The well-prepared financial institution will have completed steps (i) to (iii). It will now be engaged in step (iv) -- renovating systems and applications. The recommended completion date for this work, to allow sufficient time for testing, is the end of 1998. The renovation of critical systems should be finished by the middle of 1998.
BIS Review 98/1997  -2-  To assess the preparation of Australian banks for Year 2000, we asked them in May to complete a comprehensive survey. Some of the results from this can be summarised usefully under the first four headings of the Basle Committee’s recommended program.