STORY:
Greenspan Addresses Y2K Rush on Cash

Federal Reserve Chairman Alan Greenspan says Americans' money will be safe in financial institutions and that it's not a good idea for people to be carrying around a big wad of cash New Year's Eve 2000.

In an Associated Press report, Greenspan is quoted as saying ``The most sensible thing is to leave it where it is''. Greenspan made his remarks in a Senate Banking Committee hearing on Capital Hill.

``There's almost no conceivable way ... that computers will break down and records of people's savings accounts would disappear,'' he said.

Although the Fed will make cash available, he urged people to think twice before ``taking it out and waving it around.'' ``Walking around with a lot of $100 bills is not the safest thing,'' he said. ``There's going to be an awful lot of people who are going to be pretty interested in that.''

Greenspan said the ``overwhelming majority'' of U.S. banks have made ``impressive progress'' in ensuring their computer systems are rid of codes that would read the year '00 as 1900 rather than 2000.

Source: The Associated Press

DATE: 2/24/99

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