STORY:
Banks Pass Y2K Bug Test

A two-day test of banks around the world indicates their computer systems will function properly on January 1st 2000. According a report from Reuters, the Euro Banking Association which operates a pan-European euro clearing system created a virtual business that operated in the Year 2000 to test it's network of 500 banks in 19 countries.

A spokesman for the EBA says the test of it's international backbone of payment systems worldwide was successful. In the United States, the New York Clearing House reported that payment settlements were processed without any problems. The New York Clearing House is connected to 82 U.S. and international banks.

The German central bank, the Bundesbank, said German banks, which used its settlement facilities, also completed the exercise successfully. German banks alone are estimated to have invested over 10 billion marks ($5.36 billion) in solving the Y2K problem.

The test was designed to see whether computer upgrades are "understood" by the computers operated by banks on the opposite ends of global transactions.

Source: Reuters

DATE: 6/14/99

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