As far as depository institutions are concerned, I am encouraged by the progress that has been made over the past year, and there is every reason to be confident that our banking system will be ready.
Based on ongoing reviews of all depository institutions as completed by federal banking regulatory  BIS Review 34/1999  2  agencies, the vast majority is making satisfactory progress in their Y2K planning and readiness efforts. Only a small percentage has been rated ‘needs improvement’ and well under 1% have been rated ‘unsatisfactory’.