Joint Media Release Year 2000 Preparations in the Australian Banking and Financial System

The Australian Prudential Regulation Authority (APRA) and the Reserve Bank of Australia (RBA) today released a booklet on the ‘Year 2000 problem’. This publication, Year 2000 Preparations in the Australian Banking and Financial System, outlines the measures being taken by banks operating in Australia to address the century date change, APRA's approach to supervising these preparations and the role of other financial system regulators. It also looks at Year 2000 preparations in payments and settlement systems and the RBA's internal Year 2000 activities.

Banks operating in Australia expect to spend around $1,000 million and assign over 2,500 staff members to address the Year 2000 problem. As a result, they expect to have substantially completed internal preparations by end December 1998, allowing all of 1999 to be used for external testing of systems.

The complete text of the booklet is available in hard copy by contacting the RBA on (02) 9551 9743 and is also available on the web site at: <http://www.rba.gov.au/y2k>