As a result of money market reforms, investors have migrated toward government-only funds, which pose low run risk, and away from prime institutional funds, which proved highly susceptible to runs during the crisis and required extraordinary government support (figure 5). In contrast, we are seeing elevated vulnerabilities in the nonfinancial business sector.
The first one, on “the challenges to the private and public sector relating to Y2K problem”, addresses Year 2000 issues in a more general manner, whereas the second on “remediation and testing”, and the third, on “contingency planning” treat specific aspects related to Y2K.