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Banks liquidise assets and terrorists prepare for D-Day

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If you're not ill at ease over the millennium yet, if you think it's just small fry panicking unnecessarily, then perhaps you'll listen to Scotland Yard and the New York Federal Reserve. Senior UK police officers have warned there is a "genuine and real" threat of a mainland bombing campaign over the New Year holiday by a coalition of terrorists, including former IRA members, who wish to disrupt the Northern Ireland peace process. Senior politicians and military staff will be taking extra precautions and security around Westminster, the City and Docklands has been increased. Police have been placed on an alert status one below a full-scale bombing attack. On the other side of the Atlantic, the New York Federal Reserve has sold $370 billion (£228 billion) worth of assets to banks in an attempt to reduce millennium bug fear. The Reserve deals with the stock market side of the US Federal Reserve and has said there will be more unscheduled auctions soon. Bankers were expecting ready cash to dry up as the new year approached, but the Reserve's heavy investment appears to have helped allay some fears. Now don't tell us this isn't getting a little worrying. ® Register footnote: One of our readers contacted us to say he thought we were milking the Y2k bug thread. If anyone can tell us how to milk bugs - millennial or otherwise - please get in touch.

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