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Y2K? Millennium Bug or humbug?
By silicon.com
Published: 10 July 2003 15:51 BST
10.07.98The banking industry fears it is facing a potential disaster because of Year 2000 and EMU threats.
A report called Banking Banana Skins, the Centre for the Study of Financial Innovation (CSFI) claims banks are afraid that the two events will cause chaos and even destroy some institutions.
Andrew Hilton, director of CSFI, said: "Banks are at the heart of the economy and are dependent on other peoples systems. As such they can lose out in two ways - either their own system fails or their clients' system fails."
10.07.03 What can we say that hasn't already been said about the Y2K damp squib. With the seconds ticking down we were wondering whether the world would implode, explode or just start spinning in a different direction. As it turned out it passed with hardly a hiccup - bar those of the drunken revellers seeing in the new millennium.
This story was the start of two years of blind panic which resulted in a huge in contractor rates and a tendency to employ anybody who had even met somebody who knew how to turn on a computer. Was it all a con? Or was it the panic which facilitated effective and comprehensive solutions? We'll probably never know.
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