In May 2002, Bank of Uganda, working closely with Uganda Bankers’ Association, implemented the Electronic Cheque Clearing system. The electronic cheque clearing project automated cheque clearing and also strengthened risk management through the implementation of a National Cheque Standard. We currently have a 3-day cheque clearing cycle in Kampala and a 7-day clearing cycle for upcountry areas.
As noted in the joint Federal ReserveTreasury statement I mentioned earlier, we are working with the Administration and the Congress to develop a formal resolution regime for systemically critical nonbank financial institutions, analogous to one already in place for banks. Such a regime should spell out as precisely as possible the role that the Congress expects the Federal Reserve to play in such resolutions.