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Beginning in 1998, the finance sector established the Joint Year 2000 Council, representing the public side of finance. In April 1998, at the first finance roundtable on Year 2000, the Bank for International Settlements (BIS) based in Basle, Switzerland, and its representatives agreed to establish a Joint Year 2000 Council. Key sponsors included: Basle Committee on Banking Supervision, Committee of Payment and Settlement Systems; the International Association of Insurance Supervisors; and the International Organization of Securities Commissions.
In the summer of 1998, the Joint Year 2000 Council established the External Consultative Committee composed of private sector internationally oriented organizations, including financial service providers, financial market associations, rating agencies, etc. Given the importance of telecommunications to the finance sector, the International Telecommunications Union was also included in the External Consultative Committee.
The objectives of the Joint Year 2000 Council were:
- To ensure a high level of attention on the Year 2000 computer challenge within the global financial supervisory community.
- To share information on regulatory and supervisory strategies and approaches.
- To discuss possible contingency measures.
- To serve as a point of contact with national and international private sector initiatives.
- Y2K: Starting the Century Right!, at 38.