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Technology Stocks : Discuss Year 2000 Issues

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To: C.K. Houston who wrote (5768)	5/23/1999 12:20:00 AM
From: C.K. Houston	Read Replies (1) of 9818

FEDERAL RESERVE PROPOSES Y2K LOANS Feds want cash reserve to help procrastinators prepare & undo after effects. By Reuters May 22, 1999 9:06 AM PT WASHINGTON -- The U.S. Federal Reserve Friday proposed making loans available to banks that may need access to extra funds as a result of the millennium bug. The Fed proposed making the facility available to depositary institutions between Nov. 1 through April 7, 2000. The loans would accommodate liquidity needs which may arise during the period should, for example, companies rush to banks seeking money to deal with last minute problems caused by the bug, or consumers hoard cash to have it on hand. The loans would accrue interest at a rate above the federal funds rate, an interbank lending rate that is a benchmark for short-term borrowing costs. Unlike normal borrowings under the Fed's regular discount window loans, the Y2K loans would have less restrictions on use and duration, and banks would not need to seek funds elsewhere first... greenspun.com Cheryl

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