Federal Reserve's letter to banks.

greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread

I'm on a Y2K email list, Y2K People Finding People, (at: http://www.webpal.org/list.htm ) and I just got this report from them. I'd like to know if anyone here knows anything about it. Comments in parathensis not from me.

They said it was snip "at the following Federal Reserve Bank location: http://www.frbsf.org/fiservices/cdc.local/cash/contingency.html But it isn't there now, which may tell you something in itself. My correspondent received the following and verified it before sending it to me. Very similar to the one that I read about 2 weeks ago, but more specific in its recommendations. " -------------------------> The Federal Reserve sent a Y2K warning letter to banks on Friday. In that letter they advised banks to:

1. Sell securities - anything maturing after 12/31/99 should be sold.

2. Raise liquidity - call in loans, sell assets, raise and store cash in the bank vault. ( Yes, they said store cash!!! )

3. Close extended lines of credit - shut off potential drains of capital. Let businesses know now that their may be no liquidity after Y2K. Cut off their lines of credit now.

4. Find collateral to use to raise more cash. ( Including bank real estate, office furniture - anything that can be pledged now to raise cash. )

The Federal Reserve is warning bankers to plan for the worse case Y2K scenario. They say get out of the market now to avoid the turmoil at the beginning of the year. Raise cash now. Sell assets now.

My question - if this is good advice for banks, why wouldn't it also be good advice for businesses and individuals? And why are the PR releases from the banking industry so different from the private warnings being issued to the banks?

I think it is a positive sign that the Federal Reserve is urging banks to prepare for the worst.

end snip

I'd like to hear any opinions or information. Some of it sounds "off" to me. Thanks.

-- Gus (y2kk@usa.net), July 06, 1999


Ya beat me to it!

Like the weather, things seem to be getting more and more extreme...

-- Jeremiah Jetson (laterthan@uthink.y2k), July 06, 1999.

There seems to be reference to some sort of letter in the information at this address: http://www.frbsf.org/fiservices/cdc.local/cash/risk.html

-- JPD (denent@clarityconnect.com), July 06, 1999.

Thanks JPD!

-- Gus (y2kk@usa.net), July 06, 1999.

In my opinion, it's time for a troll alert, pure and simple; no ifs, ands, or buts about it.


-- Jerry B (skeptic76@erols.com), July 07, 1999.

Just in case the phrase "troll alert" is not a sufficient clue: the opening post of this thread is too implausible to take seriously, absent substantive confirmation.

The statement: "But it isn't there now, which may tell you something in itself." tells us nothing other than that it isn't there now. It does not tell us that it ever was there.

There was a saying "paper never refuses ink"; today we might say "phosphorous never refuses electron beams".


-- Jerry B (skeptic76@erols.com), July 07, 1999.

I'm with Jerry, if I'm not mistaken, banks aren't allowed to be in the securities market anyway. Lots of laws passed in the '30's to help prevent bank failures.

Also, without a working link directly to the fed, I'd have to put this up next to the letter from GM to the Cadillac owners regarding problems with their electric windows and stuff.


-- Jollyprez (jolly@prez.com), July 07, 1999.

found at this link


at least of 7/6/99 (opps 1999) 9:38PM PDT \/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\\/

Cash Demand and Liquidity Risk Issues and Year 2000 Readiness

by Gordon Glaza American Bankers Association



One of the uncertainties inherent in preparing for the millennium date change is the potential increase in currency demand. Consumers and businesses may react in diverse or unpredictable ways to real or perceived Y2K-related problems, and part of that reaction could include the demand for increased amounts of cash, to be available for the purchase routine consumer items (groceries, fuel, or medicine) or business needs (inventory, payroll, operating expenses).

A financial institution should take steps to forecast and prepare for the expected cash demand of its customers, and to develop a plan to maintain and distribute any increased cash volume. For purposes of this article, currency and cash will be referred to interchangeably, and the term "bank" will be used to indicate any insured depository institution.

The Federal Reserve Banks recently issued a letter to all financial institutions and cash service providers, which identified some of the factors and actions that financial institutions should consider when preparing the currency demand portion of its Y2K contingency plans. This article provides a brief discussion of the issues raised in the Fed's letter, and identifies additional factors and concerns that banks should consider. The italicized and numbered questions are reprinted directly from the Fed's letter. The materials presented herein were formulated by the American Bankers Association, with input from ABA members who are working on the Y2K challenge. This article is an attempt to assist financial institutions in understanding the issues related to estimating and servicing currency requirements.

