1 January 2000

NZ banks test for business restart

The Reserve Bank today said banks in New Zealand are now running test programmes to make sure they have got through the Year 2000 date change.

Reserve Bank Deputy Governor Rod Carr said: "The next full banking day begins on 5 January. As from today the banks are checking to ensure that their systems are all fine.

"So far today the banks have not reported any problems which we consider to be significant, and this is encouraging.

"On 5 January banks will open for business and earlier that morning inter-bank transactions from 31 December will be completed. Then on the morning of 6 January inter-bank transactions from 5 January will be settled and at that point we will be able to confirm that the banking system is able to operate normally," Dr Carr concluded.

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