30 different data - dependent embedded chips in a modern - day automobile? getting to the parties before midnight should not be a big problem. however, imagine what will happen to the mood of the parties if cars stop working after the millennium date changes, which would mean the parties would have to continue, but the second and third glasses of champagne would only be lukewarm at best because all the refrigerators are out of order? v however, looking at some humorous side effects of the problem does not make it any less serious for society in general. looking at the international banking system as a whole, i believe that we have already made considerable headway in limiting the possibility that y2k disruptions will have systemic consequences for our markets. however, we must all continue to work hard in the time remaining to ensure that the existing threat can be averted to the greatest possible extent. in that spirit, ladies and gentlemen, i would like to conclude my remarks and commend the joint year 2000 council for organising such regional conferences. they take account of the fact that in a globalised economy, a worldwide effort is necessary to successfully face the challenges of the year 2000 computer problem.

problem, no legislative changes are currently being envisaged, because the legal system is flexible enough to cope with these problems. ladies and gentlemen, the turning of the clock at midnight on december 31, 1999 cannot be postponed - as you all know. time is a scarce asset with regard to the necessary preparations. as all credit institutions are depending on each other to be sufficiently prepared, the issue is hardly a factor of competition. on the contrary, an exchange of experience and information is crucial in order to enhance the efficiency of the changeover work. therefore, the federal banking supervisory office and the deutsche bundesbank have been playing a proactive role in coordinating the efforts across the financial institutions : at their instigation, the central credit committee ( zka ) established a forum comprising several banking associations for exchanging experience on the year 2000 problem at the expert level. the federal banking supervisory office and the deutsche bundesbank are involved in the forum ’ s work. supporting the banking industry in its efforts to solve the y2k problem is an ongoing process that will continue until the crossover takes place. nevertheless, i must reiterate that the ultimate responsibility lies with the management of the individual institutions themselves. this is why handling the year 2000 problem responsibly is a criterion for the federal banking supervisory office when assessing whether or not banking business is being conducted properly. iv i could go on and on about the supervisory aspects of the y2k problem. however, a luncheon speech does not seem to be the appropriate setting to go into too much detail. furthermore, when i look at the impressive programme of this conference, it seems to me that all the important elements of this topic will be covered by this morning ’ s and afternoon ’ s panels. however, looking at a lunch as a social event, one aspect of the y2k problem comes to my mind that is not covered by today ’ s programme and that might be worth bringing to your attention - if nothing else, at least as a potential problem in the course of the century date change that deserves thought. let me call it the social aspect of the y2k problem. new year ’ s eve 1999 / 2000 will be a social event of major proportions, according to some people even an event of biblical significance. millions of people will drive either to one of many organised new year ’ s parties or to pay a visit to relatives or friends in order to celebrate the new millennium. are you aware of the fact that there are about