With this in mind, there are a few preparations that we at the Reserve Bank have been putting into place to help reassure the community. An important step was to talk to the banks, building societies and credit unions to make sure that they were communicating with their customers in clear language to reassure them that their deposits were safe.
Because the simple fact is that their deposits are safe and their records are not at risk from Y2K related problems. All financial institutions have extensive back-up systems to ensure that each night they keep multiple physical records of all account information.