Federal Reserve Readiness Efforts Let me now turn to the approach toward Year 2000 compliance that we have taken at the Federal Reserve, as it may be a useful case study of the scope and scale of what a BIS Review 116/1997  -3-  substantial public agency faces.
Doubtless there are larger entities that will confront larger tasks internally, but there are probably not very many with more substantial external relationships requiring attention. For example: The Federal Reserve operates several payments applications that process and settle payments and securities transactions between depository institutions in the United States.