MEDIA RELEASE No: 04 Date: 4 January 2000 12:30 pm Embargo: For Immediate Release

Reserve Bank of Australia

Australian Prudential Regulation Authority

THE YEAR 2000

The Australian financial system resumed normal business this morning, free of any Year 2000 disruptions. Since the date change, ATMs, EFTPOS and credit card systems have been operating as usual, and financial records have been maintained.

Over the New Year weekend, financial institutions undertook extensive testing of their systems in the "live" Year 2000 environment. No problems were reported to the RBA/APRA Communications Centre.

The Reserve Bank has also thoroughly tested its systems. In particular, the Real-Time Gross Settlement System, through which final settlement of interbank payments is effected, is operating as normal. The Bank's systems for distributing pension payments on behalf of Centrelink are also operating normally.

The smooth transition of Australia's financial system to the Year 2000 owes much to the thorough preparations made by financial institutions and the sensible approach taken by their customers in the lead up to the date change.

Enquiries:

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