Banks join forces to tackle millennium bug
Thursday 09 April 1998
The banks - which include British high street names such as Lloyds TSB and Barclays as well as leading global investment bank Merrill Lynch - have come together to form the Global 2000 Co-ordinating Group.
One source explained: "We found we were all asking the same types of questions in the same sorts of areas. This is very much an attempt to share in the effort and the costs of preparing for the year 2000."
The banks' first task will be to identify cities, countries and firms which are important to the smooth functioning of global financial markets and particularly vulnerable to the millennium bug.
Once this hit-list of potential trouble spots has been drawn up, the banks will "encourage actions" to improve year 2000 readiness.
A source denied the group was trying to be a "global policeman", but added: "It is true this is an influential group of banks. If they agree on what the problems are, they should be able to exercise influence to ensure there is a satisfactory solution".
The group said its initial information gathering exercise would assess the readiness of financial services providers, and would also cover electricity suppliers, telecoms companies and transport firms.
The group intends to invite all financial services providers to join its campaign. "There will be no limit on the number of participants in the Global 2000 Co-ordinating Group", it said in a statement. It will be run by a steering committee consisting of the founding members and at least one representative from countries that are major players in global financial markets.
- 1 Crystal meth addict 'gouged out his eyes and ate them' while high on drug, Australian MP claims
- 2 Saudi Arabia 'seeking to head United Nations Human Rights Council'
- 3 Group of students refused entry to Leicester nightclub 'because they are black'
- 4 Irish people are travelling home from all over the world so they can vote to legalise gay marriage
- 5 Arsenal fan asks the Queen for tickets to the FA Cup final - gets a reply from Buckingham Palace
Ireland's same-sex marriage vote: Dublin in party mood ahead of historic poll result
Saudi Arabia 'seeking to head United Nations Human Rights Council'
The ten most unequal developed countries in the world
Toddler throws a tantrum at the White House – in front of Barack Obama
Irish people are travelling home from all over the world so they can vote to legalise gay marriage
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...