MEDIA RELEASE No: 03 Date: 1 January 2000 6:30 pm Embargo: For Immediate Release

THE YEAR 2000

Financial institutions and payments service providers have now completed their reporting for the first day of the Year 2000. As indicated in earlier Media Releases, the Australian financial system has made a smooth transition to the Year 2000. In particular:

• cash is readily available for those who need it - ATMs are working;
• financial records are being accurately maintained; and
• EFTPOS and credit card systems are operating as normal.

The RBA/APRA Communications Centre will continue to monitor developments on a 24-hour basis. The next round of regular status reports is due at 10:00 am tomorrow morning and further reports will be received over following days.

Ahead of resuming their full range of business activities on Tuesday, financial institutions are well progressed in testing their systems in the "live" Year 2000 environment. No problems have been reported.

The next Media Release is scheduled for 4 January. In the interim, the Reserve Bank and APRA websites will be updated as new information becomes available.

Enquiries:

RBA/APRA Communications Centre
SYDNEY
Telephone: (02) 9551 9720