Y2K Cash Demand Analysis

1) Have you analyzed your customer base to estimate the demand for extra cash inventory that you may have to carry to meet the Y2K demand? Depending on your customer profiles (individuals, retailers, other businesses), this demand may vary.

While it is difficult to accurately forecast customer behavior with regard to Y2K cash requirements, some analysis should be performed to help assure that a bank can service those requirements despite potential Y2K disruptions. Research should be done early enough in 1999 to allot sufficient time for decision making and planning to rectify the situation.

Financial institutions should address cash demand contingency planning as a component of their comprehensive Y2K contingency planning. The appropriate model and structure for cash contingency planning will vary for each institution. The bank's coordinated planning effort should include representation from each area of the bank that supports the servicing of customer cash needs. The focus should be on customer communication, research and investigation of potential risk that will impact the need for the institution to hold cash reserves. Leadership of the cash contingency planning issue should not be the sole responsibility of the Y2K project office. In fact, cash contingency planning represents a particularly challenging project management and leadership issue for financial institutions. Typically there are many organizational stakeholders in the management of cash, and each of these areas should have a role in determining the potential impact Y2K may have on an institution's cash needs.

Data should be collected from a variety of sources, including the Federal Reserve, other economic forecasts, national and local news sources, the internal cash function, and surveys of customers. All of these sources should be monitored throughout 1999 to detect any significant changes that would warrant an adjustment in the bank's contingency plan.

The Federal Reserve is increasing the value of its currency print order through September 1999 with the Bureau of Engraving & Printing, by 53% over the comparable FY 1998 period. This increase will allow the Federal Reserve to increase the value of its vault cash inventory by 33%, an increase of $50 billion by the end of September 1999.

If the average U.S. household withdraws $100 in extra cash, this translates into a total increased demand of $10 billion. Accordingly, by increasing the value of vault cash inventory to $200 billion by September 1999, the Fed could accommodate cash demand of $2,000 per U.S. household, which is an extremely unlikely scenario. Instead, it is more likely that only a portion of the Fed's increased cash inventory would be needed to meet currency demand. Moreover, the Federal Reserve still has time to assess the need, if necessary, for more cash to be printed and added to inventory in FY 2000, which begins in October 1999.

Internal sources of cash information should be used to project Y2K cash demands. Historical data over a several year period for cash usage should be obtained by reviewing daily bank/branch cash totals as well as cash shipments and orders. Average daily cash balances should be compared to determine year-to-year changes for the period October through January. Efforts should be made to gather and analyze prior year data for cash shipments and orders during these same periods. It is also useful to look at aggregate data for transaction account balances to determine trends and seasonal activity.

ATM activity for these same periods should be reviewed to determine the volume of currency dispensed, geographic trends, and cash demand trends during the period in question. This research is separate and apart from efforts to determine that the bank's network of ATMs have reached Y2K readiness.

Financial institutions should survey a representative sample of consumers and commercial customers regarding their anticipated cash needs during the Y2K transition period. This research should be conducted in 2Q or early 3Q 1999 at the latest. In addition to providing valuable information for the bank's Y2K cash planning, the survey may assist customers with their own Y2K planning. This provides an opportunity to gauge customer thinking on Y2K, and to reinforce the points that banks are highly rated in terms of Y2K readiness, and that the safest place for cash is in the bank.

Financial institutions are finding it beneficial to meet with peer banks to discuss these issues and exchange information about customer surveys, currency inventory data, and contingency planning. This is particularly useful for banks serving a common geographic market.

Some potential factors and functions to consider:

Marketing and communications - Evaluate customer perceptions of the Y2K conversion, and their anticipated needs to withdraw cash. Develop proactive customer communications designed to report on, reassure, and inform customers of a financial institution's Y2K readiness.

Training of customer contact staff regarding communications efforts.

Briefing of operational staff concerning any changes to procedure.

ATM Management - Evaluate cash needs and the ability to service those needs.

Armored Carrier Service - Confirm armored transportation arrangements

Payment Systems - Evaluate payment "velocity" and risk level associated with potential disruptions in various payment methods. Identify higher-risk deposit sources by payment type.

