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Year 2000 Bulletin

The Hong Kong Monetary Authority (HKMA) today releases the second issue of the Year 2000 Bulletin as part of its ongoing efforts to promote awareness and disseminate information on Year 2000 issues to the banking industry in Hong Kong.

This issue of the Bulletin includes an article on the Year 2000 compliance progress of authorized institutions (AIs). According to the formal statements of the chief executives of AIs with respect to their Year 2000 compliance progress as at end-May 1998 position, it was found that:

  • Around 97% and 91% of the institutions were expected to achieve Year 2000 compliance by 31 December 1998 for their critical and non-critical systems respectively;
  • The overall percentage of completion of the Year 2000 work for critical and non-critical systems used by the Hong Kong operations were 60% and 55% respectively;
  • AIs had spent 45% and 33% of their budgets on critical and non-critical systems respectively; and
  • Around 94% of the chief executives were satisfied with the overall progress made and that sufficient resources had been devoted to the project.

"It appears that the banking sector is making reasonable progress towards achieving Year 2000 compliance by end-December 1998. However, there are also some institutions which did not expect to meet the compliance deadline in certain respects or considerably lagged behind industry averages in terms of their progress. The HKMA will follow up with these institutions to ensure that they will take all reasonable steps to achieve Year 2000 compliance as soon as possible," said Mr. David Carse, Deputy Chief Executive of the HKMA, when commenting on the results.

The Bulletin also highlights other recent supervisory initiatives to address the Year 2000 problem. Apart from the request for formal statements, the HKMA has required that all AIs be subject to some form of independent assessment of the Year 2000 compliance process. The HKMA has also been in discussion with overseas supervisory authorities to strengthen Year 2000 supervisory co-operation in line with the recent recommendations by the Basle Committee on Banking Supervision for supervisory co-operation on Year 2000 cross-border issues.

The Bulletin also contains articles contributed by market practitioners on the external testing of major financial systems in Hong Kong, legal issues, credit risk issues, embedded systems and testing for Year 2000 compliance. These articles should help facilitate the sharing of sound practices in resolving Year 2000 issues.

Hong Kong Monetary Authority
31 August 1998

Last revision date: 1 August 2011
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