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Summary and Comments

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Category: 

Banking

Date: 

1997-07-21 00:00:00

Subject: 

Fedwire: $220 Trillion a Year Passes Through It

  Link:

http://www.ny.frb.org/pihome/fedpoint/fed43.html

Comment: 

Fedwire is the Federal Reserve System's bank wire transfer system. It is used by 11,600 depository institutions. It is available on-line to 7,000 of these institutions.

In 1995, over 27 million transfers sent over $220 trillion across this computerized banking telecommunications system.

This brief posting on the New York Federal Reserve System's Web site does not mention y2k It does describe the centrality of the Fedwire system to the U.S. banking system.

In a brief article in a publication of the Federal Reserve Bank of Atlanta, FINANCIAL UPDATE (Oct.-Dec. 1996), on page 3, this admission appeared: the Federal Reserve System had yet to develop a y2k project plan in late 1996. (Update: See my August 6 posting, "The Fed Has Barely Begun Its Own Repair, Admits Fed."

Link: 

http://www.ny.frb.org/pihome/fedpoint/fed43.html

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