Year 2000: A Global Concern
September 17, 1997
Circular No. 10981

To the Chief Executive Officers of All State Member Banks, Bank Holding Companies, Edge and Agreement Corporations, Branches and Agencies of Foreign Banks, and Others Concerned, in the Second Federal Reserve District:

The Year 2000 issue is receiving growing attention domestically and internationally. In this regard, the Basle Committee on Banking Supervision of the Bank for International Settlements, Basle, Switzerland (BIS), issued a September 8, 1997, press release covering a paper entitled, "The Year 2000: A Challenge for Financial Institutions and Bank Supervisors." The paper reiterates the significant issues that need to be addressed by the banking industry and regulators. Of particular interest to many banking organizations, at the end of the paper is a one page "Checklist for a Successful Year 2000 Program" that you may find particularly useful. A copy of the paper including the checklist is enclosed.

The paper is similar to an earlier statement issued by the U.S. banking agencies through the Federal Financial Institutions Examination Council in May 1997 (SR letter 97-16).

The BIS paper is also available on the Board of Governors' web site and on the BIS's web site.

Questions regarding the Federal Reserve's Year 2000 program for services offered to the public can be referred to Bruce Cassella, Vice President and Bank Services Officer. Questions or comments about Year 2000 supervisory or regulatory issues can be referred to George Juncker, Vice President or Thomas Wines, Bank Examinations Officer, Information Systems and Technology Team, Bank Supervision Group.