HKMA Quarterly Bulletin (August 1997 Issue)

The Hong Kong Monetary Authority published its latest issue of the Quarterly Bulletin today (31 August ) with a report of the Year 2000 (Y2K) survey on all authorised banking institutions.

The Y2K problem arises from the fact that some computer systems use only two digits to represent the year in data fields and this can cause problems when systems encounter dates beyond 31 December 1999.

In order to assess the readiness of authorised institutions (AIs) in coping with the Y2K problem, a survey was conducted by the HKMA in May this year.

Results of the survey showed that 11% of the AIs are already Y2K compliant. For systems that were critical to the continuing operation of the institution, 82% of the institutions expect to be Y2K compliant by the end of 1998 and another 4% have confirmed that they will be compliant by the end of 1999.

Also published in the August issue of the Quarterly Bulletin is the article "Self Regulation through the Code of Banking Practice" which describes the evolution of the Code from its drafting stage right up to its implementation.

The Code was jointly issued by the Hong Kong Association of Banks and the Hong Kong Association of Restricted Licence Banks and Deposit-taking Companies on 11 July 1997 after nearly one year of extensive consultation and preparation. The Code aims to improve the transparency and quality of banking services in Hong Kong.

The Quarterly Bulletin also contains regular articles on the banking and monetary environment during the quarter ending June 1997. The Quarterly Bulletin, which is on sale at the Government Publications Centre, may also be ordered from the Press and Publications Section of the HKMA.

Note to Editors : Copies of the publication will be available for collection at GIS Newsroom.

Hong Kong Monetary Authority
31 August 1997