General Strike in Puerto Rico Ends
July 10, 1998
Circular No. 11069

To All Depository Institutions, and Others Concerned, in the Second Federal Reserve District:

The 48-hour general strike called by labor unions in Puerto Rico for July 7-8, 1998 is now over. During the strike, this Bank was able to present and return cash items in a timely manner to depository institutions in the affected area. Accordingly, it was unnecessary to defer credits for these items.

We understand that as a result of the strike some depository institutions in Puerto Rico were closed and processing may have been delayed. We do not expect, however, that any lingering effects of the strike will continue to delay the presentment of cash items, the return of unpaid items, or the forwarding of advices of nonpayment with respect to depository institutions in Puerto Rico and the Virgin Islands.