Commercial banks are Y2K compliant - GAB


Guyana Chronicle
December 12, 1999

The Guyana Association of Bankers (GAB) has given the assurance that all the commercial banks are Y2K compliant. The association has also calmed fears on the safety and security of its customers' financial records.

GAB Chairman Mr R.K. Sharma, in a statement regarding Y2K preparedness, noted that an extensive Year 2000 programme was carried out. On the advice of the Central Bank, he said, the GAB adapted guidelines developed by the Basle Committee on banking Supervision, and in particular `Supervisory Guidance on the Independent Assessment of Financial Institution Year 2000 Preparations'.

The programme included developing a strategic approach, creating organisational awareness; assessing actions and developing detailed plans; renovating systems, applications and equipment; validating the renovation through testing, implementing tested compliant systems and contingency planning.

Sharma further noted that on recognising the need for a coordinated approach, a Y2K task force was established which comprised senior Information Technology (IT) and administrative personnel from each commercial bank, as well as representation from the Central Bank.

Through this method, banks were allowed to address the issue collectively as they engaged in a productive and cooperative working relationship.

Also, a planned analysis of the systems was undertaken and corrective measures successfully implemented where necessary.

In addition, a period of rigorous testing was completed to ensure that all systems are Y2K compliant.

The GAB Chairman noted though that because they are prepared, the Banks do not anticipate any disruptions. However, each has developed a detailed contingency plan to ensure the continuity of operations and the integrity of transactions.

The GAB comprises the Bank of Baroda, Demerara Bank, the Bank of Nova Scotia, Citizens Bank, the Guyana National Cooperative Bank (GNCB), the Guyana Bank for Trade and Industry (GBTI) and the National Bank of Industry and Commerce (NBIC).


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