The Federal Reserve completed assessment of its applications in 1997; our most significant applications have been renovated; and internal testing is underway using dedicated Y2K computer systems and date-simulation tools. Changes to mission critical computer programs, as well as system and user-acceptance testing, are on schedule to be completed by year-end 1998.
Further, systems supporting the delivery of critical financial services that interface with the depository institutions will be Year 2000 ready by this July and a depository institution test program will be in place at that time. This schedule will permit approximately 18 months for customer testing, to which we are dedicating considerable support resources.