Our balance of payments remains in surplus, bolstered by the current account, which is also in surplus, in fact for four (4) consecutive years now. We have built up our international reserves to a record-high of $ billion, adequate to more than cover our short-term liquidity requirements.
Community bankers are well positioned to contribute to these efforts, given the strong relationships you have built with your customers and your communities. The rise in mortgage delinquencies and foreclosures Mortgage delinquencies began to rise in mid-2005 after several years at remarkably low levels.