Looking for a touch of millennium justice

Article Abstract:

Metway Bank already was adversely effecting by the Year 2000 transition problem for computers when it was realized that there were discrepancies in its loan repayment operations due to calculations thrown off by the year 2000. The problem was fixed, and now the bank has asked the Queensland Supreme Court for advice on whether it violated the law by issuing credit contracts with erroneous information. If a violation occurred, the bank could be fined up to A$500,000.

Management, Australia, Cases, Column, Year 2000 transition (Computers), Suncorp-Metway Ltd., Metway Bank

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Mahathir pledges to use state funds to aid ailing banks

Article Abstract:

Malaysian Prime Minister Mahathir Mohamad announced that his government would provide state funds to aid ailing banks the day after Sime Bank Bhd., Malaysia's sixth-largest bank, announced a massive loss. However, investors are not expected to respond favorably to the plan as the pledge opens up the government to a massive economic drain as non-performing loans, which currently account for 5% of all bank loans, are expected to reach the level of 15% to 25%.

Banking Institutions, Depository Credit Intermediation, Administration of General Economic Programs, DEPOSITORY INSTITUTIONS, Business Aid Programs, Economic aspects, Banks (Finance), Economic policy, Malaysia, Mahathir Mohamad, Business assistance, Mahathir, Mohamad

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Russian banks send depositors to the wall

Article Abstract:

Russian banks have left their depositors without access to their funds in late 1998. The banks have been protected from bankruptcy because the current law will not allow bankruptcy unless the Central Bank revokes the license of the bank. The Central Bank is maintaining main deposit institution status while relieving the banks of their obligations.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Fiduciary Regulations, Laws, regulations and rules, Russia, Banking law, Fiduciaries

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