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The net operating surplus for the financial year ended December 31, 2006 was $885,800. Income for the year totalled $55,033,698 and represents an increase of $8,191,477 compared to the previous year. This increase is attributed to higher holdings of foreign income earning assets together with Fedfunds rate which increased from 4.25% at the beginning of the year to 5.25% at mid-year and thereafter remained constant. Also, the Bank implemented statutory foreign currency reserves for local regulated entities from April 2006 and at year-end, the deposits from such entities totalled $99.1 million. During December 2006 reserves were increased by $130 million from proceeds of Government foreign loan borrowings.