For immediate release

The Basle Committee on Banking Supervision has issued a policy statement entitled "The Year 2000: A Challenge for Financial Institutions and Bank Supervisors," which addresses the need for financial institutions to check all their computer applications in advance of the new millennium. This paper sets out a strategic approach for the development, testing and implementation of system solutions as well as defining the role that central banks and other bank supervisors need to play in promoting awareness of the Year 2000 issue and enforcing action. The text of the Basle Committee document is attached. It also is available on the BIS Website at http://www.bis.org. and the Federal Reserve Board Website at http://www.bog.frb.fed.us/y2k. Attachments are available on the BIS Website Press Statement by the G-10 Governors | Full document (90 KB PDF)

1997 Banking and consumer regulatory policy