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The net operating surplus for the financial year ended December 31, 2002 was $14,839,470. Current income totalled $61.8 million and represented an increase of $5.76 million compared with the previous year. The Bank continued its aggressive investment policy and outsourced part of the management of foreign reserves to external fund managers. Market conditions enabled the Bank to realize gains of $8.3 million from sale of short and medium term securities. There was continued excess liquidity in the local banking system, contributing to negligible earnings from dealings in local Treasury Bills. Government maintained a net credit balance during the year and no income was earned under the Ways and Means Facility. Operating expenses totalled $44.7 million and included non-recurring expenditure of $2.5 million. Non-operating expenses for 2002 included contributions of $1.0 million each to the Barbados Investment Fund and Deposit Insurance Fund and $250,000 to the Secondary Mortgage Market Project.