banks do not need a special holiday on Dec. 31, 1999, despite the threat of computer disruptions. ''Bank resources would be better spent preparing for the year 2000 changeover rather than addressing the operating, financial, legal and other consequences that would flow from a date-change holiday,'' the Central Bank said in a statement. Last week, the Securities Industry Association, a powerful trade group, backed a proposal by some banking officials to declare Dec. 31, 1999, a trading holiday to help firms prepare for the change. The SIA has called upon the financial services industry to establish a unified position on the holiday. The problem, often called the ''Millennium Bug,'' arises because many computer programs record dates using only the last two digits of the year. The programs could treat the year 2000 as 1900, causing miscalculations, unexpected errors or system crashes. As part of its year 2000 preparation, the Fed plans a comprehensive program for banks to test computers used for Fed wire transfers, automated clearing house transactions, and other central bank services for compliance with date changes. A schedule will be issued shortly with actual testing beginning at mid-year and continuing through 1999, the Fed said. This will permit banks to send test transactions across a variety of dates pertaining to the century date change. Testing for banks will be coordinated through their district Federal Reserve Banks, it said.