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Bendigo Bank passes Y2K test

21 September 1999 |Media centre

Bendigo Bank customers could approach Year 2000 with confidence, Group Managing Director Rob Hunt said today.

Mr Hunt said the Bank had successfully tested its banking systems across key "Millennium Bug" dates.

"In the past year, our critical banking and financial applications have been duplicated on to replica hardware and systems.

"We simulated typical daily transactions and processes in an accelerated timeframe through to June 2000. Our systems continued to function smoothly and all calculations were correct.

"Our customers can approach Year 2000 with confidence. Their money is safe and there will be no anomalies in their accounts."

Mr Hunt welcomed the Reserve Bank's assurances that bank deposits were safe from "Millennium Bug" concerns.

The central bank's Governor, Ian Macfarlane, told a House of Representative standing committee that Australia's financial system enjoyed "a world-class reputation for its high level of Y2K (Year 2000) preparedness".

Mr Macfarlane continued:"The simple fact is that (customers') deposits are safe and their records are not at risk from Y2K-related problems.

"The safest place for people to keep their savings is in the financial institution that they are already with.

"Withdrawal and conversion to cash would expose them to a lot of unnecessary risks."

Mr Hunt said Bendigo Bank shared Mr Macfarlane's concerns for customers tempted to withdraw large sums of money as insurance against Y2K systems failures.

"We strongly urge our customers not to place their funds at risk.

"Their money will be there on 31 December, it will be there on 1 January and it will still be there on 30 June 2000.

"And to reassure people, Bendigo Bank will also retain backup records of all balances at the end of December."

Mr Hunt said customers concerned about Year 2000 needed look no further than their wallets.

"In most cases, they will find their Visa cards have expiry dates of 2000 or beyond and that those cards work fine."

Mr Hunt said Bendigo Bank would release through its branches a brochure detailing its Year 2000 preparations and answering commonly asked questions.

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