Vault Cash Management - Logistics of managing higher cash demand and cash inventory levels prior to the date change, as well as the subsequent inflow of funds after the Y2K conversion date. Adequacy of blanket bond coverage vis-a-vis cash levels.

Infrastructure & Security - Evaluate the Y2K readiness of vaults, security systems, and other systems related to cash management.

Lending - Evaluate the potential impact of Y2K related loan needs and existing unfunded commitments on overall liquidity needs.

Liquidity Management - Impact on institution's overall liquidity management and funding needs.

Building Reserves for the Y2K Event

2) Have you made plans to obtain extra currency well in advance so that possible increases in customer demand can be met?

As part of the contingency planning process, consideration should be given to how and when to increase a bank's existing cash inventory. A financial institution could gradually build inventory by increasing its weekly cash orders from the Federal Reserve Bank (or other sources in the region), or schedule the delivery of one increased currency order in 3Q or 4Q 1999. There are risks and advantages associated with both options. The gradual inventory build-up results in increased overall levels of non-interest bearing assets as well as elevated cash inventories that could heighten potential security issues. However, one advantage of this option is that the bank has more flexibility in adjusting to changing trends and demands.

By processing just one increased currency order, the bank is relying on a singlee delivery to satisfy currency demands, and may not have time to recalculate and respond to shifts in demand. Also, delivery of a single increased currency order creates potential security concerns, which could outweigh any savings in insurance and storage costs sought by compressing the order into one delivery. Throughout 3Q and 4Q 1999, financial institutions should monitor inventory and demand indicators to assess the actual volume of cash activity and make any last-minute adjustments accordingly.

Managing the Plan

3) Have you reviewed your vault capacity, insurance limits, and bond requirements to ensure that you can handle additional cash holdings and appropriate distribution and shipping requirements?

After vault cash inventory goals are determined, a financial institution should consider the need for additional currency storage facilities. For example, each branch could utilize a designated number of safe deposit boxes for storing cash in excess of the branch's customary inventory, or the bank could explore off-site alternatives, such as the rental of secured facilities for temporary storage.

A bank's insurance limits and bonding requirements should be reviewed to insure that they are consistent with any projected increase in cash inventory if, after careful analysis, an increase is deemed necessary.

ATM Network Readiness and Servicing

4) Have you prepared a plan to fill ATMs more frequently if they are used heavily to withdraw cash in late December 1999 and early January 2000? Have you verified that ATMs are Y2K compliant?

In addition to those items addressed in section 2, the following issues should be evaluated and considered when developing cash demand contingency plans for continued operation of ATM services.

Analysis of historical trends in cash demand and transaction account balances.

Projected cash demand from retail and business customer base.

Servicing logistics and security concerns relating to storage, transport, and distribution of cash inventory.

Controlling the quality of paper currency inventory placed into ATMs; newer currency inventory should be set aside for ATM use.

Y2K readiness of all ATM software and hardware; notify vendors and the Federal Reserve Bank of plans to change currency denominations placed in ATMs; vendors need to be alerted well in advance for programming changes, and the Federal Reserve should have this information for managing currency inventory within districts.

Y2K readiness of vendors and contingency plans of entities involved in the supply/distribution of cash.

Sources of Cash

5) If you depend on a correspondent bank (or other entity) for your cash needs, have you discussed with your cash service provider what its Y2K plans are and how it will satisfy your Y2K needs?

A bank's contingency plan could rely on several alternate sources of cash in the event of possible Y2K disruptions. For example, a bank could prepare to obtain cash inventory from either the Federal Reserve Bank, correspondent banks, or peer banks in its geographic market. These alternatives should be arranged for in advance by negotiating the necessary contingency agreements with these institutions. At the same time, the bank should take the necessary steps for testing FedLine for Y2K readiness.

Here is a brief recap of factors to consider when examining source of funds issues:

Y2K remediation and testing of any automated systems involved in the cash management process (i.e., FedLine).

Impact on bank's overall liquidity and borrowing arrangements.

Y2K readiness of major customers and resulting cash/funding impact.

Y2K readiness of significant electronic funding sources that customers rely on for cash/payment needs.

Armored carrier transportation should be reviewed and appropriate arrangements made with the Federal Reserve Banks, correspondent banks, or peer banks.

Y2K readiness of traditional funding sources, correspondent banks, and the need for additional/alternative funding from the Federal Reserve Banks, FHLB System, or other sources.

