Y2K Unlikely to Be Headache to Financial Sector
The year 2000 problem or Y2K is unlikely to be a headache to the domestic financial sector.According to the Financial Supervisory Service and the Bank of Korea on May 19, most banks, security, insurance firms, credit card and lease companies have already solved possible Y2K problems.
An official from BOK predicted every problem related to the Y2K will be solved by June. However, big companies borrowing more than
1 billion won from financial institutes are predicted to be vulnerable to Y2K. Thirty-four percent of those companies or 3,811 are urged to make more efforts to solve the year 2000 problem by their credit banks.
Shang-bok Shim : simsb@joongang.co.kr
with the Korea JoongAng Daily
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