Circular
Federal Reserve Priced Services
Delay in Price Changes until April 1, 2000
September 29, 1999
Circular No. 11187

"Year 2000 Readiness Disclosure"

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

The Federal Reserve Banks have announced that their annual price changes for payments services, which customarily take effect at the beginning of the upcoming year, will be delayed until April 1, 2000. The delay is an additional measure the Reserve Banks are taking to minimize changes during the century rollover period.

The Reserve Banks will continue to follow their usual pricing announcement schedule. Thus, the prices to be implemented in April 2000 will be announced in November 1999, so that depository institutions can incorporate this information into their planning and budget processes.

"This represents one less issue for Reserve Banks and depository institutions to confront as we focus our time and attention on Y2K events and plans," said Cathy E. Minehan, chair of the Federal Reserve's Financial Services Policy Committee and president of the Federal Reserve Bank of Boston. "We remain confident that the Federal Reserve and the financial services industry are well prepared for the year 2000 and will continue to do everything possible to ensure a smooth transition."

Questions regarding Federal Reserve priced services may be directed to your account manager (212-720-6600 at this Bank's Head Office; 315-768-2228 at our Utica Office).