Armored Carrier Contingency Plans

6) Have you spoken with your armored carrier to discuss its contingency plans for Y2K?

A financial institution should review and coordinate the following issues with its armored car service: delivery and pick up schedules, communications, staff training and work schedules, vehicle fleet, emergency procedures, contract and cost adjustments should additional shipments be necessary from the Federal Reserve Bank, correspondent banks, or peer banks. Armored carrier service should be coordinated with ATM servicing procedures. The armored car service should also review its insurance and bonding limits to accommodate potentially larger shipments.

Seasonal Trends and Special Needs

7) What constraints (such as transportation, staff, or other factors) may exist in late 1999 due to typical seasonal activity levels (for example, availability of armored carrier vehicles on short notice, limitation on dollar values that individual vehicles can transport)? What plans do you have for working around these potential obstacles?

These factors are part of the historical analysis discussed in section 1 above. The bank's historical experiences during previous weather emergencies and regional power disruptions, such as those that occurred during previous 4Q and 1Q timeframes, could provide useful lessons for anticipating potential constraints, obstacles and responses.

FedLine Testing

8) If you use FedLine for ordering cash from the Federal Reserve, do you plan to test it for Y2K compliance?

Since July 1998, banks have been conducting tests of Federal Reserve services and will continue to have the opportunity to do so through 1999. For more information about testing FedLine and other Federal Reserve system applications, see copies of the Federal Reserve System's Century Date Change Bulletin, available through your Federal Reserve district office, and posted online at:


Customer Communications

Measuring customer confidence is an issue that was not specifically discussed in the Federal Reserve's letter to financial institutions, but it is worth mentioning here. During the research for this article, ABA members noted that perhaps the most critical efforts a financial institution can make to anticipate and mitigate shifts in cash demand simply involve communicating with customers. A bank's retail community and commercial/institutional customers constitute the demand side of the equation. The importance of understanding customer concerns and motivations cannot be overstated. It is only when bankers contact customers to share their plans concerning the Y2K conversion that they begin to provide reassurance. In order for customers to act reasonably and responsibly, they need to know their financial institution is listening and working on the problem.

Financial institutions are encouraged to approach the communications challenge both internally and externally. One of the best places to start is Y2K awareness training for all customer contact staff. This should entail an overview of the bank's Y2K strategic plan, and focus on key messages which encourage rational, common sense financial behavior:

The safest place for your money is in the bank.

Banks are working hard to prepare for Year 2000 and will be open for business when the date changes.

The banking industry is consistently rated in the first tier for Y2K readiness among business sectors of the economy.

Account deposits are FDIC insured. Any amounts held as cash by the customer are uninsured and at risk of theft or other loss.

Customers will continue to have a choice of viable payment methods: cash, checks, debit/credit cards, ATM services, telephone and PC banking, etc.

These same themes should be reinforced throughout the bank, using a variety of methods such as lobby brochures, special mailings to customers, Y2K webpages, disclosures to investors, community awareness seminars, media interviews by senior management, and advertising messages.

To assist banks with their communications efforts, the American Bankers Association is producing a series of Y2K resources, including educational videos, media message points, and sample print ads. In February 1999, the FFIEC also plans to publish inter-agency guidance on customer communications efforts. Taken together, these efforts are intended to counter the imprudent 'alarmist' themes too often seen in media coverage of the Y2K phenomenon, and to promote reasonable and responsible financial practices by consumers and businesses.


Analyzing Sources of Funds

Primary sources of funds for financial institutions are generally: retail, commercial and institutional deposits. Liquidity risk may result if one or more funding sources experience a service disruption or operational failure, whether Y2K-related or prompted by other factors, and is therefore unable to provide funds or fulfill funding commitments to the bank.

In the case of significant shifts in liquidity demand or source of funds, financial institutions can turn to alternative funding sources such as correspondent banks or borrowing from the Federal Home Loan Bank system. As a last resort, banks can meet liquidity needs through application to the Federal Reserve Bank Discount Window Lending program. In preparing contingency plans for the Y2K conversion, financial institutions should develop plans for drawing on alternative funding sources, even if the likelihood of activating these funding facilities remains fairly remote.

