The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
During the three months that ended September 30, 2001, the dollar depreciated 7.3 percent against the euro and 4.1 percent against the Japanese yen.
Following the September 11 terrorist attacks, the Federal Reserve established 30-day reciprocal swap arrangements with the European Central Bank (ECB) and the Bank of England, and temporarily augmented its existing swap facility with the Bank of Canada. The ECB drew on the swap facility on three occasions. The Bank of Canada and the Bank of England did not draw on their respective swaps during the quarter. As of September 17, the net amount outstanding fell to zero and there was no further swap activity through the end of the quarter.
The report was presented by Dino Kos, executive vice president of the New York Fed and the Federal Open Market Committees (FOMC) manager for the system open market account, on behalf of the Treasury and the Federal Reserve System.