Joint Media Release Council of Financial Regulators: Year 2000 Preparations in the Australian Banking and Financial System

Council of Financial Regulators: Year 2000 Preparations in the Australian Banking and Financial System

The Council of Financial Regulators (comprising the Reserve Bank of Australia, the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission) today released an updated version of the booklet Year2000 Preparations in the Australian Banking and Financial System (380K PDF). Earlier editions were published in July 1998 and in January and April 1999.

The booklet describes the Year 2000 preparations of all regulated financial institutions operating in Australia (banks, building societies, credit unions, life and general insurance companies, superannuation funds and friendly societies). It also outlines the role of the financial-sector regulators and Year 2000 preparations in the payments system and in securities markets.

The latest progress returns by regulated financial institutions, and information from operators of securities markets and settlement systems, confirm that remediation and testing of systems is now virtually complete and contingency planning is well advanced. Industry-wide testing in the payments system has been successfully completed, on schedule.

As a result, the Australian financial system is ready for the Year 2000 and its preparations rightly enjoy a world-class reputation. The public can be assured that:

• deposits are safe and that their records are not at risk from Year 2000 related problems;
• their electronic payments mechanisms, such as ATMs, EFTPOS and credit cards, are Year 2000 ready; and
• there is no need to withdraw more money over the New Year period than they normally would for a long weekend. If they wish to do so, however, the Reserve Bank has built up ample stocks of currency notes to meet that demand.

The booklet is available by contacting the Reserve Bank of Australia on (02) 9551-9743; the complete text is also available on the following web sites:

<http://www.rba.gov.au>
<http://www.apra.gov.au>
<http://www.asic.gov.au>