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Commercial banks

Thailand Prepares for Y2K: Banks Ready, Experts Cautious

Strategic Insights

— 1 min read

Thailand is bracing for potential Y2K-related problems as the clock strikes midnight, with banks and experts taking measures to mitigate any effects of the Millennium Bug. According to Banthoon Lamsam, president of Thai Farmers Bank (TFB), the critical times to watch out for are 6 pm on December 31st, when midnight strikes in New Zealand, and at midnight Greenwich Mean Time (GMT) on January 1st. To be prepared, TFB has invested in a command centre equipped with communication and data systems, and all technical staff have been placed on alert.

Key Takeaways:

  • Thai Farmers Bank has invested in a command centre equipped with communication and data systems to prepare for potential Y2K-related problems.
  • The bank's president, Banthoon Lamsam, will spend the night at the bank's headquarters with the top technical staff.
  • The bank's emergency communication system relies on a centrally operated paging system that allows staff to be alerted simultaneously.
  • The Bank of Thailand has been working to ensure that all Thai banks are Y2K-compliant.
  • Thai banks are preparing for potential scenarios, including power failures, and have backup generators and fuel supply.
  • Senior executive vice president of Siam Commercial Bank (SCB), Vichit Amonviratskuk, warns that the most serious concern is not potential computer glitches but depositor panic.
  • Banks must recheck or cross-check any problems to ensure they are really related to Y2K, as some staff may attempt to defraud customers under the cover of Y2K glitches.
  • Vichit Amonviratskuk's wife shares his confidence in Thailand's banks, stating that she is not worried about the Y2K problem.

Statistics:

  • Thailand has over 30 technical staff placed on alert at Thai Farmers Bank.
  • The bank's command centre has 30 beds available for staff to accommodate them during the night.
  • The bank's emergency communication system can alert all staff simultaneously.
  • The Bank of Thailand has been preparing to cope with the Y2K situation for two years.
  • The bank has printed all customer accounts on Christmas Day, ensuring a hard copy of all information.
  • Thai Farmers Bank has secured its own generator, as well as the fuel to run it.

Sources:

  • "BANGKOK, THAILAND, 1999 DEC 29 (NB) -- In Thailand the critical time to watch out for Y2K problems begins at 6 pm on the last day of the year..." (Newsbytes.com, http://www.newsbytes.com (19991229/WIRES ASIA, Y2K/))

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