1 January 2000

New Zealand 24 hour banking systems fine

The Reserve Bank said this morning that 24 hour banking systems in New Zealand had come through the Year 2000 date change without difficulty.

Reserve Bank Deputy Governor Rod Carr said: "Since midnight the Reserve Bank of New Zealand has been receiving reports from New Zealand banks about the status of their 24 hour systems: that means ATMs, Eft-pos and credit cards. The major New Zealand banks that operate these systems have now reported to us, and it's clear that their 24 hour systems are working fine. Transactions are being made without difficulty.

"This is good news. New Zealanders should have no difficulty getting cash and doing their shopping in the next few days. I congratulate the New Zealand banking sector for making sure these systems have passed through the date change.

"We have also been advised that overnight inter-bank cheque clearing is proceeding normally.

"From here on banks will be testing their systems to make sure that they can provide all their normal services when they next open for business on 5 January. The Reserve Bank will issue its next statement at about 5.00 pm later today.

For further information contact
Paul Jackman
Corporate Affairs Manager
Phone 04 471 3671, home 04 938 8177, pager 026 105 085,
Email jackmanp@rbnz.govt.nz