By the Year 2000 team of the Bank’s Market Infrastructure Division.
Since these reports began, awareness of the technical and business issues relating to the Year 2000 problem has grown significantly, and most technical remediation and testing work in the UK financial sector has been completed. There is a high level of confidence within the sector that it will be ‘business as usual’ over the year-end. The Bank’s most recent report therefore focused on other topics: preparations in other financial centres; the impact of the Millennium date change on financial market behaviour; and contingency planning and risk mitigation work.
Financial sector preparations for the Year 2000