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To: Richard Mazzarella who wrote (27964)	2/10/1999 8:15:00 AM
From: J.L. Turner	Respond to of 116753

European banks have lost track of billions of guilders. Because of the introduction of the Euro payments run through different computer-systems and different addresses. ABN Amro, ING-group and RABO-bank confirm that they are manually correcting their backlog. Starting the first week of the introduction of the Euro banks in Europe have experienced problems with transactions between banks. They agreed to keep silent, especially since the conversion of private accounts caused no problems. According to RABO-bank the inter bank meetings at London Heathrow nowadays are dedicated in full towards the subject of lost transactions and lost accounts. "The banks have underestimated the problems", the RABO-bank speaker stated. Especially banks most active in the international financial traffic, like ABNAmro and Deutsche Bank, experience grave problems, however exclusively with payments between banks. Private banking is problem free. According to the three Dutch banks the problems involve payments that almost certainly took place, but were not recognizable by the receiving partner; mainly the daily calculations of inter bancary debts. Before the switch to Euro these transactions took place through inter bancary Swift network. The nationality of the paying bank was recognizable from the currency involved. From january 1st on banks can also pay with a system called Target that connects national banks through their national banks with the European Central Bank in Frankfurt. Next to that they pay with Euro's. An ABNAmro spokesman adds: "The number of date fiels to be filled in has increased too". "Daily we process tens of thousands of inter bancary payment," this source adds "Usually some 100 transactions need controlling and manual correction. After the introduction of the Euro the number of procedures the computer was not able to process jumped to 600 a day". The department "Correction foreign payments" of this bank with some 350 employees at the Amsterdam Vijzelgracht location is no longer able to keep pace with the increased workflow. Link: parool.nl. Posted by Jacques Bernier on csy2k also on North's site J.L.T.