Friday, January 4, 2008

Flashback: Oh dear – are we seeing an Anglo-system world banking system crash?

Are these the first creaks

WESTPAC's electronic banking system crashed across Australia today when a power disruption disabled ATMS and eftpos machines. Customers trying to withdraw money were told to fill in forms at branches and get cash over the counter until power was restored.

Posted by lvmreader @ 07:23 PM (534 views)
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2 thoughts on “Flashback: Oh dear – are we seeing an Anglo-system world banking system crash?

  • In a word… No.

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  • It was a power disruption, not a banking collapse! Morgan Stanley lost 20 floors in the World Trade Center collapse and yet the bank survived. Power outages and computer failures happen all the time with banks. Here’s an article about a Barclay’s ATM failure in 2005: The Register: Barclays ATM network takes Sunday off

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