Press Releases

Hong Kong banking business as usual on 9 September Year 2000 critical date

The Hong Kong Monetary Authority (HKMA) today (9 September) said that banks in Hong Kong have reported normal operations throughout the morning. No reports have been received so far from banks of any computer problems arising from the transition to 9 September, which is widely regarded as one of the critical dates in connection with the Year 2000 issue.

In accordance with the supervisory initiatives taken by the HKMA, banks are required periodically to report to the HKMA extensive information on their operations and on any material exceptions they may encounter during the Year 2000 critical periods, including 9 September 1999. To provide for efficient monitoring of banks' functions during the current critical period, the HKMA's Year 2000 Event Management Centre has been in operation since 6:00 p.m. yesterday (8 September) and will continue its monitoring exercise round the clock until the reports from banks have been completed and assessed.

"The absence so far of any reports from banks of Year-2000-related problems seems to be confirming our expectations that 9 September would not produce problems for Hong Kong's banking sector," said Mr David Carse, Deputy Chief Executive of the HKMA. "The HKMA looks forward to a successful completion of the current monitoring exercise and to continuing its work with the banks and the general public to strive to ensure that the millennium date change passes smoothly and without incident," said Mr Carse.

Hong Kong Monetary Authority

9 September 1999