Federal Reserve System and FDIC Dec. 23 Y2K Press Release (online 12.28)

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28 December 1999

Text: Federal Reserve System and FDIC Dec. 23 Y2K Press Release

(Poll says public confident in banks Y2K preparations) (530)

The American public is confident that the U.S. banking system will surmount any Y2K problems, according to a recently released survey of bank customers.

"The report is based on about 1,800 interviews completed between November 13, 1999, and December 12, 1999, as part of an ongoing survey of adult Americans who have bank accounts," the December 23 joint press release of the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (FDIC) said.

According to banking regulatory agencies, "the banking industry is prepared for the Year 2000 and ... it will be business as usual for bank customers on January 1, 2000, and thereafter," the release said.

"The survey shows that as we move closer to January 1, 2000, consumers are extremely confident that banks are prepared for Y2K," FDIC Chairman Donna Tanoue said.

"This data demonstrates that the public is heading confidently into the weekend, making sensible and appropriate preparations," Edward W. Kelley, Jr., a member of the Board of Governors of the Federal Reserve System, added.

Following is the text of the press release:

(begin text)

Press Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation

FOR IMMEDIATE RELEASE December 23, 1999 Consumer Confidence in Banking Y2K Preparation Remains High, Gallup Poll Reports

U.S. bank customers remain confident that their banks are ready for the Year 2000 according to a new report issued by the Gallup Organization. Nine out of ten bank customers continue to express confidence in their bank's readiness.

The report is based on about 1,800 interviews completed between November 13, 1999, and December 12, 1999, as part of an ongoing survey of adult Americans who have bank accounts. The ongoing survey is being sponsored by the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (FDIC).

"The survey shows that as we move closer to January 1, 2000, consumers are extremely confident that banks are prepared for Y2K," said FDIC Chairman Donna Tanoue.

The survey results also indicate that the public remains confident that basic payment systems will work properly during the century date change. Most American adult depositors believe that they will have access to their money; that checks will continue to be processed accurately; and that automatic teller machines, credit card systems, and electronic direct deposits will function normally.

"No one is predicting perfect performance for the rollover period, but this data demonstrates that the public is heading confidently into the weekend, making sensible and appropriate preparations," said Edward W. Kelley, Jr., a member of the Board of Governors of the Federal Reserve System.

Over the past several years, FDIC-insured financial institutions have been identifying and overhauling computer systems to make them Year 2000-ready. At the same time, regulatory agencies have been closely monitoring their efforts. Based on their findings, the regulators said that the banking industry is prepared for the Year 2000 and that it will be business as usual for bank customers on January 1, 2000, and thereafter.

(end text)

(Distributed by the Office of International Information Programs, U.S. Department of State)

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-- Hokie (nn@va.com), December 28, 1999

Answers

"The report is based on about 1,800 interviews completed between November 13, 1999, and December 12, 1999, as part of an ongoing survey of adult Americans who have bank accounts."

So, were the 1,800 people interviewed experts in the IT field? What the opinion of 1,800 people who do not understand the complexity of Y2K matters is beyond me...

-- Uncle Bob (UNCLB0B@AOL.COM), December 28, 1999.


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