(Of this total, financial corporations are planning expenditures of $ billion, while companies in the nonfinancial sector have budgeted funds of around $ billion.) These estimates undoubtably understate the magnitude of the Y2K reprogramming efforts. In culling through the 10-K reports, we found that many companies BIS Review 37/1998 ˝  -2-  reported incurring no additional costs associated with Y2K remediation efforts.
However, this does not mean that the overall stability of the financial system as a whole has become less important for the Bank of Latvia. Both institutions will continue to cooperate, as adequate monitoring of financial stability requires a combination of ‘‘macro’’ and ‘‘micro’’ perspectives.