More than 20 U.S. banks late last year joined 365 others around the world in the third Quantitative Impact Survey (QIS3), which was intended to estimate the effects of Basel II on their operations.
If things proceed well, many may interpret that as lessening the pressure, and efforts to prepare for Year 2000 might appear to have a lower priority. If euro conversion is not as seamless as expected, the perceptions of Year 2000 risk will likely increase, possibly leading to excessive concern and overreaction.