The Federal Reserve Bank of Dallas has published its Annual Report for the year ended 2003. In the report Bob McTeer said the Dallas Fed had a good year in 2003 despite the challenges brought on by a declining volume of paper checks. Like other businesses, we've had to adapt by reducing costs and staff, but the transition from paper to electronic payments is part of the productivity revolution that raises living standards, he said.

To read other central bank Annual Reports use our Annual Report