In the first six months of 1998, the Federal Reserve has participated in over 230 outreach initiatives reaching over 14,000 bankers. Another 100 outreach initiatives are scheduled for the third quarter of 1998. In addition, our public web site provides extensive information on our Year 2000 supervision program and on other resources available to the industry to help prepare for the millennium.
We believe that Portugal will be able to comply with the Maastricht requirements for full participation in the first round of Economic and Monetary Union scheduled for 1 January 1999, and will therefore also continue to carry South Africa’s interests into the European Union. Mercantile Bank has also been part of the domestic South African financial sector reforms in recent years.