The Council of Financial Regulators (comprising the Reserve Bank of Australia, the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission and the Australian Financial Institutions Commission) today released an updated version of the booklet Year 2000 Preparations in the Australian Banking and Financial System. The earlier edition was published in July 1998.

The booklet describes the Year 2000 preparations of regulated financial institutions operating in Australia and the role of the financial sector regulators. It also outlines Year 2000 preparations in the payments system and in securities markets.

The earlier edition concentrated on measures being taken by banks in Australia. The new edition has been expanded to cover all regulated financial institutions, including banks, life and general insurance companies, superannuation funds, building societies, credit unions and friendly societies.

The booklet is available by contacting the Reserve Bank of Australia on (02) 9551-9743; the complete text is also available on the following web sites:

www.rba.gov.au
www.apra.gov.au
www.asic.gov.au (linked to APRAs Web site)
www.afic.com.au
Enquiries:

Reserve Bank of Australia
Payments Systems
Dr John Laker, Assistant Governor (Financial System) (02) 9551-8510

Reserve Bank Internal Preparations
Mr Les Austin, Assistant Governor (Corporate Services) (02) 9551-8960

Australian Prudential Regulation Authority

Mr Graham Johnson, Chief Manager, Policy Coordination and Application (02) 9210-3162

Australian Securities and Investments Commission

Ms Jenny Green, Technology Policy Consultant, Regulatory Policy (02) 9911-2620

Australian Financial Institutions Commission

Mr Brandon Khoo, Manager, Supervision and Compliance (07) 3842-2742