STORY:
Japan Threatens Y2K Do-Nothings

The Associated Press is reporting that a Japanese government watchdog agency is threatening to punish financial institutions which fail to prepare adequately for the so-called millennium computer bug problem.

The Financial Supervisory Agency will penalize banks and other financial companies that cause problems for their customers due to computer trouble stemming from the switch from 1999 to 2000, an agency official said Wednesday.

Firms which fail to comply with an agency schedule for preparing for the millennium, or Y2K, bug may also face punishment, said the official, who declined to be named by the Associated Press.

Hoping to spur Japan's financial institutions to speed up efforts to deal with the bug, the FSA is threatening to suspend operations of industry laggards for an indefinite period of time, the official tells the AP.

Nearly all Japanese banks and credit unions share the same interbank system that handles domestic and corporate fund transactions. So financial authorities fear one weak link in the chain could lead to disruptions throughout the country.

Source: The Associated Press

DATE: 2/16/99

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