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The Financial Services Sector is categorised into three sub-sectors; a) Banking b) Insurance and, c) Government Financial Services.

• Y2K Readiness of the Banking Sub-Sector has been idnetified as crucial to ensure the public will be getting the continuous financial services. The Brunei Association Banks (BAB) have since made formal assurances that all its members are now fully Y2K ready. The latest responses to the BPMMY2K Secretariat's Y2K Readiness Survey have also indicated that all of the banks are now confirmed 100% Y2K ready. This also include the local banks who are not members of BAB have also confirmed their full Y2K readiness.
• All banks in Negara Brunei Darussalam have also formally published their Y2K Readiness information through the local print media and leaflets.
• The additional information gathered by BPMMY2K Secretariat reaffirm the GREEN Y2K readiness status earlier reported for the Banking Sub-Sector.

• Press Statement from the Insurance Association of Brunei Darussalam published in the local newspaper in October 1999 stated that Insurance Companies have already begun addressing the Y2K issue. Contingency plans have been developed to ensure the services to customers will continue in the unlikely event that Y2K Problem occurs. The insurance companies goal, the statement said is to continue to provide the level of service and support expected of them in the Year 2000 and beyond.
• Subsequent to the Press Statement the representatives from the General Insurance Association and the Life Insurance Association have further stated that all their respective practicing members are now Y2K Ready. The reassurance statement was formally delivered during meeting held between BPMMY2K and the Financial Sectors representatives on 1 st November 1999.
• With these additional formal assurances, it can now be concluded that Insurance Sub-Sector has improved their Y2K Readiness status from AMBER (previously reported) to the GREEN Y2K readiness status.

• The Financial Institution Division of Ministry of finance and the Bank Association of Brunei has further assured that the Financial Sector in NBD will be adequately prepared for the possible risks caused by the Y2K Problems. All the banks in NBD have been working closely with Ministry of Finance in increasing the level of preparedness. Ministry of Finance being the regulator of the financial sector have the interest in ensuing that business will be as usual for the financial sector in transition to the year 2000 and beyond.
• The Brunei Currency Board of the Ministry of Finance (BCB) and the banks give the assurance that there will not be cash distribution shortage. As part of the contingency, all banking institutions have made plan to keep adequate stock of money to cater for possible increase in withdrawals by the public during the Year 2000 rollover.
• The banks will be closed on 31 st December 1999 until 2 nd of January 2000, but Automatic Teller Machines (ATM) services will be available. Banks will be opened on 3rd January 1999 as per normal.
• The Treasury Department confirmed that its computerised government payroll system and the PC-based financial services processing systems have been made Y2K ready in time for the Millennium rollover. Contingency plan has also been put in place to deal with the possibility of residual risks or prolonged problems with the services from the third parties.
• The Employee Trust Fund Department (ETF) in a statement recently released announced that it has successfully switched over to its new Y2K compliant IT systems on the 8 November 1999. ETF expressed confidence and assure its customers that their business will continue without disruption when the new Millennium arrives. The ETF media release also stated that, 'ETF is also committed to take up the necessary steps to resolve the problems efficiently and effectively. ETF has also its contingency in place in preparation for any unforeseen problems which may arise. Protecting the interest and welfare of its 65,000 members is ETF's top priority'.
• ETF reaffirm its full Y2K readiness by successfully conducted Y2K roll over test on 22 nd December 1999. The test was observed by the BPMMY2K Chairman, the Chairman and Deputy Chairman of the ETF Board of Directors, the Deputy Chairman of BPMMY2K as well as the Co-Secretaries of BPMMY2K.

In view that all agencies in the government financial sub-sector have indicated full Y2K readiness, it is therefore concluded that the Y2K Readiness in the Government Financial Sub-sector is well on-track and has fully achieved the comfortable level of confidence (GREEN) of Y2K readiness. The latest updates from agencies in the Financial Services sectors concerned further confirmed that the Financial Sector is well and fully prepared for the Y2K Problems. The updates reaffirm the GREEN Y2K readiness status rating given for this sector in the previous report.