Carla Jimolka, Structured Finance Group Lawrence Lee, GE Capital Asia Pacific Michael Connolly, Auto Financial Services Mark Ippolito, Americom Dave Agonis, Commercial Finance Lisa Hoffmann, Vendor Financial Services Dave Tattersall, European Equipment Finance Tom McNellis, Modular Space

"Our challenge in 1999 is to completely exterminate the millennium problem. The Y2K clock is ticking, and we do not have a minute to waste."      - Toni Franz

According to Toni Franz, GE Capital’s Y2K program director, GE Capital has made significant progress in getting ready for the Year 2000. The majority of GE Capital’s businesses have successfully met the December 31, 1998, date for making critical systems Y2K capable.

In 1998 GE Capital received positive feedback from the New York State Banking Department (NYSBD), which is GE Capital’s primary regulatory body. Franz explained that meeting the NYSBD’s requirements is critical. “If GE Capital failed to meet any of these requirements, our operations could be negatively impacted,” she explained.

In 1999, it is important to continue to focus on regulatory compliance issues, evaluating the Y2K readiness of prospective acquisitions and the completion of all mission critical projects, according to Franz.

“While we have come a long way, there is still a lot more to be done. Our challenge in 1999 is to completely exterminate the millennium problem. The Y2K clock is ticking, and we do not have a minute to waste,” Franz added.

Y2K Facts With the clock ticking, the GE Capital Y2K team must ensure that worldwide thousands of systems, products, facilities and suppliers are ready for the new millennium. Here's a snapshot of what the team is managing: GE Capital Resources Total Number Worldwide Systems 1,030 Products 4,762 Facilities 3,400 Suppliers 5,939