Operational contingency plans have been prepared to handle any problems that may arise over the year-end, including plans for the provision of additional cash, the management of liquidity and for continued clearing, payment and settlement through the SAMOS system. Simulations of the clearing arrangements were conducted on the public holiday on 9 August 1999 and the results were successful.
One of the important themes in the ongoing discussions on international financial architecture is the need to find ways to more effectively involve the private sector in international debt default resolution processes. This is a very important issue and one that warrants careful attention, as M. Trichet’s address made clear.