Your money won't disappear at the millennium transition

The Riksbank considers that the financial sector is well prepared for the millennium transition. The vital payment systems have been tested and back-up procedures have been established. Today, there is no tangible concern among the general public in Sweden that the banking sector will fail to cope with the transition to the new millennium.

- Nevertheless, the Riksbank considers that it is important to increase knowledge about the preparatory work. Not least to give people a good ground to stand on if confronted by less reliable information. The Riksbank has therefore produced a brochure "Your money won't disappear at the millennium transition" which is directed at the general public, says Deputy Governor of the Riksbank, Kerstin Hessius.

The brochure which will be distributed via post offices and banks in the next few days, describes the preparatory work and gives concrete advice:

Your money won't disappear. The banks and Sweden Post have built up safety procedures over the years to protect information in their computer systems. If anything happens to the computer, it shall be possible to retrieve information. This applies to all types of accounts, funds, registered holdings of shares, etc.
Don't withdraw more money than usual. Money is safer at the bank than in a drawer. If, despite this, demand for banknotes should increase, the Riksbank has large stocks of cash.
Behave normally. Carrying on using your cards, withdrawing money from cash machines and paying your bills as usual.
This is what will happen with your payments. The brochure also contains a description of how the payment system works.

More information about the millennium transition can be obtained at www.riksbank.com.

For more information, contact
Michael Wallin, Head of Information Department, telephone +46-8-787 04 18
Margareta Kettis, Assistant Head, Payment System Department,
telephone +46-8-787 01 32
Per-Olof Arevik, Analyst at the Cashiers System Department,
telephone +46-787 04 84