Crossover to det new millennium so far painless in the banking and financial sector

Kredittilsynet (The Banking, Insurance and Securities Commission of Norway)

Kredittilsynet has in the course of the day received preliminary reports from all major institutions in the banking and financial sector on possible year-2000-related IT problems arising in connection with the transition to the new millennium. "According to preliminary reports received by Kredittilsynet, Norwegian banks and financial institutions have in all essentials tackled the switch to year 2000 successfully", says Bjørn Skogstad Aamo, Director General at Kredittilsynet. "This confirms that the impression of thorough and satisfactory preparations given by reports, meetings and inspections in the course of 1999 was correct", says Mr. Aamo. He adds that a number of computer systems in the financial industry need to be put through practical testing in the days ahead.

Minor fault rectified
One bank has reported a fault in 10 - 12 cash dispensers, which has now been put right. A fault of the type and scope in question could just as well have arisen in an ordinary operating situation as in connection with the crossover to 2000. Now that this fault has been rectified, all customer-operated banking services are running normally across the entire country.

Further follow-up by Kredittilsynet
Today's reporting encompasses 18 of the biggest savings and commercial banks, three insurance companies and institutions forming part of the financial infrastructure (incl. the Central Securities Depository, the Norwegian Futures and Options Clearing House, the Banks' Central Clearing House, Fellesdata etc.). The Oslo Stock Exchange also reports successful testing of its IT systems in connection with the transition into 2000. Kredittilsynet will continue to follow developments closely in the days ahead, and a large number of institutions under Kredittilsynet's supervision are due to report on possible variances by 1500hrs tomorrow (Sunday 2 January).

Thorough preparations
Work on preventing year 2000 problems in the banking and financial sector was initiated by Kredittilsynet in 1995, and a comprehensive effort has been made by the institutions since then. Kredittilsynet has based its approach on international standards. "Norwegian banks and financial institutions have done a good job, and year 2000 problems have so far been avoided", says Kredittilsynet's Director General, Bjørn Skogstad Aamo.

Contact persons:
Bjørn Skogstad Aamo, Director General, Kredittilsynet, tel. +47  2226 6926 (home), 2293 9929 (office)
Svein Erik Dovran, Special Adviser on IT, tel.+ 47 9097 1303 (mobile)