Year 2000 the supervisory contingency planning process

January 1999

Foreword

This paper presents a series of recommendations to bank supervisory authorities regarding the importance of effectively planning for potential disruptions that may result from failures in computer systems surrounding the millennium date change. The paper does not represent a prediction of the likelihood of occurrence, but rather attempts to provide a range of possible precautions that should be considered in preparing for the Year 2000. It is being distributed as part of a package of papers issued by the Joint Year 2000 Council which represents supervisors across the financial sector.

The paper has been drawn up for the reference of bank supervisors, and it is not directed at contingency planning by banks. This matter is addressed in another document being released by the Joint Council entitled "Year 2000 Business Continuity Planning: Guidance for Financial Institutions".