Nearly All Of U.S Banks Are Y2K Ready

Updated 9:57 AM ET August 2, 1999WASHINGTON (Reuters) - U.S. bank, thrift and credit union regulators said Monday that 99 percent of all federally-insured financial institutions are now Y2K ready.

Just 1 percent of institutions did not meet a June 30 deadline for ridding their critical computer systems of the so-called millennium bug, the Federal Financial Institutions Examination Council said.

"Most financial institutions are already using Year 2000 ready systems on a daily basis without problems," the FFIEC said in a statement. "The agencies are confident that ... financial institution customers will be able to conduct business as usual both before and after January 1, 2000."

The Year 2000, or Y2K, problem arises because many older computers record dates using only the last two digits of the year. If left uncorrected, such systems could treat the year 2000 as the year 1900, generating errors or systems crashes.

U.S. financial institutions were given a tight series of deadlines to get ready for the millennium. By June 30, insured institutions were required to have finished all testing of their critical computer systems and to be using only computer programs fixed and tested to work properly in the Year 2000.

"The federal bank, thrift and credit union regulators are closely supervising the few institutions that are lagging in their Year 2000 preparations," the FFIEC said. "Regulators will increase and intensify their supervision of these institutions in the remaining five months."

Officials have said repeatedly that they do not expect major disruptions to the U.S. banking system as a result of the century date change.

The FFIEC includes representatives from the Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Office of Thrift Supervision and National Credit Union Administration.

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Let's see what happened to the word COMPLIANT !!

Ray

-- Ray (ray@totacc.com), August 02, 1999

Answers

Interesting twist spotted yesterday, thought I had heard them all, now Y2K "Compatible!"

Northrim Bank out of Anchorage, Alaska ran a nearly full page ad in the Sunday Anchorage Daily News (www.adn.com) p.C-8 titled "Hapy Y2K" We're celebrating the New Year Now!

I nearly puked! A picture of nearly a hundred employees in party hats and confetti.

"Bring on the New Year! We're ready to help our customers focus on the opportunities the millenium will offer."

"We're proud to announce that all of our systems and software programs are fully Y2K COMPATIBLE. They've all been tested-from major systems to minor ones- and they're ready for Jan. 1, 2000. We've got a solid contingency plan in place, too, so we're ready to tackle any unexpected challenges."

Like to take another picture in five months when all those smiling faces realize their mistake! Here's to hoping I'm wrong!

-- (snowleopard6@webtv.net), August 02, 1999.

Nearly all the banks are y2k ready? OK, then they won't any trouble cashing out their depositor's money, right? Why the PR campaign?

-- Sure M. Worried (SureMWorried@about.Y2K.coming), August 02, 1999.

Too bad "Y2K READY" doesn't mean ready for Y2K, except in the minds of those fooled by the PR efforts of government and business.

my website: www.y2ksafeminnesota.com

-- MinnesotaSmith (y2ksafeminnesota@hotmail.com), August 02, 1999.

There was no y2k problem in 1932, and still there were massive bank failures. There will be massive failures in 2000, compliant, compatible, ready, or what not.

-- dave (wootendave@hotmail.com), August 02, 1999.

All banks have cute Y2K brochures to pass out to their customers.

NONE of them have the word "Compliant" on it!!!!

-- Y2K ready (Y2K@ready.com), August 03, 1999.

Yes, they are compliant alright

ATM's go down.

Seems like they also forgot to mention the interconnectiveness of other banks globally. I guess we can do without them. Can you imagine the headlines in 2000? USA, THE ONLY COMPLIANT NATION ON EARTH !!

-- Larry (cobol.programmer@usa.net), August 03, 1999.

Another 99%, just like the FAA? That last 1% sure must be a bitch.

Almost ready, any day now, really, we promise! <:)=

-- Sysman (y2kboard@yahoo.com), August 03, 1999.