"Worryingly low" levels of action to achieve year 2000 compliance were criticised by the Minister for Science, Technology and Commerce, Mr Noel Treacy, yesterday, after an Institute of Chartered Accountants in Ireland (ICAI) survey revealed that almost 20 per cent of companies do not regard the Y2K problem as important to their business.

Responding to the survey, which said that 14 per cent of companies have undertaken few or no measures to prepare for Y2K, Mr Treacy said failure to make contingency plans could place jobs, contracts, clients and exports at serious risk. Businesses which have not already taken action should do so now, he said.

Requested by Mr Treacy, the survey indicates that almost 30 per cent of 120 chartered accountants who participated said they have had to question the ability of firms to continue trading because of concern over the millennium bug problem.