Y2K unlikely to disrupt banking
By Staff -- Purchasing, 7/15/1999
Federal Reserve Bank of San Francisco president Robert Parry doesn't expect the year 2000 computer fiasco to cause unusual problems with the U.S. financial system. He says all systems critical to Fed operations are set to handle the Y2K rollover from 1999 to 2000 without major glitches. There are some uncertainties, he admits, about preparedness of offshore financial systems, particularly in developing countries. Still, the Securities and Exchange Commission says securities exchanges and clearinghouses are ready for the rollover, and Parry says the Fed has accumulated $50 billion in extra funds to meet increased demands for cash.
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