Fillip for bankers' integrity on Y2K

By Helen Vause

Some of us are getting just a little more confident that we may not be facing a banking crisis at the turn of the century.

A cautious report from the New Zealand Bankers Association issued this week says there has been a slight upturn in confidence that the banking industry is prepared for Y2K.

In an unprecedented marketing exercise, banks united three months ago in a joint advertising campaign designed to reassure customers that bank services will operate as usual over the year 2000 changeover. The campaign ran in newspapers and magazines during July and August.

Detailing the steps taken to squash the millennium bug, the combined bank advertisement said: "Being bankers, we're naturally a conservative lot ... we've done everything possible to ensure that your bank accounts are unaffected by the year 2000 changeover and according to the chairman of the Y2K Readiness Commission, banks have set a benchmark for Y2K preparedness."

That advertising campaign has at least kept public concern from growing, according to the Readiness Commission's latest survey of public opinion.

A banking industry spokesman, Colin MacDonald, says the latest survey shows a slight improvement in levels of public confidence following the campaign.

It shows that there is now a recognition that any disruption could be for no more than five days rather than for a week (as previously perceived), and that there is a reduction in the percentage of people making plans for banking problems.

"The trends seem good. Public opinion seems to be moving in the right direction," says Mr MacDonald.

He says the Bankers Association is now reviewing whether to revive the public advertising campaign as the big date gets closer.