The first of the Year 2000 Banking Response Centre’s transition milestones was met earlier today when banks successfully completed settlement of their year-end transactions, prior to the transition to the New Millennium. This is important because of the many high-value transactions that take place to correspond with the financial year-end. The banking industry will therefore go into the transition weekend without any large exposures between banks. This means that before the Millennium changeover all debts will have been squared off and the banks will go into the New Year with a totally balanced book – there are no unsecured positions.Every one of South Africa’s 57 registered banks reported yesterday that business operations and services were available as usual and all ATM’s and point of sale card systems are operating normally.The Automated Clearing Bureau has also reported that it has successfully processed electronic payments dated 3 January 2000.Final settlement in the South African Multiple Option Settlement (SAMOS), the real-time inter-bank settlement system provided by the South African Reserve Bank, was successfully completed at 10h00 today (Friday 31 December 1999).The Year 2000 Banking Response Centre is confident that all indicators point to a smooth transition in the banking sector as South Africa moves into the New Millennium. CLAIRE GEBHARDT-MANNThe Banking Council SA 082-450-9193 or (012) 313-4420  DAVE MITCHELLSouth African Reserve Bank 082-770-0586  ​