Hong Kong Y2K Readiness Statement
Banking Sector Passes Global Tests
Government Answers Call for Contingency Plans
Hong Kong Y2K Readiness Statement
According to the Global 2000 Coordinating Group which monitors the Y2K readiness and compliance of 43 countries and cities around the world, Hong Kong's compliance status ranks at the top.
The Global 2000 Coordinating Group is a grouping of 250 international banks, securities firms and insurance companies. Its assessment is based on the Y2K readiness of seven critical sectors including financial services, settlement and clearing, telecommunications, public transport, power supply, water supply and government services.
Further details of Hong Kong's year 2000 compliance in these sectors are provided in the government's press release of June 3 1999, which can be accessed at http://www.info.gov.hk/gia/general/199906/03/0606134.htm.
Banking Sector Passes Global Tests
The Hong Kong Monetary Authority announced on June 15 1999 that the banking sector has successfully passed its part of the Global Payments Systems Tests. The Global Tests, initiated and coordinated by the New York Clearing House, involve 34 national and international payments systems and networks (including the SWIFT network), and over 20 jurisdictions including the G-7 countries, Australia, Hong Kong, Korea, Singapore and Switzerland. A total of 22 banks in Hong Kong participated in the Global Tests and all participating banks confirmed that they did not encounter any Y2K- related problems.
Further information can be accessed at http://www.info.gov.hk/hkma/eng/press/index.htm.
Government Answers Call for Contingency Plans
The G8 leaders recently called upon all governments to ensure that adequate Y2K contingency plans are in place. They stated: "Public confidence will be crucial and will depend heavily upon transparency and openness as to the state of preparation in critical sectors. Governments, international organizations, infrastructure providers and information technology suppliers will need to ensure a regular flow of reliable information to the general public."
The Hong Kong government has already announced that all government departments are formulating business contingency plans. The government's steering committee on Y2K compliance issued guidelines in May 1999 to all departments to assist them in their preparations. The working group of the steering committee is also coordinating a territory-wide contingency plan together with emergency arrangements.
For further information on these topics contact Vivien Crook at Bird & Bird by telephone (+852 2248 6000) or by fax (+852 2248 6011) or by e-mail ([email protected]).
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