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ARTICLE · 11 DECEMBER 1997

Basle Committee On Bank Supervision Issues Its Year 2000 Report

Hancock Rothert & Bunshoft
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United StatesMedia, Telecoms, IT, Entertainment
The Basle Committee on Bank Supervision is a committee of banking supervisory authorities which was established by the central bank governors of the Group of Ten Countries in 1975. It consists of representatives from Belgium, Canada, France, Germany, Italy, Japan, Luxembourg, Netherlands, Sweden, Switzerland, United Kingdom and the United States. Its September report "The Year 2000: A Challenge for Financial Institutions and Bank Supervisors" puts the Year 2000 problem in perspective from an international banking point of view.

"Banks rely heavily on automation to manage information. If automated applications failed to work properly, it would be difficult if not impossible to conduct business. While the Year 2000 problem is often seen as a technical issue, it is much more than a technical one because of the implications that not dealing with it properly could have on each and every business line within the bank. . . .

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