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1998-01-13 09:46:39


Australian Banks Have Barely Begun



If every bank in the United States is compliant on Jan. 1, 2000 -- none is compliant today -- it will make no difference if the rest of the world's banks are not compliant. The banking system is interdependent.

This report from Australia is grim: 90% of all money allocated to repairing y2k has yet to be spent.

Australia is considered to be in the forefront of y2k repairs, along with the U.S., Canada, and (maybe) Great Britain..

This was reported in THE AUSTRALIAN (Dec. 31).

* * * * * * *

While the notion of malfunctioning ATMs and lost account balances is daunting enough, the banks are also wary of the legal minefield resulting from other players being unable to meet their financial obligations.

But Reserve Bank deputy governor Graeme Thompson recently said some banks were living in "blissful ignorance" of the need to be year 2000 compliant and also to make sure financial counterparts were, as well.

Of the $600 million budgeted by the banks, Mr Thompson said only about 10 per cent had been spent.

"Most of the work is still to be done and systems development of the scale required are notorious for running over budget and over time," he said.


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