The Riksbank sets up a 2000 Council

The Riksbank, together with the Financial Supervisory Authority and financial companies in Sweden, is setting up a joint Council to coordinate measures of a general nature for the changeover to the new millennium. The purpose is to prevent the shift to a new millennium from causing problems in Sweden's financial sector. An example of the tasks that the Council will perform is an evaluation of the situation in the financial sector as a whole.

Work in Sweden's financial sector on eliminating risks of disturbances in connection with the new millennium has been in progress for a considerable time. On behalf of the Government, the Financial Supervisory Authority is formulating institutional requirements and reporting how the preparations are progressing. The Riksbank is preparing the changeover of its internal systems and is ready to cope with an increased demand for banknotes and coins.

Along with most companies in the financial sector, the Riksbank is now approaching the stage at which tests will be made together with systems that are not a part of its own organisation. The picture of the total financial system's ability to cope with the new millennium will then be clearer and with it the need for initiatives and measures of a general nature. The new Council will serve as a forum for discussions as well as for initiating necessary measures. At the same time the individual institutions will continue with their own preparations.

Additional information about the Riksbank's preparations for 2000 can be ordered by e-mail (info@riksbank.se), fax (+46 8 787 05 26) or telephone (+46 8 787 01 00). It is also accessible in Swedish at “Aktuellt–Övrigt” on the Riksbank's website (www.riksbank.se).

For further details please contact the Payment System Department:
Hans Bäckstrom, tel. +46 8 787 01 07, e-mail: hans.bäckström@riksbank.se
Kai Barvell, Dept. Head, tel. +46 8 787 04 73, e-mail: kai.barvell@riksbank.se