YEAR 2000 PREPARATIONS IN THE AUSTRALIAN BANKING AND FINANCIAL SYSTEM

September 1999

This booklet describes measures that have been undertaken in Australia by financial institutions and financial sector regulators to address the Year 2000 problem. It updates previous editions published in July 1998 and January and April 1999.

The Australian financial system is ready for the Year 2000 and its preparations rightly enjoy a world-class reputation.

Financial system participants have devoted substantial effort and resources to testing and remediation, and this process is now virtually complete. Participants are now finalising their Year 2000 contingency plans.

The public can be assured that deposits are safe and their records are not at risk from Year 2000 related problems.

Contents

1. Introduction
2. Australian Prudential Regulation Authority
3. Australian Securities & Investments Commission and Securities Markets
4. Co-ordination Arrangements
5. Preparations in the Payments System
6. The Reserve Bank's Internal Preparations for Year 2000

   Appendix 1

   Appendix 2

   Appendix 3

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