Financial institutions should devise contingency plans to take effect if key products or services are knocked out by year-2000 computer failures, federal regulators said Wednesday.

For example, to prepare for a possible automated teller machine network failure, a bank might recruit part-time tellers to manage extra branch traffic. Bank directors and senior managers ultimately bear responsibility for their institutions' contingency plans, which will be reviewed as part of each bank's year-2000 readiness exam, regulators said.

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