News Release
Year 2000: The Bank Signs the Pledge
04 September 1998
The Bank of England today reaffirmed its commitment to work for business continuity through the Millennium, and the sharing of information with suppliers and counterparties, by joining Action 2000's Pledge scheme.
Signing the Pledge, David Clementi, Deputy Governor of the Bank and Chairman of the Bank's internal Millennium Risk Committee, said:
"The Bank has been working for several years to ensure that all our operations continue without interruption through the millennium. Our internal programmes are on track to achieve this. Given the interdependence of financial institutions, we are also working closely with the City, the FSA and overseas authorities to ensure the maximum co-operation on testing and contingency plans. I am delighted to support the Pledge 2000 initiative, which reflects exactly the principles the Bank has been applying in its internal and external work."
Notes to Editors
Pledge 2000 is a scheme launched by the Government's Action 2000. It is intended to help all organisations to work in partnership with their customers and suppliers to discuss and resolve issues arising from the Year 2000 problem. It takes the form of a six-point manifesto: this is not legally binding but encourages the sharing of information and promotes co-operation with suppliers and counterparties rather than litigation.
The Bank's internal preparations started in 1996. The Bank has set itself the target of having demonstrated internally Year 2000 compliance for its critical systems, wherever possible by the end of 1998. The work is overseen by a Millennium Risk Committee chaired by David Clementi.
The Bank's work with the City started at the end of 1997 and has led to the publication of two status reports, Financial Sector Preparations for the Year 2000, in February and May 1998. A further issue will be published in October. The reports have played a role in raising awareness of the Year 2000 problem and in sharing information about the financial sector's remediation plans.
Further information from the Bank's press office or Action 2000 (Elizabeth Allen, 0171 215 2000).
