December 28, 1999
BSP CIRCULAR LETTER
QUESTIONS AND ANSWERS RELATED TO YEAR 2000 CONTINGENCY MEASURES FOR THE BANKING INDUSTRY
For the information and guidance of all banks, we issue the attached clarifications related to the Year 2000 Contingency Measures for the Banking Industry. LibLex
(SGD.) RAFAEL B. BUENAVENTURA
Governor
QUESTIONS AND ANSWERS RELATED TO YEAR 2000 CONTINGENCY MEASURES FOR THE BANKING INDUSTRY
I. Circular letter to all banks on Year 2000 Contingency Measures for the Banking Industry dated December 2, 1999
Section B. Banking Hours during the Contingency Period
1. What services shall BSP provide the holidays (Dec. 30, 31, Jan. 1)
Answer: BSP shall be open during the holidays to:
a. service cash withdrawals from banks digest
b. open the RP window
c. service credit availments of the Y2K Loan Facility
d. settle the Returned COCI AM clearing on December 30
e. provide updated electronic and hardcopy demand deposit ledgers
2. Will banks who decide to open during non-working days be required to service check deposits/withdrawals?
Answer: Banks are encouraged to open during the holidays to service deposit withdrawals of their clients. Each bank has the option as to how many...
