One is with a major bank, which has agreed to stock a proportion of its ATMs with £ and examine what affect this change would have on its cash business. The results to date suggest that the business case for stocking some ATMs with £ is stronger than previously thought. At the same time, we have carried out a second pilot study. This has been focused on the business case for major retailers ordering more £ to use as change. A major supermarket chain has conducted a trial which involves supplying more £ to many of its stores. Again, the results appear to have been a success. Using more £ as change has appeared to slightly speed up the overall processing of payments at the checkout and appears to be well received by customers. I am very grateful to HSBC and Sainsbury’s for their help with these two pilots. In the New Year I hope and expect that we will take these examples to other financial institutions and major retailers to make the case for a change of policy towards issuing £ This is important because my assessment is that there is a good deal of aversion among the commercial sector to change in this area. Yet our evidence suggests that the public wants more of them and of a better quality. To achieve that objective we need to see more £ dispensed from ATMs and by retailers in change.
We have also constructed a consumer credit panel to track local household credit conditions, including the amount and type of personal debt and whether payments are being made in a timely way. In addition, we have a periodic poll about the credit needs of small businesses, which are an important source of new jobs. We are just launching our latest survey that also includes questions about the skill needs of small businesses and if the right kinds of skilled labor are available. Almost 900 regional businesses responded to our last poll, of which roughly 5 percent were from Long Island. If you, as part of a small business, would like to participate in our current poll, please pass your card to my colleagues, who are in the audience, or see me after the speech and we will be glad to add you as a respondent. In December, we hosted a workshop for small businesses in the New York City metro area to provide information about how they can export their products and services. The ExportImport Bank, the Small Business Administration and the U.S. Department of Commerce were on hand to tell participants how to tap demand in the global marketplace and what government programs are available to enhance credit and to increase lines of working capital. In 2012, we’re further developing our small business program. We hope to partner with many of you to support the small business sector. As you know, even states as wealthy as New York have large pockets of poverty.