The BIS is the central bankers' central bank. Its November 18 press release is significant.
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The Basle Committee on Banking Supervision (Basle Committee), the International Organisation of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS), jointly issue this statement, drawing attention to the Year 2000 issue.
Supervisors of banks, securities firms and insurance companies wish to stress the importance of this issue which carries tremendous risks of disruption in the operations of financial institutions and in financial markets. The aim is to encourage financial institutions worldwide to commit urgently the resources necessary to develop action plans to become millennium-compliant in a timely fashion. These plans should address not only the workability of the institutions' own internal systems but should also test those systems externally with other financial institutions, clients and counterparties. Supervisors of financial institutions worldwide have a role to play in helping ensure that supervised institutions meet the Year 2000 challenge.