Swiss banks confident about Y2K

Swiss banks are confident they will not have problems when computer clocks change over to the year 2000. The banks, which are now well into their fine-tuning preparations, say that all information technology tests to date have proved successful.

Swiss banks are confident they will not have problems when computer clocks change over to the year 2000. The banks, which are now well into their fine-tuning preparations, say that all information technology tests to date have proved successful.

The only factor that could trouble the careful preparations is irrational behaviour by bank customers. But automatic bank machines will be filled to the brim — and surveyed closely like never before.

The Swiss financial centre started working on the transformation from 99 to 00 – which is computer shorthand for 1999 and 2000 — several years ago, and in May this year simulated the change.

“About 100 banks and processing centres, the Post Bank, the Swiss Stock Exchange (SWX) and interbank service providers took part and there wasn’t a single Y2K-related problem reported,“ said James Nason, Head of International Affairs at the Swiss Bankers Association in Basel.

“Those tests are considered to have been a great success. However, there’s certainly no complacency at the moment,“ he added.

Information, believe the bankers, is of crucial importance. “By providing information, we help the public to understand what’s going on. Our motto is: knowledge is the antidote to panic-mongering,“ said Niklaus Blattner, Chairman of the SBA’s Executive Board.

“Although we do not expect any last-minute emergencies, we want to be prepared just in case,“ he added.

For this reason, the banks and financial institutions which make up the Swiss financial centre will be operating a “Command Centre Interbank“ in Zurich from December 31 to January 5. The centre is intended to act as a coordination unit and meant to organise communication. A staff of 15 will man the centre around the clock.

A PR planning and support unit will be on hand to answer any questions the media may have in respect of how the Swiss financial centre is faring during this critical period.

The message to the public is that the Swiss National Bank is expecting a higher demand for money and has taken the necessary precautions.

“The one thing it’s advising people not to do is take all the money out of their accounts and stick it under their beds. That would be very foolish. There’s plenty of money to see people into the new year and everybody can have a great time celebrating,“ said Nason.

From staff and wire reports.