The pledged collateral needed for this purpose is entirely sufficient. Furthermore, intensive work is being undertaken on national and international communication networks in order to guarantee the necessary exchange of information between the market players and the central banks as well as the supervisory authorities during the first few days of the Year 2000.
On this point, too, the European central banks can draw on a wealth of experience in connection with the changeover to the euro, since a network of this kind was already employed successfully at the turn of last year. The information channels that have already been set up will be used for the changeover from 1999 to 2000.