Year 2000

At its meeting today, the CNB Board assessed the regular report on the CNB's Year 2000 readiness. The Board stated that, in co-operation with commercial banks, testing had been carried out of systems ensuring the settlement of interbank payments and trading on the short-term bond market. Other activities relating to the CNB's Year 2000 preparations are proceeding according to plan. The public will be kept informed about the course of the preparations.

In addition, the CNB banking supervisory authority has imposed, through its Provision No.6 of 29 December 1998, the task on all commercial banks, including foreign bank branches in the Czech Republic, to ensure that they are ready for the transition to the year 2000, to perform the relevant tests, and to inform the public about their readiness. Fulfilment of these tasks is being continuously assessed.

CNB - Martin Švehla