Financial Holiday Being Considered to Prevent Y2K

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Financial Holiday Being Considered to Prevent Y2K

As a precautionary measure, financial services are likely to be suspended from December 31, 1999 to January 3, 2000.
Representatives from financial circles and the government have nearly arrived at an agreement for a 'financial holiday', a complete halt to all financial services including banks and securities transactions, judging it is needed to address the 'Y2K' problem, which could create havoc if computers do not recognize the year 2000.
A source in the Bank of Korea said on June 14, 'As a result of consultation, the Financial Supervisory Service and the Ministry of Finance and Economy agreed to the necessity of a 'financial holiday'. After final negotiations with the government, we will report the decision within this month.'
According to the source, if banks and other financial companies provide their usual services on December 31, they will not have enough time to backup the transaction data.
The source added that a 'financial holiday' is being pressed to prevent the absurd influence of the computer problem, even though 90 percent of the financial sector have already found a solution for the Y2K problem.
Jooan Kang : jooan@joongang.co.kr
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