Earlier this year, the Board and other federal bank and thrift regulators issued draft supervisory guidance to address concerns about underwriting and disclosure practices, particularly of subprime ARMs. Many industry and consumer groups have responded to our proposal, and we are now reviewing the comments. Regulators in 1999 issued guidance on subprime lending and in 2001 expanded that guidance.
*  *  *  Good morning and thank you for the opportunity to be with you today at this event organised by the South African Institute of Chartered Accountants. According to the World Economic Forum, South Africa was again ranked number one globally in strength of auditing and accounting standards.