Asian banks report smooth roll into the new millennium

Asian banks report smooth roll into the new millennium

SINGAPORE (Reuters): Banks in the Asia Pacific region on
Saturday reported a trouble-free entry into the new millennium,
untouched so far by the much feared Y2K computer bug.

Central banks in Japan, New Zealand, Australia, Malaysia,
South Korea, Thailand, India, the Philippines, Singapore and Hong
Kong said they had experienced no glitches during the rollover.

Central banks around the world have been on the alert for any
problems related to Year 2000 (Y2K) rollover, during which some
computers were expected to misread 2000 as 1900 and cause systems
to crash or malfunction.

Most Asian countries had repeatedly assured that they were
"Y2K ready" after spending substantial sums to fight the bug.

Japan's Financial Supervisory Agency said at midday on
Saturday that it had received no reports of any problems either
after the local rollover at midnight or the GMT rollover, which
came at 9.00 a.m. in Japan.

"No reports of disorders related to Y2K affecting financial
institutions' customers and operations have been made to the
FSA," the agency said in a statement.

Half an hour after the GMT rollover, the Bankers Association
spokesperson for Y2K issues in New Zealand, Colin MacDonald, told
Reuters that the industry had no reports of computer problems.

"As far as we are concerned, everything appears to be, to
continue to be fine," MacDonald said, adding that the banks would
progressively check their systems over the next few days.

Australia, the first major economy to enter 2000, said it had
done so with its financial systems working fine.

The central Reserve Bank of Australia said just after midnight
GMT that the latest round of tests confirmed earlier indications
of a smooth transition to 2000, with electronic cash, credit and
debit card systems working normally and records being accurately
maintained.

Australia's biggest bank, National Australia Bank, said it had
experienced no problems. "We are in great shape," said spokesman
Brandon Phillips.

The Hong Kong Monetary Authority said all major shared system
providers to the territory's banking industry were working
normally, including credit cards, 24-hour banking systems and
automatic teller machines.

The Monetary Authority of Singapore said the island state's
financial sector crossed over into the new year with no reports
of Y2K related incidents.

The Malaysian central bank said the whole banking system
"underwent a smooth rollover".