4 January 2000

Banks affirm ready for business tomorrow

The Reserve Bank of New Zealand today confirmed that it had received affirmations from all banks in New Zealand stating that they were all ready for business tomorrow.

Reserve Bank Deputy Governor Rod Carr said: "As per a scheduled programme for reporting Year 2000 problems, all banks in New Zealand have today told us in writing that they have no Year 2000 problems which could have a material impact on the provision of services to customers or on their participation in financial markets tomorrow or later on.

"This is most welcome, and indicates that indeed banks have done well in terms of making sure that their systems are Year 2000 compliant.

"In the early hours of tomorrow morning the banks will complete final transactions from 31 December. Then on the morning of the 6 January final transactions from tomorrow will be processed, completing a full banking day in the new millennium."

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