Bank management should consider the potential effect on a financial institution's liquidity by assessing the impact of unplanned reductions in the availability of funds from significant funding sources that have not taken appropriate measures to manage their own Year 2000 problems. These sources could include commercial customers, correspondent institutions, or major segments of the bank's customer base. Management should develop appropriate strategies and contingency plans to deal with potential problem arising from the inaccessibility of such funding sources.

As part of the process of assessing the risk of funds providers, Year 2000 issues should be discussed with significant funds providers, with a systematic effort made to evaluate their Y2K readiness and quantify the potential risks they pose. Concentrations of funding should be indentified, including funds from individual providers (e.g., major commercial or institutional depositor or employer) or group of providers (e.g., customer base or industry sector in a geographic area), which may pose a risk either because of high cash demands, unusual servicing concerns, or their level of Y2K readiness.

Adjusting the Contingency Plan

Management should develop and adjust its liquidity contingency plan after assessing the Y2K readiness of major funds provider. As with all contingency-planing processes, management should evaluate its exposure and potential needs for funds under a variety of scenarios that incorporate differing assumptions about timing, magnitude, and variation in funds flow with regard to funds providers.

While liquidity risks from Y2K-related problems of funds providers are similar to other business risks that financial institutions address in their liquidity contingency plans, Y2K risks differ because the date of the event is known in advance, and the entire customer base simultaneously faces a common challenge. Consequently, management should be better able to plan for and mitigate potential liquidity risks.

Estimating the likelihood or scope of a potential shift in deposit activity in 4Q 1999 or 1Q 2000 is a challenging task. Management should develop contingency plans based upon what research and evidence indicate would be realistic worst case scenarios. For purposes of discussion, let us say that the range of a deposit shift could be anywhere between 1% and 20+%. Then let us use the example of a financial institution facing withdrawal of 20% of non-time core deposits as a potential worst case scenario. How could a bank respond to this hypothetical situation?

A financial institution could consider employing the following strategies:

Reduce short term funding requirements (e.g., 30-60-90 day CDs) and move toward longer term positions in time deposits (e.g., maturing in 1Q 2000). By locking in various funding sources during the date change period, this creates a stable core of time deposits.

At the same time, plan for certain portfolio securities to mature during the anticipated demand period. This frees up short term funding to deal with potential cash needs, deposit shifts, and other contingencies.

Increase vault cash inventory, obtained from Federal Reserve Banks or correspondent banks, to the extent prudent and permissible under bonding and insurance requirements, and security best practices.

Make arrangements with armored carrier services to have access to increased currency inventory, if needed, which is stored at regional money centers (secured facilities sometimes called "money rooms") maintained by the carriers.

To the extent that financial institutions experience shifts in cash demand, deposit levels, and liquidity needs during 3Q and 4Q 1999 and continuing into 1Q 2000, bank management will be presented with the special challenge of meeting the demand and returning the institution to pre-conversion cash inventory and liquidity levels. However, the cost of winding down excess cash and liquidity levels will be modest compared to the potential cost of inadequate contingency planning for the conversion event.

Preparing for Alternative Funding Sources

Information and resources are available to assist senior management in making advance preparations for possible alternative funding. In addition to funding available from correspondent banks or the Federal Home Loan Bank System, financial institutions may consider as a "last resort" source of funding the Federal Reserve Bank's Discount Window Lending program. Institutions are encouraged to prepare for the Discount Window Lending process even though it is a remote contingency. By contacting the credit departments of a Federal Reserve Bank, you can obtain copies of materials which explain the Discount Window Lending application procedures:

Operating Circular No. 10 (Revised January 1998)

The Federal Reserve Bank Discount Window booklet

Regulation A (Extensions of Credit by Federal Reserve Banks)

These materials include sample borrowing agreements, board of directors resolutions for authorizing the borrowing process, and guidance on pledging collateral sufficient to cover the amount of the loan.

Borrowing information is also available for financial institutions that are members of the Federal Home Loan Bank system. Basic information for arranging such funding is posted on the various FHLB websites, such as: www.fhfb.gov and www.fhlbboston.com Financial institutions should keep in mind the unique challenges of coordinating collateral pledges and repayment schedules when managing multiple sources of alternative funding.

