As a government, it is fair to say our business is to make sure the worries of the community are minimised. Unfortunately we don't have a machine to do this. The only way is to have all our systems Y2K compliant. And then to keep testing them to ensure they remain that way. As we all know, the solution to the whole host of Y2K related problems has an immutable deadline, but the risks have been documented, assessed and are being remedied well before that date.
Numerous variables are at work, often simultaneously, all adding to the complexity of the problem.
I am not surprised in the least, to hear that an international consulting firm has put the estimated total worldwide costs in preparing for the millennium transition at between 1 and 2 trillion US dollars. A cost overshadowed only by that of the Second World War. Hong Kong is fully aware of the importance of the Y2K issue and the significant impact it may have. And I am pleased that the efforts made by Hong Kong as a whole have been duly recognised by the international community. I am delighted also that we are among the first few economies in the world to receive the highest ratings from the Global Group for the progress of Y2K compliance work.