No. 2243

NOVEMBER 16, 2001


NEW YORK - The Board of Directors of the Federal Reserve Bank of New York named Michael Yorke executive vice president of the automation and systems services group on November 15, 2001. Mr. Yorke joined the New York Fed in February, 2000 as senior vice president in that group after many years at Citibank North America. He served there as vice president and director of Citibanking Systems and Technology, responsible for managing the technology, systems and staff used to support Citibank’s North American consumer banking business.

Mr. Yorke succeeds Israel Sendrovic, executive vice president, who is planning to retire from the Federal Reserve Bank of New York after 32 years of service. In retirement, Mr. Sendrovic plans to divide his time between study of the Talmud and consulting on payments and technology issues. His last day at the bank is scheduled for July 1, 2002. Until that time, he will advise the New York Fed on the development of the Continuous Linked Settlement Bank (CLS) and other matters, and will assist his successor in the transition of leadership.

Mr. Sendrovic has been in charge of the New York Fed’s technology since 1983. In that capacity, he had responsibility for formulation and implementation of the bank’s technology strategies, and oversaw the many transitions from mainframe to distributed to personal computing and use of the Internet. He also led the development of the Federal Reserve’s Fedwire application systems and technical operating environment, in use for more than a decade.

"In his many years of service, Israel has established himself as a leader of information technology in the Federal Reserve System," said William J. McDonough, President and CEO of the Federal Reserve Bank of New York. "He has worked closely with the other Reserve Banks, the Board of Governors and many foreign central banks, which has helped put the New York Fed at the forefront of the provision of technology services."

For nearly two decades, Mr. Sendrovic also played a key role with the Bank for International Settlements Group of Computer Experts, serving for the last seven years as chairman of its Working Party on Security Issues. In that capacity he led the G-10 task force that produced the study on Security of Electronic Money. Currently he is advising the New York Fed on the development of the CLS, the private sector initiative formed to reduce risk in the settlement of foreign exchange transactions.

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