Supplemental Resources

Here are supplemental resources to consider regarding the topic of Year 2000 and liquidity funding:

"Liquidity and Y2K", by Leonard Matz, Bank Asset/Liability Management, November 1998

"Y2K Liquidity Contingency Planning", by Leonard Matz, Bank Asset/Liability Management, January 1999


Special thanks to those who contributed to this article:

Steven Gonzalo and Philip Olivero, UnionBancorp, Inc. Leland Wines, Bank of Walnut Creek Lisa Bennett and Scott Qualls, BB&T Bank John Sponski, Bank of America Carl Tannenbaum, LaSalle Bank ABN/AMRO Michael ter Maat and Rob Strand, American Bankers Association Scott Talbott, The Bankers Roundtable

-- Government makes me nervous (Scared_to_say@Thistime.com), July 07, 1999.

"Government makes me nervous":

The web page referenced by JPD does not support the opening post of this thread. Importing it does not alter that datum.


I appreciate your concurrence!

Regarding banks and securities dealers: I don't know the details, but it seems that banks are now allowed to own subsidiaries that are securities dealers. For example, it seems that Fleet Bank now owns Quick & Reilly. Also, I took a look at Watchovia due to the thread posted here, and noticed that it seems to have a securities dealer subsidiary. The times are changin'.


-- Jerry B (skeptic76@erols.com), July 07, 1999.

"Government makes me nervous",

My apologies for the tone of my previous statement to you. It occurs to me that you may have imported it precisely to make it clear what it does, and what it does not, say.


-- Jerry B (skeptic76@erols.com), July 07, 1999.

Jolly, this appears on first blush to be plausible to me. The credit unions have been calculating liquidity needs for some time, and a liquidity calculator can be found at the CUY2K web page. The end result may be just a guesstimate, but it's better than nothing.

http://www.cuy2k.com/ Check out "currency and liquidity".

If banks were NOT doing this sort of analysis, I would be very amazed.

Re: investments - Banks use them to balance out the income streams from loans, deposits, etc., in normal times. Used that way, they are prudent. When banks get in trouble with the regulators is when they use the same investments to try to make a killing in the market. Very often, they only kill themselves. Regulators are always interested in how the investments are used! :>

Will selling off some shorter term investments give a bank enough liquidity to withstand a run? (Note, I did not say "prevent" but "withstand".) Time will tell. At the least it will keep some of the stronger ones in business a few days longer. If we only go a "5" or so, then a few extra days may be enough to calm the herd. If we go "10" then I won't be anywhere near a bank and I will write off my remaining balances to "experience".

If, if, if . . .

Hm, my 8-ball seems to be stuck on "who knows".

-- Margaret (janssm@aol.com), July 07, 1999.


Where did the "1. Sell securities - anything maturing after 12/31/99 should be sold." come from, supposedly? I haven't seen a basis for that statement yet. Did I overlook something, or was that one simply unfounded?

-- No Spam Please (nos_pam_please@hotmail.com), July 07, 1999.

Go back through the archives: this has been discussed before.

My take was that the bank's web site had been hacked. There were various things "not right" about the original web document, including references to "YZK" (sic) and other assorted spelling mistakes. I'm not at all surprised that it's disappeared; but of course, inferring motive for that disappearance is far less straightforward.

It increases my doubts that the version posted above has been corrected. Of course, it's possible that someone merely thought that this was "the right thing" ... but it's not.

-- Nigel Arnot (nra@maxwell.ph.kcl.ac.uk), July 07, 1999.


Trolls abound.

Look, the Fed has enough trouble with confidence in its monetary policy without worrying about office furniture.

Can't you trolls do better than this?

-- nothere nothere (notherethere@hotmail.com), July 07, 1999.

As Y2K Coordinator for my banks, I can tell you that we have written a business resumption contingency plan to address external service failures such as telephone, electricity, natural gas, etc. All of our internal systems have tested compliant. Our biggest challenge at this point is determining the level of cash our customers desire. I have not seen any such letter as referenced above at the beginning of this thread. We are making many arrangements, but never have I heard that we should sell securities maturing after 12-31-99, call in loans or refuse to renew lines of credit. Maybe it just hasn't made its way to my banks yet, but when speading to Federal Reserve personnel, they haven't mentioned such a thing. Just my two cents.

-- diana (dianas@cfsvcs.com), July 07, 1999.

Seems the consensus is that this report is "off". Guess I'll remove myself from that "Y2K people finding people" list. There is enough bad news out there already without reading faked stuff. Thanks for the informed opinions, I'd hate to have to rely on just my own views on these things.

-- Gus (y2kk@usa.net), July 07, 1999.

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