Banks are the most vulnerable sector to millennium bug problems which has prompted Templeton's Mark ...
Banks are the most vulnerable sector to millennium bug problems which has prompted Templeton's Mark Mobius to reduce his exposure to financials. As well as being largely dependent on computers, the network infrastructure evident within banks means a bank that is not yet year 2000 compliant in a smaller country could have a domino effect that would impact on larger, more compliant banks. Additionally, many developing countries have been preoccupied with political instability or economic problems, possibly leaving year 2000 compliance low on the priority list. This is a concern because ba...
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