will make trading conditions for RCC difficult. The
fact that the market for commercial real estate in the
United States is not expected to recover dramatically
in 1991 is likely to put pressure on RCC’s margins.
On balance, the Executive Board of FGH BANK
takes into account that the after tax profit for 1991
could be lower than that recorded in 1990.
REPORT OF THE EXECUTIVE BOARD
UTRECHT, MARCH 6, 1991.
W.A.J.M. van der Heijden