This report is in PDF format. On pg.8, Institutional banking, they made the following statement:

"...threats to international banking could pose the greatest Y2K risk. A separate 44-page section of the statement has been submitted that covers these risks.

At this point, we do not feel it is prudent to publicly discuss the detailed risks faced by international banking in a broad media forum such as the one before us today."

On an earlier thread below (Mr. Dale Way IEEE..) Questions arose concerning the nature of systemic risk. Now if we could see a copy of this report.........hmmm

http://www.senate.gov/~y2k/hearings/991013/gogerty_intl.pdf

-- Tommy Rogers (Been there@Just a Thought.com), November 03, 1999

Answers

I read the hearing report, and I specifically remember reading that little tidbit. Its what their not talking about to the public that gives me the most anxiety. Noticed the media didn't report on that significant statement.

-- MIS (KarlaCALIF@aol.com), November 03, 1999.

Tommy

This is the link to the testimony on the forum

 International Y2K Risk (The International Monitoring Report for the Adobe Acrobat Impaired)
 

And this is what you are looking for

 Banking (This is the page)

FOR IMMEDIATE RELEASE

 Multi-trillion dollar threat posed by Herstatt risk

 Recent research highlights the largest Y2K risk threatening institutional banks at the international level.
 threat could be on the order of trillions of dollars.
 
And this is the PDF file that has the information you mentioned. And yes it is scary stuff.

 Institutional  (This is the PDF file)

-- Brian (imager@home.com), November 03, 1999.

Mr. Rogers,

Saw this on C-span that week. It is hard too fathom the sight of two senators sitting there with individuals reporting to them the most dire information imaginable.

One gentleman reported to Bennett that they actually accidentally found a embed in Cairo that if they had not would have killed 8 million people (chemical plant).

The finance guy actually looked around the room commenting on how he was glad that there was no press in the room!!!

Beyond surreal!!!!

-- d.b. (dciinc@aol.com), November 03, 1999.

Brian,

Thanks for the LINKS! They caused me to remember why I had missed this report. One well deserved vacation! If you ever miss one week on this forum, you'll NEVER catch up.

Thanks again

-- Tommy Rogers (Been there@Just a Thought.com), November 03, 1999.