No Millennial Eve Bank Holiday

Rohit Khare (
Mon, 02 Feb 1998 11:27:33 -0800

[Yes, I know it's not the millennium... RK]

's No Day
Speaking of the bug, the killjoys at the Federal Reserve Board have already
put the kibosh on making December 31, 1999, a bank holiday so that those
institutions can prepare themselves for possible problems resulting from
the millennial transition.

It's true that one day more or less probably won't help if you wait till
December 30, but the Securities Industry Association, a trade group, had
supported the special-holiday initiative put forth by some banking

No dice, said the Fed, which apparently sees the one-off day off as the
greater disruption.

Fed-organized tests will begin later this year and will continue through
1999 to verify bank computers' viability in the 2000s.