The estimate is approximate, but at this stage we think the decline in services exports in the March quarter will amount to at least 10 per cent, roughly evenly split between lower tourism and education exports.
We have inaugurated a Year 2000 industry newsletter to advise our bank customers of our plans and time frames for making our software Year 2000 ready. We have also established an Internet Web site to provide depository institutions with information regarding the Federal Reserve System’s CDC project. This site can be accessed at the following Internet address: http://www.frbsf.org/fiservices/cdc.