Banks act to avert Y2K ?black holes'

UK bankers have prompted an interntional initiative to flush out the world?s pariah countries, writes Peter Walker.

The European Banking Federation?s year 2000 contact group has launched an information exchange to fill in ?information black holes? on the bug readiness of countries.

The move was prompted by the British Bankers Association (BBA) and Irish Bankers Federation worries about doing business in countries where the bug is not being tackled.

?We are concerned about the lack of information on what is happening abroad. We therefore have to assume nothing is happening.

?We are referring to it as an information black hole. Most people think black holes are a worrying thing, particularly if they get very close to them,? said BBA assistant director Mike Young.

The exchange will enable countries to share information such as best practice ?but it is likely to become more than that.

?We hope that as the exchange develops, it will help banks to make business decisions,? added Young. This might include making loans abroad or signing international trade deals.

?The US and the UK are regarded as being very much in the forefront. If what we are doing stimulates other countries to want to find out more and do things, that will be great,? said Young.

It is hoped that all of the European bankers? associations will join the initiative ? which already has attracted interest from Japan and Australia.

The first wave of feedback last week from Sweden, Denmark and the Netherlands indicated the Scandinavian countries are about level with the UK in readiness.