HKMA's Event Management Centre to monitor the rollover to the millennium

The Hong Kong Monetary Authority (HKMA) announced this afternoon (30 December) that it will be opening its Year 2000 Event Management Centre (EMC) from 2:00 p.m. on Friday 31 December 1999 to monitor the operations of banks over the next few days.

"We are not expecting that banks will face any major Year-2000-related problems in the transition to 1 January 2000," an HKMA spokesperson said. "All banks in Hong Kong have reported that they are Year 2000 compliant, which means that their computer systems can manage data without being abnormally affected by the Year 2000 date changes. The high level of Year 2000 preparedness of Hong Kong's banking sector is widely recognised by the international financial community."

"As a further preparatory measure, banks will make use of the extra holiday of 31 December 1999 to complete their day-end, month-end and year-end transaction back-up records before the century rollover," said the spokesperson.

It is a normal daily routine for banks to back up their critical data. Given the importance of the Year 2000 issue, banks in Hong Kong are taking extra precautions to ensure the integrity of their records by, for example, backing up all essential customer data in a form (e.g. hard copy, CD ROM or microfiche) independent of their computer systems. The fact that 31 December 1999 is a general holiday allows more time for banks to complete their back-up procedures before 1 January 2000 and to ensure that the back-up copies are fully retrievable.

Although no difficulties are expected, banks will be on the alert for potential problems and will be opening their own event management centres to monitor operations during the rollover. Banks also have comprehensive contingency plans in place to prepare for the unlikely event that problems occur during the Year 2000 date change.

The HKMA's Event Management Centre will be open round the clock from 2:00 p.m. on 31 December 1999 to 6:00 p.m. on 4 January 2000.

General information on the Year 2000 issue and on Hong Kong's banking system may be obtained from the special Year 2000 Bulletin Board on the HKMA's website http://www.info.gov.hk/hkma or by ringing the HKMA enquiry line at 2878 8222.

Hong Kong Monetary Authority

30 December 1999