By Lisa Burroughes, 10 July 1998 15:28
NEWS The banking industry fears it is facing a potential disaster because of Year 2000 and EMU threats. In 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." He added that because banks have invested a lot of time and money into solving the two problems, they are more aware of how damaging it will be. If just one link fails, it could bring down the whole chain with the bank at its centre. "The general feeling is that the big institutions are ready, but the big clearance houses have millions of customers and that is where the problems lie," Hilton said.
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