Payment system continues to function normally on Monday, 3 January 2000
The reports received by Norges Bank on Monday 3 January from the main participants in the payment system confirm the absence of any significant problems during the first normal workday of the year in connection with the transition to the year 2000. The payment system is functioning normally, with regard to self-service systems, ordinary banking services, interbank transactions and payments for trading in securities.
The clearing and settlement system for payment transactions and trading in securities is also functioning normally. Norges Bank's settlement system (NBO) has been under normal operation since Monday morning. The communications systems between the Banks' Central Clearing House, the Norwegian Central Securities Depository (VPS) and the Norwegian Futures and Options Clearing House (NOS) are functioning normally. Settlement of financial transactions between banks, with the foreign sector and payment orders from private customers have been registered normally. Settlement transactions from the VPS and the NOS have been settled normally.
Norges Bank supplied a substantial amount of liquidity to the market through the issue of fixed-rate loans (F-loans) extending from 21 and 30 December 1999 to 11 January 2000.
At 31 December 1999, Norges Bank's holdings of notes stood at NOK 48.7 billion. None of Norges Bank's 12 regional branches, which are located in different areas of the country, has reported exceptional demand for cash.
Norges Bank is responsible for promoting a robust and effective payment system. Norges Bank is also a settlement bank for payment transactions between banks and the settlement of securities transactions. Norges Bank has thus collaborated closely with the main participants in the payment system in preparing for the changeover to the year 2000. In order to contribute to a smoothly functioning payment system, a contingency task force was established to ensure the continuity of the financial infrastructure. This task force is headed by Norges Bank and is also composed of payment system participants and representatives of the Banking, Insurance and Securities Commission.
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